India’s Space Sector Contributes ₹20000 Crore to GDP Over the Last Decade

India’s Space Sector Contributes ₹20000 Crore to GDP Over the Last Decade

Sub: Sci

Sec: Space sector

Why This Article Is in the News

India’s space sector has garnered significant attention due to its substantial contributions to the national economy, as highlighted during the National Space Day ( 23^rd Aug) celebrations. The event marked the first anniversary of Chandrayaan-3’s successful landing. Also, India’s approach to international collaboration in space research, particularly with China, has drawn attention following remarks made by ISRO officials during the National Space Day celebrations.

Economic Impact of the Space Sector

Over the past decade, India’s space sector has directly added approximately $24 billion (₹20,000 crore) to the country’s Gross Domestic Product (GDP). The sector also supported 96,000 jobs across both public and private sectors.

Productivity and Multiplier Effect

For every dollar generated by the space sector, there was a multiplier effect of $2.54 on the Indian economy. Furthermore, India’s space workforce has proven to be 2.5 times more productive than the broader industrial workforce in the country.

These findings were presented by Steve Bochinger, Affiliate Executive Adviser at Novaspace, a European consultancy, during the Space Day event. The study, commissioned by the Indian Space Research Organisation (ISRO), aimed to assess the socio-economic impact of the space sector from 2014 to 2023. The research was conducted by Indian firms econONE and Novaspace, involving interviews with representatives from 56 organizations across public and private sectors.

Strategic Stance on Collaborations and Future Missions

India’s Current Position on Collaborating with China

India’s space agency, ISRO, has indicated that it will consider collaborating with China on space research only if a need arises. ISRO Chairman S. Somanath and Minister of State for Space, Jitendra Singh, both emphasized that India is currently focusing on developing its own capabilities and does not see an immediate requirement for such collaboration.

Future Missions: Chandrayaan-4 and Technological Advancements

India’s upcoming Chandrayaan-4 mission, planned before 2030, aims to bring lunar soil samples back to Earth. This mission will be a significant demonstration of ISRO’s technological capabilities, including the ability to launch a rocket from another celestial body. The mission will showcase India’s growing competence in space exploration.

China’s Recent Achievements and Global Invitations

China’s recent success with the Chang’e 6 mission, which brought back lunar soil and rock samples from the moon’s far side, highlights its advancements in space exploration. China has invited global scientists to collaborate on studying these samples, but India is currently prioritizing its indigenous development and will only consider external collaboration if necessary.