With over 140 Space StartUps within a short span of time, India has gained a sound footing and the entire world has begun to acknowledge this country’s capabilities and its potential in space technology, Union Minister for Science & Technology Jitendra Singh said today.

Addressing the inaugural session of the G20 4th edition of Space Economy Leaders meeting (SELM) here, he said the credit goes to Prime Minister Narendra Modi who opened up India’s space sector to private players enabling a quantum jump in the last few years. Even though the country began its space journey several years later compared to some other countries, it is India today which is offering vital clues and inputs for the benefit of world’s leading Space agencies, he said.

The minister pointed out that the very fact that during PM Modi’s recent visit to the US, space related agreements comprised a major component of the agenda is an indication that even the countries which claim to be pioneers in space technology are today looking up to India for value addition in their Space related activities.

Lauding the private sector, Jitendra Singh termed their emerging role as “pivotal” to the space economy. He said global cooperation and alliances are vital in the light of growing ambition of humans to explore outer space. An alliance of responsible space faring nations for enhancing the share of space economy in the global economy is the need of the hour, he said.

“The future development of humanity lies in our collective ability to responsibly harness, pool resources and utilise space technology towards achieving sustainable development goals and improving the lives of common man,” said Jitendra Singh.

“An alliance of responsible space faring nations for enhancing the share of space economy in the global economy is the need of the hour, as rightly captured by the theme of this event. This aptly captures India’s G20 theme of “One Earth, One Space, and One Future” as we say in Sanskrit language ‘Vasudhaiva Kutumbakam’,” he added.

The minister said, “Since space technology integrates various pillars of economy under one umbrella, the investments made here will have a multiplier effect on overall development of countries and economies. Studies have forecast that the space economy will be the next trillion-dollar sector in the coming decades. Considering the importance of space in the economy, India has embarked upon various measures to open up, integrate our space economy and develop alliances with other countries.”

Welcoming private partners and think tanks from across the globe, S&T Minister hoped the Space Economy Leaders Meeting of G20 countries will lead to convergence on use of space technologies to have a real and positive impact on the planet.

“Considering the fact that G20 countries along with partner countries represents the approx. 85 per cent of global GDP, 75 per cent of world trade and 2/3rd of world’s population, the decisions we take here will have a far reaching impact on the future of the space economy,” he said.

Jitendra Singh said India has demonstrated the application potential of space technology during six decades of Indian space programme. “Today, space has touched all walks of human life, including science & technology, telecommunication, agriculture, education, health, rural development, disaster warning & mitigation, studying climate change, navigation, defence & governance to name a few,” he said.