India's space economy is about USD 9 billion and could reach USD 45 to 46 billion in eight to ten years, says Jitendra Singh

8 October 2026

In a session reported by the Department of Space on 8 October 2026, Union Minister of State Dr Jitendra Singh said India's space economy is about USD 9 billion and that if the current momentum continues it could reach USD 45 to 46 billion within 8 to 10 years. He said opening the space sector to private players has given young scientists and engineers opportunities at home and reduced the need to seek jobs abroad, naming the startup Skyroot as an example. He said government, industry, startups, academia and research institutions must work together, summing it up as 'The age of silos is over'. He said Indian satellites provide flood and disaster information to Nepal, Bangladesh, Myanmar and Sri Lanka. He said gross expenditure on research and development rose from about ₹46,000-47,000 crore in 2013-14 to about ₹2-2.5 lakh crore. He also referred to the opening of the nuclear sector to private participation and a target of 100 GW of nuclear capacity by 2047, and cited Chandrayaan-3 as an example of a cost-efficient mission. He was speaking at the NaMo Book Fest in Varanasi.