India’s Space Sector Set to Propel Economic Growth, Says Minister

India’s Minister of State for Science and Technology, Jitendra Singh, has announced that the country’s space sector is poised to become a significant contributor to the national economy in the near future. Speaking at the India International Space Conclave (IISC) 2025, Singh highlighted that approximately 70 percent of India’s space-driven applications are designed to enhance the quality of life for ordinary citizens, a focus often overlooked by many nations involved in space exploration.

Singh noted that space reforms implemented over the past five years have transformed the landscape of India’s space economy, which was previously fragmented and largely unrecognized. He stated, “Today, the Indian space economy stands at $8 billion, with projections indicating it could grow to between $44 billion and $45 billion within the next decade. As we advance, space will play a crucial role in driving the growth of India’s economy.”

Global Collaborations in Space Exploration

The event also featured remarks from Antonio Bartoli, the Ambassador of Italy to India, who emphasized that space is a top priority in the bilateral relations between India and Italy. Bartoli remarked, “India’s technological achievements and global vision position it as an increasingly vital player in the space sector. Italy is recognized internationally as a leader in this field, and our collaboration is set to strengthen in the coming years.”

Additionally, Takashi Ariyoshi, Minister and Deputy Chief of Mission at the Embassy of Japan to India, noted the deep mutual trust between Japan and India. He stated, “Our collaborative efforts in lunar missions, climate initiatives, and space science highlight the strength of our partnership and our shared commitment to future advancements. Engaging industry, government, and academia is crucial for building a robust space ecosystem.”

Investment in Infrastructure and Future Prospects

During the conclave, Dr. Pawan Goenka, Chairman of the Indian National Space Promotion and Authorisation Centre (IN-SPACe), discussed the significant progress made over the past year. He highlighted the increasing investment from the private sector aimed at developing infrastructure within the space industry.

Dr. Goenka mentioned a recent agreement between IN-SPACe and the Small Industries Development Bank of India Venture Capital Ltd, which operationalizes ₹1,000 crore for the space sector. This funding is expected to bolster initiatives and innovations that will further enhance India’s standing in global space exploration.

The discussions at the IISC 2025 underscore a collective vision among nations to harness the potential of space technology for economic and societal benefits, marking a pivotal moment for India’s growing role in the international space community.