Space economy
Topic: Sectors of the Indian Economy · NCERT: Beyond NCERT
Meaning
The space economy is all the value created by exploring, researching and using space. Upstream activities include building satellites and launching rockets. Downstream uses are the services that satellites make possible on Earth, such as navigation, broadband, weather forecasting and earth observation. It matters because these services support farming, disaster management, telecom and defence. India is now opening the sector to private companies.
Example
India set up IN-SPACe (2020) as a single window to regulate and promote private space firms. It then brought in the Indian Space Policy 2023 and opened the sector to more FDI (foreign direct investment) in 2024. India holds about 2% of the global space market and targets about US$44 bn by 2033.
Don't confuse with
- Space programme: the government's own missions, such as ISRO launches. The space economy is wider and includes private firms and everyday downstream services.