India’s space economy to reach $40 bn by 2040: Minister Jitendra Singh- QHN

There were only four space startups in India in 2014 and that number has increased to more than 150 in 2023, Union Minister Jitendra Singh said here Monday, noting that currently, the country’s space economy is valued at USD 8 billion and estimated to reach USD 40 billion by 2040.

The Minister of State (Independent Charge) for Science and Technology shared the information as he inaugurated the S20 Conference under the aegis of G20 at Amity University here.

He said India’s presidency of G20 is a matter of immense pride and under the visionary leadership of Prime Minister Narendra Modi, India has attained remarkable achievements in science and technology.

“In 2014, the country had 350 startups but today we have more than 1.25 lakh startups and 130 unicorns. Of the 1.25 lakh startups, 6,000 are in the unicorn sector itself which has transformed the landscape of innovation in the country,” Singh said.

He said the Global Innovation Index has also risen from 81 to 40, which is yet another example of India’s strong position in the science and technology domain, according to a statement issued by the university.

“There were only four space startups in the country in 2014 whereas in 2023, there are more than 150 startups. Our Space economy is currently at USD 8 billion and estimated to reach USD 40 billion by 2040,” the minister noted.

Singh said the world is ready to be led by India and the successful landing of the Chandrayaan-3 is a testimony to the collective acumen of India’s “incredible scientific temperament”.

There is no dearth of talent and potential, however, India lacked the enabling milieu from the policymakers of the nation, earlier, which is now being given impetus by the prime minister, he said.

India is working on zero gas emissions and has taken the lead in producing green hydrogen not only for itself but for the entire world, Singh said.