Indian space sector to account for 8-10% of $1.8 trillion global space economy by 2035

Singapore: India’s space sector is poised to account for 8–10 per cent of the $1.8 trillion global space economy by 2035, with investment interest from large global investors gaining momentum, according to Dr Pawan Goenka, Chairman of IN-SPACe.

Goenka said the Indian space ecosystem is witnessing rapid growth, supported by policy reforms and increasing private participation. The global space economy is currently estimated at $440–630 billion and is projected to expand sharply over the next decade.

Goenka said major investors, including Singapore’s Government Investment Corporation and Temasek, already among the largest investors in India, are expected to explore opportunities in India’s space sector. He was addressing over 100 investors at the forum organised by the Indian High Commission & Singapore chapter of The Indus Entrepreneurs.

He highlighted that the Indian government is actively backing the sector through a Rs 1,000 crore venture capital fund, with further support envisaged. Goenka also reiterated Prime Minister Narendra Modi’s vision of nurturing one unicorn every year in the space domain, backed by $1 billion in investment, with a target of creating five unicorns over five years.

Startups from the Indian delegation pitched their projects at the forum, titled “Orbiting Innovation: Spacetech Startups and Industries Shaping the Future”. IN-SPACe has registered over 390 startups and authorised more than 800 companies to undertake space-related activities. Startup Digantara emerged as a major success story, securing $50 million in funding.

The Indian pavilion showcased innovations by companies such as Hical, Skyroot, XDLinX Space Labs, General Datum, Azista Space, Gnikul and Cosmoserve. Over 1,000 delegates from multiple countries attended the summit.