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Business News/ News / India/  India’s space economy to soar to $40 billion by 2040: Union Minister Jitendra Singh
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India’s space economy to soar to $40 billion by 2040: Union Minister Jitendra Singh

India's space economy is expected to grow to $40 billion by 2040, according to Union Minister Jitendra Singh. He emphasised the country's progress in foreign satellite launches, with revenue of EUR 230-240 million from European satellites and $170-180 million from American satellites.

On August 23, Isro created history by successfully landing the Chandrayaan-3 spacecraft near the lunar south pole. (PTI) (PTI)Premium
On August 23, Isro created history by successfully landing the Chandrayaan-3 spacecraft near the lunar south pole. (PTI) (PTI)

India’s space economy is estimated to soar to $40 billion by 2040. Union Minister Jitendra Singh, overseeing Science and Technology, Atomic Energy and Space, has shared these projections.

Singh highlighted India's current space economy, valued at around $8 million. This figure pales in comparison to the anticipated growth. The minister emphasised India's significant strides in foreign satellite launches. Revenue from launching European satellites amounted to EUR 230-240 million. Launches for American satellites brought in around $170-180 million.

The minister spoke at the 60th anniversary of ISRO's rocket launch event. He discussed the transformative role of the National Research Foundation, Anu Sandhan. This establishment aims to mirror successful models from the US.

Also Read: Chandrayaan-4: ISRO to bring back soil samples from the Moon; check details of next lunar mission

“More than 70% of our space resources are going to come from the non-government sector. So, this is also going to supplement our resources," PTI quoted the minister as saying.

Singh acknowledged past resource challenges in the space sector. However, he expressed confidence in India's scientific expertise. He pointed out India's unique achievements, like detecting the H2O molecule on the Moon with Chandrayaan.

"The entire nation got involved in Chandrayaan. It was like the whole of science plus, the whole of the government plus, the whole of the nation," Singh said.

Opening the space sector to private entities marked a significant shift. According to Singh, this move enhanced India's space program in funding and knowledge. It also increased public engagement in space science. The success of missions like Chandrayaan rallied national interest and support.

Also Read: Chandrayaan-3 surprises ISRO with unplanned ‘hop experiment’ on Moon

Looking ahead, Singh outlined ambitious goals for the Indian space program. The Gaganyaan human spaceflight mission is a key focus. A trial flight test has already been conducted. By 2025, India aims to send a man to space and ensure his safe return. Preceding this, a female robot will be sent into space, simulating an astronaut's actions.

(With PTI inputs)

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Published: 26 Nov 2023, 12:54 PM IST
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