Indian Space Sector Contributes $60 Billion to GDP, Creates 4.7 Million Jobs

Over the past decade, the indian space sector has added $60 billion to the GDP and generated 4.7 million jobs, according to a recent report. This growth comes as a result of nearly $13 billion in investments into the sector.

The report, prepared by global consulting firm Novaspace and commissioned by the indian space research organisation (ISRO), was unveiled by Union minister of State for Space jitendra singh on National Space Day.

The sector's revenue surged from $3.8 billion in 2014 to $6.3 billion in 2023, according to Steve Bochinger, an affiliate executive adviser at Novaspace. Bochinger noted that every dollar invested in the space sector has generated an additional $2.54 in indirect and induced economic benefits.

The indian space sector directly employs 96,000 people across public and private sectors, with a total of 4.7 million jobs created indirectly. india ranks as the eighth-largest space nation globally in terms of funding and has seen rapid growth in space-related startups.

The report highlighted that isro benefits approximately 800,000 fishermen daily and provides satellite-based weather forecasts to 1.4 billion Indians. However, it also pointed out several challenges facing the sector, including regulatory issues, financing difficulties, infrastructure gaps, and workforce constraints. Bochinger emphasized that recent regulatory reforms have yet to fully impact the sector and that startups face significant hurdles in accessing private capital, due to an underdeveloped venture capital ecosystem.
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Balasahana Suresh

24/08/2024 03:36 PM