India's space sector set to grow to $44B: Jitendra Singh
What's the story
India's space sector is set to grow significantly, with estimates placing its worth at $44 billion soon.
The prediction was made by Union Minister Jitendra Singh while addressing the 'Space-Tech for Good Governance' Conclave organized by the Indian Institute of Democratic Leadership.
The projected growth would mark nearly a fivefold increase from its current worth.
Economic growth
NSIL, In-SPACe drive India's space economy
Dr. Singh emphasized the importance of National Space Innovation and Applications (NSIL) and In-SPACe in promoting collaboration between government and non-government entities.
He said these initiatives have driven India's space economy to its current $8 billion value.
The minister noted that India is no longer following others but is now setting an example for other countries in global space exploration.
Budget increase
India's space budget and ISRO's milestones
Further, Singh also showcased the government's commitment toward space development.
He revealed India's space budget has tripled from ₹5,615 crore in 2013-14 to ₹13,416 crore in the recent budget, a staggering 138.93% increase.
He also highlighted ISRO's recent achievement of launching its 100th satellite with the NAVIC as another significant milestone in India's space journey.
Start-up growth
Rising start-up ecosystem and satellite launches
From just one start-up, India's space sector now boasts more than 300 start-ups, making India a key revenue generator in the global space market.
India has launched 433 foreign satellites, 396 of which have been launched since 2014 under Prime Minister Narendra Modi's leadership, generating $192 million in revenue.
The explosion of start-ups and satellite launches highlights India's increasing footprint on the world stage.
Future plans
Roadmap for future space missions
Dr. Singh also shared India's roadmap for future space missions, including the Gaganyaan Mission, India's first human spaceflight mission.
Trials for this program are set to begin with the ROBO Mission by the end of 2025.
He announced that four astronauts have been identified for this mission, with one already invited by the US to visit the International Space Station (ISS).
Future goals
India's ambitious goals for space exploration by 2040
India wants to establish the Bharat Antariksh Station by 2035 and has an ambitious target of sending its first astronaut to the Moon by 2040.
Dr. Singh stressed India's space technology is no longer limited to launching rockets but is also playing a key role in revolutionizing governance.
He said it supplements transparency, grievance redressal, and citizen participation while reducing corrupt practices and ensuring discipline in observing timelines.