New Delhi, Dec 11: The Indian space economy is expected to soar up to $45 billion in the next 10 years, and the growth will be driven by private firms, said Jitendra Singh, Minister of State for Science and Technology and Department of Space.
Singh lauded the government’s recent space policies and stated that after turning to private investment, “it has grown to about $8 billion,” as per media reports. “Today, the Indian space economy is $8 billion, and the pace at which it is moving, the projection is that in the next 10 years, it will go up $44-45 billion,” Singh said.
He noted that the target will be majorly achieved by India’s space startups — about 400 now — which are working in sectors like satellite manufacturing to launch services, and space-based data analytics.
The Minister also mentioned India’s space ambitions, including a space station Bharatiya Antariksh Station by 2035 and an Indian on the surface of the Moon by 2040. Last month, speaking at the 4th edition of the India International Space Conclave (IISC) 2025 in New Delhi, Singh noted that space will be an important contributor to India’s future economic growth.
“Space reforms in the last five years have been a turning point. Our space economy was dispersed and was not even considered a part of the economy,” Singh said. “In the times to come, space is going to be an important contributor to the growth of India’s economy as we move up the ranks. Around 70 per cent of our space-driven applications are for ease of living and with a focus on the common citizen, which is not the specific attention of many countries that are actively working in the space sector,” the Minister added.
-IANS
