India's space economy will reach $40 billion by 2040

India's space economy will be worth about billion dollars by 2040.

Union Minister of State for Science and Technology Jitendra Singh made this claim while talking to the media during the program organized on the 60th anniversary of ISRO's rocket launch.

He said that some foreign agencies have also estimated India's space economy to reach $100 billion by 2040. Jitendra Singh said that currently the country's space economy is based on only 80 lakh dollars, but a big change is going to come soon and by 2040, there will be a tremendous boom in the country's space economy.

Singh said that India can earn about 25 million euros from launching European satellites and 17-18 million dollars from launching American satellites.

He further said that more than 70% of the country's space resources come from the non-government sector. He acknowledged that India's space sector is short of resources but this shortcoming will soon be resolved.

Singh went on to add that even though other countries sent humans to the Moon, India discovered water on the Moon. Calling for greater coordination between research, education, startups and industry, Jitendra said that ISRO, being an important agency, has come forward to take the initiative in the capacity building programme.

This will also prove to be a big effort in the direction of 'Complete Science-Complete Nation'. The program will raise awareness on geospatial technology and its applications and motivate the youth to use them extensively.

Administrator of American space agency NASA, Bill Nelson will visit India on Monday. He will talk to ISRO officials on strengthening bilateral cooperation related to innovation and research. India and America are increasing cooperation in the field of critical and emerging technology. The cooperation between ISRO and NASA is increasing under this.