India’s space economy is all set to reach USD 40 billion by 2040, and scientists will also enjoy a better working environment, Union Minister Jitendra Singh said. The Minister of State for Science and Technology & Atomic Energy and Space (Independent Charge) said that some foreign agencies like the AKD have predicted that this figure could even rise up to USD 100 billion by 2040. He said that India’s space economy at present is “not very impressive” with just about USD 8 million.

But we are moving in quantum jumps, and in the foreign satellite launch alone, we have earned about EUR 230–240 million for launching European satellites and about USD 170-180 million for launching American satellites,” Singh said after inaugurating the 60th-anniversary celebrations of ISRO’s rocket launch in Thiruvananthapuram on Saturday (November 25).

Singh said that with the establishment of the National Research Foundation, Anu Sandhan, a better model of similar foundations existing in US, a significant industry presence could be established.

“With this, more than 70 per cent of our space resources are going to come from the non-government sector.