India’s Space economy to increase fivefold in next few years: Dr Jitendra
STATE TIMES NEWS
NEW DELHI: Union Minister of State (Independent Charge) for Science and Technology, Dr. Jitendra Singh, announced on Tuesday that India’s Space economy is expected to increase more than fivefold from 8bn $ to 44 $ bn in next few years, making an important value addition to the country’s overall economy towards 5 trillion goal.
Speaking at the Business Conclave organized by Times Network at Hotel Taj, he emphasized the sector’s vital role in achieving India’s $5 trillion economy target.
Highlighting the remarkable progress in India’s space sector, Dr. Singh credited the government’s commitment, citing the tripling of India’s space budget-from Rs 5,615 crore in 2013-14 to Rs 13,416 crore in 2025-26.
He described 2014 as a turning point, when Prime Minister Narendra Modi unlocked the space sector, enabling private sector participation and Foreign Direct Investment (FDI). Initiatives like NewSpace India Limited (NSIL) and In-SPACe are fostering government-private sector synergy, leading to the emergence of successful first-generation space startups.
Dr. Singh lauded ISRO’s achievements, including India’s historic landing at the South Pole of the Moon, and highlighted the cost-effective success of Chandrayaan, executed at just Rs 600 crore, significantly lower than similar missions by other countries.
He emphasized India’s growing self-reliance in space technology, citing the launch of 433 foreign satellites, earning €292 million and $172 million for the country.
Discussing space technology’s transformative impact, he pointed to the Swamitva Scheme, which leverages satellite and drone mapping for land records management, reducing dependency on revenue officials.
He also highlighted ISRO’s role in improving communication and connectivity, reinforcing India’s technological self-sufficiency.
Dr. Singh stressed the inclusive nature of India’s space ecosystem, with women scientists playing key roles in major projects like Chandrayaan and Aditya L1.
He also noted India’s rising global prominence, referencing the U.S. invitation for an Indian astronaut to the International Space Station and upcoming international collaborations.
Additionally, he spoke about India’s untapped Himalayan, coastal, and marine resources, which will drive future economic growth and innovation.
He also praised the start-up ecosystem in Jammu & Kashmir, citing the Aroma Mission: Purple Revolution, which was featured in Mann Ki Baat and showcased at the Republic Day Parade, creating employment opportunities for youth.
Concluding, Dr. Singh affirmed India’s commitment to leading the global space race with indigenous, cost-effective, and sustainable technologies, positioning the nation as a pioneer in space exploration on the world stage.
