New Delhi: India launched 396 foreign and 70 domestic satellites during the period 2014-23 as compared to 33 and 31 satellites respectively during 2003-14, Union Minister of State for Space, Dr. Jitendra Singh said in a written reply in the Lok Sabha today.
He further informed the House that the revenue generated from satellite launches during the decade 2014-23 is USD 157 million and 260 million euros. The corresponding figures during the decade 2003-13 were USD 15 million and 32 million euros.
Moreover, the budget allocated to the Department of Space almost doubled from Rs. 6,792 crores for the financial year 2013-14 to Rs. 12,544 crores for the financial year 2023-24, he said. As per various global estimates and news outlets, the sector is projected to grow at 6-8% in coming years, he added.
The number of space start-ups has also gone up, from just 1 in 2014 to 189 in 2023 as per the Department for Promotion of Industry and Internal Trade (DPIIT) Start-Up India Portal, the Minister informed the House, adding that the investment in Indian space start-ups increased to $124.7 million in 2023.
India has witnessed an investment of over Rs.1,000 crore in Space Startups in the last nine months of the current financial year from April to December 2023, he said.
The current size of the Indian space economy is estimated at around $8.4 billion (around 2-3% of the global space economy) and it is expected that with the implementation of the Indian Space Policy 2023, a $44 billion Indian space economy can be achieved by the year 2033. The role of the private sector will be prime to achieve the expected economic figure. It is expected that the private sector will take up independent end-to-end solutions in satellite manufacturing, launch vehicle manufacturing, provide satellite services, and manufacture ground systems, Dr. Singh said.
– global bihari bureau
