Dr Jitendra inaugurates landmark ‘In-SPACe’ Centre to facilitate private investments, StartUps
In a historic ceremony here today, Minister of Science & Technology; MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, Dr Jitendra Singh inaugurated the landmark first-of-its-kind “IN-SPACe” Technical Centre to facilitate private investments and StartUps in the Space sector. He was accompanied by ISRO Chairman, S.Somanath.
Speaking on the occasion, Dr Jitendra Singh said, India targets a five-fold increase in its share of the global space economy.
“India’s Space economy today stands at a modest $8 billion, but our own projection is that by 2040 it will multiply manifold. But more interesting is that according to some international observers, for example the recent ADL (Arthur D Little) Report mentions that we could have the potential of $100 Billion by 2040,” he said.
Dr Jitendra Singh said India’s quantum leap in the Space sector has only been possible after PM Modi took the courageous decision to “unlock” this sector from the “veil of secrecy”.
“Prime Minister Narendra Modi has broken taboos of the past by opening the Space sector to public-private-participation,” he said.
The Union Minister gave full credit to PM Modi for enabling India’s Space scientists to vindicate the dream of their founding father Vikram Sarabhai by “unlocking” India’s Space sector and providing an enabling milieu in which India’s huge potential and talent could find an outlet and prove itself to the rest of the world.
“Even though talent was never lacking in the country, the missing link of enabling milieu was created under the leadership of PM Modi. With the opening up of the Space sector, the common masses have been able to witness the launch of the mega Space events like Chandrayaan-3 or Aditya,” he said.
“If you see the Space Budget alone, there is a 142% increase in the last nine years,” he said, pointing out that there has been a three-fold or more hike in related budgets like Dept. of Science & Technology and Dept. of Atomic Energy.
Dr Jitendra Singh said this is possibly the best time for Innovators, R&D and Startups. PM Modi has delivered the right ecosystem that supports and augments Innovation, promotes entrepreneurship and fosters a thriving industry.
“…And this is what has given the outcomes, – a multiple, manifold investment; so there is a huge synergy now between Research, Academia, Startups and Industry,” he said.
Dr Jitendra Singh said, out of the 424 foreign satellites launched by ISRO since 1990s, more than 90% – 389 were launched in the last nine years.
“We have so far earned 174 Million US Dollars from the launching of the foreign satellites; out of these $174 million, as much as $157 million have been earned only in the last nine years… Out of the European satellites launched so far in the last 30 years or more than that, the total revenue generated is 256 million Euros, out of which Euro 223 million, almost 90%, earned in the last nine years, which means the scale has gone up, the speed has gone up and therefore there is a huge jump that has happened,” he said.
Dr Jitendra Singh said, IN-SPACe has signed around 45 MoUs with NGEs to provide necessary support for realisation of space systems and applications envisaged by such NGEs, which is expected to increase the industry participation in manufacturing of launch vehicles and satellites.
“There are several industry associations in the country related to the space sector, the Indian Space Association (ISpA) being one among them. The activities being carried out by such industry associations does not come under the purview of the Government,” he said.
