New Delhi: India’s space economy is set to grow from $8 billion to an impressive $44 billion in just a few years. This exciting news comes from Dr. Jitendra Singh, the Union Minister of State for Science and Technology.
This significant growth aims to enhance the Indian economy and work towards the vision of a developed India by 2047. At a recent event, Singh highlighted that an increased space budget is a major factor driving this progress.
Under Prime Minister Narendra Modi’s leadership, the space budget has nearly tripled, rising from Rs 5,615 crore in 2013-14 to a projected Rs 13,416 crore in 2025-2026. This clearly shows the government’s dedication to enhancing the space sector.
According to Singh, 2014 marked a crucial turning point for India’s space aspirations. Modi’s innovative decision to open the space sector has greatly transformed government policies. This shift includes inviting private sector involvement and enabling Foreign Direct Investment (FDI) into the industry.
These strategic moves foster collaboration between governmental and private sectors. Initiatives like NewSpace India Limited (NSIL) and In-SPACe focus on innovation and opportunities, helping to strengthen India’s position in the space industry.
The minister noted the success of first-generation space startups as a testament to this vibrant ecosystem. He also celebrated the achievements of the Indian Space Research Organization (ISRO), particularly its historic success in reaching the Moon’s South Pole—an achievement no other nation had accomplished.
While ISRO began its journey behind some global players, it has surged forward, thanks to cost-effective and indigenous technologies. The Chandrayaan mission is a perfect example, completed at just Rs 600 crore—much cheaper than similar missions undertaken by other countries.
Singh also emphasized ISRO’s crucial role in enhancing communication and connectivity in India, promoting the nation’s self-reliance in satellite technology.
He stated confidently, “India’s space sector will not only align with global standards but also carve its own path as a leader in the field. This marks a new era in space exploration for our country.”
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Source linkISRO, Jitendra Singh, PM Narendra Modi, Space
