In the next few decades, it is projected that the global space economy will grow significantly, surpassing $1 trillion. While space technology has become more accessible and the cost of access to space has reduced, it is important to recognize that only a handful of nations possess comprehensive space technology capabilities. This includes the ability to design, develop, manufacture, and launch rockets and satellites domestically, as well as the capacity to receive satellite data and utilize it for various national requirements.
In this critical moment, the Government-run Department of Space in India is hosting the 4th Edition of the G20 Space Economy Leaders Meeting (SELM) in Bengaluru, Southern India. Amitabh Kant, India’s G20 Sherpa, emphasized the importance of global unity and cooperation in exploring the vast potential of the space sector, which serves as a driving force behind global economic growth.
The SELM brings together representatives from 27 national space agencies, including leaders from 18 G20 nations and nine invited nations. The meeting aims to facilitate and promote increased international cooperation in the field of space. While space technology was traditionally considered a government domain, today private space companies and startups are making rapid progress in launching reusable rockets, building and deploying satellites, and processing satellite data.
Dr. S Somanath, Chairman of ISRO, highlighted the significant response to the in-person event in Bengaluru, indicating the growing importance of space technology products and services in driving the global economy. The level of participation and the significance of the event have increased since its first edition three years ago.
Key discussions at SELM will revolve around expanding business relationships between private space industries and startups from participating nations, as well as exploring opportunities for collaboration. India, after allowing private industries to engage in end-to-end space activities since 2020, has witnessed the emergence of over 140 active and successful startups in this sector.
During the inaugural session, Dr. Jitendra Singh, India’s Minister of State in the Prime Minister’s Office, emphasized that space technology has permeated every aspect of our lives today. He called for collaborative efforts and the continuation of the collaboration fostered through the G20, extending it from Earth to space.
Post Your Comments