India's space economy to soar from $8 bn to $44 bn in next 10 years: Jitendra Singh

New Delhi, Aug 23 (IANS) From the current $8 billion, India’s space economy is expected to surge to $44 billion in the forthcoming 10 years, Dr. Jitendra Singh, Union Minister of State (Independent Charge) for Science and Technology said here on Friday.

Speaking at the celebration of the first-ever National Space Day at Bharat Mandapam, Singh said that India has made significant progress in the space sector in the past decade, which includes the successful Mars Orbiter Mission, the launch of AstroSat, Chandrayaan-2, and Chandrayaan-3, the upcoming Aditya-L1 solar mission, and the XPoSat, an X-Ray astronomy mission.

With these successful missions, India's space economy currently stands at $8 billion and contributes to around 2-3 per cent of the global space economy.

However, “India’s space economy will grow from $8 billion to $44 billion in the next decade,” the MoS said.

He traced India’s Space journey, which began just 55 years back in 1969 when the US astronaut Neil Armstrong had already set foot on the Moon.

Yet "in the last six decades, India has not only touched the lives of its citizens but also reached the Moon," Singh said, while lauding the scientific community for their unwavering dedication, to making India the first nation to land on the Moon's South Pole.

He attributed this success also to the government’s policy support and leadership which "unshackled" the space sector, accelerating scientific missions and unlocking the potential of India’s scientific community.

The Minister also noted the significant increase in Space startups, now numbering nearly 300, following the opening of the Space sector to private participation.

Listing the future mission, the Minister said “an Indian will land on the surface of the Moon, fifteen years from now, in the year 2040”.

He said that the Space Vision 2047 also “includes the commissioning of the Bharatiya Antariksha Station (BAS) by 2035 and Indian astronauts landing on the Moon by 2040”.

He expressed confidence that what begins with human spaceflight in Low Earth Orbit will expand to India’s own scientific activities onboard an indigenous space station, leading to further lunar exploration and beyond.

Highlighting India’s prowess in end-to-end capabilities in space transportation, platforms, and ground stations, Singh said “the country is self-reliant in the space sector”.

Beyond space, the sectors’ advancements will also have significant implications in areas like fisheries, agriculture, natural resource management, disaster management, and satellite communication, the Minister said.