India's space economy Set to Reach $40 billion by 2040

India”s space economy is expected to grow to $40 billion by 2040, according to Union Minister Jitendra Singh. Singh attributes the growth to private players.

“More than 70% of our space resources are going to come from the non-government sector. So, this is also going to supplement our resources,” PTI quoted the minister as saying. The minister was speaking at the 60th anniversary of ISRO”s rocket launch event.

India”s space sector currently values around $8 million, and revenue from launching foreign satellites have significantly contributed to this gain, with revenue from launching European satellites amounting to EUR 230–240 million and launches from American satellites amounting to around $170–180 million.

The minister acknowledged the vital role played by the National Research Foundation in propelling the space sector. The organization emulates the successful models in the US.

Singh, being confident about India”s scientific prowess, expressed his optimism about the future of the space sector. He also hailed the milestone discoveries made by Indian space scientists, such as detecting H20 molecules on the Moon surface with the mission Chandrayaan.

“The entire nation got involved in Chandrayaan. It was like the whole of science plus the whole of the government plus the whole of the nation,” Singh said.

According to Singh, as far as the space industry is concerned, privatization played a crucial role in opening new funding sources and enhancing public involvement. He highlighted the successful launch of Chandrayan 3 as the trigger for enhancing national interest and support.

Moreover, the Indian space sector is constituting some ambitious programs, such as the Gaganyaan human spaceflight mission, with which India is sending humans to space and ensuring their safe return. Prior to that, a female robot impersonating an astronaut will be sent into space.