India’s space economy could grow from $9 billion to $40-$45 billion in seven to eight years, says Jitendra Singh, citing private investment, faster approvals and global partnerships as key drivers.
New Delhi: India’s space economy, currently valued at around $9 billion, could expand to $40 billion-$45 billion over the next seven to eight years, Union Minister of State for Science and Technology Jitendra Singh said on Saturday, emphasising the need for greater private investment, predictable demand and faster regulatory approvals.
Speaking at a media roundtable on Space, Sovereignty and New Economy, organised by the Bloomberg New Economy Forum in New Delhi, the Minister said India needed to move beyond demonstrating technological capabilities and focus on building globally competitive commercial space companies.
He said opening the space sector to private participation in 2019-20 under Prime Minister Narendra Modi had helped create opportunities for private enterprises. The next priority, he added, was to translate those capabilities into commercially viable businesses capable of competing in international markets.
Mr. Singh said increased domestic and international investment would be essential to scaling up India's space industry. Predictable demand, quicker regulatory clearances, lower business costs and sustainable revenue models would help companies invest in manufacturing, technology development and market expansion.
He emphasised the importance of government agencies acting as anchor customers and supporting proof-of-concept projects. Such measures, he said, could help private companies demonstrate their technologies, secure customers and move towards commercial deployment.
The Minister also called for regulatory processes with clearly defined timelines, including approvals for installations and exports. Referring to GST-related measures for space products, he said policy reforms should translate into tangible benefits for businesses.
Mr. Singh said India needed stronger collaboration between government institutions and private enterprises, alongside partnerships with international companies and organisations.
Greater access to capital and global supply chains could help Indian businesses expand their customer base and strengthen their presence in international markets, he said. At the same time, developing indigenous technologies and manufacturing capabilities would remain important for national security and strategic autonomy.
The roundtable examined how countries could convert sovereign space capabilities into commercially competitive industries while protecting national interests. Discussions also covered private capital, supply-chain development, international cooperation and the challenges faced by emerging space enterprises.
Among the other participants were Vinod Kumar, Director (Promotion) at the Indian National Space Promotion and Authorisation Centre (IN-SPACe), and Aisha Bowe, founder and chief executive of STEMBoard and LINGO, a former NASA engineer and Blue Origin astronaut.
The Minister said the economic value of the space sector extended well beyond satellites and launch vehicles. Satellite communications, Earth observation and geospatial applications were increasingly supporting infrastructure development, agriculture, disaster management and defence.
He referred to the use of space technology for monitoring infrastructure projects, tracking implementation timelines and geotagging development works. India was also providing space-based information and support for disaster management to neighbouring countries, including Myanmar, Bangladesh and Sri Lanka, he said.
According to Mr. Singh, downstream services, data-driven solutions and industrial applications would be important in expanding the market for Indian space companies. Connecting technological advances with practical applications could generate commercial opportunities while improving public services.
Mr. Singh said India’s next phase of space-sector growth would depend on its ability to turn technological strengths into sustainable businesses. Private investment, efficient approvals, stronger domestic supply chains and international partnerships would be central to that transition.
The projected expansion from a $9 billion industry to a $40 billion-$45 billion space economy over the next seven to eight years would require sustained cooperation between government institutions and private companies, he said.
The remarks underscore the growing emphasis on commercialisation as India seeks to strengthen its position in the global space industry.
