ISRO’s $60 Billion Contribution to India’s GDP: How Space Sector Boosts the Economy - Read Now

With moon and Mars missions, ISRO has not only made great leaps in the presence of mankind in space, but it's added a significant chunk to the Indian economic pie. According to a recent socio-economic impact analysis report, ISRO contributions to India's GDP from 2014-2024 amount to a staggering $60 billion (around 5 trillion INR). The impressive economic impact underlines the role of ISRO in building India's space capabilities and enhancing financial resilience.

ISRO's Remarkable Return on Investment

The study found that the space programmes initiated by ISRO have given the organization remarkable returns. For each rupee, the return value stayed at 2.5 rupees in the case of ISRO. ISRO Chairman S. Somanath said, "ISRO primarily seeks to serve this nation and not battle with the rest of the world by sharing their space research results." Somanath further added, "It is expensive to go to the Moon, and we can't solely bank on government funding.". We must venture into the space business if our operations are to be maintained. It will enable ISRO not only to explore new frontiers but also contribute toward India's larger economic ecosystem, which multiplies the organisation's impact beyond mere technological achievement.

Multiplier effect on India's economy

With each dollar generated by the Indian space sector, it translates to $2.54 impacts on the economy. It is through multipliers like jobs created, infrastructure related to the sector, and property values that the multiplier effect is arrived at. These multipliers work like investments in infrastructure, where economic activities are waged around the sector but thereby ripple into various domains.

Growth of the Indian Space Sector and Job Creation

Revenue in India's space sector has reached $6.3 billion in 2023 and ranks the world's largest space economy at the 8th position. More than 4.7 million jobs have been generated already by the sector, with 96,000 jobs recorded in both public and private sectors. With this increase in ISRO, it draws importance not only on technological advancing but also employment generation all across India.

Launching rockets and satellites are just tiny parts of ISRO, for they have managed to stimulate the economies of a region, prompt innovation, and create a knowledgeable workforce. The space sector is full swing with India's vision of taking a major part of the world's space economy.

India's GDP and Future Trends:

This $60 billion addition is the value added by Indian space missions to the economy from 2014 to 2024. ISRO's initiatives are certainly going to continue adding value in terms of both financial and social benefits as India further invests in its space industry alongside the nation's aim to achieve a $5 trillion GDP.

As S. Somanath elaborates, ISRO's sustained commitment to sustainable operations in the space business sector will continue to grow with stability and longevity. As ISRO proceeds to expand into new areas, it is still committed to supporting Indian economic development while advancing technological achievements in space.

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