Indian space economy to reach USD 44 bn by 2033: FICCI-EY report

New Delhi [India], March 12 : Indian space economy is aiming to reach USD 44 billion by 2033 from USD 8.4 billion in 2022, said a FICCI-EY report on 'Unlocking India's Space Economy - Pathways to Growth, Innovation and Global Leadership', released today at Bharat Space Conclave 2025', organized by FICCI.
According to the report, the global space economy is projected to exceed USD 1.8 trillion by 2035, with commercial satellite services, deep-space exploration, and space-based infrastructure driving expansion.
The report further states that India has set an ambitious target to grow its space economy from USD 8.4 billion in 2022 to USD 44 billion by 2033, aiming to capture 8 per cent of the global market.
This growth is being fuelled by policy reforms, private sector participation, and increased international collaboration, supported by the Indian Space Policy 2023 and institutions such as IN-SPACe and NSIL.
FICCI-EY report notes that a significant shift is underway, with India's space sector evolving from a government-led model to a commercially driven, innovation-led ecosystem. Satellite communication (SATCOM), projected to reach USD 14.8 billion by 2033, will play a critical role in expanding digital connectivity, particularly in rural and underserved regions.
By leveraging LEO and MEO satellite constellations, India can accelerate broadband penetration, enhance financial inclusion, and strengthen digital infrastructure, supporting flagship initiatives such as Digital India and BharatNet.
The increasing use of Earth Observation (EO) and remote sensing, estimated to contribute $8 billion by 2033, is already transforming agriculture, disaster management, and climate resilience, highlights FICCI-EY Report.
Addressing the 'FICCI Bharat Space Conclave 2025', Dr Pawan Goenka, Chairman, IN-SPACe said that for the Indian space sector to grow we need capacity, capability, skilling, infrastructure, international partnership, funding and demand. "We will have to work for it and this will happen. These will not become a constraint for us to reach the $44 billion target by 2033," he emphasized.
Earth Observation Preparatory Program (EOPP), Dr Goenka said that we have already shortlisted 6 companies and by mid-April the final name will be announced. "The EOPP project is going to be orbit changing project for the Indian private space sector. It will bring in a dozen of private satellites which will provide data which is not available in the country today from Indian sources. We are not replicating what ISRO is doing but we are depending on outside data to get the data," he added.
Dr Goenka while highlighting the potential in satellite communications (SATCOM), said that the private sector is not present at all in this segment in terms of having their own satellites and we depend completely on NSIL (New Space India Limited), ISRO and outside sources.
"Now we have the first company who has been given the authorisation to use a frequency that ISRO has unused to set us launch SATCOM. This is just the first of many that will happen, and we will keep working on finding more it you (industry) frequencies and make it available to private sector," he added.
Dr AS Kiran Kumar, Member, Space Commission and Former Chairman, ISRO said that space is the frontier today which can provide significant advantages from uses to strategic applications including space tourism, adventure space, space habitation. "Soon we will see the launch of NASA-ISRO Synthetic Aperture Radar satellite," he added.
By 2047, if India has to reach the topmost place, it will only be possible when space economy which is a significant component, India must participate with larger participants, noted Dr Kumar.
Laxmesh BH, Chair, FICCI Space and Geospatial Applications Committee and Vice President and Head Aerospace Systems Business, L&T Precision Engineering and Systems, L&T Ltd said that led by ISRO, India's space journey is a testament to our perseverance, innovation, and global leadership.