According to a recent report, India’s space economy now accounts, on an average, for about 0.23% of the GDP (over 2011-12 to 2020-21).
Salient features
- Researchers from the Centre for Development Studies (CDS) and the Indian Institute of Space Science and Technology (IIST) arrived at a figure of Rs 36,794 crore (approximately $5 billion) for the financial year 2020-21.
- The estimated size, as a percentage of the GDP, has slipped from 0.26% in 2011-12 to 0.19% in 2020-21, they found.
- The findings were outlined in a paper, “The space economy of India: its size and structure”.
- By employing internationally accepted frameworks, the authors have examined the annual budget for the space programme and its constituents; space manufacturing, operations and application.
- According to the paper, space applications accounted for the major chunk of this evolving economy, constituting 73.57% (Rs 27,061 crore) of it in 2020-21, followed by space operations (Rs 8,218.82 crore or 22.31%) and manufacturing (Rs 1,515.59 crore or 4.12%).
- The space budget as a percentage of the GDP slipped from 0.09% in 2000-01 to 0.05% in 2011-12, and has remained more or less at that level since then.
- In relation to GDP, India’s spending is more than that of China, Germany, Italy and Japan, but less than of the U.S. and Russia.
(Source: The Hindu)
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