India, Oct. 17 -- India's space economy, currently valued at about $9 billion, could grow to $40 to $45 billion over the next seven to eight years, as the government looks to increase private investment, strengthen commercial space companies and expand the use of space technology across industries.

Union Minister of State for Science and Technology Jitendra Singh said on October 17 that the next phase of growth would depend on translating India's technological capabilities into commercially viable businesses that can compete in international markets. He was speaking at a media roundtable titled 'Space, Sovereignty and New Economy', organised by the Bloomberg New Economy Forum in New Delhi.

The government is looking to attract domestic a...