ENA Economy 2025-05-08 13:38:52 <p><span style="font-size:14px"><strong>New Delhi, May 8 (KNN)</strong> Indias space sector is showing promising growth, despite its modest current contribution to the economy.</span></p> <p><span style="font-size:14px">A new study reveals that in 2020 21, the space sector accounted for just 0.19 per cent of Indias Gross Domestic Product (GDP). However, recent developments suggest an upward trend.</span></p> <p><span style="font-size:14px">The commercial arm of ISRO, New Space India Limited (NSIL), generated Rs 2,940 crore in revenue in 2022 23, with a projected annual growth rate of 24 per cent.</span></p> <p><span style="font-size:14px">The study, authored by experts from various Indian academic institutions, highlights the impact of policy reforms like the Space Activities Policy 2023 and the creation of the Indian National Space Promotion and Authorisation Centre (In-SPACe).</span></p> <p><span style="font-size:14px">India's space economy spans manufacturing, operations, and applications&mdash;ranging from launch vehicle production to satellite-based services.</span></p> <p><span style="font-size:14px">ISRO remains the core driver, employing over 17,000 people, while the broader space industry supports around 50,000 jobs. Notably, space startups have surged from just one in 2014 to 229 by mid-2024, employing about 2,500 people.</span></p> <p><span style="font-size:14px">Private investments in satellite manufacturing, launch services, and applications like telecom and agriculture are helping boost productivity across sectors. The study emphasizes Indias growing role in deep space exploration, private sector participation, and international collaborations.</span></p> <p><span style="font-size:14px">Despite limited spending relative to GDP, the space sector's technological innovations and spillover benefits significantly impact national development. Satellite-based services are improving agriculture, disaster management, navigation, infrastructure planning, and more.</span></p> <p><span style="font-size:14px">The researchers conclude that India's space industry, though currently small in size, has immense potential and could become a major economic driver in the years ahead.</span></p> <p><em><strong><span style="font-size:14px">(KNN Bureau)</span></strong></em></p> 42014 https://knnindia.co.in/news/newsdetails/economy/indias-space-economy-records-strong-growth-with-rs-2940-cr-boost-study 2025-05-08 13:38:52 knnindia.co.in