New Delhi, In a significant boost to the Indian space industry, Union Minister Jitendra Singh revealed that Indian space startups have attracted over ₹1,000 crores in private investment since April this year. Speaking at the India Today Conclave, Singh highlighted the potential for India to achieve a 100 billion USD space economy by 2040.
As of now, India’s space economy stands at USD 8 billion, but Singh expressed confidence in its manifold growth by 2040. Foreign observers also speculate India’s potential to become a $100 billion space economy by 2040, as indicated in the recent ADL (Arthur D. Little) Report.
The Minister pointed out that the Indian Space Research Organisation (ISRO) has launched over 430 foreign satellites, earning more than 290 million euros from European satellites and over 170 million USD from American satellites. Additionally, the number of space startups in India has surged to 1,080, marking a substantial increase from single-digit figures in the past.
Singh emphasized the positive impact of Alphabet’s $36 million investment in Bengaluru-based space startup Pixxel, following the Indian government’s privatization policy in April. The approval of Indian Space Policy 2023 further fueled investment opportunities in the Indian private space industry, attracting companies like Skyroot, SatSure, Dhruva, and Bellatrix.
The recent Chandrayaan-3 launch by ISRO, coupled with the projected global space market of $1 trillion by 2040 and the potential for space tourism, positions India’s space industry for significant growth. Key recommendations for achieving this potential include regulatory clarity, foreign investments, incentives, startup support, partnerships, research and development centers, and skill development.
