Indian Space Sector's Remarkable Decade: A USD 60 Billion Contribution to GDP

India has invested nearly USD 13 billion in the space sector over the past decade, yielding a USD 60 billion contribution to GDP. The sector has generated 4.7 million jobs and seen substantial growth in start-ups. The vision for the future includes commissioning Bharatiya Antariksha Station by 2035 and lunar missions by 2040.

India's investment of nearly USD 13 billion in the space sector over the last decade has resulted in a USD 60 billion contribution to the GDP through direct, indirect, and induced benefits, according to a report by Novaspace released on Friday.

The report, 'The Socio-Economic Impact of the Indian Space Programme', unveiled by Union Minister Jitendra Singh, highlighted India's rank as the eighth-largest space nation and the rapid growth of start-ups in this sector.

Steve Bochinger, Novaspace executive adviser, mentioned the sector's significant job creation, employing 96,000 people, and added that every dollar in the space economy generates USD 2.54 in benefits.

Future goals include the commission of the Bharatiya Antariksha Station by 2035 and landing Indian astronauts on the Moon by 2040. The sector also provides satellite-based weather forecasts for 1.4 billion Indians and supports eight lakh fisher folk daily.

Pawan Kumar Goenka of INSPACe noted initiatives like a seed fund for start-ups and technology transfers to the private sector as steps to bolster entrepreneurship. The government has launched a Rs 1,000 crore venture capital fund to assist new enterprises in the space sector.

Lt Gen A K Bhatt (retd) of ISpA emphasized the role of policy reforms like the comprehensive Space Policy and the New Telecom Act in spurring private industry participation, fostering a competitive space ecosystem, and ensuring India's leadership in space exploration continues.