India's space spending to reach 10,000 Crore by 2014
Thursday, 26 August 2010, 15:41 IST   |    7 Comments
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India's space spending to reach Rs.10,000 Crore by 2014
Bangalore: In what could be seen as a strong support to country's voyage to be a global leader in space technology, India's space spending is expected to increase by an average of 14.8 percent annually and it is estimated to reach 10,000 crore by 2014. According to the New India Space Market Study, India is currently ranked sixth globally in terms of space budget and technological capabilities, behind the U.S., Europe, Japan, Russia and China. The study was released by K R Sridhara Murthi, Managing Director, Antrix Corporation, at the Bengaluru Space Expo (BSX) 2010 conference organized by Confederation of Indian Industry (CII) and Antrix, the commercial arm of Indian Space Research Organization. The government space budget of 5,778 crore for 2010 has increased by an estimated 22 percent from the previous year, and amounts to 0.14 percent of GDP. From 2003 to 2010, funding has increased 144 percent from 2,368 crore. India is well positioned to become a global leader supplying advanced technology at a fair price to U.S. and European space industry companies, Murthi said at a Leaders' Forum conducted at the World Space Conference 2010 here while releasing this report. "India's space industry is different than its defence industry which purchases much of its equipment from foreign suppliers. Indigenous suppliers provide an estimated 70 percent of the technology content, providing a solid foundation to provide technology innovation throughout the space industry value chain on a global basis," said Gurpal Singh, Deputy Director General and Head of Defence & Aerospace at CII. "India?s space industry is registering explosive growth, with many opportunities for indigenous as well as foreign suppliers to help further develop the country?s communications, positioning, navigation and tracking as well as earth observation requirements going forward," added Tom Captain, Vice Chairman, Deloitte LLP, Global Aerospace & Defence Sector Leader.
Source: PTI
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