Union Minister Dr. Jitendra Singh highlighted the Modi government’s transformative policies in the space sector, projecting a fivefold growth in the space economy to $44 billion by 2034. He credited the 2023 New Space Policy for opening doors to private sector participation, positioning India as a global leader in space innovation.
Dr. Jitendra Singh, Union Minister of State for Space, emphasized that the 2024-25 budget announcements for the space sector have a forward-looking vision. He lauded the 2023 New Space Policy, which marked a pivotal shift by allowing private companies to collaborate with ISRO. The Minister predicted that India’s space economy could expand fivefold over the next decade, reaching an estimated $44 billion.
Dr. Singh noted that the 2023 policy change was a groundbreaking moment for India’s space sector, as it ended decades of restrictive practices and secrecy. The policy introduced private sector participation in ISRO’s operations, paving the way for startups and increased global collaboration. In-SPACE, an agency established in 2020, now acts as a bridge between the government and private enterprises, further accelerating growth.
“The Modi government broke the shackles of the past, liberating the space sector, and the credit goes to Prime Minister Narendra Modi,” Dr. Jitendra Singh stated in an interview.
India’s space sector had long operated under tight government control, limiting its growth potential. However, the current government’s policies have spurred a surge in entrepreneurial activity. The establishment of New Space India Limited and the rise of nearly 300 startups since 2021 underscore this rapid transformation.
The burgeoning space sector is expected to create numerous employment opportunities within India, reversing the brain drain trend. Indian talent, which previously sought opportunities abroad, now has fertile ground for innovation and entrepreneurship at home, with prospects of contributing to high-profile projects like ISRO’s Gaganyaan mission and future lunar expeditions.
While the growth trajectory is promising, there are concerns about the readiness of India’s infrastructure to handle such rapid expansion. Critics argue that the government must ensure that regulatory frameworks keep pace with innovation to sustain this growth.
Global interest in India’s space sector is growing, with companies like SpaceX reaching out to collaborate with Indian startups. Minister Singh highlighted examples such as AgniKul Cosmos and Skyroot, which are pioneering private sector contributions to space exploration.
As India positions itself as a leading player in the global space race, the government’s futuristic vision and policy support are expected to drive unprecedented growth and innovation in the sector, with the potential to place an Indian on the moon by 2040.
