Blue economy and space economy introduced as key concepts in India’s economic growth: Jitendra Singh
1 min read 07 Jun 2023, 08:15 PM ISTThe minister lauds PM Modi’s approach, emphasizing that he not only strengthened the existing pillars of the economy by reducing restrictions and promoting ease of doing business but also ventured into unexplored areas that had been overlooked by previous governments
PremiumNew Delhi: Blue Economy and Space Economy have emerged as innovative concepts introduced by Prime Minister Narendra Modi over the past nine years, said Union minister Jitendra Singh on Wednesday.
Speaking at the “Vyapar Sammelan" (Industry and traders‘ Meet) as part of a month-long campaign commemorating the nine-year tenure of the Modi government, Singh highlighted the significance of these new dimensions in India’s economy.
The minister lauded prime minister Modi’s approach, emphasizing that he not only strengthened the existing pillars of the economy by reducing restrictions and promoting ease of doing business but also ventured into unexplored areas that had been overlooked by previous governments. He stressed that for India to compete on a global scale, it must align with international standards, with value addition anticipated from previously untapped sectors such as ocean resources and space.
Singh expressed pride in India’s achievements in the space sector, noting that despite starting its space journey later than countries like the United States and the Soviet Union, India’s technology, provided by the Indian Space Research Organisation (ISRO), is now utilized by these nations for satellite launches. Of the total 385 foreign satellites launched so far, 353 were launched by ISRO over the last nine years, generating revenue of $174 million. Additionally, the launch of European satellites has yielded 86 million Euros.
The minister drew attention to PM Modi’s focus on the Blue Economy, citing the Deep Sea Mission mentioned in his Independence Day address as a means of tapping into the untapped wealth hidden beneath the seabed. He encouraged the business community to adapt to the evolving culture of business and leverage technology to its fullest potential.
Singh emphasized that India possesses a wide range of technology, but its full utilization has sometimes been hindered by limited awareness. The government is not only committed to facilitating ease of doing business but also supports the development, marketing, and promotion of new entrepreneurial products.
The minister urged the business community to identify potential startups, highlighting India’s position as the world’s third-largest startup ecosystem. He also credited PM Modi for the revival of the Khadi business, which has achieved a turnover exceeding 10 lakh crore.
