NEW DELHI, October 17 : India’s Space economy, now worth about USD 9 billion, is projected to grow to USD 40–45 billion in the next seven to eight years, according to Union Minister of State (Independent Charge) for Science & Technology and Earth Sciences, and MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, Dr. Jitendra Singh, who was speaking at a media Roundtable here on “Space, Sovereignty and New Economy”.
According to the Minister, India must now go beyond showcasing its technological capabilities and focus on building commercial space companies that can compete globally. He underlined that more domestic and international investment, predictable demand, quicker regulatory approvals and sustainable business models would be essential for scaling up Indian enterprises and widening their footprint in global markets.
The Minister took part in the Roundtable organised by the 'Bloomberg New Economy Forum', which is being held in New Delhi. The discussion looked at how countries can turn sovereign Space capabilities into commercially competitive industries, draw in private capital and build stronger supply chains while protecting national interests. Participants also talked about the changing global space economy, the role of international partnerships and the difficulties of scaling up private space enterprises.
Other prominent participants included Vinod Kumar, Director (Promotion), Indian National Space Promotion and Authorisation Centre (IN-SPACe); and Aisha Bowe, Founder and CEO of STEMBoard and LINGO, former NASA engineer and Blue Origin astronaut. The session drew representatives from the Space industry, entrepreneurship, academia and the international space community.
According to the Minister, opening India’s Space sector to private participation in 2019–2020 under the leadership of Prime Minister Narendra Modi had delivered significant results in just five to six years. India’s experience shows what is possible when government institutions and private industry come together in a sector that requires substantial technological expertise, investment and long-term commitment. The task now, he said, is to turn these capabilities into commercially viable businesses large enough to compete internationally.
Dr. Jitendra Singh underlined that creating demand is essential for private space companies to grow. Citing the Government’s use-case-based approach, he said that anchor government customers and backing for proof-of-concept projects can help enterprises showcase their technologies and progress towards commercial deployment. A predictable customer base can give companies the confidence to invest in production, create market-ready products and establish sustainable revenue streams.
He also highlighted the need for timely regulatory approvals, reduced business costs and better supply-chain integration. Companies applying for installation or export licences should be able to secure the necessary approvals within defined timeframes. Speaking about GST-related measures for space products, the Minister said reforms must translate into tangible benefits for industry. Investment is sustainable when businesses have predictable demand, efficient processes and a clear route to commercial growth.
On investment and international cooperation, the Minister said India is creating new opportunities for capital and partnerships even as it keeps strengthening indigenous capabilities. More investment can aid technology development, manufacturing and access to international markets, while domestic capabilities remain important for national security and strategic autonomy.
He called for closer collaboration between Indian government institutions and private enterprises, backed by partnerships with international counterparts. Such an approach can help Indian companies plug into global supply chains, grow their customer base and add to the wider space economy without compromising national interests. The aim is to bring together the strengths of public and private enterprises in India and the capabilities of partners abroad.
The Minister noted that India’s Space programme stands out not only for what it has achieved in space but also for the wide use of space technology on Earth. Satellite communications, geospatial applications and Earth observation are aiding infrastructure development, project monitoring, agriculture, disaster management and defence.
Dr Jitendra Singh mentioned the use of Space technology for project clearances, tracking implementation timelines and geotagging development works. India is also extending space-based information and support for disaster management to neighbouring countries such as Myanmar, Bangladesh and Sri Lanka. These applications show how investment in space capabilities can improve public services, support development and open up opportunities for commercial applications.
According to the Minister, the broader economic value of the Space sector lies in linking technological achievements with practical applications and the needs of citizens. Besides launch vehicles and satellites, downstream services, data-driven solutions and industrial applications will be important in widening the market for Indian space companies.
Dr. Jitendra Singh stressed that national space capabilities and international cooperation need not be competing objectives. India must continue to develop its own technological strengths while partnering with global players to widen opportunities for its industry. Stronger public-private partnerships, both domestic and international, can boost investment, technology development, supply-chain integration and access to new markets.
The Minister also underlined the importance of staying open to progressive ideas and adapting policies as technology and industry requirements change. Opening the space sector to private participation shows the value of allowing new players to contribute alongside established public institutions.
The next phase of growth in India’s space sector will depend on converting technological strengths into commercially successful enterprises. Greater investment, predictable demand, efficient regulatory processes, indigenous capabilities and international partnerships will be central to this shift, positioning the country for a bigger role in the global space economy.
PHOTO – Union Minister Dr. Jitendra Singh speaking at a Roundtable organised by Bloomberg New Economy Forum, at New Delhi.