India's Starry Ambition: Private Sector to Propel Space Growth
India's space program is set for major growth with the involvement of private sector startups. ISRO Chairman S Somanath highlights the nation's potential to expand its share in the global space market through collaborative efforts. India's current space capabilities are set to rise significantly by 2047.
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India's private sector and startups could be pivotal as the nation seeks to enhance its space activities and secure a larger share of the global market, according to ISRO Chairman S Somanath. Speaking at Kerala's Huddle Global 2024, he emphasized the role of space technology companies in boosting India's space economy.
India, recognized for its space prowess, currently holds a mere two percent of the global space market valued at USD 386 billion. The nation aims to escalate its share to USD 500 billion by 2030 and reach an impressive USD 1.5 trillion by 2047. Somanath noted the scope of private sector involvement with potentially 500 satellites in orbit, reflecting India's expertise and manufacturing capacity.
The space tech industry has seen significant growth, with over 250 startups established by 2024. In 2023, investments in Indian space startups surpassed Rs 1,000 crore. Collaborative projects are planned for potential endeavours, including India's Gaganyaan human spaceflight program and the Indian Space Station.
(With inputs from agencies.)