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India's Space Sector Adds $60 Billion to GDP

This screen grab made from video footage from ISRO via AFPTV taken on July 14, 2023 shows an Indian Space Research Organization (ISRO) rocket carrying the Chandrayaan-3 spacecraft lifting off from the Satish Dhawan Space Center in Sriharikota, an island off the coast of southern Andhra Pradesh state. AFP
This screen grab made from video footage from ISRO via AFPTV taken on July 14, 2023 shows an Indian Space Research Organization (ISRO) rocket carrying the Chandrayaan-3 spacecraft lifting off from the Satish Dhawan Space Center in Sriharikota, an island off the coast of southern Andhra Pradesh state. AFP
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India's Space Sector Adds $60 Billion to GDP

This screen grab made from video footage from ISRO via AFPTV taken on July 14, 2023 shows an Indian Space Research Organization (ISRO) rocket carrying the Chandrayaan-3 spacecraft lifting off from the Satish Dhawan Space Center in Sriharikota, an island off the coast of southern Andhra Pradesh state. AFP
This screen grab made from video footage from ISRO via AFPTV taken on July 14, 2023 shows an Indian Space Research Organization (ISRO) rocket carrying the Chandrayaan-3 spacecraft lifting off from the Satish Dhawan Space Center in Sriharikota, an island off the coast of southern Andhra Pradesh state. AFP

The Indian space sector has in the last 10 years contributed $60 billion to GDP, as well as generated 4.7 million jobs in the country, a report showed on Saturday.

The report by global consulting firm Novaspace, commissioned by the Indian Space Research Organization (ISRO), was released by Union Minister of State for Space Jitendra Singh on the occasion of National Space Day.

It showed that in the last years, the country invested nearly $13 billion in the space sector.

Through direct, indirect, and induced benefits, the sector contributed $60 billion to the national GDP, according to India’s news channel, NDTV.

Steve Bochinger, affiliate executive adviser at Novaspace, said that from $3.8 billion in 2014, the sector's estimated revenues increased to $6.3 billion in 2023.

Bochinger also noted that the Indian space sector generated 4.7 million jobs, and “directly employs 96,000 persons through the public and the private sector.”

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Turkish Central Bank to Use All Instruments to Maintain Stability, Governor Tells Bank Executives

A police officer looks on from a vehicle, as people gather for a protest in support of Istanbul Mayor Ekrem Imamoglu, on the day Imamoglu was jailed as part of a corruption investigation, near the Istanbul Metropolitan Municipality building, in Istanbul, Türkiye, March 23, 2025. REUTERS/Murad Sezer
A police officer looks on from a vehicle, as people gather for a protest in support of Istanbul Mayor Ekrem Imamoglu, on the day Imamoglu was jailed as part of a corruption investigation, near the Istanbul Metropolitan Municipality building, in Istanbul, Türkiye, March 23, 2025. REUTERS/Murad Sezer
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Turkish Central Bank to Use All Instruments to Maintain Stability, Governor Tells Bank Executives

A police officer looks on from a vehicle, as people gather for a protest in support of Istanbul Mayor Ekrem Imamoglu, on the day Imamoglu was jailed as part of a corruption investigation, near the Istanbul Metropolitan Municipality building, in Istanbul, Türkiye, March 23, 2025. REUTERS/Murad Sezer
A police officer looks on from a vehicle, as people gather for a protest in support of Istanbul Mayor Ekrem Imamoglu, on the day Imamoglu was jailed as part of a corruption investigation, near the Istanbul Metropolitan Municipality building, in Istanbul, Türkiye, March 23, 2025. REUTERS/Murad Sezer

Türkiye's Central Bank will use all instruments within market rules effectively and decisively to maintain stability, Governor Fatih Karahan told bankers on Sunday, the Turkish Banks Association (TBB) said.
In a statement, TBB said that Karahan and TBB board members discussed recent market developments in a meeting on Sunday, after an Istanbul court formally arrested Istanbul Mayor Ekrem Imamoglu.
Turkish lira, stocks and bonds suffered heavy declines since Wednesday when Imamoglu, the main political rival to President Recep Tayyip Erdogan, was taken into custody.

Finance Minister Mehmet Simsek has told bankers that temporary market fluctuations were being monitored closely and necessary measures were being taken, according to a readout of a meeting from TBB.
The Central Bank this week raised its overnight rate unexpectedly and spent about $10 billion in foreign reserves on Wednesday to stabilize the currency, which plunged by 12% to an all-time low that day. Inflation was 39% last month.