India is poised for substantial expansion in its space economy, with a projected value of USD 40 billion by 2040, as indicated by Union Minister Jitendra Singh. Singh underscored the positive implications for the working conditions of scientists involved in the country’s space endeavours. Projections from various agencies, including AKD, even suggest the potential for this economic figure to soar to USD 100 billion by 2040.
Indian Space Economy to Hit 40B USD
While acknowledging the current modest state of India’s space economy at USD 8 million, Singh emphasised notable strides, citing considerable revenues generated from launching foreign satellites. Specifically, he highlighted earnings of EUR 230–240 million from European satellite launches and USD 170-180 million from American satellite launches.
Speaking during the inauguration of ISRO‘s 60th-anniversary celebrations, Singh engaged with PTI to discuss the prospects of establishing a robust industry presence through initiatives such as the National Research Foundation, Anu Sandhan, inspired by analogous foundations in the United States.
Singh anticipated that more than 70% of space resources would originate from the non-government sector, providing a significant supplement to overall resources. While acknowledging historical challenges in resource availability, Singh attributed India’s advancement to its scientific prowess and expressed confidence in surpassing other nations. He specifically pointed to Chandrayaan’s groundbreaking achievement in detecting the H2O molecule before any other mission successfully landed on the Moon.
Underlining the transformative effects of opening the space sector to private entities, Singh labeled this decision as a game-changer. According to him, this move substantially augmented resources, both in terms of financial backing and knowledge, thereby enhancing public engagement with space science. Singh cited the widespread national participation in the Chandrayaan mission as a testament to this increased interest and involvement.
Looking ahead, Singh outlined the Gaganyaan human spaceflight mission as the next significant milestone, confirming the completion of a trial flight test. He projected that by 2025, India would achieve the milestone of sending a man into space and ensuring his safe return.
Additionally, Singh disclosed plans for a female robot that would simulate astronaut actions in a space environment several months before the human mission, further showcasing India’s commitment to advancing space exploration and technology.
