A comprehensive policy for the space sector, the introduction of a production linked incentive (PLI) scheme, and the promotion of independent launch solutions for private sector satellites are needed for the sector, states a sectoral report.
The report, titled “Developing the space ecosystem in India: focusing on inclusive growth”, was prepared by the Indian Space Association (ISpA) and EY.
The report has suggested, among others, the following: (a) drafting of a comprehensive space policy covering upstream and downstream activities that would help to formulate a vision and provide policy predictability to bolster the investment climate; (b) the introduction of a production-linked incentive (PLI) scheme for satellite manufacturing, like mobile handsets and telecom equipment; and (c) promoting independent launch solutions of Indian private companies for satellites and other spacecraft.
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According to the research report, the Indian space economy is set to grow to $12.8 billion in 2025 from $9.6 billion in 2020.
The satellite services and application market in India will be driven by greater demand for high bandwidth and lower latency data requirements, the need to connect the unconnected with voice and data communication services, and an increase in IoT and autonomous systems.
In addition, an increase in demand for military and defence satellite communication solutions is likely to spur the market forward.
The “Make in India” initiative is expected to spur small satellite manufacturing growth owing to increased demand for small satellites.
By 2025, the satellite manufacturing segment will be the second fastest growing in the Indian space economy.
Setting up space parks across the country is likely to give a fillip to companies operating across the space value chain, especially manufacturing. It will be key to attracting global startups working in the space sector and help incubate spacetech companies in India.
Currently, India boasts of over 100 spacetech startups. The year 2021 was a watershed year for spacetech startups, with investments reaching $68 million, a y-o-y increase of 196 percent. The report said there were a total of 47 new spacetech startups established in India in 2021.
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A comprehensive policy for the space sector, the introduction of a production linked incentive (PLI) scheme, and the promotion of independent launch solutions for private sector satellites are needed for the sector, states a sectoral report.
The report, titled “Developing the space ecosystem in India: focusing on inclusive growth”, was prepared by the Indian Space Association (ISpA) and EY.
The report has suggested, among others, the following: (a) drafting of a comprehensive space policy covering upstream and downstream activities that would help to formulate a vision and provide policy predictability to bolster the investment climate; (b) the introduction of a production-linked incentive (PLI) scheme for satellite manufacturing, like mobile handsets and telecom equipment; and (c) promoting independent launch solutions of Indian private companies for satellites and other spacecraft.
Read Also
According to the research report, the Indian space economy is set to grow to $12.8 billion in 2025 from $9.6 billion in 2020.
The satellite services and application market in India will be driven by greater demand for high bandwidth and lower latency data requirements, the need to connect the unconnected with voice and data communication services, and an increase in IoT and autonomous systems.
In addition, an increase in demand for military and defence satellite communication solutions is likely to spur the market forward.
The “Make in India” initiative is expected to spur small satellite manufacturing growth owing to increased demand for small satellites.
By 2025, the satellite manufacturing segment will be the second fastest growing in the Indian space economy.
Setting up space parks across the country is likely to give a fillip to companies operating across the space value chain, especially manufacturing. It will be key to attracting global startups working in the space sector and help incubate spacetech companies in India.
Currently, India boasts of over 100 spacetech startups. The year 2021 was a watershed year for spacetech startups, with investments reaching $68 million, a y-o-y increase of 196 percent. The report said there were a total of 47 new spacetech startups established in India in 2021.
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