India needs private capital, capabilities to build $44 billion space economy: Shashwat Goenka

India's space economy is set to expand to $44 billion by 2033, according to CII vice president Shashwat Goenka. The current estimate of the space economy is around $8.4 billion, which is entering a transformative phase. Companies are being called upon to build manufacturing capabilities and integrate into global space supply chains. Goenka emphasized the need for private sector participation and investment to achieve the ambitious target. He stated that space is no longer just a frontier of science and exploration, but a strategic economic opportunity. The target is part of India's official decadal vision for the sector. Companies need to build capabilities across advanced manufacturing, electronics, materials, testing, R&D centres, ground infrastructure, and space industrial clusters. Opportunities exist in satellite communications, navigation, Earth observation, and geospatial technologies across various sectors. India can combine the innovation of startups with the capital, manufacturing capabilities, supply chains, and global market access of established companies. The US Ambassador to India, Sergio Gor, announced an India-US space partnership moving beyond cooperation towards co-creation, including co-designing instruments and co-funding startups. Gor also invited ISRO to participate in NASA's Moon base programme. The US brings private capital and mature commercial ecosystems to the partnership, while India offers engineering capabilities, scientific talent, and a fast-growing startup sector.