New Delhi, Oct 1 : The Make in India initiative in sectors like space and geospatial will drive growth in the country by 2047, said G20 Sherpa Amitabh Kant on Tuesday.

He was speaking at a high-level seminar on 'Make in India for Space and Geospatial Sector', organised by the Geospatial World Chamber of Commerce (GWCC) in the national capital.

He emphasised India's growing leadership in the space and geospatial sectors, underscoring the opportunities for both local and international stakeholders to contribute to this vital growth.

"India, currently the world's 5th largest economy, is set to become the 3rd largest by overtaking Japan and Germany in the next two and a half years," Kant stated.

"To achieve our goal of a $30 trillion economy by 2047, significant breakthroughs in sectors like space and geospatial technology will be key drivers of growth," he added.

While acknowledging the challenges in opening up these sectors, Kant lauded Prime Minister Narendra Modi's initiative in overcoming bureaucratic resistance.

'India's share in the global space economy must grow from 2 per cent to 10 per cent. The private sector, especially startups, will play a pivotal role in driving this shift, with groundbreaking firms like Skyroot and Agnikul leading the way,' said the former NITI Aayog CEO.

The seminar explored how India's space and geospatial sectors are poised for tremendous growth, focusing on the 'Make in India' initiative. The event also highlighted the immense potential for foreign direct investment (FDI) in manufacturing software and hardware products.

Kant encouraged startups to utilise vast data resources for economic disruption and satellite communications, highlighting real-time data as a key factor in improving governance and addressing rural-urban disparities.

The seminar also featured discussions on urbanisation and how geospatial technology can address future infrastructure needs. By 2050, 50 per cent of India will require urban development, and Kant emphasised the need for digital twins and advanced forecasting tools for sustainable growth.

Sanjay Kumar, CEO of GWCC and Geospatial World highlighted that the global geospatial industry, including the two crucial pillars of space infrastructure -- earth observation and the global navigation satellite system -- now represents a $500 billion industry.

"Its socio-economic impact and relevance to the digital economy are not only fundamental but a prerequisite for the future," Kumar said.

/IANS