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RIYADH: India has become the fourth nation to land on the moon and has set an ambitious lunar roadmap for the next 15 years, aiming to land an Indian astronaut on the moon by 2040,  reported. 

This comes as part of New Delhi’s efforts to solidify its position as a space power. While the endeavor carries symbolic weight and bolsters national pride, the economic dimension of the space program remains a key driver of India’s ambitions.    

Official estimates indicate that India’s space economy is projected to grow fivefold by 2047, making it a crucial pillar in achieving the country’s long-term vision. The sector is currently valued at approximately $8.4 billion, representing 2 percent of the global space market, while its contribution to gross domestic product is around $2.5 billion, supporting up to 100,000 jobs. 

India achieves an estimated economic return of $2.54 for every dollar spent in the space sector, making its productivity about two and a half times higher than the average productivity of Indian industry. With these ambitions, New Delhi aims to increase its share of the global space market to 8 percent by 2033, boosting the value of the space industry to $44 billion. 

Despite these promising figures, many experts warn that India’s ambitions could clash with a reality fraught with challenges, particularly bureaucratic inertia within the government sector. 

New Delhi still lacks many of the industrial components necessary to achieve its plans. Wester Atkins, professor of Aerospace Systems, told Al-Eqtisadiah that the space industry is inherently complex and requires not only specialized human capital but also a fully integrated industrial base capable of producing the necessary components. 

Atkins believes that “government dominance over the industry prevents the realization of the potential strengths of the Indian space program.” 

Paloma O’Brien, professor of Space Thermodynamics, told Al-Eqtisadiah: “The most significant shortcomings of the Indian space program lie in its heavy reliance on imports of essential components needed for a comprehensive space program. Indian industrial capabilities in related fields still lag behind its ambitions.” 

She added: “India has made considerable progress in the space industry, but it still lacks many of the industrial components necessary to achieve its ambitious plans.” 

This challenge, in particular, has prompted the government to open the sector to private companies in space technologies and services. The market now includes more than 200 startups operating in this field, some of which have gained international recognition, enabling them to sign contracts with the US to provide advanced satellite services. However, experts believe that the sector has not yet reached the required level of maturity.  

O’Brien also told The Economic Times: “The most significant shortcoming of the Indian space program lies in its heavy reliance on importing the essential components needed for a complete space program. India’s industrial capabilities in related fields still lag behind its ambitions.” 

She added that “high tariffs on imported components make Indian space products less competitive compared to countries with well-established space industries.” 

Startups struggle amid regulatory constraints 

To establish itself as a significant player in the global space race, India urgently needs to strengthen its domestic industrial base. Despite ambitious goals, bureaucracy — particularly licensing hurdles — continues to slow the growth of startups due to the lack of a flexible regulatory framework that encourages innovation and facilitates rapid decision-making. 

To date, the private sector remains heavily reliant on foreign technology, which limits its ability to compete as an independent force in the international market. 

Industry experts believe that building a comprehensive space sector requires a long-term vision and sustained investment in technology and industrial infrastructure — requirements that often exceed India’s available financial resources. This necessitates greater efforts to attract foreign capital so that the country can achieve self-sufficiency and solidify its position among the world’s leading spacefaring nations.   

RIYADH: Greece’s Deputy Minister of Foreign Affairs Harry Theoharis has described �������� as his country’s “strongest and biggest” relationship in the Middle East during an interview with Arab News.

Speaking on the sidelines of the Future Investment Initiative in Riyadh, Theoharis highlighted Saudi Vision 2030’s focus on sectors such as construction, technology, and energy, as well as connectivity and logistics, as playing into the mutual strengths of Greece and the Kingdom.

Greece, a natural geographic bridge between the Middle East and Europe, has emerged as a very successful economy in the past few years, the deputy minister stated.

He added: “But if I may say so as well, not just by geography (the bridge), by culture as well, our affinity with the Middle East is undeniable. People tell me, here in Riyadh and FII, how much they feel at home when they come to Greece.”

