New Delhi, Feb 15 (PTI) The Centre on Tuesday said it will focus on strengthening the start-up ecosystem which has the potential to create jobs to tap the Rs 36,000 crore domestic geospatial market.

At a function to commemorate the first anniversary of the release of geospatial data, Science and Technology Minister Jitendra Singh said the trinity of geospatial systems, drone policy and unlocked space sector will be the hallmark of India's future economic progress.

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Singh said Prime Minister Narendra Modi had unlocked the space sector for private players, joint ventures in atomic energy or drone policy.

The focus will be on strengthening the innovative start-up ecosystem with huge financial implications and job generation, he said.

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The minister assured the stakeholders that a synergy will be brought about in all these sectors to have a multiplier effect.

The size of the Indian geospatial market in 2020, according to an industry estimate, was Rs 23,345 crore, including Rs 10,595 crore of export which is likely to grow to Rs 36,300 crore in 2025, Singh said.

He said the Centre will soon announce a Geospatial Policy as the liberalisation of the guidelines has yielded very positive outcomes within a year.

Open and easy access to Geospatial information has helped in maximising the use and reuse of data within a year of its launch, Singh said.

"We hope to see many more innovative solutions and new business models in the coming times building value upon existing resources," he added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)