New Delhi, Jan 29 (PTI) — Union Minister Jitendra Singh on Thursday said the space sector is poised to become a major contributor to India’s future economic growth, citing rising global demand and expanding commercial opportunities driven by policy reforms.
Replying to supplementary questions during Question Hour in the Rajya Sabha, Singh said revenue earned from launching foreign satellites has seen a significant rise in recent years. Of the 434 foreign satellites launched by the Indian Space Research Organisation (ISRO), as many as 399 were launched after 2014, when Prime Minister Narendra Modi assumed office.
“As a result, India has earned about 323 million euros and USD 233 million so far. In a nutshell, I can reasonably claim 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 for a long time,” said Singh, who is Minister of State in the Prime Minister’s Office.
He said opening up the space sector to private players was among the most transformative decisions taken by the government, crediting Prime Minister Modi for breaking long-standing taboos in the sector.
The minister said India’s space economy currently stands at USD 8.4 billion and is expected to grow four to five times over the next decade to reach USD 40–45 billion. He noted that while India once had only a handful of space startups, the number has now risen sharply to 399.
Singh added that India is rapidly emerging as a global hub for space manufacturing, space entrepreneurship and the broader space economy. PTI
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