India to become third largest space-tech economy by 2030: Report

India is on a trajectory to significantly bolster its position in the global space-tech arena, with projections estimating its space economy will soar to $40 billion by 2030. A recent report highlights this substantial growth, positioning India as the third largest space-tech market in the world. This surge is attributed to the country's increasing investments and innovations in satellite technology, launch capabilities, and space exploration. The Indian Space Research Organisation (ISRO) plays a pivotal role in driving this expansion, with successful missions that have captured international attention. Collaborations with private enterprises and international space agencies are further accelerating advancements and opening new avenues for commercial opportunities. These partnerships are crucial as they enhance technological capabilities and attract foreign investments. The burgeoning space sector is expected to spur economic growth, create jobs, and inspire technological advancements across various industries. As India continues to expand its footprint in space-tech, it not only strengthens its strategic position globally but also fosters a robust ecosystem for scientific research and innovation within the country. This growth signals a promising future for India's aspirations in space exploration and technology.

— Authored by Next24 Live