India’s space economy poised to grow to up to $45 billion in 7-8 years: Dr Jitendra Singh
New Delhi, Oct 17 (IANS) Union Minister of State Jitendra Singh has said that India’s space economy — currently valued at around $9 billion — is expected to grow to $40-45 billion over the next seven to eight years, an official statement said on Saturday.
Addressing a media roundtable organised by the Bloomberg New Economy Forum here, the minister said India must move beyond demonstrating technological capabilities to building globally competitive commercial space companies.
He stressed that greater domestic and international investment, predictable demand, faster regulatory approvals and sustainable business models would be crucial to scaling up Indian space enterprises and expanding their presence in global markets.
The minister said the opening of the space sector to private participation in 2019-20 under the leadership of Prime Minister Narendra Modi had yielded significant results within five to six years.
The priority now was to translate these capabilities into commercially viable businesses capable of competing internationally, he said.
Singh further emphasised that generating demand was essential for the growth of private space companies.
Anchor government customers and support for proof-of-concept projects could help enterprises demonstrate their technologies and move towards commercial deployment, according to him.
The minister also called for timely regulatory approvals, lower business costs and stronger supply-chain integration.
Companies seeking installation or export licences should receive the necessary approvals within defined timeframes, he said, adding that reforms, including GST-related measures for space products, must translate into tangible benefits for industry.
On investment and international cooperation, the minister stated that India was opening up opportunities for capital and partnerships while continuing to strengthen indigenous capabilities.
Greater investment could support technology development, manufacturing and access to international markets, while domestic capabilities remained important for national security and strategic autonomy, he said.
The minister called for stronger collaboration between government institutions and private enterprises in India, complemented by partnerships with international counterparts.
Such cooperation could help Indian companies integrate into global supply chains, expand their customer base and contribute to the wider space economy without compromising national interests, according to Singh.
–IANS
ag/
