Indian space economy will hit $44 bn by 2034

New Delhi: From the current $8 billion, India’s space economy is expected to surge to $44 billion in the forthcoming 10 years, Dr Jitendra Singh, Union Minister of State (Independent Charge) for Science and Technology said here on Friday.

Speaking at the celebration of the first-ever National Space Day at Bharat Mandapam, Singh said that India has made significant progress in the space sector in the past decade, which includes the successful Mars Orbiter Mission, the launch of AstroSat, Chandrayaan-2, and Chandrayaan-3, the upcoming Aditya-L1 solar mission, and the XPoSat, an X-Ray astronomy mission.

With these successful missions, India’s space economy currently stands at $8 billion and contributes to around 2-3 per cent of the global space economy.

However, “India’s space economy will grow from $8 billion to $44 billion in the next decade,” the MoS said.

He traced India’s Space journey, which began just 55 years back in 1969 when the US astronaut Neil Armstrong had already set foot on the Moon.