India’s Space Economy Set to Reach USD 45 Billion in Next Decade, Says Dr Jitendra Singh
India’s space economy is expected to expand dramatically over the next decade, growing from its current size of around USD 8–9 billion to nearly USD 40–45 billion, Union Minister of State (Independent Charge) for Science and Technology, Dr Jitendra Singh, said while addressing the media during the RISE Conclave 2026.
The minister attributed this projected growth to a combination of policy reforms, increasing private-sector participation, and a rapidly expanding innovation ecosystem. He noted that India’s space sector has undergone a remarkable transformation in recent years, emerging as a key driver of economic growth, technological advancement, and global competitiveness.
Dr Singh highlighted that one of the most significant achievements of recent years has been the growing connection between science and society. According to him, scientific progress is no longer confined to laboratories, as citizens increasingly view themselves as stakeholders in India’s technological and scientific development.
“The biggest achievement is that the common citizen today feels connected to India’s scientific progress and sees a stake in it,” he said.
The minister credited Prime Minister Narendra Modi’s vision for bringing science and technology into the national mainstream. He noted that initiatives such as Swachh Bharat, Digital India, Digital Health, Deep Ocean Mission, and the Gaganyaan human spaceflight programme have helped place innovation and scientific advancement at the heart of India’s development agenda.
Dr Singh observed that the growing presence of mainstream media at science and technology events reflects rising public interest in scientific achievements. He said landmark missions such as Chandrayaan-3 have captured public imagination and transformed space exploration into a subject of national pride and widespread engagement.
Highlighting India’s increasing capabilities in frontier technologies, the minister said achievements in sectors such as space, atomic energy, and advanced scientific research have significantly enhanced the country’s standing on the global stage. These successes have strengthened confidence in indigenous technologies and established India as a trusted technology partner internationally.
A major focus of Dr Singh’s address was the rapid growth of India’s space startup ecosystem. He pointed out that while only a handful of space startups existed a few years ago, the country now hosts more than 400 space startups actively contributing to innovation and commercial growth in the sector.
“The pace at which the ecosystem has expanded demonstrates the enormous potential of India’s space economy,” he said.
The minister noted that successful missions such as Chandrayaan-3 and the upcoming Gaganyaan programme have positioned India among the world’s leading space-faring nations. He emphasized that India has consistently demonstrated its ability to execute complex space missions with innovation, efficiency, and cost-effectiveness.
Dr Singh also underlined the country’s unique approach of integrating space technology into governance and development. He said India has extensively adopted space-based applications for infrastructure planning, project monitoring, and public service delivery.
Programmes such as PM Gati Shakti, urban development initiatives, and drone-enabled monitoring systems are helping improve planning, implementation, and oversight of development projects across the country. According to the minister, these technologies are enhancing transparency, efficiency, and decision-making in governance.
Addressing challenges in space exploration, Dr Singh said every major space programme evolves through continuous learning and improvement. He emphasized that temporary setbacks should be viewed as opportunities to strengthen systems and improve future missions.
Referring to the recent PSLV mission anomaly, the minister stated that a detailed analysis has been completed and the underlying causes have been identified. Corrective measures have already been implemented, and future missions will benefit from the lessons learned.
He further noted that India’s overall performance compares favourably with leading space powers, citing the successful first-attempt achievements of Chandrayaan and the Mars Orbiter Mission as examples of the country’s scientific excellence.
The minister said India’s scientific achievements are increasingly contributing to economic growth, technological self-reliance, and innovation-led development. He stressed that the growing collaboration among startups, industry, research institutions, investors, and policymakers will play a crucial role in realizing the vision of Viksit Bharat 2047.
The RISE Conclave 2026, organised under the theme “Innovation & Entrepreneurship Driven Growth for Viksit Bharat 2047,” brought together researchers, entrepreneurs, industry leaders, investors, and policymakers. More than 125 startups and technology innovators participated, showcasing cutting-edge solutions in aerospace technologies, artificial intelligence, deep-tech, and agri-food innovation, while discussions focused on accelerating research commercialization and strengthening India’s innovation ecosystem.
