India set to make a huge impact in space, geospatial tech, drones: Amitabh Kant

New Delhi, Sep 27: India is set to make a huge impact in three major sectors -- space, geospatial technologies and drones, said G20 Sherpa and former NITI Aayog CEO, Amitabh Kant, here on Friday.

Speaking exclusively to IANS, Kant said that the Indian space sector is doing “remarkably well” after the government opened up the space sector to private players.

“The remarkable thing is that the government of India has opened up the space sector in a vigorous manner,” Kant said.

This has led to “a range of private sector and young startups entering the sector and doing remarkably well,” he added.

They are not only launching rockets but are using the data to build rocket launchers.

Further, “they are going to take India's advancement in a range of areas, including, satellite connectivity, launching, and construction in a very big way forward”.

“So space, geospatial and drones are the three sectors, where India has opened up in a very big way and that can make a huge impact,” the former NITI Aayog CEO said.

Kant also lauded India for its healthcare initiatives, especially during the Covid-19 pandemic. After being the 'pharmacy of the world', India is now emerging as a global leader in the biosimilar market, the G20 Sherpa said.

Kant told IANS that India is the leading vaccine manufacturer in the world.

He stated that during the Covid-19 pandemic, about 2.2 billion Indian-manufactured vaccines were provided to the citizens, and also “to about 150 odd countries”.

“And now we are increasingly emerging as a biosimilar market for the world. What India has done in the field of health is remarkable,” Kant said.

Biosimilars are a type of medication that is at par with original biological medicines in terms of safety, risks, and benefits. These are introduced after the expiry of the original medicine's patent and are generally available at a lower cost than the original biologics.

According to a recent report, India's biosimilar market size was valued at $349 million in 2022. It is estimated to expand at a compound annual growth rate (CAGR) of 25.2 per cent from 2022 to 2030 to reach $2,108 million by 2030.

Kant said that India’s growth in the health sector is due to a vast range of health service providers, where both government and private players played a critical role.

“If it wasn't for India, the world would not have bought medicine at the right price. So we are the biggest generic vaccine provider in the world. We are amongst the largest vaccine manufacturers in the world. And, that demonstrates India's credibility. It's a great Make in India story,” Kant said.