New Delhi, Jan 29 (NationPress) The realm of space services is set for swift growth through commercialisation and public-private partnerships, as highlighted in the Economic Survey 2025-26 presented in Parliament by Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman.

The Survey indicates that the Indian space sector, currently valued at approximately $8.4 billion (around 2% of the global space market), is expected to soar to $44 billion within the next decade. This expansion is anticipated to be fueled by launch services, satellite communications, earth observation, navigation, and a burgeoning private ecosystem.

According to the Survey, “India’s space sector has evolved into a rapidly advancing, technology-driven, and increasingly commercial segment of the services economy.”

Commercial launches have become a vital export channel, with India successfully launching 393 foreign satellites for 34 countries between 2015 and 2024. This initiative has generated nearly $143 million and 272 million euros, showcasing India's cost-effective and reliable capabilities amidst a growing global demand for small satellites.

The Survey emphasized that commercialisation has been bolstered by NewSpace India Limited (NSIL), which saw its revenues surge from Rs 322 crore in FY20 to Rs 2,940 crore in FY23, with further growth expected in FY25 to Rs 3246.1 crore.

Demand-driven missions, satellite capacity leasing, and comprehensive commercial project execution, including dedicated launch services and the deployment of communication satellites, have contributed to a steady increase in profitability.

The market for satellite-enabled services is expanding rapidly, with India's satellite data services market valued at $495 million in 2024, driven by applications in defense, climate services, logistics, and urban planning.

The Survey also noted the growth of India's private “NewSpace” ecosystem across manufacturing, launch vehicles, data analytics, and downstream services, attracting over Rs 1,000 crore in private investment in FY23.

Moreover, policy measures such as the Indian Space Policy (2023), the operationalisation of IN-SPACe, and liberalised FDI regulations have reduced entry barriers, facilitating a shift towards a mixed public-private services model. This transition has allowed the space sector to mature into a high-value, export-oriented, and innovation-driven services segment, according to the Survey.

Furthermore, the government informed Parliament that around 1,050 private companies have contributed their capabilities on the IN-SPACe Digital Platform (IDP) for various space endeavors.

The government also noted that a total of Rs 2.36 Cr has been disbursed under the IN-SPACe Seed fund and Preincubation Entrepreneurship Programme.

The IN-SPACe’s Decadal Vision Report outlines a 10-year strategy to grow India’s Space Economy from $8.4 billion in 2022 to $44 billion by 2033, including $11 billion in exports.

The space economy is being propelled by focused efforts on demand generation, international collaboration, and the promotion of a space culture to broaden markets, encourage customer adoption, and enable the industry to scale services and exports, the government stated.