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"After a successful Chandrayaan -3 landing, India is now committed to reach its vision of a $44 billion space economy by 2033": Dr Pawan K Goenka
Sep 14, 2023

“After a successful Chandrayaan -3 landing, India is now committed to reach its vision of a $44 billion space economy by 2033” says Dr Pawan K Goenka, Chairman, Indian National Space Promotion and Authorization Center (IN-SPACe) at the International Conference on Space 2023

Bengaluru, 14 September 2023:


The Indian space sector is poised for exponential growth, with policy reforms, innovation, private sector involvement, and international collaboration at the forefront. As the nation continues to explore new horizons in space technology, it aims to address global challenges and contribute to advancing our understanding of the universe, stated Dr Goenka while addressing at the ‘International Conference on Space 2023’.

Dr Goenka emphasized the nation's commitment to space exploration, technology development, and international collaboration, and India’s commitment of a $44 billion space economy by 2033.

Last few years have witnessed a string of successful launches, showcasing India's robust indigenous technologies and launch vehicles developed by ISRO. The largest commercial launch by value in 2022, deploying 36 OneWeb satellites, was a significant milestone. The private sector has attracted substantial investment, with $45 million pouring in over the last six months, including a significant $36 million from Pixel in June. This underlines the growing confidence in India's space industry. Design and manufacturing are advancing, with the imminent establishment of a large facility, Dr Goenka said.

The recent success of our lunar mission showcases the importance of preparation and precision in space exploration. It reflects India's growing expertise in this field, said Dr. Kiran Kumar, Former Chairman, ISRO.

The summit witnessed the release of the first volume of Indian standards for Space Industry prepared by INSPACe, in collaboration with the Bureau of Indian Standards (BIS). The catalogue encompasses 15 standards, focusing on three crucial aspects including space project management, system engineering and modelling, a key process in ensuring mission success.

A Thought Leadership report on ‘NewSpace: India Perspective’ was also released during the Summit.

An MoU between INSPACe and NIIFL was also exchanged during the Summit.

Deputy High Commissioner of the Australian Commission, Sarah Story, emphasized the special relationship between India and Australia in various fields, including space exploration and technology development. Both our commercial space sectors are vibrant and innovative. Australia is proud to support India's space achievements, including the CHANDRIAN 3 mission,” she said.

Mr Jayant Patil, Chairman CII National Committee on Space, underlined the vital role of startups in advancing space technology and encouraged international collaboration. Startups have played a vital role in advancing space technology. This event is a step towards sharing Indian knowledge with the world for the common man's benefit.

In his inaugural address, Mr Kamal Bali, Chairman, Southern Region commended India's recent successes in the space sector, emphasizing the significance of ISRO's achievements. We are in the midst of a global transformation in technology, and space will continue to influence developments in other sectors and support India's global ambitions.

IN-SPACe represents a significant step in streamlining and regulating space activities. It demonstrates India's commitment to fostering a conducive environment for space exploration, said Mr Apparao Mallavarapu, Co-Chair, CII National Committee on Space.

In his Closing Remarks, Mr Sudheer Kumar N, Director, CBPO-ISROHQ encouraged all businesses to leverage the opportunities emerging from these initiatives.  A surge in space startups, from 101 to 195, is a promising sign for the space ecosystem.

The two-day international conference on the space sector is being organized by the Confederation of Indian Industry (CII), with the support of the Indian Space Research Organization (ISRO), Indian National Space Promotion and Authorisation Centre (IN-SPACe) and NewSpace India Ltd (NSIL). It features 80 eminent speakers and scientists across ten engaging sessions, thereby providing a platform for knowledge exchange and experience sharing. The Conference witnessed the participation of more than 600 attendees.

The Conference also aims to celebrate India's recent achievements in space technology, including the historical Chandrayaan-3 landing which is a testament of the meticulous preparation and data-driven decision-making that has contributed to the mission's success.

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