In a groundbreaking revelation, Union Minister Jitendra Singh, the Minister of State (Independent Charge) for Science and Technology, unveiled an ambitious projection for India’s burgeoning space economy. Addressing the S20 Conference, held under the auspices of the G20 at Amity University, Singh forecasted that India’s space economy, currently valued at $8 billion, is poised to soar to a staggering $40 billion by the year 2040.
Singh’s announcement underscores the remarkable evolution of India’s space landscape. Notably, in 2014, India boasted a mere four space startups, a number that has since skyrocketed to over 150 in 2023, reflecting the nation’s remarkable strides in space innovation and technology.
India’s ascension to the presidency of the G20 is a source of immense national pride. Under the visionary leadership of Prime Minister Narendra Modi, India has achieved unparalleled milestones in the realm of science and technology, solidifying its status as a global powerhouse.
Singh highlighted the meteoric rise of startups in India, illustrating the country’s flourishing innovation ecosystem. From a modest 350 startups in 2014, India now boasts an impressive tally of over 1.25 lakh startups, with 130 unicorns leading the charge. Within this burgeoning startup landscape, 6,000 belong to the esteemed unicorn sector, fundamentally reshaping India’s innovation landscape.
Furthermore, India’s ascent on the Global Innovation Index, from 81 to 40, further cements its dominant position in the science and technology sphere, exemplifying its unwavering commitment to progress and innovation.
Regarding India’s space endeavors, Singh emphasized that while a mere four space startups existed in 2014, this number has since exploded to encompass over 150 startups. The nation’s space economy, currently valued at $8 billion, is poised to expand exponentially to reach a remarkable $40 billion by the year 2040, marking a pivotal chapter in India’s remarkable journey into space.
Singh concluded by underlining India’s readiness to assume a leadership role on the global stage, exemplified by the successful Chandrayaan-3 mission, which stands as a testament to India’s extraordinary scientific prowess.
India, he declared, is richly endowed with talent and potential, and under the visionary leadership of Prime Minister Modi, it has embarked on a transformative journey, with a resolute focus on innovation, sustainability, and scientific excellence.
Furthermore, India is championing the cause of zero gas emissions and is at the forefront of green hydrogen production, offering not only self-sufficiency but a contribution to the world at large.
In essence, Singh’s visionary announcement showcases India’s unwavering commitment to pioneering space exploration and innovation, affirming its role as a formidable player on the global stage.
