Space services are on the brink of significant expansion driven by commercialization and public-private collaborations, as per the Economic Survey 2025-26 presented in Parliament by Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman.
The Indian space sector, currently valued at around $8.4 billion, is anticipated to soar to $44 billion in the next ten years, with growth fueled by launch services, satellite communications, earth observation, navigation, and a burgeoning private sector.
Described as a swiftly growing, technology-driven, and increasingly commercial part of the services economy, India’s space industry has been pivotal in commercial launches, having launched 393 foreign satellites for 34 countries from 2015 to 2024, earning significant revenue.
Commercialization efforts have been reinforced through NewSpace India Limited (NSIL), witnessing substantial revenue growth from Rs 322 crore in FY20 to Rs 2,940 crore in FY23, with further expansion anticipated in FY25 to Rs 3246.1 crore.
Satellite-enabled services are experiencing rapid growth, with the Indian satellite data services market valued at $495 million in 2024, primarily driven by applications in defense, climate services, logistics, and urban planning.
India’s private “NewSpace” ecosystem is expanding across various sectors, attracting over Rs 1,000 crore in private investments in FY23, while policy initiatives like the Indian Space Policy (2023) and liberalized FDI norms have facilitated a shift towards a mixed public-private services model.
The government disclosed that about 1,050 private companies have showcased their capabilities on the IN-SPACe Digital Platform (IDP) for space activities, with a total fund of Rs 2.36 crore dispersed under IN-SPACe Seed fund and Preincubation Entrepreneurship Programme.
IN-SPACe’s Decadal Vision Report outlines a roadmap to elevate India’s Space Economy from $8.4 billion in 2022 to $44 billion by 2033, including $11 billion in exports, catalyzing the space economy through targeted demand generation, international collaborations, and fostering a space culture to boost markets and industry growth.
