- India’s Space Startups Surge 200-Fold in 2 Years, Global Share Set to Quadruple by 2030.
- He attributed this exponential growth to Prime Minister Narendra Modi’s visionary decision to liberalize the space sector, promoting strong public-private participation and innovation.
- Dr. Singh highlighted a dramatic increase in Space Start-ups, from just 1 in 2022 to nearly 200 by 2024, driven by around Rs 1,000 crore invested in 2023 alone.
- The Minister also projected India’s share in the global space economy to rise significantly, from 2 percent in 2021 to an anticipated 8 percent by 2030 and further to 15 percent by 2047.
- The surge in Space Start-ups and anticipated growth in global market share underscore India’s pivotal role in shaping the future of space exploration and innovation.
India’s space sector is undergoing a profound transformation, marked by an extraordinary surge in Space Start-ups and a projected quadrupling of the country’s share in the global space economy by 2030, announced Union Minister Dr. Jitendra Singh.
Speaking in New Delhi, Dr. Jitendra Singh, Union Minister of State for Science & Technology, Earth Sciences, and Department of Space, highlighted a remarkable 200-fold increase in Space Start-ups within just two years. This exponential growth, he attributed, is a direct consequence of Prime Minister Narendra Modi’s visionary decision to liberalize the space sector, fostering robust public-private participation and innovation.
Dr. Singh emphasized that the number of Space Start-ups soared from a mere 1 in 2022 to nearly 200 by 2024, signaling an unprecedented expansion facilitated by approximately Rs 1,000 crore invested in 2023 alone. This surge underscores India’s burgeoning space entrepreneurship landscape, supported by initiatives aimed at promoting technological innovation and driving economic growth.
Chairing a high-level meeting to review the Department of Space’s 100-day action plan, Dr. Singh underscored India’s strategic focus on enhancing space missions, leveraging opportunities, and bolstering the sector’s capabilities to compete on a global scale.
The Minister also projected India’s share in the global space economy to rise significantly, from 2 percent in 2021 to an anticipated 8 percent by 2030 and further to 15 percent by 2047. This ambitious growth trajectory aligns with India’s aspirations to become a pivotal player in the global space arena, contributing not only technologically but also economically.
The meeting, attended by ISRO Chairman S. Somanath and senior officials, highlighted the pivotal role of Micro, Small, and Medium Enterprises (MSMEs) in driving inclusive growth initiatives like “Sabka Prayas” during the Amrit kaal period, emphasizing the democratization of space technology and opportunities.
Dr. Singh reiterated that India’s proactive policy reforms have created an enabling environment for innovation and investment in space technology. The government’s commitment to expanding the private sector’s involvement in space endeavors has not only accelerated technological advancements but also positioned India as a hub for cutting-edge space exploration and research.
As the space sector continues to evolve, driven by technological advancements and entrepreneurial spirit, India remains steadfast in its commitment to harnessing space capabilities for societal development and economic progress. The surge in Space Start-ups and anticipated growth in global market share underscore India’s pivotal role in shaping the future of space exploration and innovation.
In conclusion, Dr. Jitendra Singh’s remarks underscored India’s transformative journey towards becoming a global leader in space technology, driven by innovation, strategic partnerships, and visionary leadership under Prime Minister Narendra Modi’s guidance. The nation’s proactive stance promises not only to propel India to the forefront of the space industry but also to contribute significantly to global advancements in space exploration and utilization.
(With inputs from agencies)
