India, Oct. 17 -- India's space economy, currently valued at around $9 billion, is expected to grow to $40-45 billion over the next seven to eight years, Union Minister of State (Independent Charge) for Science and Technology and Earth Sciences Jitendra Singh said at a media roundtable in New Delhi.

Speaking at a roundtable on "Space, Sovereignty and New Economy", organised by the Bloomberg New Economy Forum, Singh said India must move beyond demonstrating its technological capabilities and focus on building globally competitive commercial space enterprises.

He emphasised that increased domestic and international investment, predictable demand, faster regulatory approvals and sustainable business models would be essential to scaling up ...