New Delhi, 09 August (H.S.): Union Minister for Science and Technology Dr Jitendra Singh said on Sunday that India’s space economy is projected to reach $40-45 billion over the next eight to nine years.

Addressing the media at a digital equipment awards programme held at The Lalit Hotel here, Dr Singh said India’s space economy, which was once worth almost nothing, has now grown to around $9 billion and is expanding rapidly. He said the sector is expected to reach $40-45 billion within the next eight to nine years.

Congratulating the award winners, the Union Minister said India must further strengthen its position by 2047 as a country whose capabilities and innovations can be adopted by other nations.

Dr Singh said the next industrial revolution would be driven by biotechnology and artificial intelligence. He noted that India is now among the select countries in the world with a dedicated biotechnology policy. “We have the National Quantum Mission and the IndiaAI Mission, and we have made rapid progress in space and other frontier sectors,” he said.

Referring to the opening up of the nuclear sector to private companies, the minister said the move would create new opportunities, but the industry must also prepare itself for emerging sectors and develop the capabilities required to harness them.

He said the growth of India’s startup ecosystem demonstrated that innovation was no longer confined to major cities, with a growing number of young entrepreneurs emerging from smaller towns as well.

Dr Singh also highlighted the government’s efforts to eliminate obsolete laws and procedures. He said around 2,000 outdated laws had been repealed, including provisions inherited from an earlier era that had remained in force despite significant changes in society and governance.

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Hindusthan Samachar / Jun Sarkar