India’s space journey is no longer just about rockets and missions; it’s now big business. What was once a government-only domain is rapidly turning into a thriving start-up playground, with private companies powering the next phase of growth. India’s space economy hits ₹70,000 crore India’s space economy has grown to around $8.4 billion (nearly ₹70,000 crore), with close to 400 space start-ups now active across the country, Union Minister of State (Independent Charge) for Science and Technology and Space Dr. Jitendra Singh told the Rajya Sabha on Wednesday. Replying to a starred question in the House, the minister said 399 start-ups are currently working across areas such as launch vehicles, satellite manufacturing, propulsion systems, and space-grade electronics. Opening the space sector changed everything According to Dr. Jitendra Singh, the surge in start-ups followed major policy reforms introduced after 2019, when India officially opened its space sector to private players. A key step was the creation of the Indian National Space Promotion and Authorisation Centre (IN-SPACe), which acts as a single-window platform connecting private companies with government bodies, including ISRO. “India always had strong scientific capability, but the absence of an enabling ecosystem earlier limited wider participation,” Dr. Jitendra Singh said. Also read: Before you install privacy tempered glass, know the pros and cons
From government-led to start-up-driven For decades, India’s space programme was largely driven by ISRO alone. The new reforms changed that by encouraging private investment and entrepreneurship. As a result, the number of space start-ups has jumped from single-digit figures to 399, transforming the sector from a niche area into a fast-growing industry. The minister said the space economy, once economically marginal, is now expected to grow four to five times in the next 8–10 years, potentially reaching $40–45 billion (around ₹3.3–3.7 lakh crore). Private companies enter the full space value chain Private firms are now involved in almost every part of the space ecosystem. Dr. Jitendra Singh highlighted that Hindustan Aeronautics Limited (HAL) has signed a technology transfer agreement with ISRO for the Small Satellite Launch Vehicle (SSLV). Apart from this, Indian companies are actively developing: This marks a major shift from the past, when such work was handled almost entirely by government agencies. Also read: Developed by ISRO, this is how India’s own space station will look
Foreign satellite launches bring big revenue The minister also pointed to India’s growing global footprint in space launches. ISRO has launched 434 foreign satellites so far, out of which 399 were launched after 2014. These launches have earned India about €323 million (around ₹2,900 crore) and $233 million (around ₹1,900 crore), strengthening India’s position in the global commercial launch market. Space set to become a major growth engine Wrapping up his statement, Dr. Jitendra Singh said the space sector is emerging as a key contributor to India’s future economic growth. With private investment picking up and support systems now in place, he said, space is moving into areas that were previously unexplored and is fast becoming a major hub for manufacturing, innovation, and entrepreneurship in India.
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