Union Minister Jitendra Singh highlights the untapped potential of ocean resources and space in driving economic growth.
In a recent address, Union Minister Jitendra Singh emphasized the significance of exploring lesser-known areas such as ocean resources and space to add value to India’s future economy. Under the leadership of Prime Minister Narendra Modi, the government has reinforced and strengthened the existing pillars of the economy while reducing unnecessary restrictions and regulations to facilitate ease of business.
Singh commended Prime Minister Modi for introducing new dimensions to the Indian economy, including the concepts of the blue economy and space economy, which were previously overlooked by past governments. These innovative approaches are poised to play a crucial role in India’s global competitiveness, aligning the nation with international standards.
One of the remarkable achievements in India’s space sector is the widespread adoption of Indian Space Research Organisation (ISRO) technology by countries like the United States and the former Soviet Union. Despite starting its space journey much later, India has successfully launched 353 out of 385 foreign satellites in the past nine years, generating a substantial revenue of USD 174 million.
Highlighting the potential of the blue economy, Singh referenced Prime Minister Modi’s emphasis on the Deep Sea Mission during his Independence Day address. The government aims to raise awareness about the hidden wealth that lies beneath the seabed. Exploring and harnessing the ocean’s resources can unlock tremendous economic opportunities for the country.
Singh urged the business community to embrace the evolving culture of business and maximize the use of technology. He emphasized that India has access to cutting-edge technology but sometimes lacks awareness about its potential. The government is actively facilitating ease of business and supporting the development and marketing of new entrepreneurial products.
Singh called upon the business community to identify and support potential startups, highlighting India’s impressive standing as the world’s third-largest startup ecosystem. However, he stressed the need for continuous efforts to sustain and further enhance this ranking.
The minister also lauded Prime Minister Modi for the revival of the Khadi business, which has achieved a remarkable turnover of over Rs 10 lakh crore.
With a strategic focus on ocean resources and space, India is poised to tap into unexplored frontiers and leverage these untapped domains to bolster its future economy. As the country embraces innovation and technology, it is well-positioned to compete globally and propel its economic growth to new heights.
