India and the Emerging Lunar Economy

The lunar economy is emerging, but India is structurally under-positioned — roughly 3.3% of cumulative announced lunar-programme investment (about USD 6 billion of an indicative global USD 181 billion through 2024–2035). Yet India has a narrow, decisive 2026–2032 window to convert demonstrated precision-landing capability (Chandrayaan-3, achieved at about USD 75 million) and its post-2023 policy reforms into a strategically significant position in selected lunar value-chain segments. India has Tier-1 potential in five of the thirteen value-chain layers; the binding constraint is an estimated 90–95% import dependence in radiation-tolerant electronics, space-grade solar cells and travelling-wave tube amplifiers. Across fourteen chapters the report maps the global infrastructure race, India's position, the technology and supply-chain gaps, eight opportunity surfaces (a direct addressable market of roughly USD 250–450 million a year by 2030–2032), and six coordinated strategic moves. Its central finding: the dominant value capture is terrestrial industrial spillover — projected indirect returns of USD 18–95 billion to 2040 against direct lunar returns of USD 4–28 billion, roughly three-to-five times larger. 37 figures and eleven appendices; a companion thirteen-sheet intelligence workbook is available with the data tier.