Science & Technology

India’s Space Economy could have the potential of $100 Billion by 2040

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Satellite Launch

The space sector is getting a boost in the country as evidenced by the number of startups reaching a total of 150 in the last 3-4 years with projections being made that India’s Space Economy could have the potential of $100 Billion by 2040 instead of present value at about $ 8 billion says Union Minister of State for Space, Jitendra Singh.

“Prime Minister Modi has broken the taboos of the past and sometimes I wonder why this couldn’t have happened earlier. At the same time, even at the physical level, it has increased funding, and it has enthused the private sector and the industry. Within just 3-4 years we have more than 150 Startups,” he said in an interview with a news channel.

“Overall, India’s Space economy today stands at about $ 8 billion, viz 2% of the global (market share) but the entire world is recognizing increased pace and that’s why the conservative projections are $40 billion by 2040, but the other day, about 2-3 days back, we had the ADL (Arthur D Little) Report, which mentions that we could have the potential of $100 Billion by 2040, which is going to be a gigantic jump. And that’s what the world is now expecting, because we’ve started moving very fast, our launchings are also very frequent,” he said.

ISRO has launched more than 380 foreign satellites, earning more than 250 Million Euros and more than 170 Million US Dollars by launching American satellites.

Giving an account of the future missions of the ISRO he said, “the ambitious Gaganyaan will have its first trial flight by the first or second week of October following the launch of first Sun Mission “Aditya-L1” on 2nd of September. In the second trial, possibly beginning of next year, a female robot named “Vyommitra” will be onboard the Gaganyaan before the first human mission which may include up to three astronauts.”

He denied that India is in competition with any other nation in Space exploration and called its space program to be used only for peaceful purposes.

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