He recalled India's space journey and its humble beginnings.
"It has been a journey of many constraints and resource limitations. I have seen photographs of rocket cones being transported on bicycles. Our first satellite, Aryabhatta, was made in industrial sheds in Bangalore."
"Even today, our programme stands out as the most cost effective in the world. The story of our Mars Mission costing less than the Hollywood movie `Gravity' had gone viral on social media recently. Our scientists have shown the world a new paradigm of frugal engineering, and the power of imagination."
He went on to say that many misunderstand space technology to be for the elite.
"I, however, believe, such technology is fundamentally connected with the common man. As a change agent, it can empower and connect to transform his life. Technology opens up new opportunities of development. And gives us new ways of addressing our challenges."
Space "has a critical role in realizing the vision of a Digital India - the power of 125-crore connected Indians", he said.
Geographic Information Systems (GIS) technology has transformed policy planning, and implementation, Modi said, adding: "Space imaging enables modern management, and conservation of water resources - through GIS-driven watershed development. It has been deployed in our urban planning. It has also become an important tool in better managing and conserving our natural resources."
"Whether it be the Himalayan glaciers, oceans and forests, coastal resources or our mineral wealth. Space imagery is improving our land management systems, bringing wasteland into productive use. Our next frontier should be to extend the same to land records, bringing in accuracy and transparency for the common man."
He called for developing this expertise in space technology in "our developmental process. For social change, economic development, and resource conservation".