India’s space economy set to touch $44 billion by 2033: Minister

New Delhi, Oct 8 India's space economy is expected to expand nearly fivefold over the next decade to approximately $44 billion by 2033, Union Minister of State for Science and Technology Dr Jitendra Singh said on Wednesday.

The minister attributed this growth to policy reforms and increased private sector participation, according to an official statement.

Dr Singh emphasised that satellite communication will serve as the backbone of India's digital infrastructure and play a decisive role in connecting remote regions where terrestrial networks face geographical barriers. With more than 70 per cent of new ATMs being installed in rural areas, he said satellite communications would be vital for ensuring financial inclusion and expanding digital services.

Programmes like SVAMITVA have already provided land ownership rights to more than 2.4 crore rural property owners across 1.61 lakh villages through satellite mapping, the minister said. Satellites are now integral to disaster management, daily forest fire monitoring, and agricultural yield assessments, in addition to powering flagship schemes like Gati Shakti for infrastructure planning and NavIC for navigation.

The minister said India’s space diplomacy was strengthening through missions such as the upcoming Chandrayaan-5 in collaboration with Japan and the NASA-ISRO Synthetic Aperture Radar (NISAR) mission. Neighbouring countries, too, are increasingly dependent on Indian satellites for disaster management and communication support, he added.

"Seventy per cent of our space technology is dedicated to development and ease of living, not just rocket launches," Dr Singh said.

The minister also said India’s cost-effective missions, expanding private partnerships, and ambitious space roadmap are positioning the country as a global leader.

Chandrayaan-3’s historic soft landing near the Moon’s south pole in 2023 earned India global recognition, including the World Space Award, at roughly half the cost of comparable international missions. Commercially, India has launched 433 foreign satellites, generating over $190 million and 270 million euros in revenue, and the country plans to set up its own Bharatiya Antariksh Station by 2035.

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