Isro chairman S Somanath shared key findings from a study, revealing a Rs 2.5 return for every rupee invested, emphasizing Isro's focus on national service. The Socio-Economic Impact Analysis highlighted the space sector's $60 billion GDP boost from 2014 to 2024, creating 4.7 million jobs. Despite a smaller budget than NASA, India aims for a 10% global market share, showcasing growth in private space companies and successful space missions.
In a recent presentation to students of Karnataka Residential Educational Institutions Society, Isro chairman S Somanath shared exciting insights from a study conducted by the Indian space agency. He revealed that for every rupee invested by the organization, there is a remarkable return of Rs 2.5, highlighting the significant societal benefits stemming from Isro's endeavors.
Somanath emphasized Isro's overarching objective of serving the nation, prioritizing national service over engaging in a competitive race for space supremacy. Recognizing the substantial costs associated with lunar missions, he stressed the importance of diversifying funding sources and leveraging business opportunities to sustain the agency's operations. This strategic approach, he noted, is crucial for ensuring continued support and longevity in the ever-evolving space industry landscape.
The Socio-Economic Impact Analysis of Indian Space Programme, a collaborative effort between Isro and Novaspace, offered compelling insights into India's space program's contributions to the economy. Released on National Space Day by Minister Jitendra Singh, the report revealed that the space sector had injected $60 billion into India's GDP from 2014 to 2024, showcasing a significant multiplier effect of $2.54 for every dollar generated by the industry.
As of 2023, the Indian space sector's revenues had surged to $6.3 billion, propelling India to the rank of the eighth-largest space economy globally. Notably, the industry's growth had created a substantial 4.7 million jobs, including 96,000 positions in both public and private sectors, underscoring the sector's profound impact on employment opportunities and economic prosperity.
With the Indian space economy valued at Rs 6,700 crore ($8.4 billion) in 2024, contributing 2%-3% to the global space economy projected to reach $13 billion by 2025, India aims to capture a 10% market share in the coming decade. Despite operating on a budget significantly smaller than that of NASA, Isro has demonstrated remarkable progress, with over 400 private space companies now active compared to just 54 in 2020, showcasing a vibrant and expanding space ecosystem.
Isro's accomplishments extend beyond economic metrics, with a fleet of 127 Indian satellites launched by the end of 2023, facilitating critical services such as daily assistance to eight lakh fishermen and weather forecasts benefiting 140 crore Indians. India's prowess in interplanetary exploration is equally impressive, with successful missions to the Moon and Mars, including the historic soft-landing of the Chandrayaan-3 lander near the Moon's uncharted south pole.
Looking ahead, India's ambitious space endeavors include ongoing studies of the Sun through the Aditya L-1 satellite, exemplifying the nation's commitment to advancing scientific knowledge and technological capabilities in the realm of space exploration. Through strategic investments, groundbreaking achievements, and a steadfast dedication to national service, India's space program continues to soar to new heights, inspiring generations and fostering innovation on a global scale.
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