New Delhi, Oct 17 (KNS): India's space economy is projected to grow from its current valuation of around $9 billion to $40–45 billion over the next seven to eight years, Union Minister Dr Jitendra Singh said on Saturday, stressing the need for increased private investment and stronger commercial capabilities.

Speaking at a media roundtable on “Space, Sovereignty and New Economy”, organised by the Bloomberg New Economy Forum in New Delhi, Singh said India must move beyond demonstrating technological capabilities and focus on building globally competitive space companies.

He said the opening of the space sector to private participation in 2019–2020 under Prime Minister Narendra Modi had delivered significant results, adding that the next phase of growth would depend on converting technological achievements into commercially viable businesses.

The minister identified predictable demand, faster regulatory approvals, lower business costs and sustainable business models as key factors in attracting investment and helping Indian space enterprises expand their presence in international markets.

Emphasising the importance of government support, Singh said anchor government customers and assistance for proof-of-concept projects could help private companies demonstrate their technologies, develop market-ready products and establish sustainable revenue streams.

He also called for stronger supply-chain integration and improved access to domestic and international markets, while underlining the need to strengthen indigenous capabilities to safeguard national security and strategic autonomy.Click Here To Follow Our WhatsApp Channel

Highlighting the wider applications of space technology, Singh said satellite communications, geospatial services and Earth observation were contributing to infrastructure monitoring, agriculture, disaster management and defence.

He referred to the use of space technology for monitoring development projects, tracking implementation timelines and geotagging public works. He also noted India's role in providing space-based information and disaster management support to neighbouring countries, including Myanmar, Bangladesh and Sri Lanka.

The minister stressed that collaboration between government institutions, private enterprises and international partners would be crucial to expanding investment, developing technology and integrating Indian companies into global supply chains.

The roundtable brought together representatives from the space industry, entrepreneurship, academia and the international space community. Other participants included Vinod Kumar, Director (Promotion) at the Indian National Space Promotion and Authorisation Centre (IN-SPACe), and Aisha Bowe, founder and CEO of STEMBoard and LINGO, a former NASA engineer and Blue Origin astronaut.

Singh said India's future growth in the space sector would depend on combining technological strengths with commercial innovation, efficient regulation and greater private participation.(KNS)