Private Investment in Space Startups Exceeds Rs 1,000 Crore
India's space sector is gaining traction in the economy, with startups securing over Rs 1,000 crore in private investment since April this financial year, as highlighted by Union Minister Jitendra Singh. While currently valued at $8 billion, India anticipates a significant surge in its space economy by 2040, potentially reaching manifold growth. Notably, international observers, such as the recent ADL (Arthur D Little) Report, suggest a remarkable potential of $100 billion for India's space sector by 2040, as mentioned by the minister during a media event.
Singh attributed Prime Minister Modi for catalyzing India's space industry growth, acknowledging the reforms that opened the sector to public-private participation. Under Modi's initiatives, the number of Space Startups surged from single digits to over 1,180 in around four years. Singh emphasized how these reforms allowed India's space scientists to fulfill Vikram Sarabhai's vision by unlocking the sector's potential, providing an environment where India's talent could shine globally.
Singh underscored India's strategic approach to space missions, highlighting their cost-effectiveness and reliance on human resources and skills. He drew a comparison between the cost of India's Chandrayaan-3 mission, approximately Rs 600 crore, to the unsuccessful Russian moon mission, which amounted to Rs 16,000 crore. He stressed the significance of India's intellectual resources, surpassing the importance of material resources and finance.
