Key Points
- India’s space economy has grown to $9 billion from negligible base
- Space sector projected to reach $40-45 billion within eight to nine years
- Government opened nuclear sector to private players for first time
India will be a central player in the next industrial revolution driven by biotechnology and artificial intelligence, Union minister for Science & Technology Dr. Jitendra Singh said on Friday, marking a shift from the country’s late entry into the IT-led transformation of previous decades.
Speaking at a media conclave attended by technology developers and industry leaders, Singh said India is now among the first few countries to have a dedicated biotechnology policy. The government’s BioE3 initiative, an abbreviation for Biotechnology for Economy, Employment and Environment, aims to strengthen the domestic biotech sector alongside the National Quantum Mission and the India AI Mission.
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The minister pointed to the space sector as evidence of what an enabling policy framework, meaning a regulatory environment that removes barriers and creates incentives for private investment, can achieve. India’s space economy has grown to approximately $9 billion from a negligible base, with projections of reaching $40-45 billion within the next eight to nine years.
Space sector growth
The 2020 decision to open the space sector to private participation has led to the emergence of Indian space startups, including companies that have developed rockets and achieved unicorn status within a few years, Singh said. A unicorn is a privately held startup valued at over $1 billion.
“India had the talent and capability, but the enabling environment required to harness that potential is now being created,” he said.
The minister cited the Chandrayaan mission’s detection of evidence of water molecules on the Moon as an example of India contributing to global scientific knowledge rather than following discoveries made elsewhere.
Singh said the government is bringing the private sector into areas that were earlier outside the scope of private enterprise. The nuclear sector has been opened to private players, a move the minister said creates new opportunities but requires industry to develop capabilities in emerging areas.
Vision for 2047
The minister said India has limited time to prepare for the opportunities associated with the vision of 2047, the centenary of independence. Every sector will have to evolve, and the private sector will need to participate in new areas, he said.
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“India’s ambition for 2047 requires the country to move beyond the role of a follower and strengthen its position as a country whose capabilities and innovations can be adopted by others,” Singh said.
He called for closer collaboration between government and industry, saying the earlier scepticism between the two sides needs to give way to mutual learning. A whole of government plus whole of nation approach will be essential for India to achieve its developmental and technological ambitions, he said.
By the numbers
- $9 billion
- Current size of India’s space economy
- $40-45 billion
- Projected space economy in 8-9 years
- 2,000
- Obsolete laws removed by government
The global economy is witnessing a gradual shift towards emerging domains such as biotechnology, circular economy and recycling alongside traditional manufacturing, Singh said. Biotechnology will increasingly influence medical science, agriculture and food production, creating new opportunities for economic growth and employment.
On regulatory reform, Singh said nearly 2,000 obsolete laws have been removed, including provisions that had continued from an earlier era. He cited reforms relating to family pension rights for single daughters, nomination rights for women government employees and the removal of the requirement for gazetted officer attestation for documents.
Technology is also transforming access to education, particularly for young people outside major metropolitan centres, the minister said. He recalled meeting a student from a financially constrained family who had cleared IIT-JEE using digital learning resources, describing it as evidence that technology has democratised educational opportunities.
Your Questions, Answered
What is India’s BioE3 policy?
BioE3 stands for Biotechnology for Economy, Employment and Environment. It is a dedicated biotechnology policy aimed at strengthening India’s biotech ecosystem and positioning the country in the next industrial revolution.
How much has India’s space economy grown?
India’s space economy has grown from a negligible base to approximately USD 9 billion. The government projects it will reach USD 40-45 billion within the next eight to nine years.
When was India’s space sector opened to private participation?
The space sector was opened to private participation in 2020, a decision that has led to the emergence of space startups including companies that have achieved unicorn status.
What other sectors has India opened to private players?
Beyond the space sector, the government has opened the nuclear sector to private players, creating new opportunities for industry participation in areas previously outside the scope of private enterprise.