Space is becoming an important component of the India’s economy, Union Minister Dr Jitendra Singh said. Space StartUps attracted private investment amounting to more than Rs.1,000 crore in this Financial Year since April, he said.
The Union Minister of State (Independent Charge) Science & Technology; MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, said this while participating in a National TV Conclave here. “India’s Space economy today stands at a modest $8 billion, but our own projection is that by 2040 it will multiply manifold. But more interesting is that according to some international observers, for example the recent ADL (Arthur D Little) Report mentions that we could have the potential of $100 Billion by 2040,” he said. Dr Jitendra Singh said ISRO has so far launched more than 430 foreign satellites, earning more than 290 Million Euros from European satellites and over 170 Million US Dollars by launching American satellites. Dr Jitendra Singh said, India has a rapidly rising number of Space sector Startups since Prime Minister Shri Narendra Modi initiated reforms in the Space sector. Within a short span of just about four years, the number of Space Startups has gone up from a mere single digit to over 1180, with some of the earlier ones having turned into lucrative entrepreneurs.
