Space Economy: He said the courageous decision of the political dispensation to open up the space sector to private players has been a game-changer. "This has supplemented our resources both fund-wise and knowledge-wise," Singh added.
India s space economy is expected to reach USD 40 billion by 2040, with potential estimates projecting it to even reach USD 100 billion, according to Union Minister Jitendra Singh. Currently at around USD 8 million, Singh highlighted significant progress, citing earnings of EUR 230-240 million for launching European satellites and USD 170-180 million for launching American satellites.
Companies that were primarily vendors to Isro have started warming up to the idea of investing in technology and making bigger bets in the space sector, especially after the success of the Chandrayaan-3 mission
This would result in a complete break from the past where government spending was the only source of funding for the country’s space sector, says ISRO Chairman S. Somanath