Space is becoming an important component of the India's economy, Union Minister Dr Jitendra Singh said today.

Space StartUps attracted private investment amounting to more than Rs.1,000 crore in this Financial Year since April, he said.

The Union Minister of State (Independent Charge) Science & Technology; MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, said this while participating in a National TV Conclave here.

“India’s Space economy today stands at a modest $8 billion, but our own projection is that by 2040 it will multiply manifold. But more interesting is that according to some international observers, for example the recent ADL (Arthur D Little) Report mentions that we could have the potential of $100 Billion by 2040,” he said.

Dr Jitendra Singh said ISRO has so far launched more than 430 foreign satellites, earning more than 290 Million Euros from European satellites and over 170 Million US Dollars by launching American satellites.

Dr Jitendra Singh said, India has a rapidly rising number of Space sector Startups since Prime Minister Shri Narendra Modi initiated reforms in the Space sector. Within a short span of just about four years, the number of Space Startups has gone up from a mere single digit to over 1180, with some of the earlier ones having turned into lucrative entrepreneurs.

“Prime Minister Shri Narendra Modi has broken taboos of the past by opening the Space sector to public-private-participation. From just 1 Startup in the Space sector in 2014, we now have 190 Space Startups,” he said.

Dr Jitendra Singh gave full credit to PM Modi for enabling India’s Space scientists to vindicate the dream of their founding father Vikram Sarabhai by "unlocking" India’s Space sector and providing an enabling milieu in which India’s huge potential and talent could find an outlet and prove itself to the rest of the world.

Dr Jitendra Singh said, Dr Vikram Sarabhai, the first Chairman of ISRO and the founding father of India's Space Programme, always insisted on ISRO playing a meaningful role “nationally” and said it was a vindication that during the nine years of the Government led by Prime Minister Modi, the youth talent of India, which was waiting to be explored, got new wings.

“India was always had the huge talent pool and passion to dream big, but finally it was PM Modi who gave them a perfect outlet,” he said.

Dr Jitendra Singh said India’s space missions are designed to be cost effective, building upon human resources and skills.

“The Russian moon mission, that was unsuccessful, cost Rs.16,000 crore, and our (Chandrayaan-3) mission cost just around Rs.600 crore,” he said, adding, “Our cerebral resource is much, much more than our material resource finance.”

Dr Jitendra Singh said India’s Space missions have leapfrogged in the last nine years under the leadership of PM Modi, especially in the last four years, and are being hailed world over.

“Even though the USA and the then Soviet Union had started their Space journey long before us and America also landed a human being on the surface of Moon in 1969, it was nevertheless our Chandrayaan that brought home the evidence of water on the surface of the Moon,” he said.

Dr Jitendra Singh said India’s Space Technology is virtually touching every person’s life, with application of Space Technology in different sectors like Disaster Management, SVAMITVA, PM Gati Shakti, Infrastructure such as Railways, Highways & Smart Cities, Agriculture, Water Mapping, Telemedicine and Robotic Surgery.

Referring to Ms. Nigar Shaji, Project Director, Aditya L1 Mission, ISRO and Ms. Kalpana Kalahasti, Associate Project Director, Chandrayaan-3, ISRO, both of whom were sharing stage with him, Dr Jitendra Singh said, “India’s Space programme is witnessing a big change as Women are now leading the Space projects.”

On ISRO’s future plans, Dr Jitendra Singh said India’s first unmanned "Gaganyaan" mission is undergoing a series of preliminary tests.

“Before the manned Gaganyaan mission, there will be a test flight next year, which will carry ‘Vyommitra’, the female robot astronaut,” he said.

ISRO’s Gaganyaan project envisages demonstration of human spaceflight capability by launching a human crew to an orbit of 400 km and bringing them back safely to earth, by landing in Indian sea waters.

Referring to the Deep Sea Mission project, Dr Jitendra Singh said that a vehicle called MATSYA will carry three persons to a depth of 5,000-6,000 metres for exploration of deep-sea resources like minerals. This mission, he said, is expected to be realised in the next three years.

“If an Indian travels to Outer Space about the same time as another Indian explores the deep sea 5 kms below, that may be a mere coincidence,” he said.

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