Union Minister Jitendra Singh revealed on Wednesday that Indian space startups have successfully attracted over ₹1,000 crores in private investment since April this year, signaling a promising trajectory for the country’s space sector. Speaking at the India Today Conclave, Singh expressed confidence in India’s potential to achieve a robust $100 billion space economy by the year 2040, surpassing the current valuation of USD 8 billion.
Singh highlighted the substantial growth in the number of space startups, noting that the figure has surged from single digits to an impressive count of 1,080. He emphasized the exponential rise, stating that in 2014, there was only one startup in the space sector, whereas the present landscape boasts 190 space startups.
A noteworthy development in the sector came with Alphabet, the parent company of Google, injecting $36 million of investment into Bengaluru-based space startup Pixxel in June. This marked a significant milestone, being the first major investment in the Indian space sector following the government’s privatization policy in April.
The approval of the Indian Space Policy 2023 has played a pivotal role in energizing the Indian private space industry, transforming it into an attractive investment destination for both domestic and international investors. The space ecosystem in India has become increasingly favorable for startups, with companies like Skyroot, SatSure, Dhruva, and Bellatrix flourishing as they aspire to become India’s SpaceX equivalents.
Singh also shed light on the impressive track record of the Indian Space Research Organisation (ISRO), having launched over 430 foreign satellites. The earnings from these ventures include more than 290 million euros from European satellites and over 170 million USD from American satellites.
Factors contributing to India’s ambitious space goals include the recent launch of Chandrayaan-3 by ISRO, the global space market’s projected value of $1 trillion by 2040, and the rising potential of space tourism. Key recommendations for achieving these targets involve regulatory clarity, attracting foreign investments, providing incentives, supporting startups, fostering partnerships, establishing research and development centers, and enhancing skill development.
With private investment pouring in, a surge in startups, and a conducive policy environment, India’s space sector appears poised for remarkable growth, setting the stage for a transformative journey toward a $100 billion space economy by 2040.
