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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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Oil Prices Edge up as Market Assesses Trump's Tariff Plans

FILE PHOTO: A ship is moored near storage tanks at an oil refinery off the coast of Singapore October 17, 2008. REUTERS/Vivek Prakash/File Photo
FILE PHOTO: A ship is moored near storage tanks at an oil refinery off the coast of Singapore October 17, 2008. REUTERS/Vivek Prakash/File Photo
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Oil Prices Edge up as Market Assesses Trump's Tariff Plans

FILE PHOTO: A ship is moored near storage tanks at an oil refinery off the coast of Singapore October 17, 2008. REUTERS/Vivek Prakash/File Photo
FILE PHOTO: A ship is moored near storage tanks at an oil refinery off the coast of Singapore October 17, 2008. REUTERS/Vivek Prakash/File Photo

Oil prices picked up on Tuesday, after the previous session's sell-off, as the market assessed US President-elect Donald Trump's planned trade tariffs on Mexico and Canada and his aim to increase US crude production.

Oil prices had fallen more than $2 a barrel on Monday after multiple reports that Israel and Lebanon had agreed to the terms of a ceasefire in the Israel-Hezbollah conflict. A senior Israeli official said Israel looks set to approve a US plan for a ceasefire on Tuesday, but some analysts said Monday's sell-off in oil prices had been overdone.

Brent crude futures were up 43 cents, or 0.6%, at $73.44 a barrel as of 1414 GMT. US West Texas Intermediate crude futures were at $69.38 a barrel, up 44 cents, or 0.6%.

Brent crude futures fluctuated between $73.30 and $73.80 a barrel in afternoon trading.

"Today’s intra-day fluctuations are probably more of the function of assessing Trump’s overnight pledge to impose tariffs on Mexico, Canada and China," PVM analyst Tamas Varga said.

On Monday, Trump said he would impose a 25% tariff on all products coming into the US from Mexico and Canada.

The vast majority of Canada's 4 million bpd of crude exports go to the US Analysts have said it is unlikely Trump would impose tariffs on Canadian oil, which cannot be easily replaced since it differs from grades that the US produces.

On Monday, Reuters reported that Trump's team is also preparing an energy package to roll out within days of his taking office that would increase oil drilling.

A senior executive at Exxon Mobil said on Tuesday that US oil and gas producers are unlikely to "radically increase'' production.

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Market reaction on Monday to the Israel-Lebanon ceasefire news was "over the top" as the broader Middle East conflict has "never actually disrupted supplies significantly to induce war premiums" this year, said senior market analyst Priyanka Sachdeva at Phillip Nova.

Elsewhere, OPEC+ at its next meeting on Sunday may consider leaving its current oil output cuts in place from Jan. 1. The producer group is already postponing hikes amid global demand worries.