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 Space Jitendra Singh said, highlighting the growing role of private investment and commercial participation in the sector.
Speaking at a media roundtable on “Space, Sovereignty and New Economy”, organised by the Bloomberg New Economy Forum in New Delhi, Singh said India must move beyond demonstrating technological capabilities and focus on developing globally competitive commercial space enterprises.
He emphasised that increased domestic and foreign investment, predictable demand, faster regulatory approvals and sustainable business models would be essential to expanding India’s presence in the global space market.
The roundtable brought together representatives from the space industry, entrepreneurship, academia and the international space community to discuss private investment, commercial opportunities, supply-chain development and national security considerations.
Among the participants were 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, former NASA engineer and Blue Origin astronaut.
Singh said the opening of India’s space sector to private participation in 2019–2020 under Prime Minister Narendra Modi’s leadership had delivered significant results within five to six years.
He said collaboration between government institutions and private companies had helped create new opportunities in a sector requiring advanced technology, substantial investment and long-term commitment.
The next priority, he added, was to translate these technological capabilities into commercially viable businesses capable of competing internationally.
Highlighting the importance of market demand, Singh said government agencies could play a crucial role as anchor customers for emerging space enterprises.
He said the government’s use-case-based approach, including support for proof-of-concept projects, could help private companies demonstrate their technologies and move towards commercial deployment.
A predictable customer base, he noted, would encourage companies to invest in manufacturing, develop market-ready products and establish sustainable revenue streams.
The Minister also called for faster regulatory approvals, reduced business costs and stronger integration of domestic companies into global supply chains.
He said businesses seeking installation or export licences should receive approvals within clearly defined timelines to improve operational efficiency and investor confidence.
Referring to Goods and Services Tax (GST)-related measures for space products, Singh stressed that regulatory reforms must deliver tangible benefits to the industry.
He said sustainable investment depended on predictable demand, efficient administrative processes and clear opportunities for commercial growth.
On international cooperation, Singh said India was expanding opportunities for foreign investment and partnerships while continuing to strengthen indigenous technological capabilities.
Greater investment, he said, could support research, manufacturing and access to international markets, while domestic capabilities remained essential for national security and strategic autonomy.
He advocated closer collaboration between government institutions and private enterprises, supported by international partnerships, to help Indian companies expand their customer base and participate in global supply chains.
The Minister also highlighted the growing use of space technology in sectors beyond satellite launches and exploration.
He said satellite communications, geospatial applications and Earth observation technologies were increasingly supporting infrastructure development, agriculture, disaster management, defence and the monitoring of government projects.
Singh cited the use of space-based technologies for project clearances, tracking implementation timelines and geotagging development works.
India was also providing space-based information and disaster management support to neighbouring countries, including Myanmar, Bangladesh and Sri Lanka, he said.
These applications, according to the Minister, demonstrated the potential of space technology to improve public services, support development and generate commercial opportunities.
He said the broader economic value of the space sector would increasingly come from downstream services, satellite data applications and technology-driven solutions, alongside launch vehicles and satellite manufacturing.
Emphasising the need to balance national capabilities with global cooperation, Singh said India should continue developing indigenous technologies while working with international partners to attract investment and expand market access.
He also called for flexible policies and openness to new ideas as technologies and industry requirements evolve.
The Minister said India’s next phase of space-sector growth would depend on converting technological achievements into commercially successful enterprises through greater investment, stronger public-private partnerships, predictable demand and efficient regulatory processes.
These measures, he added, would be central to positioning India as a major player in the global space economy.
-PIB
