New Delhi, Oct. 17 -- 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, pred...