Space economy to grow nearly 5 times to $44 billion in next decade: Minister

New Delhi:  The Indian space economy is set to grow nearly 5 times from $8.4 billion to around $44 billion in the next decade, Union Minister of State for Science and Technology, Dr Jitendra Singh, has stressed.

Investments in the sector reached Rs 1,000 crore in 2023 alone, placing India as a frontline player globally. India’s space sector has also emerged as a significant foreign exchange earner.

Of the 220 million euros earned through launching foreign satellites, 187 million euros was generated in the last eight years. Countries benefiting from ISRO’s services include the US, France, Japan and others.

Hailing ISRO’s Space Docking Experiment (SPADEX) mission, Dr Singh said that this achievement places India on par with global leaders in space docking technology.

The SPADEX mission is a pivotal project by ISRO aimed at developing and demonstrating technologies for spacecraft rendezvous, docking, and undocking using two small satellites.

“These capabilities are critical for future missions, including satellite servicing, space station operations, and interplanetary exploration,” the minister told reporters in the national capital.

The primary objectives of SPADEX, said the Minister, include Demonstrating technology for spacecraft rendezvous and docking, Showcasing controllability in docked conditions to extend the life of target spacecraft and Testing power transfer between docked satellites.

The mission also includes post-docking activities, with spacecraft conducting independent payload operations.

According to Dr Singh the docking is expected to occur on January 7, 2025, at noon.

The minister also highlighted a significant collaboration between the Department of Biotechnology and ISRO to explore the application of biology in Space.

“Under Prime Minister Narendra Modi’s leadership, India will lead in ‘Space-Biology’ by studying physiological changes in space environments,” he stated.

The 2023 New Space Policy allowed private sector participation in ISRO’s activities. This policy has led to a surge in space startups, growing from a single-digit count in 2021 to nearly 300 in 2023.

Notable startups include AgniKul Cosmos, which established a private launchpad on ISRO premises, and Skyroot, which executed India’s first private sub-orbital launch.

“These startups are reinforcing ISRO’s infrastructure and attracting global attention from companies like SpaceX,” Dr Singh remarked.

–IANS