India’s space economy set to reach $45 billion in next decade: Singh

India’s space economy is projected to expand nearly five-fold to USD 40–45 billion over the next decade, powered by policy reforms, rising private sector participation and a rapidly growing startup ecosystem, Union Minister of State (Independent Charge) for Science and Technology Dr. Jitendra Singh said on Sunday.
Addressing the media at the RISE Conclave 2026 in New Delhi, the minister said India’s achievements in the space sector reflect a broader transformation in which science and technology have moved from laboratories into the mainstream of national development.“The biggest achievement is that the common citizen today feels connected to India’s scientific progress and sees a stake in it,” Singh said, highlighting the growing public engagement with the country’s technological advancements.
India’s space economy, currently valued at around USD 8–9 billion, is expected to witness significant expansion as reforms continue to open the sector to private investment, innovation and entrepreneurship. According to the minister, the pace of growth already visible in the sector demonstrates its vast untapped potential.Singh pointed to the remarkable rise of space startups as evidence of the sector’s transformation. India had only a handful of space-focused startups a few years ago, but that number has now crossed 400 following the opening up of the sector to private players.
“The scale of growth achieved in a relatively short period demonstrates the enormous potential of India’s space economy,” he said.The minister credited Prime Minister Narendra Modi’s emphasis on science-led development for bringing scientific innovation into public discourse and linking technological progress with national priorities. Programmes such as Digital India, the Swachh Bharat Mission, the Digital Health Mission, the Deep Ocean Mission and the Gaganyaan human spaceflight programme have helped place science and technology at the heart of India’s development strategy, he said.
Referring to the success of Chandrayaan-3, Singh said India’s recent space missions have generated unprecedented public interest in science and enhanced the country’s standing in the global space community.“India has consistently demonstrated its ability to execute complex missions with efficiency, innovation and cost-effectiveness,” he said.
The minister also highlighted India’s growing use of space technology in governance and public service delivery. Satellite-based applications are increasingly supporting infrastructure planning, project monitoring and decision-making across sectors, he said.Initiatives such as PM Gati Shakti, urban development projects and drone-enabled monitoring systems are improving transparency, efficiency and implementation outcomes by leveraging geospatial and satellite technologies.
“India is using space technology not only for exploration but also as a powerful tool for governance and infrastructure development,” Singh said.He noted that India’s expanding capabilities in strategic sectors such as space, atomic energy and advanced technologies have strengthened confidence in indigenous innovation and enhanced the country’s reputation as a trusted global technology partner.
Addressing concerns over the recent PSLV mission anomaly, Singh said a detailed analysis had been completed and corrective measures were already being implemented.“Future missions will benefit from these learnings, further strengthening India’s space programme,” he said, adding that challenges encountered during scientific missions often help build stronger systems and improve preparedness.
The minister emphasised that scientific achievements are increasingly contributing to economic growth, technological self-reliance and global competitiveness. The participation of startups, industry and research institutions is helping build a robust innovation ecosystem aligned with the vision of Viksit Bharat 2047, he added.The RISE Conclave 2026, organised under the theme “Innovation and Entrepreneurship Driven Growth for Viksit Bharat 2047,” brought together researchers, entrepreneurs, investors, industry leaders and policymakers to strengthen collaboration across India’s innovation ecosystem.
More than 125 startups and technology innovators showcased solutions in aerospace technologies, artificial intelligence, deep-tech and agri-food innovation. Discussions at the conclave focused on accelerating research-industry partnerships and translating scientific breakthroughs into tangible economic and societal benefits.