Published: 6 June 2026Deccan Herald / ANI / PIBGovernance
Union Minister Jitendra Singh Marks 12 Years of Narendra Modi Government on 7 June 2026 With Statement That India Space Economy Currently Close to 9 Billion US Dollars Will Expand to Around 45 Billion US Dollars Over the Next Seven to Eight Years as Country Advances Towards Viksit Bharat 2047 Goal With BJP Launching Nationwide 12 Years of Trust Development and Public Welfare Outreach Campaign From 5 June to 21 June 2026 Across Union Ministers MPs and MLAs
On 7 June 2026 the Narendra Modi led National Democratic Alliance government completed 12 continuous years in office, having taken charge on 26 May 2014 and beginning its third consecutive term on 9 June 2024. Marking the occasion, Union Minister of State for Science and Technology Earth Sciences and Personnel Dr Jitendra Singh said the 12 years had transformed India into an aspirational nation driven by opportunity, innovation and self belief, with governance reforms, technological democratisation and citizen centric policies reshaping how Indians perceive their prospects.
Dr Singh outlined that India space economy, currently valued at close to 9 billion US dollars, is projected to expand to about 45 billion US dollars over the next seven to eight years as the country advances towards becoming a developed nation by 2047. He highlighted the opening of the space sector to private participation through Indian National Space Promotion and Authorization Centre IN SPACe, the Indian Space Policy 2023 and dedicated FDI reforms permitting up to 100 per cent foreign investment in select sub sectors as the foundation for this expansion.
The Bharatiya Janata Party launched a nationwide outreach and publicity campaign themed 12 Years of Trust, Development and Public Welfare from 5 June to 21 June 2026 to commemorate the milestone. A Special Outreach Campaign is being organised from 8 June to 14 June involving Union ministers, Members of Parliament, Members of Legislative Assemblies and party office bearers, with activities including tree plantation drives, plastic waste cleanliness campaigns, Pragati Path Yatras showcasing infrastructure projects and welfare camps for Ayushman Bharat and PM Surya Ghar from 12 June to 20 June.
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Consider the following statements regarding India space sector reforms cited by Union Minister Jitendra Singh on 7 June 2026:\n1. India space economy is currently estimated at close to 9 billion US dollars and is projected to grow to about 45 billion US dollars in the next 7 to 8 years.\n2. The Indian Space Policy 2023 prohibits any foreign direct investment in the space sector.\n3. IN SPACe is the single window autonomous agency for authorising private sector activities in space.\nWhich of the statements given above are correct?
Explanation · Correct answer CStatements 1 and 3 are correct. Union Minister Jitendra Singh said on 7 June 2026 that India space economy is currently close to 9 billion US dollars and will expand to around 45 billion US dollars in 7 to 8 years. IN SPACe (Indian National Space Promotion and Authorization Centre) is the single window autonomous agency for authorising private space activity. Statement 2 is incorrect because FDI reforms notified in 2024 allow up to 100 per cent FDI in select sub sectors under the automatic route.
Frequently asked questions
What is IN SPACe?
Indian National Space Promotion and Authorization Centre (IN SPACe) is a single window autonomous agency under the Department of Space established in 2020 to promote, regulate and authorise private sector activities in the Indian space sector, including launches, satellite services and ground systems.
What is the current and projected size of India space economy?
India space economy is currently valued at about 9 billion US dollars and is projected to grow to around 45 billion US dollars in the next 7 to 8 years, as stated by Union Minister Jitendra Singh on 7 June 2026.
What is the maximum FDI permitted in the Indian space sector?
As per FDI reforms notified in 2024, up to 100 per cent foreign direct investment is permitted in select sub sectors of the Indian space industry under the automatic route, including satellite manufacturing and operations, ground segment and user segment.
What is the Viksit Bharat 2047 vision?
Viksit Bharat 2047 is the Government of India vision to transform India into a developed nation by the centenary year of Independence in 2047, focusing on economic growth, social progress, environmental sustainability, governance reforms and inclusive development.
