India Aims for $44 Billion Space Economy by 2033 with Balanced Innovation Strategy: Jitendra Singh

New Delhi, July 24: India’s space sector is on a determined path to expand its share in the global space economy, with a targeted growth to $44 billion by 2033, according to a written reply by Union Minister Dr Jitendra Singh in the Rajya Sabha today.

In line with the landmark space reforms of 2020, the government established IN-SPACe (Indian National Space Promotion and Authorization Centre) as a single-window nodal agency to promote private sector participation in the space domain. In collaboration with ISRO and private entities, IN-SPACe has developed a strategic roadmap titled “Decadal Vision and Strategy for the Development of the Indian Space Economy.”

Key Initiatives Driving Growth:

To achieve the decadal targets, IN-SPACe has launched several strategic and enabling actions, including:

• Creation of ₹1,000 crore Antariksh Venture Capital Fund for space startups and MSMEs
• Transfer of Small Satellite Launch Vehicle (SSLV) technology to industry
• Development of space-tech manufacturing clusters in Indian states
• PPP models for Earth observation projects
• Talent development through space-focused education and skill programs
• Enhanced access to critical infrastructure and regulatory easing for private firms

The roadmap emphasizes that space should be a catalyst, not a siloed pillar, of India’s economic advancement. The vision integrates space tech into broader sectors like agriculture, climate action, logistics, defence, and digital services to promote cross-sector innovation and socio-economic inclusivity.

Guarding Against Over-Reliance:

The Department of Space has outlined a balanced innovation approach to:

• Foster convergence with AI, quantum tech, biotech, and green energy
• Ensure policy and fiscal balance to prevent overconcentration of investment in space alone
• Encourage public-private investment diversification across manufacturing, MSMEs, and fintech sectors

The government envisions space as a strategic enabler of India’s innovation-driven growth model, helping the nation become economically resilient while retaining global competitiveness in emerging technologies.

Dr Jitendra Singh reiterated that these strategies are regularly assessed and globally aligned, ensuring India’s space ambitions are realized without compromising broader developmental priorities.