Private Sector and Startups Essential to India's Space Endeavors: Insights from ISRO Chairman
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Thiruvananthapuram, Nov 29 (NationPress) The private sector and startups are essential as India strives to elevate its space initiatives to secure a larger portion of the global market, stated ISRO Chairman Dr S. Somanath during an event on Friday.
He noted that ISRO has pinpointed numerous sectors that will gain from the research conducted for space missions, and discussions with select industries have already commenced to facilitate technology transfer.
Dr Somanath delivered his remarks on “ISRO’s vision and the rise of India’s space tech companies” at the premier startup festival Huddle Global 2024, hosted by Kerala Startup Mission.
“Despite being recognized as a space power, India's share of the global business stands at only two percent of USD 386 billion. The nation aims to increase this to USD 500 billion by 2030 and reach USD 1.5 trillion by 2047,” remarked Dr Somanath.
Highlighting the potential for private sector involvement, he mentioned that India currently has only 15 operational space satellites, which is relatively modest. Given the country's expertise in space technology and the increasing number of satellite manufacturing firms, India has the capability to deploy at least 500 satellites into orbit.
“Many private entities are emerging in the market with the ability to manufacture and launch satellites, along with the development of private launch pads,” he stated.
From having just one space-related startup in 2014, the number has surged to over 250 by 2024. In 2023 alone, investments in space startups reached Rs 1,000 crore. Over 450 MSMEs and more than 50 large companies are now actively engaged in the space sector.
As India broadens its scope in space, including interplanetary exploration, future initiatives like the country's human spaceflight program Gaganyaan and the Indian Space Station will involve collaborative efforts between ISRO and the private sector.
The potential for private sector participation is vast, covering areas such as small satellite design, geospatial solutions, communication systems, orbital transfer vehicles, and more, he asserted.
India has made notable advancements in the space arena, having launched 431 foreign satellites to date.
ISRO collaborates with 61 countries on various projects. Current joint missions include NISAR with NASA, TRISHNA with CNES (France), the G20 Satellite, and the Lunar Polar Exploration mission with JAXA (Japan).
In response to an audience question, Dr Somanath expressed his admiration for Elon Musk's vision of interplanetary habitation in the future, stating that it aligns with humanity's innate desire to explore. “We began in one location and expanded to various continents, reflecting our intrinsic nature to travel and discover,” he concluded.
