India's Space Economy is Expected To Reach USD 40 Billion By 2040 Says Jitendra Singh By CIOTechOutlook Team

India's Space Economy is Expected To Reach USD 40 Billion By 2040 Says Jitendra Singh

CIOTechOutlook Team | Tuesday, 05 September 2023, 03:04 IST

There were just four space businesses in India in 2014, but that number has climbed to more than 150 by 2023, according to Union Minister Jitendra Singh, who noted that the country's space industry is presently worth at USD 8 billion and is expected to reach USD 40 billion by 2040. The information was delivered by the Minister of State (Independent Charge) for Science and Technology, who was in town to open the S20 Conference under the auspices of the G20 at Amity University.

He stated that India's G20 presidency is a source of enormous pride, adding that under Prime Minister Narendra Modi's visionary leadership, India has achieved remarkable achievements in science and technology.

"In 2014, the country had 350 startups but today we have more than 1.25 lakh startups and 130 unicorns. Of the 1.25 lakh startups, 6,000 are in the unicorn sector itself which has transformed the landscape of innovation in the country," Singh said.

As per university release, he stated that the Global Innovation Index has also climbed from 81 to 40, demonstrating India's strong position in science and technology.

"There were only four space startups in the country in 2014 whereas in 2023, there are more than 150 startups. Our Space economy is currently at USD 8 billion and estimated to reach USD 40 billion by 2040," the minister noted.

Singh stated that the world is ready for India to lead, and that the successful landing of the Chandrayaan-3 is proof of India's "incredible scientific temperament."