Know about India’s New Space Economy

The Global Space Sector is touching new highs every day, and following the footsteps of this success, the Indian Space sector is growing at an impressive pace itself. The Centre for Development Studies (CDS) and the Indian Institute of Space Science and Technology (IIST) concluded that the current Indian Space Economy is worth ₹36,794 Crore. According to the Space Foundation, In the last 15 years, there has been a constant spending growth in the sector with a significant increase from $161.9 Billion in 2005 to $440 Billion in 2021.

What is the New Space Economy?

Earlier, most of the space sector was under the government’s watchful eye. Everything required specific permission from the budget to import certain equipment before the project could go through. However, in this new era of the New Space Economy, things are looking brighter as more private players vent into this new economy. According to the estimates made in the Space Report 2021, this economy can contribute up to $400 Billion, with most of its spending coming from the commercial sector.

Last year, despite the pandemic wreaking havoc on the economies and specific sectors. However, this sector somehow had the opposite effect, as it managed to garner 6% more investment than the previous year. This increase in the capital means more new private entities bringing its product to the market. Thus, making the market more lucrative for new players.

New Employment Opportunity in the Indian Space sector?

This New Economy is rapidly gaining its share in the Indian startup community. As of 2021, 47 new space-related startups bring over 101. The Union government also encourages steps to promote more investment in this sector. A recent change in the ‘Humans in Space Policy 2021’ could allow the private sector to participate in Indian Space projects.

India is planning an ambitious Space mission in 2023, which will be its first human-crewed mission ever, also known as the Gaganyaan Mission. Three crew members from India will remain in Space for five to seven days. Union Minister Jitendra Singh, last month speaking in a meeting with scientists, shared that there are currently 50 startups working in the space sector. He also assured the scientific community that the government is actively looking for proactive solutions for dealing with space debris.

Interesting new space startups in India?

The Indian startup community has already started working on their next big thing, entering the Space sector. India holds only 2-3% of the total Global Space market.

Here are a few interesting looking startups that can help India grow in the business:

  1. Agnikul Cosmos 

This company was founded in 2016. According to the company’s website, the company’s name is derived from the Sanskrit word called Gurukul, “a place where people learn to use fire”.

The company was formally incorporated in IIT Madras, Chennai. Interestingly, the company says the engine used in the small lift launch vehicle called Agniban is entirely 3D printed. The company expects its first test to take place somewhere in the middle of 2022.

2. Skyroot Aerospace

It is yet another exciting startup founded by a former ISRO scientist Pawan Kumar Chandana who was a rocket Engineer himself. The company’s website states that it aims to make Space flights more reliable and economically accessible, just like regular air flights.