India's Ambitious Space Economy Goal: $50 Billion in a Decade

India aims for a 10% ($50 billion) stake in the global space economy over the next decade. Despite complex knowledge demands, optimism stems from ISRO's positive ROI. Much of the revenue is derived from space applications. Current contributions are just 2% of a $500 billion market.

India has set an ambitious target to capture 10% of the worldwide space economy, equating to $50 billion, within the next ten years. Former ISRO chief S. Somanath highlighted the challenges due to the domain's complexity during a recent address at the Indian School of Business graduation ceremony.

A study revealed that ISRO offers a return of Rs 2.54 for every rupee invested over the past six decades, a promising indicator for India's space aspirations. Currently, India contributes a mere 2% to the $500 billion global space economy. Somanath stressed the importance of increasing this share.

India's space sector, with 250 active startups, primarily derives revenue from applications, followed by satellite building and operations, and rocket construction. Despite significant investment needs and long gestation periods, the sector is evolving, driven by recent US and Chinese advancements.

(With inputs from agencies.)