Rephrased Article:
Union Minister Dr. Jitendra Singh disclosed a significant surge in the number of Space Start-Ups, rising from merely one in 2014 to a remarkable count of 189 by 2023, as per the DPIIT Start-Up India Portal. During a session in the Lok Sabha today, he highlighted the ascent in investment in Indian Space Start-Ups, reaching a substantial $124.7 million in 2023.
In his written response in the Lok Sabha, Dr. Jitendra Singh, Minister of State for Science & Technology; MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy, and Space, outlined the current estimate of the Indian Space Economy, which stands at approximately $8.4 billion (around 2-3% of the global space economy). He projected that the implementation of the Indian Space Policy 2023 could potentially elevate the Indian space economy to $44 billion by 2033, with the private sector playing a pivotal role in achieving this milestone. He emphasized that the private sector is anticipated to take charge independently in satellite and launch vehicle manufacturing, providing satellite services, and developing ground systems.
Additionally, Dr. Jitendra Singh mentioned that Foreign Direct Investment (FDI) in the space sector is presently permitted under the Government route for satellite establishment and operations. The Department of Space, in collaboration with DPIIT, is actively reviewing FDI policy guidelines in the space sector to further stimulate Foreign Direct Investment.
He further highlighted the contributions of Non-Government Entities (NGEs) in launching their satellites, as well as the emergence of various Space Industries and Start-Ups involved in satellite and constellation development. These initiatives are expected to have applications in agriculture, disaster management, environmental monitoring, among others.
Dr. Jitendra Singh underscored other significant developments, such as the establishment of private satellite integration and testing facilities, local manufacturing of satellite subsystems and ground systems, and collaborations between Indian private space companies and international space organizations.
Efforts were also highlighted to engage the academic community and support startups through various initiatives, including the formation of a national committee for integrating space technology education across academic institutions, providing mentorship opportunities, evaluation of proposals from students/academic institutions, and organizing skill development courses.
Moreover, IN-SPACe, the regulatory body, has implemented several schemes to support and foster the growth of the private sector in the space domain, including seed fund schemes, mentorship support, technology transfer, and signing multiple MoUs with NGEs to bolster industry participation in manufacturing launch vehicles and satellites.
Dr. Jitendra Singh acknowledged the presence of various industry associations related to the space sector, citing the Indian Space Association (ISpA), noting that the activities of such associations operate independently from the government’s purview.