India's space economy is set to grow nearly five-fold to USD 45 billion in a decade, with 400+ space start-ups

At the RISE Conclave 2026, the S&T minister said policy reforms and private participation could lift the sector from today's USD 8-9 billion to USD 40-45 billion, even as space tech is woven into governance and infrastructure.

What happened

• Union MoS (Independent Charge) for Science & Technology Dr Jitendra Singh said India's space economy is poised to grow from the current USD 8-9 billion to nearly USD 40-45 billion over the next decade, driven by policy reforms, growing private participation and a rapidly expanding innovation ecosystem.
• He said India, which had only a handful of space start-ups a few years ago, today has more than 400 space start-ups contributing to a vibrant ecosystem.
• The Minister highlighted India's unique strength in using space technology for governance and development — citing PM Gati Shakti, urban-development programmes and drone-enabled monitoring for planning, implementation and project monitoring.
• He said missions such as Chandrayaan-3 and the upcoming Gaganyaan have established India among the world's leading space-faring nations, executing complex missions with efficiency and cost-effectiveness.
• He was speaking at the RISE Conclave 2026 ('Innovation & Entrepreneurship Driven Growth for Viksit Bharat 2047') in Bengaluru, with 125+ start-ups showcasing aerospace, AI, deep-tech and agri-food solutions; he added the recent PSLV mission anomaly has been analysed and corrective measures initiated.

For Prelims

• Space-sector reforms: The opening up began with the Indian Space Policy 2023 and the creation of IN-SPACe (the single-window promoter/regulator for private players) and NSIL (NewSpace India Ltd, the commercial arm); FDI rules were liberalised (2024) to allow up to 100% in parts of the sector.
• Key bodies — don't confuse: ISRO (R&D/missions, Dept of Space), IN-SPACe (authorises & enables private activity), NSIL (commercial/PSU arm), and Antrix (older marketing arm). The start-up surge is enabled by IN-SPACe.
• Space economy size: India's share of the global space economy is currently small (~USD 8-9 bn); the target is ~USD 40-45 bn, with an aspiration to capture a larger slice of the global market by the mid-2030s.
• Chandrayaan-3 & Gaganyaan: Chandrayaan-3 (2023) made India the first to land near the lunar south pole and the 4th to soft-land on the Moon; Gaganyaan is India's first human spaceflight programme.
• PSLV: The Polar Satellite Launch Vehicle — ISRO's reliable workhorse; an 'anomaly' is a mission deviation/partial failure that is analysed for corrective action.
• PM Gati Shakti: A national master plan for multi-modal infrastructure that uses GIS/space-based mapping for integrated planning — an example of space tech in governance.
• Don't confuse: The 'space economy' includes satellites, launch, ground systems, applications and start-ups — far broader than ISRO's budget; private growth complements (not replaces) ISRO.

For Mains

Syllabus: GS3.13 · Linkage L2