Indian Space Economy Targets $44 Billion Boom — FICCI-EY Report 2025

Global Space Economy to Hit $1.8 Trillion — How India Plans to Secure Its Slice

The global space economy is set to skyrocket beyond $1.8 trillion by 2035, fueled by rapid advancements in commercial satellite services, deep-space exploration, and space-based infrastructure. The FICCI-EY report ‘Unlocking India’s Space Economy – Pathways to Growth, Innovation, and Global Leadership’ unveiled this ambitious projection at the Bharat Space Conclave 2025, hosted by FICCI.

India’s Space Sector: Racing Towards a $44 Billion Milestone

India is charging ahead with plans to expand its space economy from $8.4 billion in 2022 to $44 billion by 2033, aiming to capture an impressive 8% of the global market. This surge builds on progressive policy reforms, a rising wave of private sector participation, and strategic international alliances — supported by the Indian Space Policy 2023, IN-SPACe, and NSIL. 

India’s space industry is rapidly evolving from a government-dominated model into an innovation-powered, commercially driven ecosystem. The satellite communication (SATCOM) segment is projected to hit $14.8 billion by 2033, serving as a catalyst for boosting digital connectivity, especially in rural and underserved areas. By deploying Low Earth Orbit (LEO) and Medium Earth Orbit (MEO) satellite networks, India plans to fast-track broadband expansion, enhance financial inclusion, and strengthen digital infrastructure — reinforcing flagship programs like Digital India and BharatNet.

Meanwhile, Earth Observation (EO) and remote sensing technologies are set to generate $8 billion by 2033, revolutionizing agriculture, disaster management, and climate resilience.

Leaders Chart India’s Space Future

At the Bharat Space Conclave 2025, Dr. Pawan Goenka, Chairman of IN-SPACe, spotlighted the urgent need for capacity building, infrastructure development, workforce upskilling, international partnerships, funding, and market demand to achieve India’s $44 billion space economy target.

"We must ensure these factors become enablers, not obstacles, in reaching our $44 billion goal," he asserted.

Providing insights into the Earth Observation Preparatory Program (EOPP), Dr. Goenka announced that six companies are under consideration, with the final selection expected by mid-April.

"EOPP is set to revolutionize India’s private space sector. It will launch a fleet of private satellites, delivering critical, locally sourced data — reducing our reliance on foreign providers. This isn’t about duplicating ISRO’s efforts but empowering private players to fill the data gaps," he explained.

On SATCOM advancements, Dr. Goenka pointed out the private sector’s current lack of satellite ownership, which relies heavily on NSIL, ISRO, and global operators.

"For the first time, a private company has secured permission to utilize an unused ISRO frequency to launch SATCOM services. This marks a turning point — more frequencies will soon follow to boost private sector involvement," he added.

Strategic Vision and Future Frontiers

Dr. AS Kiran Kumar, Member of the Space Commission and former ISRO Chairman, highlighted the strategic potential of space technology, envisioning breakthroughs in space tourism, adventure missions, and space habitation.

"Space is the ultimate frontier, teeming with extraordinary opportunities. The upcoming NASA-ISRO Synthetic Aperture Radar satellite launch will further elevate our technological prowess," he remarked.

He emphasized that accelerating space economy development is vital for India’s ambition to secure global leadership by 2047.

Industry Leaders Eye Expanding Opportunities

Laxmesh BH, Chair of FICCI’s Space & Geospatial Applications Committee and Vice President & Head of Aerospace Systems Business at L&T Precision Engineering and Systems, celebrated India’s resilience, innovation, and rising prominence in space exploration.

"India is steadily emerging as a global space leader. The evolving industry presents unparalleled business opportunities," he observed.

Keyur Gandhi, Member of FICCI’s Space & Geospatial Applications Committee and Director of Space Regulatory & Commercialization at Dhruva Space Pvt Ltd, delivered the vote of thanks.

The session wrapped up with Pankaj Khurana, Partner at EY, showcasing the FICCI-EY report’s key insights — outlining growth pathways, challenges, and a strategic blueprint for India’s thriving space industry.

The FICCI-EY report ‘Unlocking India’s Space Economy’ serves as a comprehensive guide to realizing India’s space aspirations, paving the way for innovation, growth, and global leadership in the fast-evolving space economy.