India’s Space Sector: A Catalyst for Economic Growth
- General
- Shivamadappa P
India’s space industry has become a significant contributor to the nation’s economy, as highlighted in the report “Socio-Economic Impact Analysis of the Indian Space Programme.” Conducted by Econ One and Euro consult and commissioned by ISRO, the report revealed that for every dollar generated through investments or revenues in the space sector, an additional $2.54 is contributed to the economy. This remarkable multiplier effect demonstrates how space investments extend beyond their direct impact, fostering economic growth across various sectors. Steve Bochinger, affiliate executive advisor at Euro consult, noted that for every dollar produced, an extra $2.54 is added to the national economy. This showcases the substantial indirect and induced economic effects, including job creation, technological advancements, and innovations in telecommunications, disaster management, and navigation systems. The report also stated that over the last decade, the Indian space industry contributed a staggering $60 billion to the country’s GDP through direct and indirect impacts. Additionally, India’s space sector has seen its revenues grow from $3.8 billion in 2014 to $6.3 billion by 2023, underscoring the sector’s rapid growth. The space industry also plays a crucial role in employment, directly employing around 96,000 people in both the public and private sectors, while indirectly supporting over 4.7 million jobs. This growth has solidified India’s status as a rising global leader in space technology, with ISRO gaining international acclaim for cost-effective missions and advanced technological developments. The space sector’s influence extends far beyond its immediate domain, proving to be a vital pillar in India’s overall economic development. As India continues to push boundaries in space exploration, satellite launches, and research, its space industry is set to play an increasingly crucial role on the global stage, driving innovation and prosperity for the country.
Written by : Shivamadappa P
Student At ISB&M Bangalore
