India Eyes USD 40-45 Billion Space Economy in 7-8 Years

India's space economy, valued at about USD 9 billion today, is expected to grow to USD 40-45 billion within the next seven to eight years, Union Minister of State (Independent Charge) for Science and Technology and Earth Sciences Dr Jitendra Singh said at a media roundtable held in New Delhi on 17 October 2026. The session, titled 'Space, Sovereignty and New Economy', was organised by the Bloomberg New Economy Forum.

From proving capability to selling it

The Minister argued that the country must now move past proving it can build rockets and satellites, and start raising space firms able to win business abroad. Four things, he said, will decide whether that happens: heavier investment from within India and outside it, demand a company can count on, licences cleared inside fixed timeframes, and business models that pay for themselves. A firm applying for an installation or export licence should know by when its file will be decided, and the recent relief on goods and services tax for space products must show up as a real saving on a company's books.

Who took part

Vinod Kumar, Director (Promotion) at the Indian National Space Promotion and Authorisation Centre (IN-SPACe), joined the discussion, as did Aisha Bowe, founder and chief executive of STEMBoard and LINGO, a former NASA engineer who has flown with Blue Origin. Industry representatives, entrepreneurs, academics and members of the international space community made up the rest of the table.

Space technology at work on the ground

Dr Jitendra Singh traced the shift to 2019-2020, when the sector was opened to private players, and said the five to six years since have been enough to show results. He pointed to everyday uses of the technology: satellite communication, geospatial tools and earth observation now feed project clearances, the geotagging of public works, farm advice, disaster warnings and defence needs. India also shares space-based disaster information with Myanmar, Bangladesh and Sri Lanka. Downstream services and data-driven products, he said, will widen the market for Indian companies as much as launch vehicles and satellites do.