India targets massive increase in share of global space economy

According to Union Minister of State for Science and Technology Jitendra Singh, India has set an ambitious goal to bring about a multiple fold jump in its share of the global space industry within the next six years.

According to the union minister, while India has a share of 2% currently, it aiming to capture 10% of the market by the year 2040.

“While India’s space economy currently stands at $8 billion, our own projections suggest it will multiply significantly by 2040. However, some international observers, like the recent ADL (Arthur D Little) Report, believe India has the potential to reach $100 billion by 2040,” Jitendra Singh told the media.

Pointing out the recent increase in private investment in the space industry, the minister credited it to the central government move to open up the sector.

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“Just four-five years ago, we had only a handful of space startups. Today, we have nearly 200, with some even transitioning into full-fledged entrepreneurs. This is further supported by private space startups investing over Rs. 1,000 crore in the current financial year alone,” he said.

The government's emphasis on growing India's space footprint is indicative of its dedication to promoting innovation and entrepreneurship in the field. The Indian space economy is anticipated to grow significantly in the upcoming years due to the government's ambitious ambitions and growing private engagement.