Indian Space Economy Expected to Reach $44 Billion by 2033: Jitendra Singh

The number of foreign and domestic satellites launched by India during period 2014-23 were 396 and 70 respectively, Union Minister Dr Jitendra Singh said today, while the number of foreign and domestic satellites launched by India during period 2003-13 were 33 and 31 respectively.

In a written reply in the Lok Sabha today, the Union Minister of State (Independent Charge) Science & Technology; MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, said the revenue generated from satellite launches during decade 2014-23 is USD157 Million and 260 Million Euros. The corresponding figure during decade 2003-13 were USD15 Million and 32 Million Euros, he said.

Dr Jitendra Singh said, annual Budget allocated to Department of Space has grown from Rs. 6,792 Crores for FY 2013-14 to Rs. 12,544 Crores for FY 2023-24.

As per various global estimates and news outlets, the sector is projected to grow at 6-8% in coming years, he said.