NEW DELHI: India targets a “five-fold increase in its share of the global space economy”,
space minister
Jitendra Singh said on Tuesday.
“India’s space economy today stands at a modest $8 billion, but our own 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 of $100 billion by 2040,” the minister said while launching a technical centre of
IN-SPACe
in Ahmedabad.
Singh said, “Four-five years back, we had just one digit startups in the space sector, today we have nearly 200 private space startups after opening up of the sector. There has been an investment of over Rs 1,000 crore by private space startups in the current financial year from April to Dec 2023.”
“If you see the space budget alone, there is a 142% increase in the last nine years,” he said, pointing out that there has been a three-fold or more hike in related budgets like that of the department of science & technology and the department of atomic energy.
Singh said out of the 424
foreign satellites
launched by
Isro
since the 1990s, more than 90% — 389 — were launched in the last nine years. “We have so far earned $174 million from the launching of foreign satellites; out of the $174 million, as much as $157 million have been earned only in the last nine years… Out of the European satellites launched so far in the last 30 years or more than that, the total revenue generated is 256 million euros. Out of which, 223 million euro, almost 90% earned in the last nine years,” he said.
The minister said India’s space missions are designed to be cost effective, building upon human resources and skills.
English (US) ·