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India has set an ambitious target to increase its share of the global space economy from 2% to 10% within the next six years, according to Union Minister of State for Science and Technology, Jitendra Singh.

“While India’s space economy currently stands at $8 billion, our own projections suggest it will multiply significantly by 2040,” Singh said. “However, some international observers, like the recent ADL (Arthur D Little) Report, believe India has the potential to reach $100 billion by 2040.”

Singh highlighted the recent surge in private participation in the space sector, attributing it to the government’s opening-up of the industry. “Just four-five years ago, we had only a handful of space startups,” he said. “Today, we have nearly 200, with some even transitioning into full-fledged entrepreneurs. This is further supported by private space startups investing over Rs. 1,000 crore in the current financial year alone.”

This focus on expanding India’s space footprint reflects the government’s commitment to fostering innovation and entrepreneurship in the sector. With increasing private participation and ambitious government goals, India’s space economy is poised for significant growth in the coming years.