Space sector will soon be key contributor to Indian economy: Jitendra Singh

Minister of State for Science and Technology Jitendra Singh on Tuesday said India’s space sector would be a major contributor to India’s economy in the near future.

Speaking at the India International Space Conclave (IISC) 2025, he said around 70 per cent of India’s space-driven applications are for ease of living and with a focus on the common man, an aspect that is generally ignored by many countries actively working in the space sector.

“Space reforms have been a turning point in the past five years. Our space economy was dispersed and was not even considered a part of the economy. Today, the Indian space economy is $8 billion, and the pace at which it is moving, the projection is that in the next 10 years, it will grow to $44-45 billion. In the times to come, space is going to be an important contributor to the growth of India's economy as we move up the ranks,” the minister said.

Ambassador of Italy to India Antonio Bartoli said space is the top priority on the bilateral agenda of India and Italy. “India's technological achievements and global vision make the country an increasingly key player in the field of space. Italy is globally recognised as a leading nation in the space sector, and we are one of the few countries able to cover the entire space value chain. The spirit of collaboration between our two countries is already a reality and destined to deepen further in the years ahead," he remarked at a two-day event organised by Indian Space Association in collaboration with ISRO and IN-SPACe,

Takashi Ariyoshi, Minister & Deputy Chief of Mission, Embassy of Japan to India, said Japan and India are bound by shared values and deep mutual trust and are advancing meaningful cooperation across security, innovation and exploration. “The progress we are making in lunar missions, climate initiatives and space science reflects the strength of our collaboration and our shared commitment to the future. I firmly believe that continued engagement among industry, government and academia will help us build a stronger and more vibrant space ecosystem,” he said.

Dr Pawan Goenka, Chairman, Indian National Space Promotion and Authorisation Centre (IN-SPACe) said a lot of progress had been made in the past year and the private sector is making a lot of investment in creating infrastructure. “Just a week ago, IN-SPACe and Small Industries Development Bank of India Venture Capital Ltd signed an agreement to operationalise Rs 1,000 crore for the space sector," he said.