According to a research, the space industry has created 4.7 million jobs and contributed $60 billion to the GDP of India during the past ten years.
It revealed that the nation had made investments in the space industry totaling close to $13 billion in recent years. The industry generated $60 billion in direct, indirect, and induced gains for the national economy.
On National Space Day, Union Minister of State for Space Jitendra Singh delivered a study written by the international consultancy firm Novaspace on behalf of the Indian Space Research Organization (ISRO).
The industry is expected to generate $6.3 billion in sales in 2023, up from $3.8 billion in 2014, according to Steve Bochinger, associate executive adviser at Novaspace.
He explained that the nation’s economy benefited an additional “$2.54 of indirect and induced benefit” for every dollar invested in or earned from the space sector.
Bochinger added that the Indian space industry “directly employs 96,000 persons through the public and the private sector” and produced 4.7 million employment.
The survey also revealed that India has witnessed a higher rate of growth for startups in the space industry and is currently the eighth-largest space nation globally in terms of financing.
It further stated that ISRO provides daily benefits to roughly eight lakh fishermen. Satellite-based weather forecasts are also beneficial to about 1.4 billion Indians.
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The research also outlined current issues affecting the Indian space sector, including workforce, infrastructure, financing, regulations, and market context.
The major regulatory changes in the space industry, according to Bochinger, “have not produced their full effect yet”.
Moreover, he stated that “especially due to an underdeveloped venture capital ecosystem,” access to private money is a key challenge for businesses in the nation.
