India targets US$ 45 billion space economy driven by private firms
- IBEF
- December 9, 2025
India is accelerating its long-term space strategy as part of its vision to become a developed economy by 2047, with a clear roadmap for human space exploration and private-sector-driven innovation. Space Minister Jitendra Singh announced that India plans to establish the Bharatiya Antariksh Station by 2035, followed by a human landing on the Moon by 2040. This ambition aligns with Prime Minister Narendra Modi’s push to narrow the technological gap with global space leaders such as China, already operating its own space station and targeting a crewed lunar mission by 2030. India’s space economy, once limited in scale, has undergone rapid expansion after opening up to private participation. According to Singh, the sector has grown to US$ 8 billion (Rs. 66,400 crore approx.), and is projected to reach US$ 40–45 billion (Rs. 3.32–3.73 lakh crore approx.) within the next 8–10 years. With nearly 400 space startups, India is consolidating capabilities in satellite manufacturing, launch services, and space-based data analytics. ISRO also aims to increase India’s share in the global commercial space market from less than 2% to 8–10% over the next decade.
A key milestone in India’s journey was the 2023 soft landing near the Moon’s south pole, making it the first nation to achieve this feat. The country is also preparing for its first crewed space mission in early 2027. To strengthen deep-technology innovation, the government recently approved the Rs. 1 trillion (US$ 11.1 billion) Research, Development and Innovation Scheme, offering concessional financing for projects with Technology Readiness Level 4 and above. This initiative aims to strengthen private-sector R&D, expand India’s technological capabilities, and reinforce its long-term positioning in the global space economy.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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