Indian Economy News

India targets a five-fold increase in its global space economy share, says Union Minister of State Science & Technology Dr. Jitendra Singh.

Under the leadership of Prime Minister, Mr. Narendra Modi, India is setting ambitious goals to increase its share in the global space economy. Union Minister of State Science & Technology, Dr. Jitendra Singh. Revealed that the current space economy, standing at US$ 8 billion, is projected to multiply manifold by 2040. International observers, such as the recent ADL (Arthur D Little) Report, even anticipate a potential of US$ 100 billion for India in the global space market by the same year. He highlighted this vision during the launch of the Technical Centre of IN-SPACe in Ahmedabad, emphasizing the transformative shift initiated by Prime Minister, Mr. Narendra Modi, who opened the space sector to public-private participation, fostering innovation and unleashing the potential of India's space scientists and entrepreneurs.

Union Minister of State Science & Technology, Dr. Jitendra Singh, acknowledged the impressive growth in private space startups, with nearly 200 startups emerging after the sector's opening, attracting an investment of over US$ 120.7 million (Rs. 1,000 crore) in the current financial year. He also underscored the substantial increase in the space budget, reflecting a remarkable 142% growth in the last nine years, demonstrating the government's commitment to advancing innovation, entrepreneurship, and the overall space industry. The achievements in space exploration, such as the historic Chandrayaan-3 lunar touchdown and the increased revenue from foreign satellite launches, further exemplify India's significant strides in space over the past nine years.

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