Space is becoming important component of India’s economy; Space StartUps attracts investment worth Rs 1000 Cr

Space is becoming an important component of the India’s economy, Union Minister of State (Independent Charge) Science & Technology; MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space Dr Jitendra Singh said while participating in a National TV Conclave on 13th Dec 2023.

To be noted that space Startups in India attracted private investment amounting to more than Rs.1,000 crore in this Financial Year since April.

India’s Space economy today stands at a modest $8 billion, but our own projection is that by 2040 it will multiply manifold.

Dr Jitendra Singh said ISRO has so far launched more than 430 foreign satellites, earning more than 290 Million Euros from European satellites and over 170 Million US Dollars by launching American satellites.

Dr Jitendra Singh said, India has a rapidly rising number of Space sector Startups since Prime Minister Shri Narendra Modi initiated reforms in the Space sector.

Within a short span of just about four years, the number of Space Startups has gone up from a mere single digit to over 1180, with some of the earlier ones having turned into lucrative entrepreneurs.

Dr Jitendra Singh said India’s space missions are designed to be cost effective, building upon human resources and skills.

Dr Jitendra Singh said India’s Space Technology is virtually touching every person’s life, with application of Space Technology in different sectors like Disaster Management, SVAMITVA, PM Gati Shakti, Infrastructure such as Railways, Highways & Smart Cities, Agriculture, Water Mapping, Telemedicine and Robotic Surgery.

On ISRO’s future plans, Dr Jitendra Singh said India’s first unmanned “Gaganyaan” mission is undergoing a series of preliminary tests.

However, before the manned Gaganyaan mission, ISRO will be conducting a test flight next year, which will carry ‘Vyommitra’, the female robot astronaut.

ISRO’s Gaganyaan project envisages demonstration of human spaceflight capability by launching a human crew to an orbit of 400 km and bringing them back safely to earth, by landing in Indian sea waters.

Referring to the Deep Sea Mission project, Dr Jitendra Singh said that a vehicle called MATSYA will carry three persons to a depth of 5,000-6,000 metres for exploration of deep-sea resources like minerals.

This mission, he said, is expected to be realised in the next three years.