India Aims for Five-Fold Increase in Global Space Economy Share by 2040: Union Minister Dr. Jitendra Singh

Ahmedabad: Union Minister Dr. Jitendra Singh announced India’s ambitious goal of achieving a five-fold increase in its share of the global space economy by 2040. Currently standing at $8 billion, the Indian space economy is projected to witness exponential growth, with estimates reaching up to $100 billion by 2040, according to international observers, including the recent ADL (Arthur D Little) Report.

Dr. Jitendra Singh, the Union Minister of State (Independent Charge) for Science & Technology; MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy, and Space, made this declaration during the launch of the Technical Centre of IN-SPACe in Ahmedabad.

He emphasized that PM Modi’s visionary move to open the space sector to public-private participation had unlocked immense potential, enabling India to showcase its talent to the world.

The Minister highlighted PM Modi’s pivotal role in breaking past taboos, allowing common citizens to witness major space events like Chandrayaan-3 and Aditya. He noted the significant growth in the number of private space startups, from just one digit a few years ago to nearly 200 today, with over Rs. 1,000 crore invested in the current financial year.

India, despite starting its space research program in 1969, has rapidly caught up with space-faring nations. Dr. Jitendra Singh pointed to the three-fold or more increase in space-related budgets, including a 142% rise in the Space Budget alone in the last nine years.

Singh emphasized that the present era, under PM Modi’s leadership, is ideal for innovators, research and development, and startups. The government’s ecosystem supports innovation, promotes entrepreneurship, and fosters a thriving industry, resulting in multiple investments.

The Minister shared key statistics, such as launching 389 out of 424 foreign satellites in the last nine years, earning $157 million in the same period. He underscored the government’s commitment to space exploration and technology, highlighting the Indian Space Policy 2023 enabling the end-to-end participation of non-governmental entities in all space activities.

IN-SPACe (Indian National Space Promotion and Authorization Centre) has played a crucial role in supporting private sector participation in space activities. Dr. Jitendra Singh mentioned various schemes and initiatives by IN-SPACe, including the Seed Fund Scheme, Pricing Support Policy, Mentorship Support, Design Lab for NGEs (Non-Governmental Entities), Skill Development in Space Sector, ISRO facility utilization support, and Technology Transfer to NGEs.

With approximately 45 MoUs signed between IN-SPACe and NGEs, the industry’s participation in manufacturing launch vehicles and satellites is expected to increase. Dr. Jitendra Singh concluded by highlighting the widespread applications of India’s space technology in sectors like disaster management, agriculture, water mapping, telemedicine, and robotic surgery.

The Minister also discussed the Anusandhan National Research Foundation (NRF), which aims to promote greater public-private partnership in scientific research. He emphasized that the NRF, with a budget of Rs. 50,000 crore over five years, envisions significant funding from non-government sources, fostering collaboration between the public and private sectors in scientific research.

India’s space technology, virtually touching every aspect of life, continues to play a crucial role in the country’s development across various domains.