India's Space Economy Set to Reach $44 Billion by 2033: FICCI-EY Report Earth Observation, projected to contribute $8 billion by 2033, is already transforming agriculture, disaster management, and climate resilience.
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The global space economy is projected to exceed $1.8 trillion by 2035, powered by commercial satellite services, deep-space exploration, and space-based infrastructure. India's space economy is on track to expand from $8.4 billion in 2022 to $44 billion by 2033, aiming to capture 8 per cent of the global market The country's ambition to carve out a significant share is underpinned by the Indian Space Policy 2023 and the growing role of institutions like IN-SPACe and NSIL. As per a report by FICCI, a shift from a government-led model to a commercially driven ecosystem, with satellite communication (SATCOM) and Earth Observation (EO) emerging as key growth drivers.
The FICCI-EY report titled 'Unlocking India's Space Economy – Pathways to Growth, Innovation and Global Leadership,' released at the Bharat Space Conclave 2025 organized by FICCI, outlines a strategic roadmap driven by policy reforms, private sector engagement, and increased international collaboration.
SATCOM is expected to reach $14.8 billion by 2033, enhancing digital connectivity across rural and underserved regions. Leveraging low Earth orbit (LEO) and medium Earth orbit (MEO) satellite constellations, India aims to accelerate broadband penetration and strengthen digital infrastructure, supporting initiatives like Digital India and BharatNet. Earth Observation, projected to contribute $8 billion by 2033, is already transforming agriculture, disaster management, and climate resilience.
Dr. Pawan Goenka, chairman of IN-SPACe, emphasized the need to build capacity, capability, skilling, infrastructure, international partnerships, funding, and demand to achieve the $44 billion target. "We will have to work for it, and this will happen. These will not become a constraint for us to reach the target," he said at the conclave.
Dr. Goenka also highlighted the Earth Observation Preparatory Program (EOPP), which has already shortlisted six companies. "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, bringing in a dozen private satellites that will provide critical data not available from Indian sources," he said.
India's satellite communication sector is poised for a breakthrough as the private sector gains traction. "We now have the first company authorized to use an unused ISRO frequency for SATCOM. This is just the beginning, and we will continue to make more frequencies available to the private sector," Dr. Goenka added.
Dr. A.S. Kiran Kumar, member of the Space Commission and former chairman of ISRO, underscored the strategic potential of the space sector. "Space is the frontier that can deliver significant advantages, from strategic applications to space tourism and habitation. Soon we will see the launch of the NASA-ISRO Synthetic Aperture Radar satellite," he noted.
Laxmesh BH, chair of FICCI's Space & Geospatial Applications Committee, highlighted the broader implications of India's growing space industry. "Led by ISRO, India's space journey is a testament to our perseverance and innovation. Space is emerging as a sector where India is gradually assuming a leadership role," he said.
