India targets five-fold increase in share of global space economy: Dr Jitendra Singh

Union Minister Dr Jitendra Singh on Tuesday said that India is targeting a five-fold increase in its share of the global space economy, stressing that the country's space economy presently stands at $8 billion which will multiply manifold by 2040.

“Around four to five years back, there were only one-digit startups in the space sector, which now has increased to nearly 200 private space startups. 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.

Recalling that India's space research programme started in 1969 when the United States first landed on the moon, the union minister said, "We caught up fast with the space-faring nations, and last year Chandrayaan-3 made a historic touchdown on the virgin lunar south polar region where nobody has landed before."

His remarks came days after the government approved amendments in the Foreign Direct Investment (FDI) policy for the space sector, allowing up to 100% FDI in space.

"The role of the private sector in advancing India's space technology and exploration efforts is undeniable. IN-SPACe (Indian National Space Promotion and Authorization Centre) was created to support private sector participation in space activities. Various schemes to encourage and hand hold private sector also announced and implemented by IN-SPACe, i.e Seed Fund Scheme, Pricing Support Policy, Mentorship support, Design Lab for NGEs, Skill Development in the space sector, ISRO facility utilisation support, Technology Transfer to NGEs," he further said.

The Indian Space Policy 2023 enables end-to-end participation of non-governmental entities (NGEs) or private sector in all domains of space activities. It aims to promote the growth of the commercial space industry, encourage technological advancement and international collaboration.