During a media roundtable organized by Bloomberg New Economy Forum in New Delhi, Minister of State for Atomic Energy and Space Dr Jitendra Singh highlighted the potential growth of India's space economy from its current valuation of around $9 billion to between $40-$45 billion over the next seven to eight years.
India's space sector, currently valued at approximately $9 billion, is projected to witness substantial growth according to Dr Jitendra Singh, Minister of State for Atomic Energy and Space. He made this statement during a media roundtable organized by Bloomberg New Economy Forum in New Delhi. The sector is expected to reach between $40-$45 billion over the next seven to eight years.
The minister emphasized the importance of greater domestic and international investment, faster regulatory approvals, and sustainable business models to scale up Indian enterprises and expand their presence in global markets. He pointed out that significant results have been achieved within just five to six years since the opening of India's space sector.
Dr Singh also underscored the need for converting capabilities into commercially viable businesses. He highlighted the necessity of timely regulatory approvals, lower business costs, and stronger supply-chain integration to achieve this goal. The minister added that India must aim beyond demonstrating technological capabilities to building globally competitive commercial space companies.
Moreover, Dr Singh stressed the significance of generating demand for the growth of private space companies. On investment and international cooperation, he stated that India is opening up opportunities for capital and partnerships while continuing to strengthen indigenous capabilities. Greater investment can support technology development, manufacturing, and access to international markets, he said, while domestic capabilities remain crucial for national security and strategic autonomy.
Source:
Akashvani News
