Excelsior Correspondent
NEW DELHI, Feb 25: “The Indian space economy is projected to grow more than five times, rising from $8 billion to $44 billion in the coming years, significantly contributing to the nation’s overall economy as we strive towards a $5 trillion goal.”
This statement was made today by Dr. Jitendra Singh, Union Minister of State (Independent Charge) for Science and Technology, addressing the “Business Conclave” at Hotel Taj.
The Minister emphasized the impressive advancements made in the Indian space sector, attributing the increase in the space budget as a crucial element in this progress. He noted that, under Prime Minister Narendra Modi’s leadership, the space budget has nearly tripled—from Rs 5,615 crore in 2013-14 to Rs 13,416 crore in 2025-2026—demonstrating the government’s commitment to promoting growth in this field.
Dr. Singh highlighted 2014 as a critical year in India’s space journey, when Prime Minister Modi made the groundbreaking decision to “unlock” the space sector, initiating a proactive change in government policies. He praised the environment fostered by the Modi Government, which has opened Sriharikota to the public and encouraged private sector participation, inviting Foreign Direct Investment (FDI).
This strategic initiative, backed by PM Modi’s personal involvement, is facilitating collaboration between governmental and non-governmental entities through frameworks like NewSpace India Limited (NSIL) and In-SPACe, fostering innovation and creating opportunities in the space industry. He noted that the first generation of space startups has evolved into thriving businesses.
Additionally, Dr. Singh referenced pivotal achievements of the Indian Space Research Organization (ISRO), including its historic accomplishment of being the first nation to successfully reach the Moon’s South Pole.
He pointed out that while ISRO’s journey commenced after other nations had already sent humans to the Moon, India is now leading in space exploration with cost-effective and homegrown technologies. Citing the Chandrayaan mission, which was executed with a budget of just Rs 600 crore—half that of similar missions by other countries—he highlighted India’s emergence as a global leader in space, science, and technology.
The Minister also noted the transformative effects of space technology across various sectors, mentioning the Swamitva Scheme, which utilizes satellite mapping and drone technology for land record mapping, reducing dependency on revenue officials.
He underscored India’s latent potential in its Himalayan, coastal, and marine resources, which are expected to fuel further economic expansion and innovation in the years ahead. He stressed that the space sector would be instrumental in unlocking these resources for the nation’s benefit.
Dr. Singh further discussed the burgeoning startup ecosystem in India, with Jammu & Kashmir serving as a model for agri-tech startups. He highlighted the achievements of the Aroma Mission: Purple Revolution, which was featured in PM Modi’s “Mann Ki Baat” and showcased at the Republic Day Parade, thus empowering the youth in the region. The surge in tourist visits to Jammu and Kashmir each season is a testament to the region’s ongoing development and newfound stability.
