Revolutionizing India's Space Economy: Calls for Commercial Expansion

India’s space sector is positioned for significant growth, with a push from experts like S Somnath and Pawan Goenka to expand commercial applications. Currently focused on governmental programs, there is a call to monetize space data, particularly in sectors like agriculture and logistics, to drive economic growth.

India's space sector is on the brink of a major transformation, as stated by former ISRO chairperson S Somnath. In a recent conference by the Confederation of Indian Industry, Somnath underlined the need to extend the commercial scope of space technology to stimulate economic progress.

While India has made significant advances in space technology, Somnath pointed out that these have predominantly been applied to governmental programs. He championed a shift towards commercial usage, highlighting potential in industries like agriculture and logistics, where satellite data could revolutionize existing practices.

Dr. Pawan Goenka, Chairman of IN-SPACe, supported these views, emphasizing bridging gaps between space technology providers and end-users. He announced government initiatives, including a Rs 1,000 crore venture capital fund for space startups, to bolster commercial demand for space technology across industries.

(With inputs from agencies.)