Image Source: www.pib.gov.in
India’s Union Minister Dr. Jitendra Singh revealed that India’s space startups have increased 200 times in just two years.
The dramatic rise reflects a significant shift in policy under Prime Minister Narendra Modi’s administration, opening the space sector to private participation.
Major Policy Decisions Drive Growth
At a high-level meeting to review the 100-day Action Plan of the Department of Space, Dr. Singh emphasized the impact of recent policy changes.
“This quantum jump has been possible because of a major policy decision taken by Prime Minister Narendra Modi to open up the Space sector to the private sector and allow public-private participation in a big way,” he stated.
Unprecedented Investment in Space Sector
Dr. Singh highlighted the astonishing growth in the number of space startups, from just one in 2022 to nearly 200 by 2024. This surge is complemented by significant investment, with nearly INR 1000 crore injected into India’s space sector in just eight months of 2023.
The sector now supports approximately 450 MSMEs, reflecting the Prime Minister’s vision of “Sabka Prayas” during the Amrit kaal period.
Future Projections for Global Space Economy Share
Looking ahead, Dr. Singh predicted a fourfold increase in India’s share of the global space economy by 2030. From contributing 2% in 2021, India’s share is expected to rise to 8% by 2030, with a further increase to 15% projected by 2047.
This growth underscores India’s expanding footprint in the global space industry.
Private Sector Participation and FDI
The Minister and ISRO Chairman S. Somanath discussed the rising involvement of the private sector in space missions.
India currently allows 100% Foreign Direct Investment (FDI) in the space sector, paving the way for innovations in small satellite development, geospatial technologies, and orbital transfer vehicles.
Technology Transfer and Future Missions
Dr. Singh also focused on the Transfer of Technology (ToT) initiatives by ISRO to private entities. To date, there have been 403 technology transfers, with an additional 50 facilitated by NSIL/INSPACE.
The Minister reviewed ISRO’s upcoming 100-day plans, which include the NISAR mission, a collaborative Earth-observing project with NASA, and other significant programs like GSAT-20 and the reusable launch vehicle landing exercise.
Role of Private Players in R&D
The meeting underscored the critical role of private players in research and development within the space sector. Dr. Singh reiterated the importance of private sector contributions to advancements in agriculture, environmental monitoring, and governance.
The session, attended by ISRO Chairman S. Somanath and senior officials highlighted the collaborative efforts driving India’s space sector toward unprecedented growth and innovation.
