Revenue from foreign satellite launches surges; space economy projected to touch $40–45 billion
New Delhi, January 29:
Union Minister of State in the Prime Minister’s Office Dr Jitendra Singh on Thursday said the space sector is poised to become one of the most important contributors to India’s future economic growth, citing a sharp rise in revenues, private participation and global demand for Indian launch services.
Replying to supplementary questions during Question Hour in the Rajya Sabha, the minister said earnings from the launch of foreign satellites have increased significantly in recent years. He noted that out of the 434 foreign satellites launched by the Indian Space Research Organisation, as many as 399 were launched after 2014, when Narendra Modi assumed office.
“As a result, India has so far earned about 323 million Euros and USD 233 million,” Singh said, adding that the figures clearly demonstrate the growing global trust in India’s space capabilities. “In a nutshell, I can reasonably say that in the times to come, space is going to be a very important contributor to the future growth of India’s economy. It is one of the sectors that remained under-explored or unexplored for a long time,” he said.
The minister described the decision to open the space sector to private players as one of the most path-breaking reforms undertaken by the government. He said the move broke several long-standing taboos and unlocked the sector’s true potential. “The credit goes to the Prime Minister for taking bold decisions and opening up the space domain,” Singh said.
Highlighting the rapid expansion of India’s space economy, Singh said it currently stands at around USD 8.4 billion and is expected to grow four to five times over the next decade, reaching USD 40–45 billion. “We were once a single-digit startup ecosystem. Today, we have close to 399 space startups,” he said.
Singh said India is fast emerging as a global hub for space manufacturing, space entrepreneurship and the overall space economy, with increasing participation from private companies, startups and young innovators.
He added that with sustained policy support, growing global demand and a strong talent pool, the space sector will play a transformative role in strengthening India’s economy and technological leadership in the coming years.
