BENGALURU: To tap into the global space economy, Karnataka will soon come up with a new space policy focussed on driving innovation, boosting investment and using advanced space technologies, IT and BT Minister Priyank Kharge said.
“By 2030, Karnataka is aiming to capture 10% of the global space industry, which is expected to reach $1.8 trillion by 2035. The government plans to increase these numbers to Rs 26,000 crore domestically and Rs 88,000 crore in exports by 2030, positioning India as a key player in this sector,” the minister said during the 8th edition of Bengaluru Space Expo (BSX)-2024, inaugurated at Bangalore International Exhibition Centre.
A key initiative of the policy is the establishment of a Centre of Excellence for space technologies, which will focus on research and development while supporting startups. “The goal is to integrate space technology into areas like agriculture, healthcare and education to promote sustainability and economic growth, enabling India to capture a larger share of the global space market by 2035,” he said.
The expo, held in association with ISRO, IN-SPACe and NewSpace India Ltd, also saw the release of a report on India’s space industry and the signing of multiple MoU aimed at boosting global collaboration. The three-day event drew over 150 participants from 14 countries, including Italy, Australia and the United Kingdom, and featured 160 space companies.