Suryaa National Desk: Surya National Desk (New Delhi): India's space economy is growing rapidly and is gearing up to break new milestones. Currently... Surya National Desk (New Delhi): India's space economy is growing rapidly and is gearing up to break new milestones. Union Science and Technology Minister Jitendra Singh said that India's space economy, which is currently around $9 billion, will reach $40 to $45 billion in the next seven to eight years. He announced these key predictions at a media roundtable on space, sovereignty and the new economy organized by the Bloomberg New Economy Forum in New Delhi.
The Minister said that this significant change in the space sector is possible only because of the reforms undertaken by the Central Government and the encouragement of private participation. He said that the opening of the space sector for private participation in the year 2019-2020 under the leadership of Prime Minister Narendra Modi has yielded remarkable results in no time. He emphasized that the government's main objective now is to develop commercial space companies to compete successfully in international markets, not just to demonstrate technological capabilities. The minister clarified that the government is committed to attract private investment in the space industry, reduce business costs and speed up the process of regulatory approvals. He said that space technology is widely used not only in satellite experiments and research but also in many fields like agriculture, infrastructure development, disaster management, defense sector and monitoring of government projects.
He said that India is also providing space-based services to neighboring countries like Bangladesh, Srikakulam and Myanmar. Jitendra Singh opined that there is a need to further strengthen indigenous technology while fostering international partnerships. He expressed confidence that India will emerge as an undisputed force in the global space sector in the future through increased coordination between government agencies and private enterprises. Experts believe that government support, predictable demand and speedy policy reforms will take the domestic space industry to the global level.
