India’s Space Economy to Reach $44 Billion by 2033: Dr Jitendra Singh

New Delhi, Oct 8 : India’s space economy is poised to touch $44 billion by 2033, driven by sweeping reforms, private participation, and an expanding satellite communication (Satcom) network, Union Minister of State for Science and Technology Dr. Jitendra Singh said while addressing the ‘Satcom’ session at the India Mobile Congress 2025.

Highlighting India’s transformation into a global space hub, Dr. Singh said the nation has already launched 433 foreign satellites, earning over $190 million and €270 million in revenue. He underlined that Satcom would play a pivotal role in ensuring universal digital connectivity, particularly in rural India, where over 70 percent of new ATMs are being installed.

“Satellite communication will be the backbone of India’s digital infrastructure and vital for financial inclusion in remote areas,” the minister said, adding that space technology now supports key government initiatives such as SVAMITVA, Gati Shakti, and NavIC.

Dr. Singh noted that India’s space economy, valued at $8.4 billion in 2022, is on track to expand nearly fivefold over the next decade, fueled by initiatives like New Space India Limited (NSIL) and IN-SPACe that opened the sector to private players. Over 300 startups have emerged in the last five years, making India the fifth-largest space startup ecosystem globally.

He outlined India’s future roadmap, including setting up the Bharatiya Antariksh Station by 2035 and landing an Indian astronaut on the Moon by 2040 under the vision of “Viksit Bharat 2047.” The plan also includes launching more than 100 satellites, most through public-private partnerships.

India’s cost-effective innovations continue to earn international acclaim — the Chandrayaan-3 mission, which achieved a historic soft landing near the lunar south pole in 2023, won the World Space Award for excellence in low-cost space exploration.

The minister also emphasized India’s growing global partnerships, including the upcoming Chandrayaan-5 mission with Japan and the NASA-ISRO Synthetic Aperture Radar (NISAR) mission with the US.

“Seventy percent of our space technology is devoted to development and improving lives, not just rocket launches,” Dr. Singh remarked, calling Satcom the key to a digitally empowered and inclusive India.

The session also featured ISRO Chairman Dr. V. Narayanan and IN-SPACe Chairman Dr. Pawan Goenka, who discussed the nation’s evolving space strategy and collaborative opportunities for the future.