Former chairman of the Indian Space Research Organisation (ISRO) A S Kiran Kumar on Tuesday said the global space economy would reach USD 1 trillion-mark in the coming years which would provide a huge opportunity for the country's youth.

Kumar was speaking at the third convocation of Karnavati University at its campus in Uvarsad village of Gandhinagar district as the Guest of Honour. "Space economy, expected to grow to USD one trillion in coming years, is beckoning India to build on its current technological capability and become a significant player and benefit in the process," the former ISRO chief said.

India is transforming itself from a space-capable country to a country with space technology capacity and this would bring huge opportunities for the country's youth, he said. India is one of the few countries with end-to-end capability of building rockets, satellites and payloads despite the fact that "technology and its access were denied or restricted" to it in the early years, he said.

"Over the last six decades, India has not only launched its own satellites, but also put more than 400 satellites of other countries (in orbit)," Kumar noted. Paying tributes to Dr Vikram Sarabhai, the father of India's space program, he said Sarabhai contributed immensely to "India's rejuvenation post independence after years of subjugation".

"His efforts resulted in India becoming an early adopter of space technology....His ability to convince the people who mattered within the country and outside resulted in the creation of a capability in terms of space technology," Kumar added.

As many as 863 students were awarded degrees in different disciplines across courses offered at the private varsity during the convocation ceremony.