India's Space Economy To Reach USD 45 Billion In Next 7-8 Years: Jitendra Singh

India's space economy, currently valued at nearly USD 9 billion , is expected to grow fivefold and reach around USD 45 billion within the next seven to eight years , Union Minister Jitendra Singh said on Sunday, highlighting the rapid transformation of the country's science and technology ecosystem under the Narendra Modi government.

Speaking during an interaction with the media while reflecting on the government's 12-year journey, Singh said one of the most significant changes witnessed during this period has been a shift in public mindset, with people increasingly believing that they can achieve success regardless of their social or geographical background.

The minister noted that the government had opened strategic sectors such as space and parts of the nuclear ecosystem to private participation , ending decades of limited access and creating new opportunities for innovation, investment and entrepreneurship. He said the policy changes have helped create a vibrant ecosystem that is attracting talent and encouraging technological advancement.

Highlighting the growth of the private space sector, Singh said India's space startup ecosystem has expanded from a single-digit number of startups to nearly 400 companies in just a few years. According to him, this growth reflects the confidence generated by reforms and the increasing involvement of private players in a sector once dominated by government agencies.

The minister also pointed to India's achievements in space exploration, particularly the country's successful landing near the Moon's south pole , which significantly boosted public interest in science and space research. He added that earlier Indian lunar missions had played a crucial role in identifying evidence of water molecules on the Moon , contributing to global scientific understanding.

Singh said the growing number of civil services toppers emerging from smaller towns and non-metropolitan regions also reflects the democratisation of opportunities through technology, transparency and fair competition.

Looking ahead, he stressed that India's future growth would depend on stronger public-private collaboration , greater participation of women and youth , and continued expansion of emerging sectors such as space, nuclear energy and quantum technologies . He also emphasised the need to maintain global standards of innovation, performance and competitiveness to sustain the country's development momentum.