India is targeting a fivefold expansion of its space economy to nearly $44 billion by 2033, seeking to convert advances in space science into high-skilled jobs and innovative applications.

Union Minister Gajendra Singh Shekhawat said India’s space economy was currently valued at about $8.4 billion, with significant potential to reach nearly $44 billion over the next decade.

Speaking at National Space Day celebrations in Ahmedabad, Mr Shekhawat said the sector’s growth should not be measured solely by economic value but also by technological capabilities developed domestically.

He said reforms introduced in 2020 had created new opportunities for private participation in satellite manufacturing, launch services and space applications, while retaining the national space programme’s central role.

Petroleum and Natural Gas Minister, Hardeep Singh Puri, highlighted the scale of India’s recent progress, saying the country had completed 100 launches and placed 548 satellites into orbit.

Mr Puri said about 460 of the satellites were launched during the past decade, reflecting India’s growing capabilities and increasing role in the global space industry.

India became the fourth country to achieve a controlled lunar landing and the first to reach the Moon’s southern polar region through its Chandrayaan-3 mission.

The mission’s lander and rover subsequently conducted scientific experiments examining the lunar surface, including temperature, seismic activity, plasma environment and elemental composition, generating valuable data for further research.

Officials also emphasised that the rapid expansion of space activities would require greater attention to space debris, cybersecurity, data security and responsible use of artificial intelligence.

The government expects increased participation in satellite systems, launch technology, space applications and data services to contribute significantly to India’s technological advancement and broader economic development. 

(TV BRICS/NAN)