India sets its sights on a significant expansion in its share of the global space economy, with Union Minister Dr. Jitendra Singh outlining ambitious targets and highlighting the pivotal role of the private sector in advancing the nation's space endeavors.
Speaking at the launch of the Technical Centre of IN-SPACe in Ahmedabad, Dr. Singh underscored India's remarkable strides in the space sector, attributing much of the progress to Prime Minister Shri Narendra Modi's visionary decision to liberalize the sector.
Dr. Singh emphasized that India's space economy, currently valued at $8 billion, is poised for exponential growth, with projections indicating a potential surge to $100 billion by 2040.
He credited PM Modi for dismantling traditional barriers and fostering an environment conducive to innovation and collaboration, which has fueled a surge in private sector participation.
The Union Minister lauded PM Modi's leadership for catalyzing a paradigm shift in India's space policy, enabling the realization of pioneering initiatives like Chandrayaan-3 and Aditya.
He highlighted the rapid expansion of the private space sector, with the number of startups soaring from single digits to nearly 200, backed by investments exceeding Rs. 1,000 crore in the current fiscal year.
India's journey in space exploration, Dr. Singh noted, has witnessed significant milestones, including Chandrayaan-3's historic touchdown on the lunar south pole, marking a remarkable feat in the country's space odyssey.
He commended PM Modi for substantially increasing the space budget, driving a 142% surge over the past nine years and fostering synergies between research, academia, startups, and industry.
Dr. Singh elucidated the pivotal role of the Indian National Space Promotion and Authorization Centre (IN-SPACe) in facilitating private sector engagement in space activities, citing initiatives such as the Seed Fund Scheme and Mentorship Support to bolster industry participation. With around 45 MoUs inked between IN-SPACe and non-governmental entities (NGEs), the stage is set for enhanced collaboration in satellite and launch vehicle manufacturing.
Moreover, Dr. Singh emphasized the pervasive impact of India's space technology across various sectors, including disaster management, agriculture, telemedicine, and infrastructure development. He highlighted the launch of the "Anusandhan National Research Foundation" as a pivotal step towards fostering public-private partnerships in scientific research, positioning India as a global leader in innovation and technology.
In conclusion, Dr. Singh reiterated India's commitment to charting a path of progress and prosperity, with the youth poised to play a pivotal role in realizing PM Modi's vision of a developed India by 2047.
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