NEW DELHI: Rejecting the claims of people questioning money spent by the government on space programmes, a report on socio-economic impact analysis of space programmes credited the space sector of returning more than twice the investment made for any venture.
The study, commissioned by Indian Space Research Organisation, (ISRO), and carried out by Econ One and Nova Space, said cumulatively, over the last decade, space sector stimulated the national economy to the tune of USD60 billion, supported 4.7 million jobs and boosted public funds to the tune of USD 24 billion intax revenues.
Presenting the report at the National Space Day function here on Friday, Steve Bochinger of the Nova Space said for every dollar of value added in space programme, USD 2.54 is generated through indirect or induced benefits. According to the findings of the report, for which the researchers collected data from various stakeholders on the basis of 22 indicators, India’s space work force is 2.5 times more productive than the country’s traditional industrial workforce. The space sector itself provides direct employment to about 96,000 people, Bochinger said quoting the report.
According to the report, the space sector has catalytic impacts on various sectors, including strategic, technical and societal sectors. In strategic sector, it has given a 91 per cent boost to India’s prestige, the report said. In societal sector, the achievements made by India’s space programme are playing a huge inspirational role, it noted.
Citing figures from the last decade, Bochinger said while USD 882 million was allocated by the government for space sector in 2014, the expenditure rose to USD 13 billion in 2023. “This investment is directed to primarily two areas access to space and satellite applications,” he said. However, this is now diversifying as the country is eyeing more ambitious projects such as space exploration and human space flights, he added.