India’s space economy to reach US$ 40 billion by 2040

India is on the brink of global leadership in aerospace after the successful landing of Chandrayaan-3

September 5, 2023

Currently, India’s space economy is valued at US$ 8 billion

In 2014, there were only four space startups in the country

Today, India has over 150 space startups

India's Global Innovation Index ranking has risen from 81 to 40

India’s space economy, valued at US$ 8 billion, is anticipated to reach US$ 40 billion by 2040, according to Union Minister Jitendra Singh, while inaugurating the S20 Conference at Amity University. 

He further highlighted that back in 2014, just four space startups were in the country. Fast forward to 2023, and this number has surged to over 150.

Furthermore, he emphasized that India is on the brink of global leadership, citing the successful landing of Chandrayaan-3 as evidence of the nation’s impressive scientific capabilities.

Singh also mentioned the phenomenal growth in India’s startup ecosystem. 2014, the country had 350 startups, but today, it has over 125,000 lakh startups, including 130 unicorns. Among these startups, 6,000 are in the unicorn sector, significantly transforming the innovation landscape within the country.

The minister also noted that India’s Global Innovation Index ranking has risen from 81 to 40, showcasing its strong position in the science and technology domain.

While acknowledging India’s abundant talent and potential, Singh pointed out that the country previously needed more support from policymakers. However, he asserted that the government is now actively fostering this enabling environment for innovation.

Additionally, Singh highlighted India’s efforts in achieving zero gas emissions and leading in the production of green hydrogen, not only for its use but also for the global community.

Source: Moneycontrol

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