India’s Space Economy to Reach USD 45 Billion in Next Decade: Jitendra Singh
NEW DELHI, June 14 (TNT): Union Minister of State (Independent Charge) for Science and Technology and Earth Sciences Jitendra Singh on Sunday said India’s space economy is projected to expand from the current USD 8-9 billion to nearly USD 40-45 billion over the next decade, driven by policy reforms, private sector participation and a rapidly growing innovation ecosystem.
Addressing a press conference during the RISE Conclave 2026, he said the transformation of India’s space sector reflected a broader shift in which science and technology had moved beyond laboratories to become integral to the country’s development narrative.
“The biggest achievement is that the common citizen today feels connected to India’s scientific progress and sees a stake in it,” he said.
Jitendra Singh attributed the growing prominence of science and innovation in public discourse to the vision of Prime Minister Narendra Modi, noting that initiatives such as Swachh Bharat, Digital India, Digital Health, the Deep Ocean Mission and Gaganyaan had brought science and technology into the national mainstream.
The Union Minister said increased public engagement with scientific achievements was evident from the widespread interest generated by missions such as Chandrayaan-3, which helped make space science a subject of national discussion.
Highlighting India’s growing global stature, he said advancements in space technology, atomic energy and emerging sectors had enhanced confidence in indigenous capabilities and strengthened India’s reputation as a reliable technology partner.
Referring to reforms in the space sector, Jitendra Singh said India now has more than 400 space startups, compared to only a handful a few years ago, reflecting the rapid expansion of the country’s private space ecosystem.
He said achievements such as Chandrayaan-3 and the upcoming Gaganyaan Mission had established India among the world’s leading space-faring nations, demonstrating the country’s ability to execute complex missions efficiently and cost-effectively.
He also highlighted India’s extensive use of space technology for governance and development, saying space-based applications were being integrated into infrastructure planning, project monitoring and public service delivery.
Programmes such as PM Gati Shakti, urban development initiatives and drone-enabled monitoring systems, he said, were improving transparency, efficiency and implementation of development projects.
Addressing recent challenges in the space programme, Jitendra Singh said temporary setbacks should be viewed as part of the scientific learning process.
He noted that the analysis of the recent PSLV mission anomaly had been completed and corrective measures had already been initiated.
He said lessons learnt from such experiences would further strengthen future missions and improve mission reliability.
He said scientific achievements were increasingly contributing to economic growth, technological self-reliance and global competitiveness, while the participation of startups, industry and research institutions was helping build a strong innovation ecosystem aligned with the vision of Viksit Bharat 2047.
The remarks were made at the RISE Conclave 2026, organised under the theme “Innovation & Entrepreneurship Driven Growth for Viksit Bharat 2047.”
The conclave brought together researchers, startups, investors, policymakers and industry leaders to promote collaboration and accelerate the translation of scientific research into economic and societal outcomes.
More than 125 startups and technology innovators participated in the event, showcasing solutions in aerospace technologies, artificial intelligence, deep-tech and agri-food innovation. Discussions focused on strengthening research-industry partnerships and advancing innovation-led growth.
TNT KS
