India’s space economy is set to soar to new heights, reaching USD 40 billion by 2040, according to Union Minister Jitendra Singh. The Minister of State for Science and Technology & Atomic Energy and Space (Independent Charge) revealed that some foreign agencies, including AKD, have even predicted that the figure could reach USD 100 billion by the same year.
Singh highlighted the significant growth potential for India’s space industry, stating that the country’s current space economy is relatively modest at around USD 8 million. However, he emphasized that India has already made substantial progress, earning approximately EUR 230-240 million from launching European satellites and USD 170-180 million from launching American satellites.
Speaking at the 60th-anniversary celebrations of ISRO’s rocket launch, Singh expressed optimism for the future and outlined key developments that will contribute to the growth of India’s space sector. He mentioned the establishment of the National Research Foundation, referred to as Anu Sandhan, which aims to adopt a model similar to foundations in the United States. This move is expected to attract significant industry presence, with 70 percent of space resources anticipated to come from the non-government sector.
Singh acknowledged the resource constraints faced by India’s space sector but emphasized the country’s scientific acumen, which has allowed it to surpass other nations in certain achievements. He noted that while other countries were the first to land humans on the Moon, India’s Chandrayaan mission was the first to detect the presence of water molecules.
The Minister commended the government’s decision to open up the space sector to private players, describing it as a game-changer. This move has not only provided additional resources but has also helped popularize the concept of space science in the country, engaging the entire nation in missions such as Chandrayaan.
Singh revealed that the next milestone in India’s space program will be the Gaganyaan human spaceflight mission, with a trial flight test already completed. He stated that by 2025, India aims to send a man to space and bring him back safely. Leading up to this mission, a female robot will be sent to space a few months earlier, capable of mimicking astronaut actions.
The projected growth of India’s space economy indicates a promising future for the country’s space sector. With the government’s strategic initiatives, increased participation from the private sector, and remarkable scientific achievements, India is poised to become a significant player in the global space industry.
