The Indian space sector has significantly impacted the national economy, contributing $60 billion to GDP and generating 4.7 million jobs over the past decade, according to a new report by global consulting firm Novaspace, commissioned by the Indian Space Research Organisation (ISRO).
Released by Union Minister of State for Space Jitendra Singh on National Space Day, the report highlights a $13 billion investment in the sector, with revenues increasing from $3.8 billion in 2014 to $6.3 billion in 2023. For every dollar invested or earned, there was an additional $2.54 in indirect and induced economic benefits.
The space sector directly employs 96,000 individuals and supports 800,000 fishermen and 1.4 billion Indians with satellite-based weather forecasts. Despite its growth, the report notes challenges such as regulatory hurdles, financing issues, and an underdeveloped venture capital ecosystem affecting startups.
India is now the eighth-largest space nation by funding, with a rapidly expanding startup ecosystem, although regulatory reforms have yet to fully take effect.
