India’s Soaring Space Economy: Projected Growth Beyond $80 Billion by 2040
The Union Minister of State (Independent Charge) for Science & Technology; MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy, and Space, Dr. Jitendra Singh, has heralded India’s remarkable ascent in the field of space exploration.
India’s Soaring Space Economy: Projected Growth Beyond $80 Billion by 2040
He attributes this transformation to the bold and visionary steps taken by Prime Minister Shri Narendra Modi to liberate the Indian space sector from historical constraints.
Dr. Jitendra Singh notes that Prime Minister Modi’s actions have not only broken the long-standing barriers but have also infused new life into the sector through increased funding, private sector involvement, and industry enthusiasm. In just a short span of 3-4 years, the nation has witnessed the emergence of over 150 startups dedicated to advancing space technology.
One of the most tangible outcomes of this transformation is India’s prowess in launching foreign satellites. The Indian Space Research Organisation (ISRO) has successfully launched over 380 foreign satellites, resulting in earnings exceeding 250 Million Euros and over 170 Million US Dollars from launching American satellites alone.
India’s Space economy currently stands at approximately $8 billion, representing a 2% market share on a global scale. However, the world is taking note of India’s rapid progress in the sector, leading to projections of substantial growth. Conservative estimates suggest that India’s Space economy could reach $40 billion by 2040. Remarkably, the recent ADL (Arthur D Little) Report proposes an even more ambitious scenario, projecting a potential $100 Billion industry by 2040. This staggering trajectory underscores India’s swift ascent in the global space arena, marked by frequent and successful satellite launches.
Dr. Jitendra Singh offers insights into India’s ambitious space missions. The highly anticipated Gaganyaan mission is set to witness its first trial flight in the first or second week of October. Preceding this milestone, the country recently celebrated the launch of the first Sun Mission, “Aditya-L1,” on September 2nd. Looking ahead, the second trial mission, scheduled for the beginning of the next year, will introduce a female robot named “Vyommitra” aboard the Gaganyaan spacecraft. This is a significant step towards India’s maiden human space mission, which may involve up to three astronauts.
It is essential to emphasize that India’s space endeavors are driven by peaceful objectives, and the country is not engaged in a competitive space race with any other nation. Dr. Jitendra Singh reiterates that India’s space research and atomic energy programs align with the vision of the founding fathers, focusing on peaceful applications. ISRO, the nation’s premier space agency, actively collaborates with leading international space agencies and has contributed significantly to the launch of satellites for private foreign entities and educational institutions.
Dr. Jitendra Singh highlights the multifaceted applications of space technology across various sectors, including Railways, Highways, Agriculture, Water Mapping, Smart Cities, Telemedicine, and Robotic Surgery. These applications have not only advanced scientific knowledge but have also improved the quality of life for millions of people across India.
As we delve deeper into India’s transformative journey in the realm of space exploration, this article explores the intricate nuances of its space programs, its contributions to international collaborations, and the profound impact of space technology on the daily lives of Indian citizens. It is a testament to India’s unwavering commitment to harnessing the power of space for the betterment of humanity.
