India's space economy, currently contributing just 2% to the global space industry, holds immense potential, with the goal of reaching a $100 billion share by 2040, according to a report by Arthur D Little. The country's current space market is valued at nearly $8 billion, experiencing a CAGR of 4%, outpacing the global 2% growth.
Private industry's role, alongside government initiatives, is pivotal in achieving this ambitious target. Encouraging satellite internet adoption, strengthening manufacturing capabilities, exploring space tourism and green space innovations are some strategies recommended to harness the potential. Successful realization could double the space industry's contribution to India's GDP and generate over 3 million jobs.