New Delhi: The Indian space economy is on track to expand nearly fivefold over the next decade, reaching an estimated value of $44 billion by 2033, according to Dr. Jitendra Singh, the Minister of State for Atomic Energy and Space. Speaking at a media briefing in New Delhi today, Dr. Singh emphasized the growth trajectory of India’s space sector, which is currently valued at $8.4 billion.
Highlighting the government’s vision, Dr. Singh credited Prime Minister Narendra Modi’s leadership for positioning India to become a global leader in space biology. He also noted a significant leap in investments within the sector, with over ₹1,000 crore invested in space initiatives in 2023 alone. This milestone marks India’s strengthening presence in the global space race.
Further stressing the importance of the space sector to the nation’s economy, Dr. Singh revealed that India’s space endeavors have become a key foreign exchange earner. Notably, the launch of foreign satellites has contributed 220 million euros, with 85% of this revenue being generated in the past eight years.
In addition to economic growth, Dr. Singh highlighted the success of ISRO’s Space Docking Experiment (SPADEX), a cutting-edge mission that demonstrates India’s advancement in space docking technology. The mission, which involves the use of two small satellites, will help develop essential technologies for spacecraft rendezvous, docking, and undocking—critical for future space missions such as satellite servicing, space station operations, and interplanetary exploration.
Looking ahead, Dr. Singh confirmed that the space docking system developed through SPADEX will play a crucial role in India’s upcoming Gaganyaan mission and the country’s planned Space Station program, further solidifying India’s growing stature in the global space community.
