https://sputniknews.in/20240306/reaching-for-the-stars-india-targets-five-fold-boost-in-its-space-economy-6756550.html
Reaching for the Stars: India Targets Five-Fold Boost In Its Space Economy
Reaching for the Stars: India Targets Five-Fold Boost In Its Space Economy
Sputnik India
Indian Minister of State, Jitendra Singh highlighted the sector's financial progress, noting a $159 million income from foreign satellite launches, out of the... 06.03.2024, Sputnik India
2024-03-06T19:55+0530
2024-03-06T19:55+0530
2024-03-06T19:55+0530
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rajnath singh
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ministry of external affairs (mea)
space industry
space satellite
indian space research organisation (isro)
spacefiber service
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India aims to significantly boost its contribution to the global space economy, says Minister of State Jitendra Singh, who oversees the nation's space and nuclear sectors.Of the 447 satellites launched by India since the 1990s, more than 90%, or 389 satellites, have entered Earth's orbit in the last nine years.Singh emphasized the government's commitment to stimulate investment by allowing 100% Foreign Direct Investment (FDI) in the space sector.The new regulations permit private foreign investors to contribute up to 74% of funds for Indian space satellite production and operation, while up to 49% of FDI is allocated for launch vehicle production, related systems, subsystems, and spaceport construction.India aims to capture a larger share of the global launch market, projected to reach $47.3 billion by 2032, as estimated by the Indian Space Association (ISpA). Despite currently representing only 2% of the global space economy, India anticipates private investment in space services to reach $22 billion by 2033.
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india, global space economy, indian minister of state jitendra singh, space and nuclear sectors, global space economy, indian space industry, private company, foreign satellite launches, foreign direct investment (fdi), space sector, launch vehicle production, subsystems, and spaceport construction, indian space association (ispa)
india, global space economy, indian minister of state jitendra singh, space and nuclear sectors, global space economy, indian space industry, private company, foreign satellite launches, foreign direct investment (fdi), space sector, launch vehicle production, subsystems, and spaceport construction, indian space association (ispa)
Reaching for the Stars: India Targets Five-Fold Boost In Its Space Economy
Indian Minister of State, Jitendra Singh highlighted the sector's financial progress, noting a $159 million income from foreign satellite launches, out of the $174 million received in the past 30 years.
India aims to significantly boost its contribution to the global space economy, says Minister of State Jitendra Singh, who oversees the nation's space and nuclear sectors.
“India’s share in the global space economy is now a modest 8 billion, and by 2040, we expect it to increase fivefold. Over the past nine years, the budget of the Indian space industry has grown by 142%; over a five-year period, the number of private company startups in it has reached 200,” said the minister cited by India Today.
Of the 447 satellites launched by India since the 1990s, more than 90%, or 389 satellites, have entered Earth's orbit in the last nine years.
Minister Singh highlighted the sector's financial progress, noting a $159 million income from foreign satellite launches, out of the $174 million received in the past 30 years.
Singh emphasized the government's commitment to
stimulate investment by allowing 100% Foreign Direct Investment (FDI) in the space sector.
The new regulations permit private foreign investors to contribute up to 74% of funds for Indian space satellite production and operation, while up to 49% of FDI is allocated for launch vehicle production, related systems, subsystems, and spaceport construction.
India aims to capture a larger share of the global launch market, projected to reach $47.3 billion by 2032, as estimated by the
Indian Space Association (ISpA). Despite currently representing only 2% of the
global space economy, India anticipates private investment in space services to reach $22 billion by 2033.
