India’s Space Economy Will Multiply Manifold By 2040: Union Minister Jitendra Singh

“Prime Minister Modi has broken taboos of the past by opening the space sector to public-private-participation,” he highlighted

Union Minister Jitendra Singh said that India's space economy currently stands at a modest $8 billion. However, the government aims to achieve a five-fold increase in the country's share of the global space economy. “Our own projection is that by 2040, India’s space economy will multiply manifold. But more interesting is that according to some international observers, for example, the recent ADL (Arthur D Little) Report mentions that we could have the potential of $100 billion by 2040,” the minister said on Tuesday.

Speaking at the inauguration of the Technical Centre of IN-SPACe in Ahmedabad, the Union Minister of State (Independent Charge) for Atomic Energy and Space emphasised that India's significant progress in the space sector became achievable following Prime Minister Narendra Modi's bold decision to liberate the industry from the “veil of secrecy”.

“Prime Minister Modi has broken taboos of the past by opening the space sector to public-private-participation,” he highlighted.

Singh said, “Four to five years back, we had just one-digit Startups in the Space sector, today, we have nearly 200 private Space Startups after opening up of the sector, while the earlier ones have even turned entrepreneurs. There has been an investment of over Rs.1,000 crore by private Space Startups in the current financial year from April to December 2023.”

The Union Minister attributed full credit to PM Modi for empowering India's space scientists to realise the vision of their founding father, Vikram Sarabhai, by "unlocking" India’s space sector. This initiative has created an enabling environment where India’s vast potential and talent can thrive and demonstrate itself to the rest of the world.

“Even though talent was never lacking in the country, the missing link of an enabling milieu was created under the leadership of PM Modi. With the opening up of the Space sector, the common masses have been able to witness the launch of the mega Space events like Chandrayaan-3 or Aditya,” the minister added.