New Delhi, Feb 25: "India's Space economy is expected to increase fivefold from 8 bn $ to 44 bn $ in next few years, making value addition in the Indian economy and moving towards Viksit Bharat in 2047".
This was stated here today by Union Minister of State (Independent Charge) for Science and Technology, Minister of State (Independent Charge) for Earth Sciences, MoS PMO, Department of Atomic Energy and Department of Space and MoS Personnel, Public Grievances and Pensions Dr. Jitendra Singh while addressing the "Business Conclave" organized by the Times Network in New Delhi.
The Minister highlighted the remarkable progress achieved by the Indian space sector, citing the increased space budget as a key factor driving this success. He noted that under the leadership of Prime Minister Narendra Modi, the space budget has almost tripled—from ₹5,615 crore in 2013-14 to ₹13,416 crore in 2025-2026, reflecting the government’s commitment to fostering growth in the space sector.
Dr. Jitendra Singh pointed to 2014 as a pivotal turning point for India’s space journey, Prime Minister Narendra Modi took an out-of-box decision to "unlock" India's Space sector, marking a proactive shift in government policies. He credited the enabling environment created by the Modi government, which had thrown open the gates of Sriharikota for the public and opened up the space sector for private sector participation, bringing in Foreign Direct Investment (FDI).
This strategic approach, initiated with the personal intervention of PM Narendra Modi, 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. He added that first Generation space Startups have become successful enterprises.
Dr. Jitendra 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.
While ISRO’s journey began when other nations had already sent humans to the moon, Dr. Jitendra Singh highlighted how India is now leading the way in space exploration with cost-effective and indigenous technologies. Citing the Chandrayaan mission, which was executed at just ₹600 crore—half the cost of similar missions by other countries—he emphasized India’s rise as a global leader in space, science and technology.
The Minister underscored the transformative impact of space technology on various sectors. He drew attention to the Swamitva Scheme, which uses satellite mapping and drone technology for land record mapping, eliminating the reliance on revenue officials.
Dr. Jitendra Singh also discussed ISRO’s role in improving communication and connectivity, reinforcing India’s self-reliance in space and satellite technology, and highlighted that 433 foreign satellites had been launched by ISRO which earned 292 million Euros and 172 million $.
Dr. Jitendra Singh highlighted India’s efforts to foster an inclusive space ecosystem, with women playing a central role in key space projects like Chandrayaan and Aditya L1. He also spoke about India’s growing prominence on the global stage, citing recent developments such as the US’s invitation to send an Indian astronaut to the International Space Station and other future collaborations between India and international space agencies.
The Minister also pointed to India’s untapped potential in its Himalayan, coastal, and marine resources, which are expected to drive further economic growth and innovation in the coming years. He emphasized how the space sector will play a key role in unlocking these resources for the benefit of the nation.
Dr. Singh also discussed the growing StartUp ecosystem in India, with Jammu & Kashmir emerging as a role model in agri-tech startups. He highlighted the success of the Aroma Mission: Purple Revolution, which featured in Prime Minister Narendra Modi’s “Mann Ki Baat” and showcased at the Republic Day Parade, empowering the youth in the region. The record number of tourists visiting Jammu and Kashmir each season serves as a testament to the region’s growing development and peace.
In closing, Dr Jitendra Singh affirmed that India is committed to leading the global space race with entirely indigenously developed technologies that are cost-effective, futuristic, and designed for sustainable growth. He concluded by reiterating that 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.