ISRO Chairman Highlights Private Sector Role in Boosting India’s Space Industry
Thiruvananthapuram, Nov 29: ISRO Chairman Dr. S. Somanath emphasized the critical role of the private sector and startups in India’s ambition to expand its share in the global space market. Speaking at the Huddle Global 2024, a premier startup festival organized by Kerala Startup Mission, Dr. Somanath highlighted ISRO’s ongoing efforts to engage with industries and transfer space technology to various sectors, which could benefit from advancements made in space missions.
“Despite being recognized as a space power, India’s share of the global space market is currently just two percent, valued at USD 386 billion,” Dr. Somanath stated. “Our goal is to increase this share to USD 500 billion by 2030 and reach USD 1.5 trillion by 2047.”
He emphasized the vast potential for the private sector, noting that while India currently operates only 15 space satellites, there is an opportunity to have as many as 500 satellites in orbit, with private companies already entering the satellite manufacturing and launch service sectors. “Now many private players are emerging with the capability to manufacture and place satellites in orbit. Private launch pads are also being developed,” he said.
Dr. Somanath also highlighted the impressive growth in India’s space tech startups, which has surged from just one in 2014 to over 250 today. Space startups attracted investments worth Rs 1,000 crore in 2023 alone, and the sector now boasts over 450 MSMEs and more than 50 large companies actively contributing to space exploration.
Looking ahead, Dr. Somanath outlined the role of the private sector in India’s ambitious space exploration plans, including future projects like the Gaganyaan human spaceflight program and the Indian Space Station. Collaborations between ISRO and private players will also be crucial in launching small satellites, providing geospatial solutions, and developing new communication systems.
India’s space ambitions extend beyond Earth, with ISRO already making strides in interplanetary exploration. The organization has launched 431 foreign satellites and collaborates with 61 countries, including ongoing missions with NASA, France’s CNES, JAXA from Japan, and the G20 satellite project.
Addressing the future of space exploration, Dr. Somanath also praised Elon Musk’s vision for interplanetary habitation, noting humanity’s natural inclination for exploration and expansion. “Just as humans spread across continents, space exploration is the next frontier,” he remarked.
India’s growing involvement in space, coupled with private sector participation, positions the nation for significant contributions to the global space economy in the years to come.
