SOURCE : BUSINESS TODAY | PUBLISHED : 4 DEC 2024
The summit’s discussions centred on practical strategies to strengthen collaboration, including technology transfer, advanced manufacturing for geospatial equipment, and enhancing India’s role as a solution provider.
A significant milestone in the growing strategic relationship between India and the United States was marked at the 4th India-USA Space and Geospatial Business Summit, held on December 2 at the Hyderabad International Convention Centre.
The summit, organised by the Geospatial World Chamber of Commerce in partnership with Geospatial World, brought together influential figures from government, industry, academia and research to explore the potential of the geospatial and space sectors to drive innovation, economic growth and sustainability.
With bilateral trade in geospatial and space technologies projected to rise from $2.5 billion in 2024 to $10 billion by 2030, the summit emphasised how investments in technology, policy alignment and manufacturing could spur global progress.
The summit’s discussions centred on practical strategies to strengthen collaboration, including technology transfer, advanced manufacturing for geospatial equipment, and enhancing India’s role as a solution provider.
The global Earth Observation (EO) industry, growing at a CAGR of 16%, is expected to reach $8 billion, and India is well-positioned to play a leading role in this growth
Rajeev Jyoti, Director (Technical), IN-SPACe, spotlighted the NASA-ISRO SAR (NISAR)
India’s role
Sanjay Kumar, CEO of Geospatial World, highlighted India’s rapidly growing geospatial sector, valued at $1.92 billion, positioning the country as a global leader in cost-effective geospatial services. He noted:
“The COVID-19 pandemic revealed the transformative potential of geospatial technologies, fostering innovation and collaboration across borders. The partnership between India and the US — the most comprehensive of India’s strategic alliances — spans sectors including trade, defence, education and healthcare, providing a strong foundation for innovation.”
India’s strengths in delivering high-quality, affordable solutions complement the US’s leadership in cutting-edge technology, positioning the two nations as powerful partners in driving global geospatial advancements.
Hyderabad as a geospatial hub
Jennifer Larson, US Consulate General in Hyderabad, emphasised the city’s position as a leader in geospatial data processing. She said, “Hyderabad processes more geospatial data than anywhere else in the world. Our joint efforts in space exploration and geospatial technologies are not only bringing us closer to space but also addressing critical global challenges like climate change, disaster management, and food security.”
Larson also highlighted the integration of artificial intelligence (AI) and machine learning (ML) with geospatial data, enabling advanced analyses to tackle global issues. She expressed confidence in the future of the partnership.
“This collaboration is about more than just economic growth; it’s about using geospatial and space technologies to solve global problems, enhance lives, and ensure sustainability,” she concluded, adding “by the next summit, I hope to see significant strides in areas such as visa facilitation and expanded space cooperation, helping us reach the $10 billion trade goal.”
Shared vision
Srikant Sastri, Chairman of the Geospatial Data Promotion & Development Committee (GDPDC), highlighted the transformative impact of the National Geospatial Policy 2022, which empowers private companies to acquire, store, and process spatial data.
“Through this initiative, we are modernising India’s mapping and data infrastructure. By driving private sector demand for geospatial data, products, and services, we’re not only accelerating industry growth domestically but also creating a robust second avenue for expanding India-US bilateral trade,” he said
Sastri emphasised that this initiative plays a critical role in strengthening India-US bilateral trade, positioning geospatial technology as a vital component of economic and strategic collaboration.
The summit concluded with calls for enhanced research collaborations, streamlined technology transfer frameworks, and stronger networks connecting businesses, governments, and research institutions. These efforts are crucial to reaching the ambitious target of $10 billion in bilateral trade by 2030.
SOURCE : BUSINESS TODAY | PUBLISHED : 4 DEC 2024