India’s Space Economy May Reach $45 Billion in 7–8 Years: Jitendra Singh
India’s space economy could expand from its current estimated value of around $9 billion to $40–45 billion over the next seven to eight years, Union Minister of State for Science and Technology and Space Jitendra Singh has said. He highlighted private investment, commercial opportunities and stronger industry participation as key factors in the sector’s next phase of growth.
Speaking at a media roundtable titled “Space, Sovereignty and New Economy”, organised by the Bloomberg New Economy Forum in New Delhi, Singh said India needed to move beyond demonstrating technological capabilities and focus on building commercially successful space businesses that could compete in international markets.
He identified predictable demand, faster regulatory clearances, greater domestic and foreign investment, and sustainable business models as important requirements for expanding India’s position in the global space industry.
Private participation central to the next phase
The roundtable brought together representatives from the space industry, entrepreneurship, academia and the international space community. Discussions covered investment opportunities, commercial applications, supply-chain development and national security. 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 opening the space sector to private participation in 2019–2020, under Prime Minister Narendra Modi’s leadership, had produced significant results within five to six years. Cooperation between government institutions and private companies had helped create opportunities in an industry that requires advanced technology, substantial capital and a long-term commitment.
The next challenge, he said, was to turn those technological achievements into viable businesses capable of attracting investment, generating revenue and competing globally.
Predictable demand and faster approvals needed
Singh highlighted the role government agencies could play as anchor customers for emerging space companies. Government-backed proof-of-concept projects and use-case-based initiatives could help businesses demonstrate their technologies and move towards wider commercial deployment.
A dependable customer base would give companies greater confidence to invest in manufacturing, develop products for the market and build sustainable revenue streams. Singh also called for faster regulatory approvals, lower business costs and stronger participation by Indian companies in international supply chains.
He said applications for installation and export licences should be processed within clearly defined timelines to improve operational efficiency and investor confidence. Referring to Goods and Services Tax (GST)-related measures for space products, he stressed that policy and regulatory reforms should translate into practical benefits for businesses.
In his view, long-term investment would depend on a combination of reliable demand, efficient administrative processes and clear opportunities for commercial growth.
International investment alongside indigenous capabilities
On international cooperation, Singh said India was creating more opportunities for foreign investment and partnerships while continuing to strengthen its own technological capabilities. He said overseas investment could support research, manufacturing and access to new markets, while domestic capabilities remained important for national security and strategic autonomy.
Closer coordination between government institutions and private enterprises, supported by international partnerships, could help Indian companies reach more customers and become part of global supply chains, he added.
Space technology expanding beyond launches
Singh also pointed to the growing role of space technology in areas beyond rocket launches and space exploration. Satellite communications, geospatial applications and Earth observation are increasingly being used to support infrastructure development, agriculture, disaster management, defence and the monitoring of government projects.
He cited applications such as assessing projects for clearances, tracking implementation timelines and geotagging development works. India was also extending space-based information and disaster management support to neighbouring countries, including Myanmar, Bangladesh and Sri Lanka, he said.
These applications demonstrate how space technology can support public services and development while creating opportunities for businesses. Alongside launch vehicles and satellite manufacturing, downstream services, satellite data and technology-led solutions are expected to play an important role in generating economic value.
Turning technological progress into commercial growth
Singh said India would need to balance the development of indigenous technology with greater international cooperation to attract investment and expand access to global markets. He also emphasised the importance of flexible policies that can respond to changing technologies and the evolving needs of the industry.
India’s ambition to grow its space economy to $40–45 billion over the next seven to eight years will depend on converting technological progress into commercially successful enterprises. Greater investment, stronger public-private partnerships, dependable demand and efficient regulatory processes will be important to that effort, Singh said.
The focus, he indicated, is not only on developing space technology but also on building businesses that can turn those capabilities into lasting economic value and establish a stronger presence for India in the global space market.