Make in India for Space and Geospatial Sector to Drive Growth by 2047: Amitabh Kant
The “Make in India” initiative, particularly in the space and geospatial sectors, is expected to fuel significant growth in the country by 2047, according to G20 Sherpa Amitabh Kant.
Speaking at a high-level seminar titled “Make in India for Space and Geospatial Sector,” organized by the Geospatial World Chamber of Commerce (GWCC) in the national capital, Kant emphasized India’s rising leadership in these sectors and the opportunities they present for both domestic and international stakeholders.
“India, currently the world’s fifth-largest economy, is on track to become the third-largest by surpassing Japan and Germany within the next two and a half years,” Kant stated. He added that achieving a $30 trillion economy by 2047 will depend on breakthroughs in space and geospatial technologies.
While acknowledging the challenges in liberalizing these sectors, Kant praised Prime Minister Narendra Modi’s efforts in overcoming bureaucratic obstacles. “India’s share of the global space economy needs to increase from 2% to 10%. The private sector, particularly startups, will be crucial in driving this change, with innovative companies like Skyroot and Agnikul leading the way,” he noted.
The seminar explored the immense growth potential in India’s space and geospatial sectors, highlighting the “Make in India” initiative and the opportunities for foreign direct investment (FDI) in manufacturing software and hardware products.
Kant encouraged startups to leverage vast data resources for economic innovation and satellite communications, emphasizing that real-time data can enhance governance and address rural-urban disparities. The discussions also covered urbanization and the role of geospatial technology in meeting future infrastructure needs, with predictions that by 2050, half of India will require urban development. He stressed the importance of digital twins and advanced forecasting tools for sustainable growth.
Sanjay Kumar, CEO of GWCC and Geospatial World, highlighted that the global geospatial industry, which includes essential components like earth observation and global navigation satellite systems, now constitutes a $500 billion market. “Its socio-economic impact and relevance to the digital economy are fundamental and essential for the future,” Kumar asserted.
