New Delhi, Oct 11 (KNN) According to a report by Ernst and Young (EY) and the Indian Space Association (ISpA) it is estimated that the Space economy of India will reach USD 13 billion by 2025.

Encouraged by increasing participation from private sector, low cost of launch services, and the latest adoption of technology the space launch segment would grow rapidly at a CAGR of 13 per cent.

The reported is titled as Developing the Space Ecosystem in India: Focusing on Inclusive Growth.

Global startups are likely to be attracted due to the growing demand for smaller satellites which will help incubate space tech companies in India. 

Speaking about the report, Jayant D Patil, chairman of ISpA said, “With the rapidly growing space ecosystem, India is prepared to grow to USD 13 billion by 2025.”

He asserted that as India looks forward to the new space policy, the private industry’s role is set to create a revolution in the current value chain of the Indian space economy.

Creating the largest share of the space economy by 2025, satellite services and application segments will account for 36 per cent of it.

With investments rising up to 196 per cent YoY in 2021, India is home to over 100 space tech startups.  (KNN Bureau)