PIB Summary- 26th February, 2025 | PIB (Press Information Bureau) Summary - UPSC PDF Download

Space economy expected to increase five-fold from 8 bn $ to 44 bn $ in coming years

Context

Union Minister Dr. Jitendra Singh says India’s space economy will grow fivefold, driven by increased investment, private participation, and global collaborations.

Rapid Growth in India’s Space Economy

• India’s space economy is expected to grow from $8 billion to $44 billion in the coming years.
• This growth will add significant value to the Indian economy and contribute to Viksit Bharat 2047.
• The government has significantly increased the space budget, from ₹5,615 crore in 2013-14 to ₹13,416 crore in 2025-26.

Opening Up the Space Sector

• A major policy shift in 2014 opened up the Indian space sector for private companies and Foreign Direct Investment (FDI).
• The government introduced frameworks such as NewSpace India Limited (NSIL) and In-SPACe to encourage collaboration between government and private players.
• The involvement of private firms has led to innovation and the rise of successful space startups.

Key Achievements in Space Exploration

• India became the first nation to successfully land on the South Pole of the Moon.
• Indian space missions are cost-effective, such as Chandrayaan, which was completed at ₹600 crore, much cheaper than similar global missions.
• India has launched 433 foreign satellites, earning 292 million Euros and 172 million USD.

Impact of Space Technology on Other Sectors

• The Swamitva Scheme uses satellite and drone technology for land record mapping, reducing reliance on revenue officials.
• Space technology has improved communication, connectivity, and self-reliance in satellite technology.
• Advancements in space science are also expected to unlock the potential of Himalayan, coastal, and marine resources for economic growth.

Global Recognition and Collaborations

• India is gaining recognition as a global leader in space exploration.
• India was invited to send an astronaut to the International Space Station (ISS) as part of an international collaboration.
• More partnerships are expected with other space agencies worldwide.

Women’s Role in Space Projects

• Women scientists and engineers are playing a key role in missions like Chandrayaan and Aditya L1.
• The space sector is becoming more inclusive, with active contributions from women professionals.

Startups and Regional Development

• The startup ecosystem in India is expanding, with Jammu & Kashmir emerging as a leader in agri-tech startups.
• The Aroma Mission: Purple Revolution has provided new employment opportunities and has been showcased at national events.

India’s Future in Space Exploration

• India aims to become a global leader in space technology with indigenous, cost-effective, and sustainable innovations.
• The space sector will drive India’s economic growth and contribute to its leadership role in global space exploration.