NEW DELHI, India, October 17 (ANI) — India’s space economy is expected to grow from around $9 billion to $40 billion–$45 billion over the next seven to eight years, Union Minister of State for Space Jitendra Singh said Saturday, stressing that greater private investment, faster regulatory approvals and sustained commercial demand will be key to achieving this growth.
Speaking at a media roundtable titled “Space, Sovereignty and New Economy,” organized by the Bloomberg New Economy Forum in New Delhi, Singh said India must move beyond demonstrating technological capabilities and focus on building globally competitive commercial space companies.
According to a Department of Space release, Singh stressed that “greater domestic and international investment, predictable demand, faster regulatory approvals and sustainable business models would be essential to scaling up Indian enterprises and expanding their presence in global markets.”
The projected expansion would make India’s space economy nearly five times its current size. Achieving this growth, however, will require private companies to develop commercially viable products and secure a steady customer base.
Singh said the opening of India’s space sector to private participation in 2019–2020 had produced significant results, but the next priority was to turn technological capabilities into sustainable businesses.
Highlighting the importance of demand, Singh said government institutions could serve as anchor customers for private space companies, helping them develop and test technologies before commercial deployment.
The release stated that “anchor government customers and support for proof-of-concept projects can help enterprises demonstrate their technologies and move toward commercial deployment.”
Singh also called for faster installation and export license approvals, lower business costs and stronger supply chain integration. He said goods and services tax-related reforms for space products must translate into practical benefits for businesses.
On investment, Singh emphasized attracting domestic and foreign capital while strengthening indigenous capabilities and maintaining strategic autonomy.
He also highlighted the commercial potential of satellite communications, Earth observation and geospatial applications in infrastructure monitoring, agriculture, disaster management and defense.
Singh said India’s next phase of space-sector expansion would depend on combining private investment, predictable demand, efficient regulation and international partnerships to build globally competitive enterprises. (ANI)
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