India's Space Economy Set to Triple in a Decade: Union Minister

Union Minister Jitendra Singh announced that India's space economy is projected to triple in the next decade, aiming to contribute substantially to global standards. Emphasizing Prime Minister Narendra Modi's initiatives, Singh highlighted the potential for private sector involvement and the strategic exploration of untapped space resources.

The Indian space economy, currently contributing between eight and nine percent of the global space sector, is poised to grow threefold in the next decade, according to Union Minister Jitendra Singh. Speaking at the India Economic Conclave organized by Times Network in New Delhi, Singh articulated India's goal of elevating its space sector to international standards.

Since 2014, India has seen significant advancements in its space economy. In response to inquiries about capitalizing on natural resources for future growth, Minister Singh highlighted Prime Minister Narendra Modi's decision to open the space sector to private enterprises. This move presents significant opportunities to leverage the sector's potential.

Minister Singh, referencing the Ministry of Science and Technology, stated that India plans to establish its own space station by 2035. He underscored the necessity of exploring untapped regions, asserting that India lacks neither resources nor commitment. Despite ISRO's inception following NASA, Singh noted its current competitive standing, evidenced by over 432 satellite launches, with 397 occurring since Modi's tenure commenced in 2014.

To achieve the 2047 vision of making India a global leader, Singh emphasized the need to adhere to international strategies and standards. He stressed that India's Space, Marine, and Himalayan resources would play vital roles in the nation's future economic prosperity.

(With inputs from agencies.)