PM Modi says India can ‘very quickly’ make its place in global space sector: ‘We must create an aura that…’
PM Modi urged private space firms to build an ecosystem that attracts global talent and investment, as India targets a larger share in the space economy
Prime Minister Narendra Modi expressed confidence that India can quickly establish itself as a global player in the space sector during an interaction with CEOs and founders of 20 private space firms on Friday. Modi emphasized the need to create an aura that attracts global talent and investment to India, stating that the country offers cost-competitive advantages, a vast domestic talent pool, and a growing ecosystem for space start-ups.
August 23 is recognized as National Space Day to celebrate the successful soft landing of the Vikram Lander in the Chandrayaan-3 mission. India opened its space sector to private participation in 2020, which led to a significant increase in the number of private startups from one in 2014 to 440 currently. The government aims to increase India's share in the global space industry, currently valued at $9 billion, to $40-45 billion over the next decade.
Modi highlighted the country's competitive cost, abundant talent, and greater risk-taking capacity as factors that enable India to quickly establish its presence in the space sector.
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