India's space industry to cross $40 billion by 2030 on rapid commercialisation, policy reforms: Report

New Delhi, October 17 (IANS): India’s space sector is undergoing a rapid commercial transformation after policy reforms that have opened the industry to private firms and created a new framework that would allow commercial enterprises to participate across the full spectrum of space activities, a new report has said.The report from Tanzania-based The Guardian said India's space economy, currently valued at nearly $8.4 billion, representing a modest share of the global market, could grow to $40-$45 billion by 2030.However, it said that the ambition can only be realised through continued investment, regulatory certainty, infrastructure development and sustained technological innovation, even though foundations for sustained growth are becoming increasingly visible.The report lauded the unprecedented degree of freedom the reforms provide to private participants.The shift, driven by reforms in 2020 and institutionalised through the Indian Space Policy 2023, loosened long‑standing state control over the space value chain and allowed private companies to undertake end‑to‑end activities from satellite manufacturing and launch services to remote sensing and space‑based communications.A historically government-centric ecosystem transformed into a collaborative network involving public institutions, private industry, academia, research centres and start-ups, the publication said.The government has redistributed roles among the Indian Space Research Organisation (ISRO), the Indian National Space Promotion and Authorisation Centre (IN‑SPACe) and NewSpace India Limited (NSIL), with IN‑SPACe tasked with facilitating access to testing facilities for private companies.Private players can also access launch infrastructure, data generated using public resources and ISRO-developed technologies through IN-SPACe.A vibrant space start-up ecosystem emerged after the reforms, where they pursue independent commercial strategies, and develop proprietary technologies."By mid-2026, nearly 400 space start-ups had become active participants in the sector, representing one of the fastest-growing segments of India's innovation economy," the report noted.“Seed Fund Scheme, Pricing Support Policy, Mentorship Support initiatives, design laboratories for NGEs, skill-development programmes, technology transfer mechanisms and access to ISRO facilities have created a supportive ecosystem for innovation,” it added.