ISRO Chairman Calls for Bold Investments to Propel India's Space Sector

ISRO Chairman S Somanath urged major Indian industries to invest in the space sector to help India become a space power by 2047. He highlighted the lack of substantial investments in the upstream sector, emphasizing the need for industry cooperation and risk-sharing to foster rapid growth in space technology.

ISRO Chairman S Somanath has called on major industry players to invest significantly in India's space sector, aiming to transform the nation into a leading space power by 2047. Speaking at the Indian Space Conclave, Somanath expressed concern over the 'elusive' investments in the upstream sector of the space industry, which includes launch vehicles and ground-based station infrastructure.

Despite India's space economy currently valued at USD 8.4 billion and expected to grow to USD 45 billion within the next decade, Somanath noted that large Indian industrial houses have shown reluctance to invest. He emphasized the need for them to either invest independently or through collaborative means with others to unlock the sector's potential fully.

To achieve necessary growth, Somanath stressed the importance of developing leading space companies that can design, manufacture, and present cost-competitive products globally. He pointed to the recent contract awarded to a consortium for building Polar Satellite Launch Vehicles and the offer to transfer SSLV technology as positive steps toward indigenous production capabilities.

(With inputs from agencies.)