New Delhi: India’s space economy, currently valued at around USD 9 billion, is expected to grow to USD 40–45 billion over the next seven to eight years, Union Minister Jitendra Singh said on today.
Speaking at a Bloomberg New Economy Forum roundtable in New Delhi, the Minister stressed the need to develop globally competitive commercial space companies through increased investment, predictable demand, faster regulatory approvals and sustainable business models.
He said the opening of India’s space sector to private participation in 2019–2020 had yielded significant results. The next priority is to convert the country’s technological capabilities into commercially viable enterprises capable of competing in global markets.
Singh also highlighted the importance of government-backed projects and assured demand in helping private space companies expand operations and attract investment.
