New Delhi [India], October 17 (ANI): India's space economy is expected to grow from around USD 9 billion to USD 40-45 billion over the next seven to eight years, Union Minister of State for Space Jitendra Singh said on Saturday, stressing that greater private investment, faster regulatory approvals and sustained commercial demand would be key to achieving this growth.

Speaking at a media roundtable on 'Space, Sovereignty and New Economy', organised by the Bloomberg New Economy Forum in New Delhi, Singh said India must move beyond demonstrating technological capabilities to building globally competitive commercial space companies.

According to a Department of Space release, the Minister stressed that 'greater domestic and international investment, predictable demand, faster regulatory approvals and sustainable business models would be essential to scaling up Indian enterprises and expanding their presence in global markets.'

The projected expansion would make India's space economy nearly five times its current size, but achieving this would require private companies to develop commercially viable products and secure a steady customer base.

Singh said the opening of India's space sector to private participation in 2019-2020 had produced significant results, but the next priority was to convert technological capabilities into sustainable businesses.

Highlighting the importance of demand, the Minister said government institutions could act as anchor customers for private space companies, helping them develop and test technologies before commercial deployment.

The release stated that 'anchor government customers and support for proof-of-concept projects can help enterprises demonstrate their technologies and move towards commercial deployment.'

Singh also called for faster installation and export licence approvals, lower business costs and stronger supply-chain integration. He said GST-related reforms for space products must translate into practical benefits for businesses.

On investment, the Minister emphasised attracting domestic and foreign capital while strengthening indigenous capabilities and maintaining strategic autonomy.

He also highlighted the commercial potential of satellite communications, Earth observation and geospatial applications in infrastructure monitoring, agriculture, disaster management and defence.

Singh said India's next phase of space-sector expansion would depend on combining private investment, predictable demand, efficient regulation and international partnerships to build globally competitive enterprises. (ANI)