India’s space sector has been moving in a new direction in recent years, completely changing the country’s international image.
India has established its significant position in space science through its space missions – major ones like Mangalyaan and Chandrayaan-3.
These successful missions have not only validated India’s technological capabilities but also enhanced the country’s credibility on the global stage.
Apart from this, progress in the space sector has also given India a new identity on the economic level. The country is now getting huge benefits from investment in the space sector.
India has invested nearly $13 billion in the space sector over the last decade, generating economic benefits worth $60 billion, according to a new report by global consulting firm Novaspace.
This figure has been revealed in a report released by Union Minister of State Jitendra Singh. The report titled ‘Socio-economic Impact of Indian Space Program’ states that India has emerged as the eighth largest space nation in the world and a rapid increase has been seen in the number of start-ups in this sector.
Steve Bachinger, associate executive advisor at NovaSpace, said the Indian space sector has contributed $60 billion through direct, indirect and induced benefits.
This contribution has generated 4.7 million jobs. The sector directly employs 96 thousand people, including public and private sector employees.
The report also said that the estimated revenue of the Indian space sector is expected to grow from $3.8 billion in 2014 to $6.3 billion in 2023.
Speaking of the ‘multiplier effect’, Bachinger said, “For every dollar generated by the Indian space economy, there are $2.54 in indirect and induced benefits.”
Referring to future plans, Union Minister Singh said India plans to establish the Indian Space Station (BAS) by 2035 and landing Indian astronauts on the Moon by 2040.
He expressed confidence that human spaceflight in Earth orbit next year would mark the first step in expanding scientific activities on India’s indigenous space station.
The report also mentioned that the Indian Space Research Organisation (ISRO) helps 8 lakh fishermen every day and 1.4 billion Indians benefit from satellite-based weather forecasting.
Elaborating on the way forward, Indian National Space Promotion and Authorisation Centre (INSPACe) Chairman Pawan Kumar Goenka said a seed fund scheme has been launched for start-ups in the space sector, transfer of technology has been entrusted to the private sector and a design lab has been set up for budding space entrepreneurs.
Goenka said Finance Minister Nirmala Sitharaman has announced a Rs 1,000-crore venture capital fund for space start-ups, which will help new ventures bridge the critical funding gap and ensure their growth and sustainability.
Satcom India Association President Subba Rao Pavuluri and Indian Space Association (ISpA) Director General Lt Gen A K Bhatt (Retd) lauded the progressive policies and reforms of the government which are encouraging Indian private companies and the space industry.
He said these reforms will ensure India’s continued leadership in space exploration and create a competitive space ecosystem.
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