India is targeting a five-fold increase in its share of the global space economy by 2030, Union Minister Dr. Jitendra Singh said on Tuesday. Singh, the Union Minister of State (Independent Charge) for Science and Technology, was speaking at the launch of the Technical Centre of IN-SPACe in Ahmedabad.
The Indian National Space Promotion and Authorization Centre, or IN-SPACe, supports private sector participation in space activities, a crucial component of India’s space policy.
“India’s space economy today stands at a modest $8 billion, but our projection is that by 2040 it will multiply manifold. But more interesting is that according to some international observers, for example the recent ADL (Arthur D. Little) report mentions that we could have the potential for $100 billion by 2040,” Singh said.
Commending PM Narendra Modi for “unlocking” India’s space sector, Singh said that the dream of Vikram Sarabhai, considered the father of Indian space programme, has been realised with the success of Chandrayaan-3 and the Aditya-L1 missions.
“India joined the space sector in 1969, the year when the US landed the first man on the moon. However, India caught up fast with the far-flying nations with the success of the historic Chandrayaan-3 mission,” he said.
Highlighting the growth in the space sector, Singh said that India has currently nearly 200 private space startups which have invested more than Rs 1000 crore between April and December 2023.
Singh pointed out that under the PM Modi-led government India’s space budget has witnessed a 142% hike in the last nine years and a three-fold or more hike in related budgets of the Dept. of Science and Technology and the Dept. of Atomic Energy.
Highlighting the growth and development of India’s space technology, Singh said that since the 1990s, ISRO has launched 424 foreign satellites, with over 90% (389 satellites), deployed in just the last nine years. In terms of revenue, India has earned $174 million from these launches, with $157 million generated in the last nine years alone. Additionally, nearly 90% of the revenue from launching European satellites, amounting to Euro 223 million, has been earned in the same nine-year nine period.
Singh said that India’s space missions are not only cost-effective, but also play a crucial role in various sectors such as disaster management, SVAMITVA, PM Gati Shakti, railways, highways, smart cities, agriculture, water mapping, telemedicine, and robotic surgery.