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India’s Space Economy Poised to Soar Beyond $40 Billion by 2040

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India’s space economy is on an upward trajectory, and it is projected to surpass $40 billion by the year 2040. These remarkable developments and boundless opportunities were underscored by Union Minister Jitendra Singh during his address at the Central University of Jammu’s Campus Dialogues on Chandrayaan-3.

Unlocking the Space Sector: PM Modi’s Vision

In his speech, Singh emphasized the pivotal role played by Prime Minister Narendra Modi in transforming the space sector. He highlighted PM Modi’s groundbreaking decision to liberate the space industry from past constraints, which has been instrumental in propelling India’s space economy to new heights.

India’s Remarkable Progress

Currently valued at $8 billion, India’s space economy has flourished due to the courageous initiatives undertaken by the Modi government. Singh noted that India’s space sector is not limited to the sky – it has the potential to reach astonishing heights. He referred to an ADL (Arthur D Little) Report that forecasts India’s space economy exceeding $100 billion by 2040, marking a substantial leap in growth.

Chandrayaan-3 and India’s Global Standing

Singh also spoke about India’s successful Chandrayaan-3 mission, emphasizing the nation’s growing stature in space exploration. He proudly asserted that India, through its relentless efforts and strategic decisions, has now joined the league of countries like the United States, which embarked on their space journeys decades ago.

Public-Private Partnerships and Startups

The Union Minister highlighted the increasing involvement of public-private partnerships in the space sector, leading to a surge in space-related startups. The central government’s initiatives include the establishment of space technology teaching centers in higher education institutions, exemplified by the ISRO Teaching Centre at the Central University of Jammu and NIT-Agartala.

Empowering Indian Youth

Furthermore, Singh touched upon the key features of the new National Education Policy, which empowers Indian youth to make educational choices based on their aptitude, skills, and interests. This policy liberates them from traditional constraints, encouraging a more diverse and innovative workforce.

India’s space journey is undoubtedly poised for greatness, driven by visionary leadership, groundbreaking decisions, and a burgeoning ecosystem of innovation. With its space economy set to soar beyond $40 billion and potentially reach $100 billion by 2040, the nation’s future in space exploration is filled with promise and boundless potential.

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