‘Role model for aspiring nations’: WEF official lauds India's space sector | Latest News India - Hindustan Times

‘Role model for aspiring nations’: WEF official lauds India's space sector

Mar 24, 2024 02:20 PM IST

Buckup said that the space sector would soon evolve into a trillion-dollar industry with nearly every company showing some interest in space-related endeavours.

A senior official from the World Economic Forum (WEF) noted that the enthusiasm surrounding India's space endeavours is drawing in talent from various corners of the globe, motivating them to initiate businesses and play a part in advancing the sector's development.

Sebastian Buckup
Sebastian Buckup

"India is seen as a role model, a lighthouse for smaller, aspiring space nations, which also look to India for support. This is something the WEF would like to facilitate, an exchange between large and emerging space nations in the interest of growing the space sector overall in an inclusive and responsible manner," Sebastian Buckup, member of the executive committee of C4IR, told PTI in an interview.

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He said that there exists significant interest among entrepreneurs who are eager to capitalize on opportunities within the space sector.

Sebastian Buckup further stated that establishing a ‘space public infrastructure’ in India could potentially trigger a surge in space entrepreneurship. During his visit to India, Buckup held meetings with various stakeholders in the space sector, including representatives from INSPACe, and ISRO, as well as emerging and established space enterprises.

Last week, the Centre for the Fourth Industrial Revolution (C4IR), an initiative by the World Economic Forum (WEF), inaugurated its space technology program in India. The initiative aims to foster international partnerships among diverse stakeholders as the private space sector gains momentum in the country.

"I think many people outside of India are still describing India as an emerging space nation. The reality is that India has arrived in the top section of space actors, and there is an opportunity to shift the narrative and help the world understand what India has really achieved," he said.

Buckup highlighted that India's advancements in the space sector also offer an opportunity to disseminate its finest practices and accomplishments.

Regarding future trends in the space industry, Buckup said that the sector would soon evolve into a trillion-dollar industry, with nearly every company showing some interest in space-related endeavours.

"I think it is fair to say that at some point, every economy will become a space economy, and every company will become a space company. So, these economies and these companies should be ready for that," he said.

He also emphasized that the increasing interest in the space sector would lead to reduced costs and stimulate innovation, resulting in economic and societal benefits.

According to the Indian National Space Promotion and Authorisation Centre (IN-SPACe), the current valuation of the Indian space economy stands at around nine billion dollars, representing a two per cent stake in the global space economy. IN-SPACe projects that India's space economy has the potential to grow to 44 billion dollars by 2033, capturing around 8 per cent of the global share.

(With inputs from PTI)

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