NEW DELHI: India’s space economy, currently valued at around USD 9 billion, is projected to grow to USD 40–45 billion over the next seven to eight years, Union Minister of State for Science and Technology and Earth Sciences, and Minister of State in the Prime Minister’s Office, Personnel, Public Grievances and Pensions, Atomic Energy and Space, Jitendra Singh, said on Saturday.
Addressing a media roundtable on “Space, Sovereignty and New Economy” organised by the Bloomberg New Economy Forum in New Delhi, Singh said India must now move beyond demonstrating its technological capabilities to developing globally competitive commercial space companies.
He emphasised that increased domestic and international investment, predictable demand, faster regulatory clearances and sustainable business models would be crucial to expanding Indian space enterprises and strengthening their presence in global markets.
Outlining the progress made by India’s space economy, Singh said the opening up of the space sector to private participation in 2019–2020 under the leadership of Prime Minister Narendra Modi had delivered significant results within just five to six years.
“India’s experience demonstrates the potential of bringing government institutions and private industry together in a sector that requires substantial technological expertise, investment and long-term commitment,” he said.
The minister stressed that the next priority was to translate these technological capabilities into commercially viable businesses capable of competing on the international stage. He also highlighted the importance of generating sustained demand to support the growth of private space companies.
Referring to the government’s use-case-based approach, Singh said government agencies could serve as anchor customers, while support for proof-of-concept projects could help private enterprises demonstrate their technologies and progress towards commercial deployment. “A predictable customer base can give companies the confidence to invest in production, develop market-ready products and build sustainable revenue streams,” he said.
Singh also underlined the need for timely regulatory approvals, lower business costs and stronger supply-chain integration to create a more conducive environment for private investment and industrial growth.
On GST-related measures concerning space products, the minister said policy reforms must translate into tangible benefits for industry. He noted that sustainable investment depended on predictable demand, efficient processes and a clear pathway to commercial growth.
Highlighting investment opportunities and international cooperation, Singh said India was opening up its space sector to greater capital inflows and partnerships while continuing to strengthen indigenous capabilities. He said increased investment could accelerate technology development, boost manufacturing and improve access to international markets, while domestic capabilities remained essential for national security and strategic autonomy.
The minister called for closer collaboration between government institutions and private enterprises in India, supported by partnerships with international counterparts. “This approach can help Indian companies integrate into global supply chains, expand their customer base and contribute to the wider space economy without compromising national interests. The objective is to combine the strengths of public and private enterprises in India with the capabilities of partners abroad,” he said.
Singh emphasised that stronger domestic and international public-private partnerships could help mobilise investment, facilitate technology development, strengthen supply chains and open up new markets for Indian space businesses.
The minister also highlighted the broader economic and developmental benefits of India’s space programme, noting that its achievements extended beyond space exploration to a wide range of practical applications on Earth.
Satellite communications, geospatial applications and Earth observation technologies are supporting infrastructure development, project monitoring, agriculture, disaster management and defence, he said.
He also referred to the use of space technology in facilitating project clearances, monitoring implementation timelines and geo-tagging development works. “India is also providing space-based information and support for disaster management to neighbouring countries, including Myanmar, Bangladesh and Sri Lanka. These applications demonstrate how investments in space capabilities can improve public services, support development and create opportunities for commercial applications,” he said.
Singh said the wider economic value of the space sector lay in connecting technological achievements with practical applications and citizens’ needs.
He reiterated that strengthening national space capabilities and pursuing international cooperation were complementary objectives rather than competing priorities.
“India must continue to build its own technological strengths while working with global partners to expand opportunities for its industry. Stronger domestic and international public-private partnerships can support investment, technology development, supply-chain integration and access to new markets,” Singh said.
The discussions also focused on how countries could translate sovereign space capabilities into commercially competitive industries, attract private capital and develop stronger supply chains while safeguarding national interests.
According to an official statement, participants at the roundtable also discussed the evolving global space economy, the role of international partnerships and the challenges involved in scaling up private space enterprises.