Chennai, Jul 10 (IANS): The Confederation of Indian Industry (CII) in association with Indian Space Research Organisation (ISRO), NewSpace India Limited (NSIL) and Antrix Corporation Ltd will be organising an International Space Conference and exhibition from September 13 to October 4, 2021.

The digital conference and exhibition will be on the theme 'Building NewSpace in India' with an aim to facilitate and strengthen industry's participation in manufacturing of satellites, launch vehicles and using space applications in various sectors, CII said.

The conference would comprise of digital interactions and virtual exhibition and will also highlight the initiatives taken by the Indian government (setting up of sectoral regulator Indian National Space Promotion and Authorisation Centre-INSPACe) and Indian space agency ISRO to encourage and engage domestic industry in space sector and showcasing opportunities for Indian industry.

According to CII, the global space economy is valued at $385 billion in 2020 and is expected to grow to $428 billion by 2028, as per the findings by consulting firm EuroConsult.

This growth is enabled by growing demand for space-based services, lowering of costs, miniaturisation and access to technology, liberal funding and enabling regulations around the world.

India, currently having two per cent of share in global space business, holds great promise as a destination for increased space commerce and also as a manufacturing hub.