Dr Pawan Goenka, Chairman of IN-SPACe, addressed investors in Singapore, forecasting that the Indian space sector will account for 8-10 per cent of the global space economy by 2035. This projection positions India as a major player in a market expected to reach USD 1.8 trillion. Speaking to PTI, Goenka highlighted the accelerating momentum in India's space ecosystem, driven by robust investment interest.

The global space economy currently stands at an estimated USD 440 billion to USD 630 billion, according to experts at the forum. Goenka noted that big-ticket investors, including Singapore's Government Investment Corporation (GIC) and Temasek—already among India's largest backers—are poised to channel funds into the Indian space sector. This comes amid a surge in opportunities within the burgeoning industry.

The forum, organised by the Indian High Commission and the Singapore chapter of TiE (The Indus Entrepreneurs), drew over 100 investors. Goenka used the platform to spotlight these opportunities, emphasising the Indian government's strong support. A key initiative is the ₹1,000 crore capital venture fund dedicated to the space sector, with plans to expand it further.

He echoed Prime Minister Narendra Modi's vision for fostering innovation, calling for one unicorn start-up annually backed by USD 1 billion in investment. "Five unicorns are to be developed in five years as per the Prime Minister's call," Goenka stated, affirming that progress is underway to realise this target.

Indian start-ups formed a core part of the delegation at the "Orbiting Innovation: Spacetech Start-ups and Industries Shaping the Future" summit. They pitched their projects directly to investors, showcasing cutting-edge advancements. IN-SPACe has registered over 390 startups and authorised more than 800 companies to engage in space ecosystem activities.

Among the standouts, Digantara emerged as a major success, securing USD 50 million in funding from investors. The Indian pavilion featured ongoing work by prominent firms such as Hical, Skyroot, XDLinX Space Labs, General Datum, Azista Space, Gnikul, and Cosmoserve. These displays underscored India's growing prowess in spacetech innovation.

The summit attracted over 1,000 delegates from various countries, fostering global collaborations. Goenka's remarks signal a pivotal moment for India's space ambitions, blending government backing, private investment, and start-up dynamism to capture a significant slice of the global pie.

Based On PTI Report