📷 Image: Wikimedia Commons / Ministry of Personnel, Public Grievances and Pensi
Business
India's space economy projected to reach $45 billion by 2032, says minister Jitendra Singh
✍️ Asianet Newsable
🗓 18 Oct 2026, 02:32 AM
👁 11
Minister Jitendra Singh announced that India's space sector is expected to grow to $45 billion within the next eight years, reflecting rapid commercialisation and global demand.
Minister of State for Science and Technology Jitendra Singh told reporters that the value of India's space economy is expected to climb to about $45 billion by 2032, eight years from now.
The projection follows a surge in commercial satellite launches, growing demand for satellite‑based services, and the entry of private firms such as Skyroot Aerospace and Agnikul Cosmos into the market.
Government data indicates the sector contributed roughly $7‑8 billion in the last fiscal year, and policy measures like the NewSpace India Programme aim to boost indigenous manufacturing and export capabilities.
Analysts say reaching the $45 billion target would place India among the top three global space markets, behind the United States and China, and could attract further foreign investment.
The ministry plans to review progress annually and align funding with emerging technologies such as small‑sat constellations and space‑based internet services.
The projection follows a surge in commercial satellite launches, growing demand for satellite‑based services, and the entry of private firms such as Skyroot Aerospace and Agnikul Cosmos into the market.
Government data indicates the sector contributed roughly $7‑8 billion in the last fiscal year, and policy measures like the NewSpace India Programme aim to boost indigenous manufacturing and export capabilities.
Analysts say reaching the $45 billion target would place India among the top three global space markets, behind the United States and China, and could attract further foreign investment.
The ministry plans to review progress annually and align funding with emerging technologies such as small‑sat constellations and space‑based internet services.