India's space economy is projected to grow significantly from the current USD 8-9 billion to USD 40-45 billion over the next decade, driven by policy reforms, growing private participation, and a rapidly expanding innovation ecosystem. This growth is being fueled by the dramatic expansion of space startups, which have increased from just a handful a few years ago to over 400 currently operating in the country.
Dr Jitendra Singh, Union Minister of State for Science & Technology and Earth Sciences, emphasized that India has successfully integrated space technology into governance and infrastructure development through initiatives such as PM Gati Shakti, urban development programmes, and drone-enabled monitoring systems. These applications demonstrate how space technology is improving planning, implementation, and monitoring of development projects while enhancing transparency and efficiency.
The Minister highlighted that missions such as Chandrayaan-3 have established India among the world's leading space-faring nations, while the upcoming Gaganyaan programme further demonstrates the country's capabilities. India has consistently executed complex missions with efficiency, innovation, and cost-effectiveness, including successful first-attempt achievements of Chandrayaan and the Mars mission.
Regarding recent technical challenges, the analysis of the PSLV mission anomaly has been completed with underlying causes identified, and corrective measures have been initiated to strengthen future missions. The growing participation of startups, industry, and research institutions is creating a strong innovation ecosystem capable of driving the vision of Viksit Bharat 2047.
The statements were made during the RISE Conclave 2026 organized under the theme 'Innovation & Entrepreneurship Driven Growth for Viksit Bharat 2047,' which brought together researchers, startups, industry leaders, investors, and policymakers to strengthen collaboration across the innovation ecosystem. More than 125 startups and technology innovators participated in the event, showcasing solutions across aerospace technologies, artificial intelligence, deep-tech, and agri-food innovation.