Theoharis continued: “Greece-Saudi is (our) strongest and the biggest relationship (in the Middle East), because Saudi is the biggest country of the region, and it’s a relationship built on historical roots,” he said.

The minister highlighted two main initiatives under the umbrella of strategic cooperation; the first is an agreement signed between Greek Prime Minister Kyriakos Mitsotakis and Crown Prince Mohammed bin Salman in Athens in July 2022 to establish the Saudi-Greek Strategic Partnership Council.

“We have started a number of initiatives, including in investment, education, and health, and other areas as well, to ensure that we build more bridges and cooperation between business-to-business and government-to-government entities,” Theoharis said.

“Those are very specific action points that are being monitored at the highest level and being implemented at the ministerial and agency level from the competent ministries,” he added.

The second pertains to the establishment of the Greek-Saudi Business Council in September 2021 to enhance bilateral trade and investment.

Theoharis mentioned a recent meeting of the council in Riyadh, chaired by prominent Saudi businesswoman and co-president of the Greek-Saudi Business Council, Lubna Al-Olayan and Achilles Constantakopoulos, board member of the Greek Tourism Confederation and AEGEAN Airlines.

“Under the guidance of those two (initiatives), a number of businesses have worked in the past few years to implement concrete actions,” the minister told Arab News.

The energy sector is another rich area for cooperation, with Greece’s green transformation strategy — anchored by the country’s national recovery and resilience plan , Greece 2.0 — working hand in hand with the economic diversification goals outlined in Saudi Vision 2030.

The transformation plan aims for net-zero emissions by 2050, with a 55 percent emission cut by 2030 and 80 percent by 2040 by focusing on renewable energy expansion, clean transport, energy-efficient buildings, and other initiatives to achieve a circular economy.

“I think the closest opportunity that we can see is in the area of green hydrogen. This is a big pillar of Saudi’s strategy, and Greece is a natural entry point to the rest of Europe,” said Theoharis.

Green hydrogen production and investment in both Saudi and Greek infrastructure, including transport infrastructure, are going to be a “big part of our efforts for energy transition,” the deputy foreign minister stated.

He added that Greece is leading the way in terms of renewable energy production, with 55 percent of the country’s needs already being produced through renewable energy.

“And we have a plan to at least generate 75 percent by 2030, and we believe that we will reach 80 (percent),” Theoharis added.

Since 2024, Greece has also been a net exporter of electricity, signifying a huge change in operations for the country and a commitment to seeing the full transformation through.

“Saudi companies are a natural match,” Theoharis said.

The deputy foreign minister emphasized the close connection and sense of familiarity Saudis and Greeks feel when visiting each other’s respective countries, saying: “If a Greek comes here, they don’t feel that they have left their country, but yet, at the same time, it feels exotic.”

Considering the cultural similarities in food, social norms, and even in people’s physical appearance, the combination of both the familiar and the different creates intrigue and curiosity to explore the other.

Listing his goals for the outcomes of FII, the minister said that “we have some of the top people shaping the agendas of tomorrow.”

He added: “From the business side, from the financial side, from the public sector side, and we are sharing reviews of what’s happening with AI, what’s happening with global finance, with FDI, what’s happening with geopolitics, and the shifts that are shaping the economies of tomorrow.”

Speaking to his political counterparts and pushing the agendas proposed by the heads of state is another priority on the minister’s mind.

“And the final one is remembering the things that keep us together. You know, coming back to Riyadh, seeing the rich Saudi culture, and remembering and giving me the energy to go back home and work harder on making this relationship rich, because it’s worth it," Theoharis said, adding: “When you come here to Riyadh, you can see that you always need to find an excuse to come back.”

Theoharis concluded by saying that fruitful discussions have already been had at FII, including talks about the Middle East and Gaza and how Greece can be of help, a talk on artificial intelligence developments and how to strengthen Greece’s presence in this sector with Peter Diamandis, founder and chairman of the XPRIZE Foundation and board member of the FII Institute, and a meeting with Al-Olayan on international business prospects.