India’s space economy poised to reach $44 billion in next decade: Gajendra Singh Shekhawat

Ahmedabad, Aug 23 (IANS) India’s space economy is projected to grow from about $8.4 billion to nearly $44 billion by 2033, Union Culture and Tourism Minister Gajendra Singh Shekhawat said in Ahmedabad on Sunday, as India marked the third ‘National Space Day’.

Addressing the celebrations at The Forum Convention Centre, Shekhawat said the expansion of the space economy should not be measured only by its financial value, but also by India’s ability to develop advanced technologies, create high-skilled employment and find technology-based solutions to domestic challenges.

“India’s space sector had moved into a new phase following the reforms introduced in 2020, which opened greater opportunities for private companies, startups and industries,” he added.

He said the changes had not diminished the role of the Indian Space Research Organisation (ISRO), but had created an opportunity to broaden the country’s capabilities.

“India’s space economy is currently around $8 billion and there is immense potential to take it to $44 billion in the next decade,” Shekhawat added.

He said that economic expansion alone would not be sufficient.

“India would also need to manufacture advanced technologies, generate high-skill jobs, commercialise intellectual property and develop solutions to problems faced by its citizens,” he noted.

The Union Minister said private participation was creating opportunities in satellite manufacturing, launch services, components, ground support, space applications and data analytics.

He also stressed the need to address emerging challenges, including space debris, cyber security, data security and the responsible use of artificial intelligence.

“Orbit is a shared and limited resource for the entire world,” he said, adding that India would have to take the lead in ensuring that increasing space debris did not become a future obstacle to space activity.

The Union Minister said innovation, collaboration and global leadership were central to India’s space ambitions, with young people at the centre of all three.

The National Space Day programme, organised by ISRO’s Space Applications Centre, was held under the theme ‘Towards Viksit Bharat: Innovating, Collaborating and Aspiring to Global Space Leadership’.

ISRO Chairman V. Narayanan also said India was working towards establishing the Bharatiya Antariksha Station by 2035, with the first module already approved.

–IANS

mys/khz