A collaboration between two premier research and educational institutions in Thiruvananthapuram has shed light on India’s “space economy”.
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According to researchers from the Centre for Development Studies (CDS) and the Indian Institute of Space Science and Technology (IIST), the size of India’s space economy, is estimated at a figure of ₹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.
Space applications accounted for the major chunk of this evolving economy, constituting 73.57% (₹27,061 crore) of it in 2020-21, followed by space operations (₹8,218.82 crore or 22.31%) and manufacturing (₹1,515.59 crore or 4.12%).
The study also found that 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.
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