India's Minister for Science Dr Jitendra Singh underlined that space is becoming an important component of India's economy on Wednesday.
"India's space economy today stands at a modest $8 billion, but our own projection is that by 2040 it will multiply manifold. But more interesting is that according to some international observers, for example the recent ADL (Arthur D Little) Report mentions that we could have the potential of $100 billion by 2040," Singh was quoted as saying in a statement released by India's Department of Space.
The minister emphasised that after Prime Minister Narendra Modi opened India's space sector for private enterprises, the South Asian country has witnessed a significant jump in the number of Space start-ups in recent years.
According to him, the number of companies related to Space operating in India has jumped to nearly two hundred.
According to him, the number of companies related to Space operating in India has jumped to nearly two hundred.
"Prime Minister Narendra Modi has broken taboos of the past by opening the space sector to public-private-participation. From just one startup in the space sector in 2014, we now have 190 space startups," Singh noted.
Singh also pointed out how the ISRO was earning money by launching foreign satellites.
He mentioned that ISRO has sent over 430 foreign satellites into space, collecting more than €290 million and $170 million through the launch of European and American satellites, respectively.
He mentioned that ISRO has sent over 430 foreign satellites into space, collecting more than €290 million and $170 million through the launch of European and American satellites, respectively.