New Delhi, Aug 24 (IANS) The Indian space sector has in the last 10 years contributed $60 billion to GDP, as well as generated 4.7 million jobs in the country, according to a report.
It showed that in the last years, the country invested nearly $13 billion in the space sector. Through direct, indirect, and induced benefits, the sector contributed $60 billion to the national GDP.
The report by global consulting firm Novaspace, commissioned by the Indian Space Research Organisation (ISRO), was released by Union Minister of State for Space Jitendra Singh on the occasion of National Space Day.
From $3.8 billion in 2014, the sector’s estimated revenues increased to $ 6.3 billion in 2023, said Steve Bochinger, affiliate executive adviser at Novaspace
He informed that every dollar that was generated via investments or revenues in the space sector led to an additional “$2.54 of indirect and induced benefit” to the nation’s economy.
Bochinger also noted that the Indian space sector generated 4.7 million jobs, and “directly employs 96,000 persons through the public and the private sector”.
The report further showed that India was the eighth-largest space nation in the world in terms of funding and has seen faster growth of startups in the sector.
It added that about eight lakh fishermen are benefitted daily by ISRO. About 1.4 billion Indians also get the benefit of satellite-based weather forecasts.
Meanwhile, the report also highlighted challenges such as regulatory, financing, infrastructure, market context, and workforce that currently impact the Indian space sector.
Bochinger noted that the significant regulatory reforms in the space sector “have not produced their full effect yet”.
Moreover, access to private capital is of major concern for startups in the country “especially due to an underdeveloped venture capital ecosystem,” he said.
–IANS
rvt/
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
