India’s space economy set to grow from $8 billion to $44 billion in 10 years: Jitendra Singh

India’s space sector has grown to a size of $8 billion and is projected to reach $44 billion over the next 10 years, minister of state for science and technology, Dr. Jitendra Singh, told Sansad TV in an interview.

Dr Singh attributed this to India's policy transformation in the space sector and credited PM Modi for opening the space sector to private investment. 

India, he said, has clearly set a trajectory for its space economy and has lined up key space missions like the indigenous Gaganyaan Mission, the upcoming Chandrayaan-4 (2027), Shukrayaan (2028), and the setting up of an Indian Space Station (2030), all of which are expected to lead to increased economic activity and generate employment.

He said the policy shift has helped attract startups within the country as well as foreign direct investment (FDI) fuelling innovation. He cited the example of Isro’s SPADEX mission that enabled docking of two satellites using innovative technique. He also highlighted the Vyom Mitra robo mission, which marked a leap in technological advancement. The Vyom Mitra robo mission can be seen as a precursor to human space exploration, he pointed out.

Besides the space sector, the minister said, Biomanufacturing and bio foundries will have a major role in fostering the Fourth Industrial Revolution.

India, he pointed out, has abundant resources as it is extremely diverse with regions ranging from mountains, valleys, plains and the oceans. With the government also formulating a dedicated bio-economy policy, the sector would see innovation in recycling, manufacturing, and rise of startups in this sector. 

Dr Singh assured government support for knowledge pooling, public-private collaborations, and startup participation to sustain growth.

Also, he said the shift to citizen-centric governance has helped redefine bureaucracy by prioritising role-based capacity building. The growth of the digital economy and the development of innovations like the face-recognition-enabled digital life certificate and dynamic online modules have made life easier for citizens.

He also spoke of India's commitment to combating climate change and addressing climatic challenges and promoting sustainable living. India, he said, is taking a lead in promoting preventive healthcare and in addressing health and environmental challenges.