India’s space economy valued at around $9 billion, could reach $45–46 billion in the next 8–10 years, says Union Minister
Varanasi, October 8: Opening India’s space sector to private companies and startups has created new career opportunities for young engineers and scientists within the country, helping reduce the need to seek employment abroad, Union Minister Jitendra Singh said on Thursday.
Addressing students at the NaMo Book Fest at the Rudraksh International Cooperation and Convention Centre in Varanasi, Singh said India’s space ecosystem was no longer confined to government institutions. Private enterprises and startups, including Skyroot, are providing new avenues for young professionals to contribute to the country’s growing space capabilities.
The two-day festival, held on October 7 and 8, marked 25 years of Prime Minister Narendra Modi as head of government through books exploring his life, leadership and public service. The event was coordinated by senior journalist Ashok Shrivastava.
Singh said India’s scientific ecosystem was undergoing a significant transformation, with government institutions, industry, startups, universities and research organisations increasingly expected to work together.
“The age of silos is over,” he said, emphasising the importance of collaboration in building scientific capabilities and developing technologies that can compete globally.
According to the minister, India’s space economy is currently valued at around $9 billion and could grow to $45–46 billion over the next eight to ten years if the present momentum continues. He attributed the sector’s expansion partly to the wider participation of private companies following policy changes.
During an hour-long interaction and panel discussion, students also engaged with experts from science, ocean research, biotechnology, space and other fields.
The minister said space technology was increasingly being used beyond rockets and satellite launches, with applications in infrastructure planning, project monitoring and disaster management.
He noted that satellite-based information was helping neighbouring countries, including Nepal, Bangladesh, Myanmar and Sri Lanka, prepare for floods and other natural disasters.
Referring to India’s scientific progress, Singh highlighted initiatives such as the Deep Ocean Mission, National Quantum Mission, artificial intelligence and cybersecurity programmes, and the Anusandhan National Research Foundation. He said these initiatives were aimed at developing capabilities in emerging fields and translating research into practical applications.
He also cited India’s biotechnology initiatives, including the Genome India project and the development of a DNA vaccine against COVID-19, as examples of efforts to strengthen domestic scientific capacity.
Singh referred to Chandrayaan-3 as an example of India’s ability to undertake complex space missions cost-effectively. He said the country had progressed from largely following international developments to participating alongside leading nations in science and technology.
The minister also discussed private participation in the nuclear sector and the target of achieving 100 GW of nuclear energy capacity by 2047. He described nuclear power as a potential contributor to future energy requirements, including those associated with artificial intelligence and data centres.
Highlighting research investment, Singh said India’s gross expenditure on research and development (GERD) had increased from approximately ₹46,000–47,000 crore in 2013–14 to around ₹2–2.5 lakh crore.
Responding to questions about artificial intelligence, Singh encouraged students to adopt the technology while retaining independent thinking, curiosity and problem-solving skills. He said AI should strengthen human capabilities rather than replace the curiosity that drives scientific discovery.
The minister said India’s scientific progress was creating greater confidence and expanding opportunities for young people. He added that the next phase of growth would depend on sustained collaboration, stronger research capabilities and converting scientific advances into innovation, economic opportunities and solutions to everyday challenges.
He said these efforts would be important as India works towards its goal of becoming a developed nation by 2047.
