With 140 space startups based in India, the world has started to recognize India's potential and capabilities in this field, according to Union Minister for Science and Technology Jitendra Singh.The minister said this was made possible by India's space industry opening up to private players while addressing the opening session of the fourth G20 Space Economy Leaders Meeting. 

 

The minister emphasized that following Prime Minister Narendra Modi's recent trip to the US, India and the US have decided to work together on space-related projects. India will therefore take part in the US-led Artemis mission for moon and other celestial object exploration. The agreement will open the door to lowering import restrictions for vital space technologies. 

 

In light of the growing desire of mankind to explore space, Singh stressed that international collaboration and alliances are essential. The urgent need is for an alliance of responsible spacefaring states to increase the space economy's contribution to the global economy.

 

“The future development of humanity lies in our collective ability to responsibly harness, pool resources and utilize space technology towards achieving sustainable development goals and improving the lives of common man," said Singh. "Since space technology integrates various pillars of economy under one umbrella, the investments made here will have a multiplier effect on overall development of countries and economies."

 

"Studies have forecast that the space economy will be the next trillion-dollar sector in the coming decades. Considering the importance of space in the economy, India has embarked upon various measures to open up, integrate our space economy and develop alliances with other countries," he added.