India’s Space Economy Set to Hit $45 Billion, 400+ Startups Lead Growth

India’s space economy is expected to grow from USD 8-9 billion currently to nearly USD 40-45 billion over the next decade, Union Minister Dr. Jitendra Singh said. The growth is expected to be driven by policy reforms, private sector participation, and rapid innovation.

India now has more than 400 space startups, compared to only a handful a few years ago, highlighting the rapid expansion of the country’s space ecosystem.

The Minister said missions such as Chandrayaan-3 and the upcoming Gaganyaan programme have strengthened India’s position among the world’s leading space-faring nations.

He added that India is extensively using space technology for infrastructure planning, project monitoring, and governance through initiatives such as PM Gati Shakti and drone-based monitoring systems.

Dr. Jitendra Singh also said the analysis of the recent PSLV mission anomaly has been completed, the causes have been identified, and corrective measures have already been initiated for future missions.