India’s space sector is booming, earning billions in revenue and aiming for $100 billion by 2040. Dr. Jitendra Singh highlights India’s rapid growth and global partnerships.
New Delhi, September 9, 2023 – Dr. Jitendra Singh, Union Minister of State (Independent Charge) for Science & Technology, MoS PMO, Personnel, Public Grievances, Pensions, Space, and Atomic Energy, recently shared insights into India’s remarkable journey in the realm of space exploration. In an exclusive interview, he emphasized India’s newfound status as an equal partner in international space collaborations and the immense potential for growth in the sector.
India’s Space Sector: A Rising Global Power
India’s Rising Stature in the Space Industry
India’s foray into the space industry has witnessed unprecedented growth, with Dr. Jitendra Singh highlighting the country’s remarkable achievements. “We are now lending Space sector services to America and Russia, earning over $170 million and over 250 million Euros,” he stated. This collaboration with global giants has elevated India to an equal footing, marking a significant shift from its earlier role as a junior player.
Intriguingly, India’s Space sector has expanded exponentially, currently generating $8 billion (Rs 66,000 crore) in revenue. However, Dr. Jitendra Singh envisions an even more promising future, stating, “At the pace we are rising, India could go up to $40 billion (Rs 3.3 lakh crore) by 2040.” He also cited the ADL report, which suggests that India could potentially reach an astonishing $100 billion in the space sector.
A Technology-Driven Growth Trajectory
Dr. Jitendra Singh underscored the significance of technology in driving global growth, pointing out that bilateral agreements during Prime Minister Narendra Modi’s recent US visit were primarily focused on science and innovation. He indicated that India’s most ambitious project, ‘Gaganyaan,’ which aims to send three Indian astronauts into orbit, exemplifies the country’s commitment to pushing the boundaries of space exploration.
India’s Pursuit of Space Prowess
Currently, only three nations—the US, Russia, and China—have launched manned missions to space. Dr. Jitendra Singh commended PM Modi’s decision in 2020 to open up the space sector to private industry. He called it a “game changer” and highlighted the emergence of over 150 private startups in the space sector in just three years. This move has led to a significant increase in space missions and a breakdown of the barriers between the public and private sectors.
A Holistic Approach to Space Exploration
Dr. Jitendra Singh emphasized the importance of synergy and integration between the public and private sectors to realize India’s space aspirations fully. He highlighted the establishment of the ‘Anusandhan National Research Foundation’ (NRF) through legislation, allocating substantial resources for research and academics, with a focus on equitable funding.
A Global Vision
In line with global trends, Dr. Jitendra Singh stressed the need for India to adopt a global strategy, stating, “If we have to visualize a global role for ourselves, then we have to live up to global parameters with a global strategy.” He referenced NASA’s move away from dependence on government resources as an example of progressive thinking that India should embrace.
India’s meteoric rise in the global space sector, as outlined by Dr. Jitendra Singh, is indeed a testament to the nation’s technological prowess and commitment to innovation. With the prospect of reaching $100 billion in space business by 2040, India is poised to become a key player in shaping the future of space exploration.