World Economic Forum (WEF) report title ‘Space: The $1.8 Trillion Opportunity for Global Economic Growth’ released

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Key findings
- Space economy is expected to reach $1.8 trillion by 2035, from $630 billion in 2023.
- Space’s impact will increasingly go beyond space itself, e.g., benefits to non-traditional players such as ride-hailing apps etc.
- Five industries will generate more than 60% of increase in space economy by 2035. These are:
  - Supply chain and transportation; food and beverage; state-sponsored defence; retail, consumer goods and lifestyle; and digital communications:
- Space’s return on investment will be more than financial, e.g., mitigating world challenges, such as disaster warning & Improved humanitarian response etc.

Main drivers of increasing Space prevalence
- Decrease in launch costs: fell by over 10- fold over last 20 years.
- Commercial innovation (e.g., components and software)
- Diversification of investment and applications, with private sector participation.
- Cultural awareness and enthusiasm

Key Recommendations
- Non-space industry leaders: Partner and invest with tech innovators.
- Space industry leaders: Explore a “space for non-space” approach.
  - Co-create protocols and standards
- State-sponsored leaders: Enact legislation, standardization and policies
  - Build partnerships across state-sponsored agencies

Current size: Around $8.4 billion (around 2-3% of global space economy).
Target: About 44 billion USD by 2033.
FDI: 100% allowed.
Recent initiatives
- Indian Space Policy 2023 was announced.
- Indian National Space Promotion and Authorization Centre (IN-SPACe) was created as independent nodal agency under Department of Space.
- New Space India Limited was created, for private sector participation.