India's Space Economy Set to Grow Fivefold, Strengthening Vision for Viksit Bharat 2047

Dr. Jitendra Singh underscored the sharp rise in India’s space budget, which has nearly tripled under Prime Minister Narendra Modi’s leadership—from ₹5,615 crore in 2013-14 to ₹13,416 crore in 2025-26.

India’s space economy is on the path to exponential growth, with projections indicating an increase from $8 billion to $44 billion in the coming years. This surge in the space sector will contribute significantly to India’s economy, driving innovation, investments, and value addition as the nation moves towards the goal of a Viksit Bharat by 2047.

Union Minister of State (Independent Charge) for Science and Technology, Earth Sciences, PMO, Department of Atomic Energy, and Department of Space, Dr. Jitendra Singh, emphasized these developments while addressing the "Business Conclave" organized by the Times Network in New Delhi. He highlighted the tremendous progress India’s space sector has achieved, attributing it to strategic government policies and increased investment in space research and exploration.

Transformative Growth in India’s Space Sector

Dr. Jitendra Singh underscored the sharp rise in India’s space budget, which has nearly tripled under Prime Minister Narendra Modi’s leadership—from ₹5,615 crore in 2013-14 to ₹13,416 crore in 2025-26. This increase demonstrates the government’s unwavering commitment to fostering growth, strengthening indigenous capabilities, and driving India’s presence in the global space economy.

A pivotal moment in India’s space journey came in 2014 when the government took decisive steps to unlock the space sector. The Modi-led administration enabled greater participation from private players, opened up avenues for Foreign Direct Investment (FDI), and allowed public access to facilities such as Sriharikota. These initiatives led to the establishment of key frameworks like NewSpace India Limited (NSIL) and the Indian National Space Promotion and Authorization Center (IN-SPACe), fostering a robust synergy between governmental and non-governmental sectors.

Key Milestones and Achievements in India’s Space Mission

Dr. Jitendra Singh pointed to landmark achievements by the Indian Space Research Organization (ISRO), including India’s historic success in reaching the South Pole of the Moon with Chandrayaan-3. Despite starting its space program later than many global counterparts, India has now emerged as a leader in space exploration, leveraging cost-effective and indigenous technologies. The Chandrayaan mission was executed at just ₹600 crore, significantly lower than similar missions undertaken by other countries.

India’s space sector has also played a crucial role in satellite launches and global collaborations. ISRO has successfully launched 433 foreign satellites, earning revenue of 292 million euros and $172 million. The recent invitation by the United States for India to send an astronaut to the International Space Station further underscores the country’s growing prominence in space exploration.

Space Technology’s Role in Nation-Building

Beyond space exploration, India’s advancements in space technology have significantly impacted various sectors. The Swamitva Scheme, utilizing satellite mapping and drone technology, has revolutionized land record mapping by eliminating dependency on revenue officials. Enhanced satellite communication and connectivity continue to strengthen India’s self-reliance in space technology, further bolstering national security and economic resilience.

Additionally, India’s commitment to inclusive space development is evident, with women playing a pivotal role in flagship projects such as Chandrayaan and Aditya L1. The government’s efforts are also geared towards tapping into the vast potential of the Himalayan, coastal, and marine resources, with space technology poised to drive economic growth and innovation in these domains.

Boosting India’s Start-Up Ecosystem and Regional Development

Dr. Singh also highlighted India’s thriving startup ecosystem, with regions like Jammu & Kashmir emerging as new hubs for agritech entrepreneurship. The Aroma Mission: Purple Revolution, which received national recognition in Prime Minister Narendra Modi’s "Mann Ki Baat," is empowering local youth and fostering economic growth. Jammu and Kashmir’s tourism boom further signifies the region’s development and stability.

Conclusion: India’s Path to Space Leadership

In his concluding remarks, Dr. Jitendra Singh reaffirmed India’s commitment to becoming a global leader in the space sector through fully indigenized, cost-effective, and sustainable technological advancements. India is not just following the trajectory set by other nations but is actively shaping the global space industry with groundbreaking innovations and leadership in futuristic space missions. With these concerted efforts, India’s space sector is poised to play a transformative role in the nation’s economic and scientific growth, marking the dawn of a new era in space exploration and technology.