Reportedly this year i.e. in 2024, india is going to lay the foundation for successful defense deals and new activities in space. This year, india is taking steps towards becoming a new space power and taking its economy to new heights with the help of space. In 2014, India's economy was at 10th place, which is currently at fifth place. india is trying to step forward not only in space but also in the world of technologies like artificial intelligence, machine learning etc. In this too, with the help of space, its effort is to rapidly become a suitable and welfare option for the countries of the Global South and in this it is also succeeding. india is continuously working to become the 3rd largest economy before 2030. This year, india is also preparing to launch its first human mission in space, Gaganyaan-3. Not only this, india is also ready to discover water on the moon.
Meanwhile india is rapidly moving towards becoming a superpower in space and for this the indian Air Force wants to exploit every aspect of space. The government has also involved about 100 private companies in making weapons under Make in india and the indian Air Force is also benefiting from them. The size of the space economy is increasing very rapidly. According to the report of Ernst & Young, the size of the space economy was 447 billion dollars in 2020, which is expected to cross 600 billion dollars by 2025.
Moreover the report published by the indian Space Association and Ernst & Young titled 'Developing the Space Ecosystem in India' also said that the space launching market will grow very rapidly by 2025. In this report, its annual growth in india has been estimated at 13 percent. Work is going on to make india a 'strong aerospace power' equipped with an excellent 'air power'. Till now, along with Elon Musk's SpaceX, russia and china have been the big players in launching satellites commercially. Russia's ongoing war with ukraine for more than two years and China's expansionist policies have taken away this market from it and india is rapidly attracting other countries.