India aims to build approximately ₹38,25,000 Crores space economy propelled largely by private enterprises, marking a significant leap in its space ambitions. The country is targeting a sustained lunar presence within the next decade as part of a broader vision to become a developed economy by 2047.

Space Minister Jitendra Singh stated in an interview with Bloomberg News that by 2035, India plans to have an operational space station named the Bharatiya Antariksh Station. Furthermore, by 2040, India hopes to achieve the milestone of landing an Indian human being on the lunar surface.

Prime Minister Narendra Modi has intensified efforts to close the technological and exploratory gap with leading space nations such as China, which currently operates its own space station and aims to send astronauts to the moon by 2030. India is increasingly encouraging private investment to position itself as a global leader in space technology.

Singh remarked that before opening the space sector to private participation, India's space economy was underdeveloped. It has now grown to an estimated ₹6,80,000 Crores. The rapid expansion seen in recent years suggests the sector could reach ₹34,00,000 to ₹38,25,000 Crores within the next eight to ten years.

A substantial portion of this growth is expected to come from India’s burgeoning space start-up ecosystem, which has expanded to approximately 400 companies. These start-ups are actively involved in satellite manufacturing, launch services, and space-based data analytics, driving innovation and commercialisation.

India currently holds less than a 2 percent share of the global commercial space market. ISRO chairman, V Narayanan, announced a goal to capture between 8 percent and 10 percent of this market within the next decade, indicating ambitious growth plans.

In 2023, India achieved a historic milestone by becoming the first nation to land a robotic spacecraft near the Moon’s south pole, a feat that underscores its growing space capabilities. ISRO is also preparing for its first crewed mission, scheduled for early 2027, signalling a major step forward in human space exploration for India.

The Space Minister, who also oversees departments of Science, Atomic Energy, and Space and holds a seat in the Prime Minister’s Office, is driving Modi’s broader agenda to boost investment in deep-technology sectors.

Recently, the government announced a ₹1,00,000 Crores ($11.1 billion) Research, Development and Innovation Scheme designed to accelerate private sector advances in deep technology. This scheme provides concessional financing for projects that have reached Technology Readiness Level 4 or above, meaning these projects are approaching commercial deployment.

India’s strategic push to combine government-led space exploration with private sector dynamism aims to position the country as a formidable player in global space commerce, innovation, and technological leadership over the coming decades.

Based On ET News Report