New Delhi, Feb 26: India’s space economy is expected to increase five-fold from $8 billion to $44 billion in the next few years, said Dr. Jitendra Singh, Union Minister of State (Independent Charge) for Science and Technology.
He noted that this growth will make a value addition to the Indian economy and move towards Viksit Bharat in 2047. Addressing an event in New Delhi, the Minister said that the increased space budget is a key factor driving progress in the Indian space sector.
“Under the leadership of Prime Minister Narendra Modi, the space budget has almost tripled — from Rs 5,615 crore in 2013-14 to Rs 13,416 crore in 2025-2026, reflecting the government’s commitment to fostering growth in the space sector,” Singh said.
Noting that 2014 was a pivotal turning point for India’s space journey, Singh said that PM Modi’s “out-of-box decision to unlock India’s Space sector, marking a proactive shift in government policies”.
This includes opening up the space sector for private sector participation and bringing in Foreign Direct Investment (FDI). The strategic approach is creating synergy between the government and non-government sectors through frameworks such as the NewSpace India Limited (NSIL) and In-SPACe, boosting innovation and opportunities across the space industry, the MoS said.
He added that first-generation space startups have become successful enterprises. Singh also spoke about the historic milestones of the Indian Space Research Organization (ISRO), such as becoming the first nation to successfully reach the South Pole of the Moon.
He noted that although ISRO’s journey began when other nations had already sent humans to the moon, India is now leading the way in space exploration with cost-effective and indigenous technologies.
Citing the Chandrayaan mission, which was executed at just Rs 600 crore — half the cost of similar missions by other countries – Singh emphasised India’s rise as a global leader in space, science, and technology.
Singh also discussed ISRO’s role in improving communication and connectivity, reinforcing India’s self-reliance in space and satellite technology. “India’s space sector will not only follow the global path but will also carve out its own leadership role on the world stage, marking a new era in space exploration,” Singh said.
IANS