India aims for a five-fold increase in its share of the global space economy, according to Union Minister Dr. Jitendra Singh. He highlighted India’s current space economy at $8 billion and projected a significant growth by 2040, citing international reports foreseeing a potential of $100 billion. Dr. Jitendra Singh emphasized Prime Minister Narendra Modi’s pivotal role in unlocking the space sector from secrecy, enabling public-private participation and fostering innovation.
Addressing the inauguration of the Technical Centre of IN-SPACe in Ahmedabad, Dr. Jitendra Singh credited PM Modi for transforming the space sector and facilitating the realization of India’s space potential. He highlighted the surge in private space startups, investments, and budget allocations, underscoring India’s strides in space research and exploration.
Dr. Jitendra Singh praised PM Modi’s initiatives like the Indian Space Policy 2023 and the establishment of IN-SPACe to encourage private sector participation in space activities. He emphasized the vital role of the private sector in advancing India’s space technology and exploration efforts, highlighting various schemes and collaborations to support private entities.
India’s space missions are designed to be cost-effective and have widespread applications in disaster management, infrastructure development, agriculture, healthcare, and more. Dr. Jitendra Singh emphasized the transformative impact of India’s space technology on various sectors, reflecting the country’s commitment to innovation and progress.
Regarding scientific research, Dr. Jitendra Singh highlighted the Anusandhan National Research Foundation (NRF) as a significant step towards greater public-private partnership in research. He underscored the NRF’s vision of integrating public and private sectors to provide strategic direction to scientific research, aligning with the National Education Policy (NEP) – 2020.
Dr. Jitendra Singh concluded by stating that India is poised to lead the way in scientific research and innovation, with the youth playing a pivotal role in shaping PM Modi’s vision of a developed India by 2047.
