IBNS-CMEDIA: Union Minister Jitendra Singh has said India’s space economy has grown to an estimated $8.4 billion, with 399 start-ups now operating across segments such as launch vehicles, satellites, propulsion systems and space-grade electronics.
Speaking in the Rajya Sabha, Singh attributed the expansion to key policy decisions taken after 2019 to open the space sector to private participation.
He highlighted the establishment of the Indian National Space Promotion and Authorisation Centre (IN-SPACe) as a major institutional reform. IN-SPACe serves as a single-window interface between private industry and government agencies, including the Indian Space Research Organisation (ISRO), facilitating greater collaboration and regulatory support.
While noting that India has long possessed strong scientific capability and commitment within ISRO, Singh said the absence of an enabling ecosystem had previously limited broader industrial participation.
The reforms, he said, created favourable conditions for private investment and entrepreneurship in a sector that had remained largely government-driven for decades.
As a result, the number of space start-ups has surged from single digits to 399.
Singh said the space sector, once marginal in economic terms, is now valued at approximately $8.4 billion and is projected to grow four to five times over the next eight to ten years, potentially reaching $40–45 billion.
He informed the House that private entities are now active across multiple segments of the space value chain. Hindustan Aeronautics Limited (HAL), for instance, has signed a technology transfer agreement with ISRO for the Small Satellite Launch Vehicle (SSLV). In addition, several Indian companies are working on satellite platforms, launch systems, propulsion technologies and related applications.
The Minister also underscored revenue generated through the launch of foreign satellites. Of the 434 foreign satellites launched by ISRO to date, 399 were launched after 2014. These missions have earned India approximately €323 million and $233 million, reflecting the country’s expanding footprint in the global space launch market.
Singh said the space sector is poised to become a significant contributor to India’s future economic growth. With rising private investment and institutional mechanisms now in place, he added, the sector has moved into previously under-explored areas and is emerging as a key driver of manufacturing, innovation and entrepreneurship.
