India's space economy to reach $40 billion by 2040, claims union minister

There were only four space startups in India in 2014 and that number has increased to more than 150 in 2023, union minister Jitendra Singh said on Monday, noting that the country's space economy is currently valued at $8 billion and estimated to reach $40 billion by 2040.

The minister of state (independent charge) for science and technology shared the information as he inaugurated the S20 Conference under the aegis of G20 at Amity University.

"In 2014, the country had 350 startups, but today we have more than 1.25 lakh, and 130 unicorns. Of the 1.25 lakh startups, 6,000 are in the unicorn sector, which has transformed the landscape of innovation in the country," Singh said.

He said the Global Innovation Index has also risen from 81 to 40, which is yet another example of India's strong position in the science and technology domain, according to a statement issued by the university.

"There were only four space startups in the country in 2014 whereas in 2023, there are more than 150. Our space economy is currently valued at $8 billion and estimated to reach $40 billion by 2040," the minister added.

Singh said the world is ready to be led by India and the successful Chandrayaan-3 mission bears testimony to the collective acumen of India's "incredible scientific temperament".

India is also working on zero gas emissions and has taken the lead in producing green hydrogen not only for itself but for the entire world, Singh said.