THEBUSINESSBYTES BUREAU

NEW DELHI, JUNE 14, 2026

India’s space economy is poised for a transformative leap, with its valuation expected to grow from the current USD 8-9 billion to nearly USD 40-45 billion over the next decade, powered by policy reforms, private sector participation and a thriving startup ecosystem, Union Minister of State for Science & Technology, Earth Sciences and Department of Space, Dr Jitendra Singh, said on Sunday. Highlighting the rapid evolution of the country’s space sector, he noted that more than 400 space startups are now driving innovation and shaping the next phase of India’s journey as a leading global space power.

Addressing a press conference during the RISE Conclave 2026, Dr Jitendra Singh said the remarkable transformation of India’s space sector reflects a broader national shift in which science and technology have moved beyond laboratories to become an integral part of public consciousness. He said one of the greatest achievements of recent years has been the growing connection between science and society, with ordinary citizens increasingly viewing themselves as stakeholders in India’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,” Dr Jitendra Singh said.

The Minister attributed the growing prominence of science and technology in public discourse to the vision of Prime Minister Narendra Modi, who has consistently brought science-led initiatives into the national mainstream through his Independence Day addresses. He said flagship programmes such as Swachh Bharat, Digital India, Digital Health, Deep Ocean Mission and Gaganyaan have helped place innovation and technology at the heart of India’s development agenda.

Dr Jitendra Singh observed that the increasing presence of mainstream media at science and technology events reflects the rising public interest in scientific achievements. He noted that landmark missions such as Chandrayaan-3 have transformed space science into a subject of national fascination, generating unprecedented awareness and engagement among citizens across the country.

Highlighting India’s growing strength in frontier sectors such as space, atomic energy and advanced technologies, the Minister said these achievements have significantly enhanced the country’s global standing. The confidence generated by such successes, he added, has strengthened the credibility of indigenous technologies and reinforced India’s reputation as a trusted technology partner on the world stage.

He said recent breakthroughs have demonstrated India’s ability to excel in emerging domains where advanced technologies increasingly shape strategic and economic outcomes. The growing acceptance of Indian technologies and products in international markets, he added, reflects the strength and maturity of the country’s scientific and technological capabilities.

Referring to reforms in the space sector, Dr Jitendra Singh said India had only a handful of space startups a few years ago, but today boasts a vibrant ecosystem of more than 400 startups actively contributing to innovation and growth. He said the rapid expansion of this ecosystem highlights the immense potential of India’s space economy and the opportunities being created for entrepreneurs and investors.

The Minister said India’s achievements through missions such as Chandrayaan-3 and the upcoming Gaganyaan programme have firmly established the country among the world’s leading space-faring nations. He noted that India has consistently demonstrated its ability to execute complex missions with innovation, efficiency and cost-effectiveness.

Dr Jitendra Singh also underscored India’s unique strength in leveraging space technology for governance and development. He said space-based applications have been integrated into infrastructure planning, project monitoring and public service delivery on a scale rarely witnessed elsewhere. Initiatives such as PM Gati Shakti, urban development programmes and drone-enabled monitoring systems are helping improve planning, implementation and oversight of development projects while enhancing transparency and efficiency.

Emphasising the importance of continuous learning in scientific advancement, the Minister said every major space programme evolves through experience and innovation. Challenges encountered during missions contribute to stronger systems, better preparedness and more robust future missions. He stressed that temporary setbacks should be viewed in the broader context of technological progress and noted that India’s overall track record compares favourably with leading space powers, citing the successful first-attempt achievements of the Chandrayaan and Mars Orbiter missions.

Dr Jitendra Singh revealed that the analysis of the recent PSLV mission anomaly has been completed and the underlying causes identified. Corrective measures have already been initiated and future missions will benefit from the lessons learned, further strengthening India’s space programme.

He said India’s scientific achievements are increasingly contributing to economic growth, technological self-reliance and global competitiveness. The expanding participation of startups, industry and research institutions is creating a robust innovation ecosystem capable of advancing the vision of Viksit Bharat 2047.

The Minister was speaking at the RISE Conclave 2026, organised under the theme “Innovation & Entrepreneurship Driven Growth for Viksit Bharat 2047.” The conclave brought together researchers, startups, industry leaders, investors and policymakers to deepen collaboration across the innovation ecosystem and accelerate the translation of scientific research into societal and economic outcomes. More than 125 startups and technology innovators showcased cutting-edge solutions in aerospace technologies, artificial intelligence, deep-tech and agri-food innovation, while discussions focused on strengthening research-industry partnerships and driving innovation-led growth across the country.