India targets USD 44 bn space economy by 2033, calls for stronger academia-industry collaboration

New Delhi [India], March 24 (ANI): Emphasising the critical role of collaboration in advancing India's rapidly evolving space sector, stakeholders from government, industry and academia on Tuesday underscored the need to strengthen partnerships to accelerate the country's NewSpace economy.
At a conclave organised by the Confederation of Indian Industry (CII) in collaboration with IN-SPACe, experts highlighted that deeper industry-academia engagement would be key to translating research and innovation into commercially viable outcomes, while also building a future-ready workforce.

Chairman of IN-SPACe, Dr Pawan Goenka, described the space sector as a "sunrise sector" that has undergone significant transformation in recent years. "While the sector is six decades old, it has transformed tremendously... with over 400 startups and deep-tech development, India is now a global leader," he said. However, he stressed that achieving the projected USD 44 billion space economy by 2033 would require a stronger role from academia in education, incubation and advanced research.
He further noted that nearly "100,000 engineers are expected to join the space industry in the next five years," adding that initiatives such as Antariksh Prayogshala, CANSAT programmes and model rocketry are helping bridge existing gaps.
Former UGC Chairperson Prof M Jagadesh Kumar highlighted India's growing stature in the global space ecosystem, stating that the sector has become "India's most visible scientific achievement." He said, "India has proven that mission clarity and institutional patience can create global capabilities," pointing to advancements in deep-space missions and Earth observation. He also underlined the importance of policy reforms and skilled manpower to translate lab-level research into real-world deployment.
Vice Chancellor of Delhi Technological University, Dr Prateek Sharma, emphasised the importance of the "Triple Helix Model" involving industry, academia and government. He noted that academia offers a unique advantage in innovation, stating, "In academia, 100 experiments may fail so the 101st can succeed," while industry focuses on commercialisation. He added that education reforms like NEP-2020 are helping align academic output with industry requirements.
Highlighting the need for commercialisation of research, IN-SPACe Promotion Directorate Director Dr Vinod Kumar said, "Academia produces excellent patents and research, but these must be translated into commercial success," announcing multiple initiatives, including an industry-ready B.Tech curriculum and faculty development programmes.
CII National Committee on Space Chairman Apparao Mallavarapu said the synergy between stakeholders has "fundamentally expanded the dynamics of the space ecosystem," enabling smoother conversion of scientific advancements into industrial applications.