India’s Space Economy To Reach $44 Billion By 2033: Dr Jitendra

NEW DELHI: India’s space economy is projected to reach about $44 billion by 2033, Union Minister of State for Science and Technology Dr. Jitendra Singh said, underlining that landmark reforms and private sector participation are powering the country’s emergence as a global space player.
The summit brought together key stakeholders from government, industry, and academia to deliberate on the future of satellite communications in India’s digital growth story.
Dr. Jitendra Singh emphasised that satellite communication will serve as the backbone of India’s digital infrastructure and play a decisive role in connecting remote regions where terrestrial networks face geographical barriers. With more than 70 per cent of new ATMs being installed in rural areas, he said satcom would be vital for ensuring financial inclusion and expanding digital services.
The Minister highlighted that India’s space economy, valued at $8.4 billion in 2022, is on track to expand nearly fivefold over the next decade. He credited reforms such as the creation of New Space India Limited (NSIL) and the establishment of IN-SPACe for dismantling decades of state monopoly and enabling private innovation. As a result, more than 300 space startups have emerged in just five years, making India the world’s fifth-largest space startup ecosystem.
India’s achievements have also been marked by cost-effective innovation. Chandrayaan-3’s historic soft landing near the Moon’s south pole in 2023 earned India global recognition, including the World Space Award, at roughly half the cost of comparable international missions. Commercially, India has launched 433 foreign satellites, generating over $190 million and €270 million in revenue.
Looking ahead, Dr. Jitendra Singh highlighted India’s long-term space roadmap. By 2035, India plans to set up its own Bharatiya Antariksh Station, while by 2040, an Indian astronaut is expected to land on the Moon and announce the vision of “Viksit Bharat 2047.” The roadmap also envisages launching more than 100 satellites over the next 15 years, most of them small satellites developed through government-private partnerships.
The Minister also spoke of how space technology is shaping governance. Programs like SVAMITVA have already provided land ownership rights to more than 2.4 crore rural property owners across 1.61 lakh villages through satellite mapping. Satellites are now integral to disaster management, daily forest fire monitoring, and agricultural yield assessments, in addition to powering flagship schemes like Gati Shakti for infrastructure planning and NavIC for navigation.
Dr. Jitendra Singh said India’s space diplomacy was strengthening through missions such as the upcoming Chandrayaan-5 in collaboration with Japan and the NASA-ISRO Synthetic Aperture Radar (NISAR) mission. Neighbouring countries, too, are increasingly dependent on Indian satellites for disaster management and communication support.
“Seventy per cent of our space technology is dedicated to development and ease of living, not just rocket launches,” Dr. Jitendra Singh said, adding that the convergence of space technology, digital infrastructure, and governance would serve as the digital nervous system of Viksit Bharat 2047.
Concluding his address, the minister said India’s cost-effective missions, expanding private partnerships, and ambitious space roadmap are positioning the country as a global leader. “India’s space sector has earned for the country an enduring space in the world arena,” he remarked.
The event featured keynote addresses by Dr. Pawan Goenka, Chairman of IN-SPACe, and Dr. V. Narayanan, Chairman of ISRO and Secretary, Department of Space, who highlighted India’s expanding role in the global space sector. The session concluded with a vote of thanks, marking a collaborative beginning to discussions on advancing universal connectivity through satellite networks.