India’s Space Economy Projected to Reach USD 40–45 Billion in 7–8 Years: Jitendra Singh
Addressing a media roundtable on “Space, Sovereignty and New Economy”, organised by the Bloomberg New Economy Forum in New Delhi, the Union Minister said India must move beyond demonstrating technological capabilities to building globally competitive commercial space companies.
He said predictable demand, faster regulatory approvals, sustainable business models and stronger domestic and international investment would be crucial to achieving the sector’s growth potential.
Singh said opening the space sector to private participation in 2019–20 under Prime Minister Narendra Modi had delivered significant results within five to six years.
The next priority was to convert these technological capabilities into commercially viable enterprises capable of competing internationally, he added.
Emphasising the importance of demand generation, the Union Minister said government-backed anchor customers and support for proof-of-concept projects could help private companies demonstrate their technologies and move towards commercial deployment.
He also called for time-bound regulatory clearances, lower business costs and stronger supply-chain integration. Referring to GST-related measures for space products, Singh said reforms must translate into tangible benefits for industry and support sustainable investment.
On international cooperation, he said India was expanding opportunities for investment and partnerships while strengthening indigenous capabilities essential for national security and strategic autonomy.
Collaboration between government institutions, private enterprises and international partners would help Indian companies integrate into global supply chains and access new markets, he added.
Highlighting the wider applications of space technology, Singh said satellite communications, geospatial applications and Earth observation were supporting infrastructure development, agriculture, project monitoring, disaster management and defence.
He referred to the use of space technology in monitoring project implementation, facilitating project clearances and geotagging development works.
India was also providing space-based information and disaster management support to neighbouring countries, including Myanmar, Bangladesh and Sri Lanka, he said.
The Union Minister said the sector’s economic potential extended beyond launch vehicles and satellites to downstream services, data-driven solutions and industrial applications, which could create additional commercial opportunities.
He stressed that strengthening indigenous capabilities and expanding international cooperation were complementary objectives, adding that investment, efficient regulatory processes and public-private partnerships would be central to the next phase of growth.
The roundtable also featured 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. Representatives from the space industry, entrepreneurship, academia and the international space community participated in the discussion.
