Space startups in India has attracted over ₹1,000 crores worth of private investment since April this year, Union minister of science and technology, Jitendra Singh, said on Wednesday.

“India’s space economy today stands at a modest 8 billion USD, but our own projection is that by 2040 it will multiply manifold. But more interestingly, according to some international observers, for example the recent ADL (Arthur D Little) Report, India has the potential of reaching a 100 billion USD space economy by 2040,” said Singh while speaking at the India Today conclave.

The minister said the Indian Space Research Organisation (Isro) has so far launched more than 430 foreign satellites, earning more than 290 million euros from European satellites and over 170 million USD by launching American satellites.

“Within a short span of just about four years, the number of Space Startups has gone up from a mere single digit to over 1,180, with some of the earlier ones having turned into lucrative entrepreneurs.

“Prime Minister Narendra Modi has broken taboos of the past by opening the space sector to public-private-participation (PPP). From just one startup in the space sector in 2014, we now have 190 space startups,” the minister said.