'Space economy to grow nearly 5 times to $44 billion in the next 10 years': Minister Jitendra Singh

India’s space economy is expected to expand dramatically in the coming decade, surging from $8.4 billion to around $44 billion, according to Union Minister of State for Science and Technology Jitendra Singh.

He said this near fivefold growth would firmly position India as a leading global space player.

Space sector investments

Singh noted that investments in the space sector reached Rs 1,000 crore in 2023 alone. India’s expertise in launching satellites has also become a solid source of foreign exchange, with 220 million euros earned through sending foreign satellites into orbit. Of that amount, 187 million euros was generated in the past eight years.

Countries benefiting from the Indian Space Research Organisation’s (ISRO) services include the US, France, Japan and others.

Singh praises ISRO's SpaDeX

Singh praised ISRO’s ambitious Space Docking Experiment (SPADEX), calling it a major step forward in space docking technology. He explained that SPADEX will use two small satellites to test spacecraft rendezvous, docking and undocking, capabilities that are essential for satellite servicing, space station operations and interplanetary exploration.

Singh added that the docking is slated for Jan. 7, 2025, at noon, and the mission will include post-docking activities in which the satellites work independently on their payloads.

Highlighting emerging research areas, Singh spoke about a collaboration between the Department of Biotechnology and ISRO to explore how biology can be applied in space. 

“Under Prime Minister Narendra Modi’s leadership, India will lead in ‘Space-Biology’ by studying physiological changes in space environments,” he stated.

Growing private participation

Singh credited India’s New Space Policy of 2023 for opening the space sector to private companies. He said the policy shift has driven a boom in startups, which have grown from fewer than 10 in 2021 to nearly 300 by 2023.

Among them are AgniKul Cosmos, which set up a private launchpad on ISRO grounds, and Skyroot, which carried out India’s first private suborbital launch.

According to Singh, these ventures are strengthening ISRO’s infrastructure and gaining the attention of major global players, including SpaceX.