space economy - Central News Hub

Space Economy: India sets Sights on 5x Growth

The minister said that the role of the private sector in advancing India’s space technology and exploration efforts is undeniable….reports Asian Lite News

After Prime Minister Narendra Modi took the decision to “unlock” the space sector from the “veil of secrecy”, the country is now targeting a five-fold increase in its share of the global space economy, Union Minister of State (Independent Charge) for Science and Technology, Jitendra Singh, said on Tuesday.

After launching the Technical Centre of the Indian National Space Promotion and Authorisation Centre (IN-SPACe) in Ahmedabad, the minister said that the role of the private sector in advancing India’s space technology and exploration efforts is undeniable.

“PM Modi has broken taboos of the past by opening the space sector to public-private-participation,” said the minister.

“India’s space economy today stands at a modest $8 billion, but our own projection is that by 2040, it will multiply manifold. According to some international observers, for example the recent ADL (Arthur D Little) Report mentions that we could have the potential of $100 billion by 2040,” he added.

Even though talent was never lacking in the country, the missing link of enabling milieu was created under the leadership of PM Modi.

“With the opening up of the space sector, the common man has been able to witness the launch of mega space events like Chandrayaan-3 or Aditya,” the minister further said.

“Four-five years ago, the country barely had startups in the space sector. Today, we have nearly 200 private space startups after opening up of the sector while the earlier ones have even turned entrepreneurs. There has been an investment of over Rs 1,000 crore by private space startups in the current financial year from April to December 2023,” the minister informed.

This is the best time for innovators, R&D and startups in the space sector.

“If you see the space budget alone, there is a 142 per cent increase in the last nine years,” the minister said.

Out of the 424 foreign satellites launched by ISRO since the 1990s, more than 90 per cent or 389 were launched in the last nine years. The government has announced the Indian Space Policy 2023, which enables end-to-end participation of non-governmental entities (NGEs) in all domains of space activities.

ALSO READ: Munich Tests India’s Foreign Policy

India’s space economy is poised to reach USD 40 billion by 2040

The minister said that the next significant development in the Indian space programme will be the Gaganyaan human spaceflight mission…reports Asian Lite News

India’s space economy is poised to reach USD 40 billion by 2040, and scientists will also enjoy a better working environment, Union Minister Jitendra Singh said.

The Minister of State for Science and Technology & Atomic Energy and Space (Independent Charge) said that some foreign agencies like the AKD have predicted that this figure could even go up to USD 100 billion by 2040.

“At present, our space economy is not very impressive, as we have just about USD 8 million. But we are moving in quantum jumps, and in the foreign satellite launch alone, we have earned about EUR 230–240 million for launching European satellites and about USD 170-180 million for launching American satellites,” Singh said.

He was speaking after inaugurating the 60thanniversary celebrations of ISRO’s rocket launch.

Singh said that with the establishment of the National Research Foundation, Anu Sandhan, a better model of similar foundations existing in US, a significant industry presence could be established. “With this, more than 70 per cent of our space resources are going to come from the non-government sector. So, this is also going to supplement our resources,” the minister said.

Union Minister for State @DrJitendraSingh participated in the Diamond Jubilee of India's first Rocket Launch from #Thumba, Kerala in 1963, celebrated by organising a similar launch from same spot
@isro pic.twitter.com/04EHBe6W0F
— PIB in KERALA (@PIBTvpm) November 25, 2023

Agreeing with the fact that India did face a resource crunch in its space sector, he said, “We could tide it over with the great scientific acumen we have.” “We could even overtake other countries with that. Although they were the first to land a human on the Moon, Chandrayaan was the first to detect the H2O molecule,” the minister said. He said the ‘courageous’ decision of the political dispensation to open up the space sector to private players has been a game-changer. “This has supplemented our resources both fund-wise and knowledge-wise,” Singh added.

He said the opening up of the sector also helped popularise the concept of space science in the country. “The entire nation got involved in Chandrayaan. It was like the whole of science plus, the whole of the government plus, the whole of the nation,” Singh said.

The minister said that the next significant development in the Indian space programme will be the Gaganyaan human spaceflight mission, for which one of the trial flight test has already happened. He said by 2025, India would be sending a man to space and bringing him back safely. “Two to three months before it, we will have a female robot going to space, which could mimic all the actions of an astronaut,” the minister added.

ALSO READ: Nirmala calls for supplementing G20 initiatives on debt crisis

ALSO READ: Nirmala meets World Bank chief Malpass