New Delhi: India’s space economy has expanded to an estimated $8.4 billion, with nearly 400 space startups now active across launch vehicles, satellites, propulsion systems, and space-grade electronics, Union Minister of State (Independent Charge) for Science and Technology and Space, Dr Jitendra Singh, informed the Rajya Sabha.
Responding to a starred question in the Upper House, Dr. Jitendra Singh said the rapid rise of space startups followed a series of policy reforms introduced after 2019 that opened the space sector to private participation.
A key institutional development, he noted, was the establishment of the Indian National Space Promotion and Authorisation Centre (IN-SPACe), which serves as a single-window interface between private industry and government bodies, including the Indian Space Research Organisation (ISRO).
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Space Startups Drive Growth After Sector Opened to Private Players
The Minister told the House that while India has long possessed strong scientific capability within ISRO, the absence of an enabling ecosystem had earlier restricted wider industrial involvement.
The reforms introduced in recent years created a supportive framework for private investment and entrepreneurship, transforming a sector that was traditionally government-driven.
As a result, the number of space startups has grown sharply from single-digit figures to 399 entities operating to date.
Dr Jitendra Singh said the space sector, once marginal in economic terms, is now valued at about $8.4 billion and is projected to grow four to five times over the next eight to ten years, potentially reaching $40–45 billion.
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Private Companies Expand Across the Space Value Chain
Dr. Jitendra Singh informed the House that private players are now participating across multiple segments of the space value chain.
Hindustan Aeronautics Limited has entered into a technology transfer agreement with ISRO for the Small Satellite Launch Vehicle (SSLV), while several Indian companies are engaged in developing satellite platforms, launch systems, propulsion technologies, and associated applications.
The Minister cited multiple firms to highlight the expanding role of space startups and private enterprises following the sector’s liberalisation, indicating a broad-based industrial presence that did not exist earlier.
Foreign Satellite Launches Boost India’s Global Presence
Highlighting India’s growing footprint in the global space launch market, Dr. Jitendra Singh said ISRO has launched 434 foreign satellites to date, of which 399 were launched after 2014.
These launches have generated revenues of approximately €323 million and $233 million.
Concluding his reply, the Minister stated that space is expected to become a key contributor to India’s future economic growth.
With private investment accelerating and institutional mechanisms firmly in place, he said the sector is expanding into previously under-explored areas and emerging as an important domain of manufacturing, innovation, and entrepreneurship led by space startups.
