India’s Space Economy Set to Reach $45 Billion: Jitendra Singh
Minister highlights private investment, faster approvals and global partnerships as key drivers of India’s commercial space industry.
- India’s space economy projected to reach $45 billion
- Private investment seen as key to industry expansion
- Faster approvals and predictable demand urged
- Space technology supports agriculture and disaster management
GG News Bureau
New Delhi, 17th Oct: India’s space economy, currently valued at around $9 billion, is projected to grow to $40–45 billion over the next seven to eight years, Union Minister of State for Science and Technology Jitendra Singh said on Saturday, highlighting the growing role of private investment following the opening of the space sector to private participation.
Speaking at a media roundtable on Space, Sovereignty and New Economy, organised by the Bloomberg New Economy Forum in New Delhi, Singh said India must move beyond demonstrating its technological capabilities and focus on building globally competitive commercial space companies.
He identified predictable demand, faster regulatory approvals, sustainable business models and stronger supply chains as essential to expanding private participation and helping Indian companies compete in international markets.
Singh said the opening of the space sector to private players in 2019–2020 under Prime Minister Narendra Modi had delivered significant results within five to six years. The next priority, he added, was to convert technological capabilities into commercially viable businesses capable of scaling up production and expanding their global presence.
Predictable Demand Key to Private Investment
The minister stressed that private space enterprises need a reliable customer base to justify long-term investment. Government agencies can support this process by acting as anchor customers and facilitating proof-of-concept projects that help companies demonstrate their technologies before commercial deployment.
He also called for time-bound regulatory approvals, lower business costs and improved supply-chain integration. Referring to GST-related measures for space products, Singh said policy reforms must translate into tangible benefits for businesses and create a clearer path to commercial growth.
On investment and international cooperation, he said India was creating opportunities for private capital and partnerships while continuing to strengthen indigenous technological capabilities. Collaboration between government institutions, domestic companies and international partners could help Indian businesses enter global supply chains and access new markets without compromising national interests.
Space Technology Expands Applications on Earth
Singh said the value of India’s space programme extends beyond rockets and satellites, with applications increasingly supporting infrastructure development, agriculture, disaster management and defence.
Satellite communications, geospatial tools and Earth observation are being used to monitor development projects, track implementation timelines and geotag public infrastructure. India is also providing space-based information and disaster management support to neighbouring countries, including Myanmar, Bangladesh and Sri Lanka.
The minister highlighted the growing commercial potential of downstream services, data-driven solutions and industrial applications, which can connect space technology with practical needs and public services.
Global Partnerships to Support Industry Growth
The roundtable examined how countries can convert sovereign space capabilities into competitive industries, attract private capital and strengthen supply chains while protecting strategic interests.
Participants included Vinod Kumar, Director (Promotion) at the Indian National Space Promotion and Authorisation Centre (IN-SPACe), and Aisha Bowe, founder and CEO of STEMBoard and LINGO, a former NASA engineer and Blue Origin astronaut.
Singh said national capabilities and international cooperation could advance together, with partnerships supporting technology development, manufacturing, investment and access to overseas markets.
India’s next phase of space-sector growth, he said, will depend on combining indigenous capabilities with private investment, efficient regulation, reliable demand and international collaboration.
