India's Space Economy anticipated to surpass $40 Billion by 2040

Space and Technology Oct. 17, 2023, 3:18 p.m.
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After the successful Chandrayaan-3 mission and the unlocking of the space sector by PM Narendra Modi, ‘Sky is Not the Limit’ for India’s Space journey, says Dr. Jitendra Singh

Dr. Jitendra Singh, the Union Minister of State (Independent Charge) for Science and Technology, as well as the Minister of State in the Prime Minister's Office, overseeing Personnel, Public Grievances, Pensions, Atomic Energy, and Space, delivered a significant address today. He emphasized that, following the triumphant Chandrayaan-3 mission and the transformative policies of Prime Minister Shri Narendra Modi that have liberated the space sector, the sky is no longer the boundary for India's journey in space.
Dr. Jitendra Singh conveyed his inaugural address and keynote at the 'Campus Dialogue' on Chandrayaan 3, held under the overarching theme of 'Viksit Bharat @2047' at the Central University of Jammu. During this event, he interacted with the academic community and students.
Dr. Jitendra Singh noted that India has made a remarkable leap in space exploration, with the nation's space economy currently valued at $8 billion. This feat was made possible by the bold decision of Prime Minister Narendra Modi to liberate the space sector from the constraints of the past. Furthermore, he highlighted that India's space economy is anticipated to exceed $40 billion by 2040, as indicated by the ADL (Arthur D Little) Report, with the potential to surpass $100 billion, representing a monumental advancement.
Speaking of India's recent accomplishments, including the successful G20 Summit and Chandrayaan-3 Mission, Dr. Jitendra Singh asserted that India now stands shoulder-to-shoulder with nations like the United States, which embarked on their space journeys decades ahead of India. He credited the quantum leap in India's space exploration over the past nine years to the supportive ecosystem created by the government, under the leadership of Prime Minister Narendra Modi. Dr. Jitendra Singh also noted that the space sector has been opened up for public-private collaboration, with a significant surge in space startups.
Dr. Jitendra Singh shared that the Government of India has initiated a mission to establish Space Technology Teaching Centers in higher education institutions. He mentioned the ISRO Teaching Center established at the Central University of Jammu and a similar center at NIT, Agartala in the Northeast.
Discussing the key features of the National Education Policy 2020, Dr. Jitendra Singh highlighted the empowerment of India's youth, who are no longer confined by their aspirations. The policy now allows them to freely choose or change subjects based on their aptitude, skills, interests, and other relevant factors.
Other distinguished speakers at the event included Prof. Sanjeev Jain, Vice Chancellor of the Central University of Jammu, and Prof. B.N. Tripathi, Vice Chancellor of SKUAST, Jammu.

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