India's Space Economy Projected to Reach $45 Billion by 2030

India's space economy, currently valued at approximately $8.4 billion to $9 billion, is projected to grow to between $40 billion and $45 billion by 2030. Jitendra Singh, Union Minister of State for Science, Technology, and Space, announced the forecast during a Bloomberg New Economy Forum roundtable in New Delhi, stating that the sector must transition from demonstrating technological capabilities to building globally competitive commercial enterprises.

This expansion follows policy reforms initiated by Prime Minister Narendra Modi in 2019-2020 and institutionalized through the Indian Space Policy 2023. These changes reduced state control and allowed private firms to engage in end-to-end activities, including satellite manufacturing and launch services. By mid-2026, nearly 400 space start-ups had entered the sector. To facilitate this, the government redistributed roles among the Indian Space Research Organisation (ISRO), NewSpace India Limited (NSIL), and the Indian National Space Promotion and Authorisation Centre (IN-SPACe), with the latter serving as a single-window body for non-government players.

To achieve these targets, Singh emphasized the need for predictable demand, faster regulatory approvals for export licenses, and sustainable business models. He suggested that government institutions act as anchor customers for proof-of-concept projects to help private firms scale. While pursuing international partnerships and foreign capital, India continues to prioritize indigenous capabilities for national security. Growth is expected to be driven by launch vehicles, satellites, and downstream services such as geospatial applications.