India`s space spending to be Rs 10,000 cr by 2014: Study

Last Updated: Thursday, August 26, 2010 - 00:08

Bangalore: The space spending is expected
to increase by an average of 14.8 per cent annually in India
over the next four years and estimated to be Rs 10,000 crore
by 2014, a CII-Antrix-Deloitte study said today.

Currently, India is ranked sixth globally in terms of
space budget and technological capabilities, behind the US,
Europe, Japan, Russia and China, the New India Space Market
Study said.

The study was released by K R Sridhara Murthi,
Managing Director, Antrix Corporation Ltd, at the Bengaluru
Space Expo (BSX) 2010 conference organised by Confederation of
Indian Industry (CII) and Antrix, the commercial arm of Indian
Space Research Organisation.

The Government space budget of Rs 5778 crore for 2010
has increased by an estimated 22 per cent from the previous
year, and amounts to 0.14 per cent of GDP. From 2003 to 2010,
funding has increased 144 per cent from Rs 2,368 crore.

India is well positioned to become a global leader
supplying advanced technology at a fair price to US and
European space industry companies, Murthi said at a Leaders?
Forum conducted at the World Space Conference 2010 here while
releasing this report.

"India`s space industry is different than its defence
industry which purchases much of its equipment from foreign
suppliers. Indigenous suppliers provide an estimated 70 per
cent of the technology content, providing a solid foundation
to provide technology innovation throughout the space industry
value chain on a global basis," said Gurpal Singh, Deputy
Director General and Head of Defence & Aerospace at CII.

"India’s space industry is registering explosive
growth, with many opportunities for indigenous as well as
foreign suppliers to help further develop the country?s
communications, positioning, navigation and tracking as well
as earth observation requirements going forward," added Tom
Captain, Vice Chairman, Deloitte LLP, Global Aerospace &
Defence Sector Leader.

Bureau Report



First Published: Thursday, August 26, 2010 - 00:08

More from zeenews

 
comments powered by Disqus