Union Science and Technology Minister Dr. Jitendra Singh on Monday, June 15, 2026, projected that India's space economy is on track to reach $45 billion within the next decade, making the announcement at the #Rise_Conclave2026 in Bengaluru.

Context

Speaking at the Rise Conclave 2026, Dr. Singh placed India's commercial space ambitions in sharp relief, citing a target of $45 billion for the sector over the coming ten years. Bengaluru, home to ISRO's headquarters and a dense cluster of aerospace firms and research institutions, served as a fitting venue for the announcement. The conclave brought together stakeholders from government, industry and academia to deliberate on the trajectory of India's space economy.

India's space sector has undergone significant structural transformation since June 2020, when the government approved landmark reforms opening the sector to private players. Those reforms also established IN-SPACe — the Indian National Space Promotion and Authorisation Centre — as the nodal body to regulate and promote non-government participation in space activities.

Policy Backdrop

The 2023 Indian Space Policy codified the respective roles of government agencies, academia and private industry, providing a formal framework for expanding commercial space activities. The policy explicitly encourages private investment in launch services, satellite manufacturing and downstream applications such as geospatial data and communications.

IN-SPACe has since emerged as the gateway for startups and established aerospace firms seeking authorisation to build and launch satellites or develop launch vehicle technology. Successive Union Budgets have reinforced the thrust toward self-reliance in space technology, mirroring the broader Aatmanirbhar Bharat (self-reliant India) agenda that spans defence, semiconductors and advanced manufacturing.

Stakeholders and Impact

The $45 billion projection, if realised, would represent a transformative leap for an ecosystem that currently holds a modest share of the global commercial space market. Space startups, private aerospace firms and satellite service providers stand to benefit most directly from the policy liberalisation and the investment signals that ministerial projections of this scale send to domestic and foreign capital.

ISRO remains the anchor institution — providing launch infrastructure, technology transfer and mission heritage — while the private sector is expected to drive volume, innovation and downstream commercialisation. Bengaluru in particular, with its concentration of engineering talent and proximity to ISRO facilities, is positioned as the nucleus of this emerging commercial ecosystem.

What's Next

Attention will now turn to the roll-out of IN-SPACe authorisations for private launch vehicles and satellite constellations, which will serve as the near-term litmus test for whether policy intent translates into operational activity. Budget allocations for the space sector in 2026-27 will be closely watched for the fiscal muscle behind the minister's projection.

With global competition in commercial space intensifying, India's ability to attract private investment, scale manufacturing capacity and secure international launch contracts will determine whether the $45 billion milestone becomes a benchmark or a stretch target.