India's Space Sector: The Challenges and Growth Driving Future Initiatives

The Economic Survey 2023-24 highlights the challenges of commercializing space technologies in India, including limited demand and pricing constraints. The report notes significant progress with new satellite launch vehicles, increased private sector participation, and successful space missions. Developmental gaps and future opportunities in the sector are also discussed.

According to the Economic Survey 2023-24, limited demand and pricing constraints continue to challenge the commercialization of space technologies in India. The survey, presented by Finance Minister Nirmala Sitharaman, revealed the addition of two satellite launch vehicles to India's space fleet, augmenting its capabilities.

The survey pointed out that space sector reforms introduced in 2020 have significantly increased private sector involvement. Major missions like the Mars Orbiter Mission, Chandrayaan, and Aditya – L1 have demonstrated India's growing prowess in space exploration.

Despite these achievements, the survey detailed enduring challenges such as niche marketplaces, pricing issues, and the absence of long-term demand. Gaps in technological areas like carbon fibre development and semiconductor fabs for space applications also remain. Notably, the Indian space sector has seen progress with 55 active space assets and a growing number of collaborative projects and agreements with non-governmental entities.

(With inputs from agencies.)