India's Space economy to reach $44 billion by 2033: Dr Jitendra

India's space economy is projected to reach about $44 billion by 2033, Union Minister of State for Science and SPACe for Technology Dr. Jitendra Singh said, underlining that landmark reforms and private sector participation are powering the country's emergence as a global space player.

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The summit brought together key stakeholders from government, industry, and academia to deliberate on the future of satellite communications in India's digital growth story.

Dr. Jitendra 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 satcom would be vital for ensuring financial inclusion and expanding digital services.

The Minister highlighted that India's space economy, valued at $8.4 billion in 2022, is on track to expand nearly fivefold over the next decade. He credited reforms such as the creation of New Space India Limited (NSIL) and the establishment of IN-SPACe for dismantling decades of state monopoly and enabling private innovation. As a result, more than 300 space startups have emerged in just five years, making India the world's fifth-largest space startup ecosystem.