According to Union Minister Dr. Jitendra Singh, India’s space economy is expected to grow by over five times to reach USD 44 billion in future. Speaking at the ‘Space-Tech for Good Governance’ Conclave, organised by the Indian Institute of Democratic Leadership, he emphasised the country’s remarkable progress in space technology.
According to the Ministry of Science and Technology, organisations such as NSIL and In-SPACe have encouraged collaboration between the government and the business sector, propelling India’s space economy to its present USD 8 billion valuation.
Dr. Singh emphasised India’s emerging leadership in space exploration, adding that the country is no longer following global trends but rather creating them. India’s space budget has more than doubled over the previous decade, rising from INR 5,615 crores in 2013-14 to INR 13,416 crores, a staggering 138.93% growth.
ISRO has marked a significant milestone by launching its 100th satellite under the NAVIC program. Additionally, India has launched 433 foreign satellites, 396 of which have been deployed since 2014, bringing in a sizable sum of money.
India aims to include trials for the Gaganyaan trip in 2025, the building of the Bharat Antariksh Station in 2035, and India’s first crewed Moon trip in 2040.
