Indian space economy to reach US$ 40 billion by 2040

Union Minister Jitendra Singh has highlighted India’s ambitious trajectory in the space sector, projecting a space economy to reach US$ 40 billion by 2040. During the inauguration of the 60th-anniversary celebrations of ISRO’s rocket launch, Singh emphasised the significant advancements, citing predictions from foreign agencies like AKD that foresee the figure potentially reaching US$ 100 billion by 2040.

Singh acknowledged the modest standing of India’s space economy at around US$ 8 million but emphasised substantial progress, particularly in foreign satellite launches. He noted approximately EUR 230-240 million in earnings for launching European satellites and US$ 170-180 million for American satellites.

Singh anticipated that over 70% of space resources would originate from the non-government sector, contributing significantly to overall capabilities.

Acknowledging past resource challenges in the space sector, Singh praised India’s scientific understanding, enabling groundbreaking achievements such as Chandrayaan’s detection of the H2O molecule. He highlighted the transformative impact of opening up the space sector to private players, describing it as a game-changer that supplemented resources both financially and in terms of knowledge.

Singh credited the inclusive approach for popularising space science in India, citing the nation’s collective involvement in projects like Chandrayaan. Looking ahead, he pointed to the Gaganyaan human spaceflight mission as the subsequent significant development. He noted that by 2025, India aims to send a person to space and safely bring them back. He also mentioned plans for a female robot to undergo space simulation, mimicking astronaut actions, a few months before the human mission.

Source: Economic Times