Making Mumbai India’s ‘Space Economy’ Capital
The space economy is central to India’s global connectivity aspirations, and Mumbai is integral to this equation.
Since the Indian government’s 2020 space sector reforms and the subsequent National Space Policy 2023, the state governments of Tamil Nadu, Andhra Pradesh, Telangana, Karnataka, and Gujarat have drafted their respective space policies. The reasoning behind such state space policies is straightforward. These states are anticipating large investments in the space sector from domestic players and overseas companies, who will take advantage of the government’s relaxed foreign direct investment policies in the space sector. The government has publicly announced its goal to increase its share in the global space market from 2 percent to 8 percent by 2033, and that the global space economy will grow from nearly US$ 650 billion at present to US$ 1 trillion by 2035. The states want to capitalise on this forecasted growth. With clear policies, they aim to generate high-tech employment, benefit from increased tax revenues, and boost their gross state product. The same applies to Maharashtra, where Chief Minister Devendra Fadnavis has assured a state space policy earlier in 2025. However, what should be the foundation for Maharashtra’s state space policy?
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