G20 podium
Team Blitz India
NEW DELHI: India is set to transform the planet’s connection to the final frontier and can emerge as a counterweight to China, according to The New York Times.
“Since June 2020, when Mr. Modi announced a push for the space sector, opening it up to all kinds of private enterprise, India has launched a network of businesses, each driven by original research and homegrown talent. Last year, the space startups raked in $120 million in new investment, at a rate that is doubling or tripling annually,” it observed.
India is expected to overtake the US and become the world’s second-largest economy by 2075, according to a report by Goldman Sachs Research. It said as India’s population of 1.4 billion becomes the world’s largest, its GDP is likely to expand dramatically.
NYT noted that India has become home to at least 140 registered space-tech start-ups in recent times.
“The start-ups’ growth has been explosive, leaping from five when the pandemic started. And they see a big market to serve,” said the article, titled ‘The Surprising Striver in the World’s Space Business’, published earlier this month.
India’s importance as a scientific power is taking the centre stage, it stated. Quoting a recent statement from the White House, it said, “Both countries see space as an arena in which India can emerge as a counterweight to their mutual rival, China”.
