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India's space economy set to soar
Cruising Heights
|April 2024
India's burgeoning space economy could see a substantial increase in its global share by 2040. At present, India's space sector contributes a modest $8 billion to the overall cake.
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However, the government has set its sights on an ambitious target, aiming for a five-fold surge in India's share of the global space economy. India aspires to surge its share in the global space market from two per cent to 10 per cent within the next six years Addressing the inauguration of the Technical Centre of IN-SPACe in Ahmedabad, Minister for Science and Technology Jitendra Singh revealed that India aims to capture 10 per cent of the global space market by 2040, up from its current two per cent share. He cited projections from the recent ADL (Arthur D Little) Report, suggesting that India has the potential to reach a staggering $100 billion in space economy by 2040.
This story is from the April 2024 edition of Cruising Heights.
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