India’s space sector

Disclaimer: Copyright infringement not intended.

Context:

• India’s space sector has directly contributed about $24 billion (₹20,000 crore) to India’s Gross Domestic Product over the last decade.
• It has directly supported 96,000 jobs in the public and private sector.
• For every dollar produced by the space sector, there was a multiplier effect of $2.54 to the Indian economy and India’s space force was 2.5 times “more productive” than the country’s broader industrial workforce.

Economic Contributions

The revenues generated by the Indian space sector was approximately $6.3 billion in 2023, or around 1.5% of global space market revenue at end-user prices (pre-COVID-19 World Bank Data).

Satellite communications account for 54 percent of the space economy, and dominate the sector's activities.

The breakdown: 26% for navigation systems, while launch services followed with a score of around 11%.

Growth and Diversification

• India’s space industry is experiencing both expansion and a broader range of activities.
• Presently there are 700 companies engaged in the space field with 200 of them being start-ups.
• This expansion has allowed the industry to embrace emerging technologies and market demands establishing India as a contender, on a level.

Productivity and Workforce

• In terms of productivity and workforce it has been noted that the Indian space industry shows a productivity rate that's 2.5 times higher, than that of the industrial workforce.
• This elevated level of productivity highlights the effectiveness of the sector and the caliber of its workforce.
• With these advancements, companies have expressed that India's advancements, in space, have not notably boosted their profitability.
• Nonetheless, stakeholders feel that this sector has significantly elevated the nation's reputation, autonomy, and global influence.

Future Prospects

• Both the Indian government and private corporations are interested in using space for economic development as well as technological advancement.
• Over the coming years, growth in the sector is expected to be fueled by initiatives to promote innovation and enhance competitiveness as well as market access.

Conclusion:

• The space sector of India not only significantly adds to its GDP and job industry but has also marked a notable position in the global economy for space.
• With consistent efforts in nurturing innovation and productivity, the field is clearly on course to play a key-role for India's economic as well its technological obtrusion.

READ DETAILED ARTICLE ON THE IAS GYAN WEBSITE-

INDIA'S SPACE SECTOR

Private Players in the Indian Space Sector 

Indian Space Policy 2023 

INDIA'S SPACE ECONOMY

FDI in the Space Sector

https://www.thehindu.com/sci-tech/science/space-sector-contributed-20000-crore-to-indias-gdp-over-the-last-decade/article68559540.ece

PRACTICE QUESTION Q. Discuss India's advancement in the field of space science and technology. How can India leverage its space capabilities for future global leadership in space exploration and technology development?