Since April, almost ₹1,000 crore in private funding has been given to Indian space startups: Report

 Since April, almost ₹1,000 crore in private funding has been given to Indian space startups: Report

Since April, almost ₹1,000 crore in private funding has been given to Indian space startups: Report

Union Minister Jitendra Singh said that some foreign experts believe India might become a $100 billion space industry by 2040.

According to Union Minister Jitendra Singh on Wednesday, Indian space companies have drawn over ₹1,000 crore in private investments since April of this year. He also said that the nation might achieve a US$100 billion space industry by 2040.

"Currently, India's small space economy is worth USD 8 billion, but by 2040, we believe it will grow manifold," Singh said during his speech at the India Today Conclave.

He was reported by Hindustan Times as saying, "What is more interesting is that some foreign observers believe that India could become a $100 billion space economy by 2040 (see for example the latest ADL (Arthur D. Little) report)." "

Over 430 foreign spacecraft have been launched by the Indian Space Research Organization, according to the minister, earning over EUR 290 million from European satellites and USD 170 million from US satellites.

There are now 1,080 space startups, which is another growth. This number was in single digits before. There was only one startup in the space industry in 2014, but now there are 190," the man said.

The announcement in June of this year by Alphabet, the parent company of Google, of a $36 million investment in Bengaluru-based space firm Pixxel was a major boost to the Indian space sector. Following the Indian government's privatization strategy in April, this was the country's first significant investment in the space industry.

The Indian commercial space sector saw significant growth with the ratification of the Indian Space Policy 2023, making it a desirable avenue for investment for capitalists. Companies such as Skyroot, SatSure, Dhruva, Bellatrix, and others are flourishing in India's conducive space startup environment, striving to become the SpaceX of the country.

The recent launch of ISRO's Chandrayaan-3, the potential for space tourism, and estimates of the global space market at $1 trillion by 2040 are all noteworthy. Important recommendations for realizing this potential include regulatory clarity, foreign investment, incentives, startup support, partnerships, research and development centers, and skill development.