Indian geospatial market can grow at 12.8% to Rs 63,100 cr by 2025
Defence, water resources and irrigation, urban development and utilities to be growth drivers
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HYDERABAD India's geospatial economy is currently valued at Rs 38,972 crore, but has potential to grow at 12.8 per cent to reach Rs 63,100 crore by the end of 2025, as per 'Artha' report launched at the GeoSmart India 2021 in Hyderabad on Tuesday. The report was unveiled in the presence of Amit Khare, Advisor to the Prime Minister and Dr Kiran Kumar, Vikram Sarabhai Professor, ISRO.
If the Government of India implements the three geospatial policies by 2022, which are currently in the draft stage, the geospatial economy in the country has the potential to double in a year's time. The government is currently in the process of finalising the draft National Geospatial Policy (NGP) and draft of the Indian Satellite Navigation Policy (SATNAV Policy).
Amit Khare said, "Evolving technologies in geospatial sector has brought about transformational changes whereby even an inch of a land in India can be mapped there by providing solid backups for Indian land reforms. Vaccinations in India is a remarkable example were technology and logistics were perfectly supported through the use of geospatial technology."
The report on Indian geospatial market, economy, and industrial development strategy has been prepared under the aegis of the National Think Tank on Geospatial Strategy for New India. India's geospatial economy currently employs approximately 4.7 lakh people spread across the domestic market (including user industries, government services, and export services).
By 2025, the geospatial economy has the potential to grow with employment in the sector rising to over 9.5 lakh people. "We have done a great job with policy reform, but it's not time to think of programs for industrial development strategy, which allow us to harness and take this growth from about 8 per cent to 16 per cent," said Sanjay Kumar, CEO, Geospatial World.
Defence and intelligence, water resources and irrigation, construction, and utilities will continue to lead the growth of the geospatial market. The defence and intelligence sector is expected to be valued at Rs 3,305 crore by 2025, while water resources and irrigation sector will be worth Rs 5,020 crore, urban development will account for Rs 3,030 crore, and utilities segment will touch Rs 2,600 crore.
"Geospatial technology and geospatial knowledge-base is going to make a significant change in the way India is going to adopt this technology and move forward especially since the world is looking at India about how it is going to tackle its problems," asserted Dr Kiran Kumar.
