India’s space tech got ₹1,000-Cr investment this fiscal: Minister

India today boast of 190 space tech startups from just one startup in 2014, some of which have already evolve into profitable enterprises

Space tech India

New Delhi: Thanks to opening of the space sector for private participation, space tech startups in India has attracted investments worth over ₹1,000 core in the current fiscal (2022-23) since April, said Union minister of science and technology Jitendra Singh here on Wednesday.

According to the minister, India’s space economy as of now stands at a modest $8 billion. However, some international observers assessed the country’s potential in space economy might go up to $100 billion by 2040.

Also Read: Indian startups to launch space satellites, rockets soon

Speaking at a media conclave, the minister said India today boast of 190 space tech startups from just one startup in 2014, some of which have already evolve into profitable enterprises. “This surge in entrepreneurial activity in the space sector is a testament to the government’s commitment to fostering innovation and private participation,” added Singh, minister of science and technology department.

“India’s space tech economy stands at $8 billion, but our own projection is that by 2040 it will multiply manifold. But more interestingly, according to some international observers, for example the recent ADL (Arthur D Little) Report, India has the potential of reaching $100 billion space economy by 2040,” said Singh.

Also Read: ISRO plans India’s space station, moon tourism in next decade

The minister said the Indian Space Research Organisation (Isro) has so far launched more than 430 foreign satellites, earning more than 290 million euros from European satellites and over 170 million USD by launching American satellites.

“Within a short span of just about four years, the number of Space Startups has gone up from a mere single digit to over 1,180, with some of the earlier ones having turned into lucrative entrepreneurs.

India to launch female robot astronaut

The minister further said that India will launch Vyommitra, a female robot astronaut to space ahead of the manned mission. Isro’s ambitious Gaganyaan project is set to demonstrate India’s capability in human spaceflight. Before the manned mission, a test flight carrying ‘Vyommitra,’ a female robot astronaut, is scheduled for next year.

Also Read: ISRO’s moon mission turns in sleep mode after lander’s hopping

Additionally, the Deep Sea Mission project, expected to be realised within three years, will explore deep-sea resources, showcasing India’s prowess not only in outer space but also in the ocean’s depths.

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