India's space economy projected to reach USD 44 billion by 2033: EY-CII report
A joint EY-CII report projects India's space economy will grow from USD 8.4 billion to USD 44 billion by 2033, driven by policy reforms, private investment and downstream applications.
India's space economy is projected to expand from Rs 0.81 lakh crore (USD 8.4 billion) to Rs 4.22 lakh crore (USD 44 billion) by 2033, according to a joint report by EY and the Confederation of Indian Industry (CII). The report, titled "From escape velocity to value: Innovate, govern and grow", attributes the projected growth to policy reforms, rising private investment, growing startup activity, wider adoption of space-enabled applications and global demand for cost-effective space services.
The report identifies more than 200 use cases spanning Earth observation, satellite communication, and positioning, navigation and timing. These applications serve agriculture, logistics, infrastructure, disaster management, urban planning, financial services, fisheries, climate resilience, telecommunications and defence. The largest economic opportunity, it notes, lies in scaling these solutions from pilot stages to programme-level deployments — converting satellite data into decision-grade intelligence, operational tools and sector-specific applications.
Cdr. Gautam Nanda, Partner, Business Consulting, Aerospace and Defence Sector, EY India, said the sector is at an inflection point, with policy reforms, stronger industry participation and a vibrant startup ecosystem reshaping it. He said the next phase of growth would come from translating space capabilities into everyday impact through applications that improve productivity, strengthen resilience and create new business opportunities. Accelerating downstream adoption, deepening manufacturing capabilities, attracting greater private investment and building globally competitive enterprises could help India develop a full-spectrum space economy, he added.
The report highlights that wider deployment of space-enabled services through interoperable platforms and sector-specific applications unlocks value across sectors. Building technical capability in satellite manufacturing, propulsion systems, avionics, sensors, space-grade electronics and testing facilities would strengthen domestic supply chains and industrial growth. Streamlined authorisations, timely spectrum access, export facilitation and improved availability of capital would further enable innovation and commercialisation.
Mallavarapu Apparao, Chairman, CII National Committee on Space, said industry participation can play an increasingly important role across manufacturing, launch systems, downstream applications and emerging technologies. Stronger collaboration among industry, startups, research institutions and government would help India build globally competitive capabilities, strengthen its position in international space markets and create new avenues for innovation, investment and high-value employment, he added.
The report notes that combining technological innovation, supportive policy frameworks, strategic capability development, industry engagement and international partnerships can position India as a trusted provider of space solutions, with private capital and startup participation remaining central to realising the projected growth.