This was highlighted by Minister of State for Science & Technology. 

• In 2021, Indian space industry chad a 2% global share in global space economy. This will rise to 15% by 2047.

Indian Space Economy Status

• In 2023, size of India’s space economy is estimated at $8.4 billion (around 2-3% of global space economy).
• Potential to capture 9% of global market share by 2030. 
• Space Start-ups have increased to nearly 200 in 2024 from 1 in 2022.
• Rising involvement of private sector in space missions. 
  • For instance, Skyroot Aerospace successfully test-fired 3D-printed cryogenic engine capable of running on Cryogenic propellants liquefied natural gas and liquid oxygen.
• Presently, 100% FDI is allowed in space sector.

Concerns related to Indian Space Economy

• Constrained space budgets, space spending as a percentage of GDP remains relatively low. 
  • India only spends 0.04% of its GDP on space, whereas United States spends 0.28% of its economy on space.
• Dearth for trained scientists, engineers, and technicians to meet the demands of an expanding space program.
• Absence of clear national space legislation, which leads to a lack of clarity on planning and conducting space-related activities.