India's space economy expanded to $8 billion, projected to reach $44 billion: Jitendra Singh

New Delhi, Jan 21: India's space economy has expanded to $8 billion and is projected to reach $44 billion within the next decade, according to Union Minister of State for Science and Technology, Dr Jitendra Singh.

Speaking on Sansad TV during an exclusive discussion with Rajya Sabha member Vijay Tankha, Dr Singh attributed the sector's rapid growth to Prime Minister Narendra Modi's reforms that opened the industry to private investment.

Highlighting key milestones, Dr Singh emphasised the significance of upcoming missions such as the Indigenous Gaganyaan Mission, Chandrayaan-4 (2027), Shukrayaan (2028), and the Indian Space Station (2030), which highlights India’s ambitious trajectory in space exploration.

Dr Singh praised the role of startups and foreign direct investment (FDI) in driving innovation. He pointed to missions like SPADEX, which has advanced India's docking capabilities, and the Vyom Mitra robo mission, which serves as a precursor to human spaceflight.

Turning to bio manufacturing, Dr Singh stated that bio foundries and related technologies will be pivotal in ushering in the fourth industrial revolution.

He noted India's bio-economy, enriched by diverse natural resources from the Himalayas to its vast coastline, as a major growth driver. With a dedicated bio economy policy, India is poised to lead global advancements in recycling, manufacturing, and entrepreneurship in the sector.

Dr Singh reaffirmed the government’s commitment to fostering knowledge-sharing, public-private partnerships, and startup engagement to ensure sustained growth.

Addressing India's climate action efforts, Dr Singh reiterated the nation's commitment to tackling diverse climatic challenges through PM Modi’s Mission LiFE, which advocates sustainable living. He also pointed to India's growing leadership in preventive healthcare, aligning with global standards to address health and environmental concerns.

Dr Singh concluded by emphasising India's emergence as a reliable global partner, driven by collaboration, transparency, and innovation. He credited the conducive business environment fostered under PM Modi for positioning India as a hub for startups and industries, strengthening its leadership in technology, sustainability, and governance.