India's space economy is on course to grow nearly fivefold — from the current $8–9 billion to $40–45 billion over the next 10 years — according to Union Minister of State (Independent Charge) for Science & Technology and Department of Space, Dr Jitendra Singh. The minister made the projection on Sunday, 14 June while addressing the media at the RISE Conclave 2026 in New Delhi, crediting policy reforms, rising private sector participation, and a rapidly maturing innovation ecosystem for the expected surge.

Scale of Growth in the Space Sector

Dr Singh pointed to a striking indicator of momentum: India, which had only a handful of space startups a few years ago, now counts more than 400 space startups actively contributing to the ecosystem. He described the pace of this expansion as evidence of the 'enormous potential' of India's space economy. The minister added that India has successfully integrated space-based applications into infrastructure planning, project monitoring, and public service delivery at a scale rarely seen elsewhere.

Initiatives such as PM Gati Shakti, urban development programmes, and drone-enabled monitoring systems were cited as examples of how space technology is improving planning efficiency and governance transparency.

Chandrayaan, Gaganyaan and India's Global Standing

India's achievements in missions such as Chandrayaan-3 and the forthcoming Gaganyaan human spaceflight programme have, according to the minister, established the country among the world's leading space-faring nations. He noted that the successful first-attempt achievements of Chandrayaan and the Mars Orbiter Mission (Mangalyaan) stand as benchmarks of indigenous capability that have enhanced India's credibility as a trusted technology partner internationally.

Dr Singh also addressed the recent PSLV mission anomaly, stating that analysis has been completed, underlying causes identified, and corrective measures initiated. He said future missions will incorporate these learnings, reinforcing rather than undermining the programme's trajectory.

Policy Reforms and Private Participation

The minister attributed much of the sector's transformation to structural policy reforms that opened space activities to private players — a shift that was largely absent before 2020. He said programmes such as Swachh Bharat, Digital India, Digital Health, the Deep Ocean Mission, and Gaganyaan have collectively repositioned science and innovation at the centre of India's development narrative.

Dr Singh said the growing acceptance of Indian technologies across international markets reflects the depth of the country's scientific capabilities and signals a broader shift in how India is perceived as a technology exporter.

RISE Conclave 2026 and Viksit Bharat 2047

The minister's remarks came during the RISE Conclave 2026, organised under the theme 'Innovation & Entrepreneurship Driven Growth for Viksit Bharat 2047'. More than 125 startups and technology innovators participated, showcasing solutions spanning aerospace technologies, artificial intelligence, deep-tech, and agri-food innovation.

Dr Singh said the growing participation of startups, industry, and research institutions is building an innovation ecosystem capable of anchoring India's long-term ambition of becoming a developed nation by 2047. With corrective measures underway on the PSLV front and a pipeline of ambitious missions ahead, the next decade will test whether policy ambition translates into sustained economic and technological leadership.