The RBI’s Monetary Policy Committee has kept the repo rate unchanged at 6.5% for the 9th consecutive time
By Vikas Gupta
22nd Aug 24
India’s space technology industry is rapidly emerging as a dynamic sector, brimming with opportunities for investment and innovation.
With the intensifying of global interest in space exploration and technology, India’s space economy is poised for growth. Projections indicate market opportunities of over US$ 77 billion by 2030, which translates into a remarkable compounded annual growth rate (CAGR) of 26 per cent from 2023-30.
Although India currently accounts for 2-3 per cent of the global space economy, there are ambitious plans to expand this share to over 10 per cent by 2030. This will be driven by both governmental initiatives and private sector participation.
In the recently announced Union Budget 2024-25, Finance Minister Nirmala Sitharaman announced a Rs 10 billion venture capital fund for investments into India’s space economy, projecting that it will grow by five times in the coming decade.
India’s gig economy is rapidly expanding, with predictions that the workforce will grow from 7 million in 2021 to 23.5 million by 2030. This growth is driven by the rise of remote work and the need for flexibility.
The shift is transforming industries, especially tech, by providing access to a diverse talent pool while cutting costs. As companies embrace gig work, sectors like pharmaceuticals and technology are increasingly relying on freelance experts to meet their needs.
