India's Space Economy Poised To Reach $40 Billion By 2040: Union Minister Jitendra Singh

India's space economy is likely to reach $40 billion by 2040 with scientists expected to enjoy a better working environment, said Union Minister Jitendra Singh.

Some foreign agencies such as the AKD predicted that this figure could even go up to $100 billion by 2040, stated the Minister of State for Science and Technology & Atomic Energy and Space (Independent Charge).

"At present, our space economy is not very impressive, as we have just about $8 million. But we are moving in quantum jumps, and in the foreign satellite launch alone, we have earned about EUR 230-240 million for launching European satellites and about $170-180 million for launching American satellites," Singh said.
He was speaking to PTI after inaugurating the 60th-anniversary celebrations of ISRO's rocket launch here on Saturday.

Singh said that with the establishment of the National Research Foundation, Anu Sandhan, a better model of similar foundations existing in US, a significant industry presence could be established, according to a PTI report.

"With this, more than 70 per cent of our space resources are going to come from the non-government sector. So, this is also going to supplement our resources," the minister said.

The PTI report stated, agreeing with the fact that India did face a resource crunch in its space sector, he said, "We could tide it over with the great scientific acumen we have."

"We could even overtake other countries with that. Although they were the first to land a human on the Moon, Chandrayaan was the first to detect the H2O molecule," the minister said.

He said the 'courageous' decision of the political dispensation to open up the space sector to private players has been a game-changer. "This has supplemented our resources both fund-wise and knowledge-wise," Singh added.