India’s Space economy to increase threefold in next 10 years: Jitendra Singh

The Indian space economy, which currently contributes eight to nine per cent of the world space economy, will increase threefold in next 10 years according to Union Minister Jitendra Singh.

Speaking at India Economic Conclave organised by Times Network in New Delhi, Singh said, India is on the path of raising its space sector to global standards.

He informed that India has made a quantum jump since 2014 in the Space economy.

Responding to a question on how India can unleash benefits out of its natural resources in future in terms of creative growth, the Union Minister said that Prime Minister Narendra Modi has opened the Space sector for private players, which offers an ample opportunity to harness benefits.

Singh said as quoted by Ministry of Science and Technology, that India will have it’s own space station by 2035. The Union Minister opined that we need to explore unexplored areas. There is no dearth of resources, potential, commitment and passion.

The Minister said that though ISRO was born later than NASA but today it is no longer lagging behind any other organisation in the world. It’s capacity is going up day by day. So far we have launched more than 432 Satellites out of which 397 were launched after Prime Minister Narendra Modi took over in 2014.

The Union Minister said that in order to achieve the goal of 2047 and make India a global phenomenon, we need to follow global strategies and parameters.

The Minister further added that India’s Space, Marine and Himalayan resources, which remained inadequately explored before PM Narendra Modi took over, will contribute substantially to India’s future economic growth.