There has been a massive 200 times increase in the number of space startups in the last two years owing to the major policy decision taken by Prime Minister Narendra Modi to open up the space sector, Union Minister of State (Independent Charge) for Science and Technology and Earth Sciences, Jitendra Singh, has said.

According to the minister, the move also allowed public-private participation in a big way, adding that the share of India in the global space economy by 2030 is going to rise four times in comparison to 2021.

Chairing a high-level meeting to review the 100-day action plan of the Department of Space, the minister took stock of the present status, the opportunities and future space missions of India's space sector.

ISRO Chairman S. Somanath, his team and senior officials were present in the meeting.

“Space startups have increased from 1 in 2022 to nearly 200 in 2024, witnessing an unprecedented rise of 200 times in these years,” said Minister Singh.

In 2023, nearly Rs 1,000 crore was invested in the space sector of India in just about eight months.

Further, the industry caters to nearly 450 MSMEs affirming the PM’s vision of “Sabka Prayas” during the Amrit kaal period.

Giving further insights into the space sector, Dr Jitendra Singh said the share of India in the global space economy by 2030 is going to rise four times in comparison to 2021.

In 2021, the Indian space industry contributed 2 per cent to the global share. This is expected to rise to 8 per cent by 2030 and further to 15 per cent by the year 2047.

--IANS