Over Rs.1,000 cr invested in private Space Startups, says Minister
India has the potential of US$100 billion space economy by 2040, Minister of State for Space Dr Jitendra Singh said, citing a recent ADL (Arthur D Little) Report https://www.adlittle.com/en .
“India’s Space https://www.nasa.gov/ economy today stands at a modest $8 billion, but our own projection is that by 2040 it will multiply manifold. But more interesting is that according to some international observers, for example, mentioned that we could have the potential of US$100 billion by 2040,” he said.
Addressing the gathering after launching the Technical Centre of IN-SPACe in Ahmedabad on 5 Mar, Dr Jitendra Singh said 389 foreign satellites https://www.inspace.gov.in/inspace were launched last year from India. “We have so far earned US$174 million from the launching of these foreign satellites.”
Dr Jitendra Singh said, “The government has announced the Indian Space Policy 2023, which enables end-to-end participation of Non-Governmental Entities (NGEs) in all domain of Space activities.
“The role of the private sector in advancing India’s space technology and exploration efforts is undeniable. The Indian National Space Promotion and Authorization Centre or IN-SPACe was created to support private sector participation in space activities,”
The minister continued, “Various schemes to encourage and hand hold private sector also announced and implemented by IN-SPACe, i.e., Seed Fund Scheme, Pricing Support Policy, Mentorship support, Design Lab for NGEs, Skill Development in Space Sector, ISRO facility utilisation support, Technology Transfer to NGEs https://www.investindia.gov.in/ .”
With the opening up of the Space sector, the common masses have been able to witness the launch of the mega Space events like Chandrayaan-3 or Aditya,” said the minister, crediting Prime Minister Narendra Modi https://www.pmindia.gov.in/en/ for opening the sector to global businesses.
There has been an investment of over Rs.1,000 crore by private Space Startups in the current financial year from April to December 2023, said Dr Jitendra Singh, adding that India has nearly 200 private Space Startups after the sector was opened to the country’s innovative youths.
“Even though our space research programme started in the year 1969, the year when the US landed first man on the moon, we caught up fast with the Space faring nations and last year Chandrayaan-3 made a historic touchdown on the virgin lunar south polar region where nobody has landed before.”
Dr Jitendra Singh said this is possibly the best time for Innovators, R&D and Startups. PM Modi has delivered the right ecosystem that supports and augments Innovation, promotes entrepreneurship and fosters a thriving industry.
“There is a huge synergy now between Research, Academia, Startups and Industry,” he added.
Dr Jitendra Singh noted that IN-SPACe has signed around 45 MoUs with NGEs https://www.euspa.europa.eu/ to provide necessary support for realisation of space systems and applications envisaged by such NGEs, which is expected to increase the industry participation in manufacturing of launch vehicles and satellites.
There are several industry associations in the country related to the space sector, the Indian Space Association (ISpA) being one among them. The activities being carried out by such industry associations does not come under the purview of the government, he pointed out.
Dr Jitendra Singh said India’s Space missions are designed to be cost effective, building upon human resources and skills.
He underlined that India’s Space Technology https://www.startupindia.gov.in/ is virtually touching every person’s life, with application of Space Technology in different sectors like Disaster Management, SVAMITVA, PM Gati Shakti, Infrastructure such as Railways, Highways & Smart Cities, Agriculture, Water Mapping, Telemedicine and Robotic Surgery.
Stating that the “Anusandhan National Research Foundation” will pave the way for a greater Public Private Partnership (PPP) model in scientific research, Dr Jitendra Singh said the NRF will be a better model than the United States’ NRF.
“NRF budget envisions a funding of Rs.50,000 crore over five years, out of which about 60%-70%, is estimated to come from non-government sources,” he said.
Reiterating that the age of silos is over, Dr Jitendra Singh said the NRF envisions integration between Public and Private sector and will provide high-level strategic direction of scientific research in the country as per recommendations of the National Education Policy (NEP) – 2020. Fiinews.com
