Space Economy To Grow Five-fold in Next 10 years Touching USD44bn By CIOTechOutlook Team

Space Economy To Grow Five-fold in Next 10 years Touching USD44bn

CIOTechOutlook Team | Monday, 19 August 2024, 02:50 IST

Union Minister Dr Jitendra Singh highlighted that India is becoming a key player in the private space industry due to recent advancements in the field, with Rs. 1 billion rupees were invested in 2023 alone. It is estimated that the space economy will expand by five times in the next ten years, reaching a total of USD 44 billion.

Dr Singh praised the Budget 2024-25 announcements concerning the space sector as forward-thinking, with the ability to transform India's standing in worldwide space exploration and the private space industry.

In the view of the Department of Space, Dr Jitendra Singh emphasized that Prime Minister Narendra Modi has liberated the space sector from previous restrictions. He described how the space sector had been under self-imposed secrecy for 60-70 years, restricting resources and knowledge despite India's talented individuals.

Dr Singh characterized the 2023 New Space Policy as a pivotal moment, opening the door for private companies to participate in ISRO operations for the very first time. Before this, In-SPACe was founded in the year 2020 to connect the government and private industries, which was then followed by the formation of New Space India Limited for building and putting together launch vehicles.

The Minister was thrilled about the quick expansion of the space industry, as there were only a few startups in 2021 but now there are close to 300, with many gaining worldwide acclaim.