NEW DELHI (PTI): India has invested nearly USD 13 billion in the space sector over the past decade which has contributed USD 60 billion to the GDP through direct, indirect and induced benefits, a report by global consulting firm Novaspace has said.

The report 'The Socio-Economic Impact of the Indian Space Programme', released last Friday by Union Minister of State for Space Jitendra Singh, also said that India was the eighth-largest space nation in the world in terms of funding and has seen faster growth of start-ups in the sector.

"The Indian space sector has contributed 60 billion dollars to the GDP in the last decade through direct, in-direct and induced effects. In addition, it has generated 4.7 million jobs. The sector directly employs 96,000 persons through the public and the private sector," Steve Bochinger, affiliate executive adviser at Novaspace, a Paris-based consulting firm, said.

ISRO had tasked Novaspace with preparing a report on the socio-econmic impact of its space missions.

Bochinger said the estimated revenues of India’s space sector have increased from USD 3.8 billion in 2014 to USD 6.3 billion in 2023.

"Every dollar generated by the space economy in India translates into USD 2.54 of indirect and induced benefit," Bochinger said.

"This is what we call the multiplier effect," he said.

Outlining the vision for the future, Union minister Singh said India aims to commission the Bharatiya Antariksha Station (BAS) by 2035 and land Indian astronauts on the Moon by 2040.

He expressed confidence that the human spaceflight in Low Earth Orbit next year will be the first step to expand India’s scientific activities onboard an indigenous space station, leading to further lunar exploration and beyond.

The Novaspace report said ISRO helps eight lakh fisher folk daily. In addition, 1.4 billion Indians get the benefit of satellite-based weather forecasts.

Pawan Kumar Goenka, Chairman of Indian National Space Promotion and Authorization Centre (INSPACe) said it had launched a seed fund scheme for start-ups, facilitated transfer of technology to the private sector and established a design lab with simulation softwares for budding space sector entrepreneurs.

"We are encouraging the private sector to launch an earth observation constellation in the PPP mode. Efforts are being made to make use of unused ITU filings for non-government entities. We are working on fiscal and non-fiscal incentives along with state governments to promote space sub-systems manufacturing in India," Goenka said.

He said Finance Minister Nirmala Sitharaman announced Rs 1,000 crore venture capital fund for the space start-ups to help bridge the critical financing gaps faced by budding enterprises and ensure their growth and sustainability.

Subba Rao Pavuluri, President of the Satcom India Association-India, said the progressive policies by the government, including the India Space policy, and the formation of New Space India Limited, have actively encouraged Indian private companies by creating a conducive environment.

"While challenges like funding and infrastructure exist, the overall outlook is optimistic. With sustained government support and private investments, India has the potential to emerge as a global space leader," Subba Rao said.

Lt Gen A K Bhatt (retd), Director General of Indian Space Association (ISpA) said initiatives such as the new comprehensive Space Policy, setting up of IN-SPACe, reforms including liberalised FDI regulations and the New Telecom Act allocating spectrum by administrative method have already given much needed kickstart to the private industry.

"We really look forward to the continuity of policy reforms and further momentum towards ironing the remaining bottlenecks to enable the private space industry to take on more responsibility in building and supporting India’s contribution to the global space economy," Bhatt said.

He said such reforms will be instrumental in fostering a vibrant and competitive space ecosystem, paving the way for India's continued leadership in space exploration.