India’s space economy is expected to grow from the current $8-9 billion to nearly $40-45 billion over the next decade, Union Minister Jitendra Singh said on Sunday.
Speaking at a press conference during the RISE Conclave 2026, Singh said the growth would be driven by policy reforms, expanding private participation and a rapidly growing innovation ecosystem.
The minister said India now has more than 400 space startups, compared with only a handful a few years ago, marking a major shift in the country’s space sector.
He said science and technology have moved beyond laboratories and become part of India’s national consciousness, with citizens increasingly seeing themselves as stakeholders in the country’s scientific progress.
“The biggest achievement is that the common citizen today feels connected to India’s scientific progress and sees a stake in it,” Singh said.
Referring to Chandrayaan-3 and the upcoming Gaganyaan mission, Singh said India has established itself among the world’s leading space-faring nations by executing complex missions with efficiency, innovation and cost-effectiveness.
He said India’s strength also lies in using space technology for governance and infrastructure development.
Initiatives such as PM Gati Shakti, urban development programmes and drone-enabled monitoring systems show how space-based applications are being used for planning, project monitoring and public service delivery.
Singh said India’s achievements in space, atomic energy and advanced technologies have strengthened the country’s global standing and improved the credibility of indigenous technologies.
The minister also said the analysis of the recent PSLV mission anomaly has been completed, the causes have been identified and corrective measures have been initiated.
According to the Ministry of Science and Technology, the RISE Conclave 2026 was organised under the theme “Innovation & Entrepreneurship Driven Growth for Viksit Bharat 2047.”
More than 125 startups and technology innovators participated in the event, showcasing solutions in aerospace, artificial intelligence, deep-tech and agri-food innovation.
Singh said the growing participation of startups, industry and research institutions is creating a strong innovation ecosystem that will help drive India’s journey towards Viksit Bharat 2047.
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