India's space economy set to hit $45 billion in next decade: Jitendra Singh

BENGALURU, June 13: India's space economy is expected to witness a five-fold expansion over the next decade, growing from the current USD 8-9 billion to nearly USD 40-45 billion, union Minister of State (Independent Charge) for Science and Technology Jitendra Singh said today, highlighting the rapid rise of private participation and startups in the country's space sector.

Addressing a media interaction after a science and innovation conclave here, Singh said the opening up of the space sector to private players has fundamentally transformed India's space landscape, turning it into a key pillar of the country's future economic growth.

"Five years ago, after what was described as the unlocking of the space sector, India had only a single-digit number of space startups. Today, we have more than 400 space startups. Our space economy stands at around USD 8-9 billion, and the scale of ascent is so high that we hope to reach USD 40-45 billion in the next eight to ten years," he said.

The minister said the space economy, which once occupied a limited role in the national development framework, is now emerging as a major growth engine with the potential to contribute significantly to innovation, manufacturing, employment and exports.

"Space economy is going to be an important component of India's overall economy. It was not so 10 or 15 years ago. Today, space has become a huge stakeholder in India's future growth story," Singh said.

He credited Prime Minister Narendra Modi for giving unprecedented prominence to science, innovation and technology, and said government reforms had created an enabling environment for entrepreneurs and investors.

According to Singh, India's scientific achievements have also succeeded in bringing science closer to ordinary citizens, creating public enthusiasm around technological progress and national missions.

"The biggest achievement is that we have connected the common citizen to India's scientific journey and made him realise that he has a stake in India's scientific progress," he said.

The minister noted that missions such as Chandrayaan-3 had captured the imagination of the public and significantly enhanced India's global reputation as a spacefaring nation.

He said India had demonstrated that it was capable of executing complex missions at a fraction of global costs while maintaining a strong success record.

Responding to concerns over recent launch setbacks and delays, Singh rejected suggestions that they could undermine confidence in the sector.

"There is no such thing as failure in a space mission. There may be delays or setbacks, but these are learning experiences. If every partially successful attempt is termed a failure, India's statistical record is still better than many advanced spacefaring nations," he said.

The minister emphasised that investor confidence remains strong despite recent challenges. Referring to concerns raised in Parliament over whether setbacks could discourage private investment, he said industry participation has remained robust.

"I had clarified that investor interest has not diminished. Out of the launches planned this year, a large number involve private-sector participation. Those who work in the sector understand that setbacks are part of the game and do not lose confidence because of them," he said.

Singh further highlighted how India has gone beyond conventional space exploration by integrating space technology into governance and development programmes.

He cited initiatives such as Gati Shakti, urban infrastructure planning and various geospatial applications as examples of how space-based technologies are being used to improve project execution, planning and public service delivery.

On research and development spending, Singh acknowledged that India must increase investments to match global innovation leaders, but stressed that private-sector participation would be critical in achieving that goal.

He said government funding for science and technology sectors, including space, biotechnology and scientific research institutions, had increased substantially over the last decade, while reforms were also encouraging greater private and foreign investment.

"We do not lack talent. Indians are leading some of the world's biggest technology companies. The challenge is creating greater investment opportunities and funding mechanisms within the country. That process has now begun and is accelerating," he said.

The minister pointed to liberalised foreign direct investment norms in the space sector and growing interest from international investors as evidence of increasing confidence in India's technology ecosystem.

Reaffirming the government's long-term vision, Singh said India remains committed to establishing the Bharat Space Station by 2035 and landing an Indian astronaut on the Moon by 2040.

As India expands its footprint in commercial space activities and deep-tech innovation, Singh said the country is steadily positioning itself among the leading global space powers while creating new opportunities for startups, industry and scientific research.

(UNI)