Union Minister sets goal for India to increase its share in the global space economy by five times
New Delhi, March 5 (IANS) After Prime Minister Narendra Modi’s decision to open up the space sector, Union Minister Jitendra Singh aims for a five-fold increase in India’s share of the global space economy. The Technical Centre of IN-SPACe was launched in Ahmedabad to boost private sector involvement in space technology.
According to the minister, PM Modi has paved the way for public-private participation in the space sector, projecting India’s space economy to potentially reach $100 billion by 2040. The opening up of the sector has led to the emergence of 200 private space startups, with investments exceeding Rs 1,000 crore in the current financial year.
The minister highlighted the significant growth in the space sector, attributing it to the enabling environment created under PM Modi’s leadership. With the launch of mega space events like Chandrayaan-3 and Aditya, the common man now has greater access to space exploration initiatives.
In the past nine years, there has been a 142% increase in the space budget, with over 90% of foreign satellites launched by ISRO since the 1990s deployed in the last nine years. The Indian Space Policy 2023 allows for the participation of non-governmental entities in all areas of space activities, further expanding opportunities for innovation and collaboration in the space sector.
