200 times jump in space startups in 2 years, India eyes 4x growth in global space economy

The number of startups in India in the space sector has jumped 200 times in the last two years, and the country is now eyeing a 4X growth in its share in the global space economy by 2030, said Jitendra Singh, the Union Minister of State (Independent Charge) for Space & Technology.

This quantum jump has been possible due to the decision taken by Prime Minister Narendra Modi to open up the space sector to the private sector and allow public-private participation, the minister said on Thursday, while chairing a meeting to review the 100-day action plan of the Department of Space.

Notably, the government had rolled out the Indian Space Policy on April 20, 2023, that allowed private companies to enter the space sector to offer services such as communication, internet, navigation and remote sensing.

There was only one space startup in India in 2022, and the number jumped to nearly 200 in 2024, Singh was reported as saying by the Press Information Bureau (PIB).

Share in global space economy

Singh said that the share of India in the global space economy by 2030 is going to rise four times in comparison to 2021.

In 2021, the Indian space industry contributed 2% to global share. This is expected to rise to 8% by 2030, and further to 15% by the year 2047, the minister added.

₹1,000 crore invested in space sector

In the year 2023 alone, nearly ₹1,000 crore was invested in the space sector of India in just about eight months, as per a release issued by the Department of Space.

The country’s space industry caters to nearly 450 medium, small and micro enterprises (MSMEs), Singh added.

According to Singh, the increased participation of the private sector can offer new solutions to development of advanced small satellites, geospatial technologies, orbital transfer vehicles and so forth.