India's ambition to significantly expand its presence in the global space economy is underscored by recent statements from key officials. The Indian Space Research Organisation (ISRO) Chairman, S. Somanath, has articulated a vision of increasing India's share of the global space economy from approximately 2% to 10% within the next decade. This goal aligns with a broader strategy to elevate the size of India's space economy from around $9 billion to $45 billion by 2034, with an emphasis on private sector involvement and innovation.

The Indian National Space Promotion and Authorization Centre (IN-SPACe) has unveiled a decadal vision aiming for a $44 billion valuation of the space economy by 2033, representing about 8% of the global market. This plan emphasizes collaboration among stakeholders, including increased participation from private entities.

An estimated investment of $22 billion is projected over the next ten years to support this growth. The strategy includes enhancing local manufacturing capabilities, developing infrastructure, and creating a regulatory framework that encourages non-governmental entities (NGEs) to participate in space activities.

The vision outlines ten strategic capabilities essential for growth, such as demand generation, earth observation platforms, communication systems, navigation technologies, and research and development initiatives. Additionally, it aims to foster talent development through educational programs in space technology.

The government is actively promoting private sector participation in space missions and technology transfer. More than 200 startups are currently engaged in various aspects of the space industry, indicating a burgeoning ecosystem that supports innovation and development.

Beyond immediate economic targets, India has ambitious plans for human spaceflight, including the establishment of a human space station and sending an Indian astronaut to the Moon by 2040. These initiatives are part of a long-term vision that seeks not only to enhance India's capabilities but also to position it as a dominant player in the global space arena.

With these strategies in place, India is poised to make significant strides in its space endeavours over the coming years.