India's Space Sector Poised for Global Domination by 2035

The Indian space sector is projected to hold 8-10% of the global space economy, estimated at USD 1.8 trillion by 2035. Dr. Pawan Goenka highlights increasing investment, government backing, and startup growth, with IN-SPACe registering over 390 startups. Major investors are eyeing this burgeoning ecosystem.

The Indian space sector is rapidly gaining momentum, aiming to capture 8-10% of the projected USD 1.8 trillion global space economy by 2035. Dr. Pawan Goenka, Chairman of IN-SPACe, conveyed this ambitious target during an investor forum in Singapore.

Goenka detailed the opportunities within the Indian space ecosystem, emphasizing the significant backing from the Indian government, which includes a Rs 1,000 crore capital venture fund. Major investors from Singapore, notably the Government Investment Corp and Temasek, have shown keen interest in India's burgeoning space ventures.

The summit, characterized by a strong Indian delegation, highlighted successful startups like Digantara securing $50 million in funding. With over 390 startups registered and 800 companies authorized by IN-SPACe, the Indian space sector is poised for rapid growth, aiming to develop five unicorns within five years as urged by Prime Minister Narendra Modi.

(With inputs from agencies.)