200-Fold Increase in Space Startups in Two Years, says Dr. Jitendra Singh

GG News Bureau
New Delhi, 21st June. In a significant development marking India’s burgeoning space sector, Union Minister Dr. Jitendra Singh announced on Thursday a staggering 200-fold increase in space startups over the span of just two years. Speaking from New Delhi, Dr. Singh, who oversees multiple departments including Science & Technology, Earth Sciences, and the Department of Space, highlighted this unprecedented growth.

The surge from a mere one startup in 2022 to nearly 200 in 2024 underscores a robust expansion fueled by Prime Minister Narendra Modi’s visionary policy to liberalize and promote public-private partnerships in the space domain.

Dr. Singh, chairing a pivotal review meeting on the Department of Space’s 100-day action plan, emphasized that this exponential rise in startups reflects India’s ambitious strides towards enhancing its global space footprint. Notably, investments totaling nearly INR 1000 crore in 2023 alone underscore the sector’s rapid evolution and potential.

India’s share in the global space economy

The minister further projected that India’s share in the global space economy is set to quadruple by 2030, rising from 2% in 2021 to an anticipated 8%, and aspiring to reach 15% by 2047. This trajectory signals India’s growing stature as a pivotal player in the international space arena.

Underlining the pivotal role of the private sector, which now enjoys full foreign direct investment (FDI) access in the space industry, Dr. Singh emphasized their pivotal role in advancing cutting-edge technologies such as small satellites, geospatial innovations, and orbital transfer vehicles.

The meeting, attended by ISRO Chairman S. Somanath and senior officials, also reviewed upcoming missions including the landmark NISAR program, a joint initiative with NASA aimed at Earth observation. Discussions also encompassed ISRO’s forthcoming projects like GSAT-20 and advancements in reusable launch vehicle technologies.

Dr. Singh underscored the critical role of technology transfer from ISRO to private entities, with over 450 MSMEs actively contributing to India’s space ecosystem. This collaborative effort, in alignment with the PM’s inclusive development vision, reaffirms India’s commitment to leveraging space exploration for societal benefits across sectors like agriculture, environment, and governance.

The minister concluded by outlining plans for ISRO’s upcoming launches and directed officials to accelerate technology transfer initiatives, ensuring India’s sustained growth as a space power.