New Delhi: India’s space economy, currently valued at around USD 9 billion, is projected to reach USD 40–45 billion over the next seven to eight years, Union Minister of State (Independent Charge) for Science and Technology and Earth Sciences, Jitendra Singh, said on October 17.
Speaking at a media roundtable on “Space, Sovereignty and New Economy”, organised by the Bloomberg New Economy Forum in New Delhi, the Minister stressed the need to increase private investment and build globally competitive Indian space companies.
He said India must move beyond demonstrating its technological capabilities and focus on converting these strengths into commercially successful enterprises that can compete in international markets.
India’s Space Sector Opening Boosts Private Participation
Jitendra Singh highlighted the opening of India’s space sector to private participation in 2019–2020 under the leadership of Prime Minister Narendra Modi. He said the reforms had delivered significant results within five to six years by creating opportunities for private companies to work alongside established government institutions.
The Minister said the next phase of growth should focus on expanding private enterprises and helping them establish sustainable businesses in domestic and international markets.
Key priorities for the growth of India’s space industry include:
- Higher private investment to support technology development and advanced manufacturing.
- Predictable demand to help companies plan production and build sustainable revenue streams.
- Faster regulatory approvals to reduce delays and improve the ease of doing business.
- Stronger supply chains to support manufacturing and commercial deployment.
- Global partnerships to help Indian companies access international markets.
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Predictable Demand and Faster Approvals Key to Industry Growth
The Minister identified predictable demand as one of the most important requirements for scaling up private space enterprises.
He highlighted the government’s use-case-based approach, under which government agencies can serve as anchor customers and support proof-of-concept projects. These opportunities can help start-ups and private companies demonstrate their technologies, validate their solutions and move towards commercial deployment.
A reliable customer base can encourage businesses to invest in production, develop market-ready products and establish sustainable revenue streams.
Jitendra Singh also emphasised the need for faster regulatory approvals and more efficient business processes. He said companies applying for installation or export licences should receive the necessary approvals within defined timeframes.
Referring to GST-related measures for space products, the Minister stressed that policy reforms should translate into practical benefits for industry. He noted that sustained investment depends on predictable demand, efficient processes and a clear path to commercial growth.
Private Investment and Global Partnerships to Strengthen Space Capabilities
Jitendra Singh said India is opening up opportunities for greater private capital and international partnerships while continuing to strengthen its indigenous space capabilities.
Increased investment can support technology development, advanced manufacturing, supply-chain expansion and access to overseas markets. At the same time, domestic technological capabilities remain important for national security and strategic autonomy.
The Minister called for stronger collaboration between Indian government institutions and private enterprises, supported by partnerships with international counterparts.
Such cooperation can help Indian companies integrate into global supply chains, reach new customers and participate more actively in the expanding international space market.
Space Technology Supporting Infrastructure, Agriculture and Disaster Management
Highlighting the wider economic value of the space sector, Jitendra Singh said India’s space programme is contributing not only to achievements in space but also to development on Earth.
Satellite communications, geospatial applications and Earth observation technologies are increasingly being used in infrastructure development, project monitoring, agriculture, disaster management and defence.
Major applications of space technology highlighted by the Minister include:
- Infrastructure development: Supporting project clearances and monitoring implementation timelines.
- Geotagging: Improving the tracking and monitoring of development works.
- Agriculture: Providing satellite-based information to support agricultural activities.
- Disaster management: Strengthening preparedness and response through space-based information.
- Regional cooperation: Providing space-based information and disaster-management support to neighbouring countries, including Myanmar, Bangladesh and Sri Lanka.
- Commercial applications: Expanding opportunities in satellite data, geospatial services and other downstream technologies.
The Minister said these applications demonstrate how investments in space technology can improve public services, support development and create new commercial opportunities.
He added that downstream services, data-driven solutions and industrial applications will play an important role in expanding the market for Indian space companies, alongside satellite manufacturing and launch vehicles.
Bloomberg New Economy Forum Roundtable Discusses Future of Space Industry
The roundtable brought together representatives from the space industry, entrepreneurship, academia and the international space community to discuss the future of the global space economy.
Other prominent 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.
The discussion examined ways to attract private capital, strengthen supply chains, expand international partnerships and address the challenges faced by private space companies as they scale up their operations.
Participants also explored how countries can safeguard strategic interests while enabling commercial growth and greater private-sector participation.
India Aims to Build Globally Competitive Space Companies
Jitendra Singh emphasised the importance of adapting policies as technology advances and industry requirements evolve. He said the opening of the space sector to private participation reflects the benefits of allowing new players to contribute alongside established public institutions.
India’s next phase of space-sector growth will depend on translating its technological strengths into commercially viable enterprises. Increased investment, predictable demand, efficient regulatory processes, stronger domestic capabilities and international cooperation will be critical to this transition.
With the space economy projected to grow from around USD 9 billion to USD 40–45 billion over the next seven to eight years, India is seeking to expand its role in the global space market while supporting innovation, industrial development and strategic autonomy.
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