Karnataka aims to grab 10 percent of global space market, plans new policy, CoE

BENGALURU: To tap the potential of the global space economy, Karnataka will soon introduce a new space policy focused on boosting innovation, increasing investments and harnessing advanced space technologies, said information technology and radio technology minister Priyank Kharge.

“By 2030, Karnataka aims to capture 10% of the global space industry, which is expected to touch $1.8 trillion by 2035. The government plans to increase these figures to Rs 26,000 crore domestically and Rs 88,000 crore in exports by 2030, making India a key player in this sector,” the minister said at the 8th edition of Bengaluru Space Expo (BSX)-2024, inaugurated at the Bangalore International Exhibition Centre.

A key initiative of the policy is the establishment of a Centre of Excellence in Space Technology, which will focus on research and development while supporting startups. “The aim is to integrate space technologies with areas like agriculture, healthcare and education to promote sustainable development and economic growth, enabling India to capture a larger share of the global space market by 2035,” he said.

The expo, organised in association with ISRO, IN-SPACe and NewSpace India Ltd, also saw the launch of a report on the Indian space industry and the signing of several memorandums of understanding to strengthen global cooperation. The three-day event attracted over 150 participants from 14 countries, including Italy, Australia and the UK, and saw the participation of 160 space companies.