The Indian Space Research Organisation (ISRO) is looking to increase private participation in the space sector and enhance the space economy to sustain economic viability. ISRO Chairman S. Somnath invited college graduates to take an interest in the space sector, urging them to explore opportunities and innovate solutions that can further establish Space as a torchbearer of 'Make in India'.
"We realize that it's no longer confined to some strategic intent, but it has so much a business opportunity in space. We would like to offer it to you people who are interested, the potential investors and researchers in this country to come forward and work in the space sector and create new business possibilities in space. It's no longer going to be a domain of some elite people," said ISRO Chairman S. Somnath, while speaking to fresh graduates at the Amity University convocation ceremony on Thursday.
He outlined the organization's plans to expand access to the space sector for the public, scientific institutions, entrepreneurs, and industries. He emphasized the need for increased private involvement to ensure the financial sustainability of the space program. Highlighting the ongoing involvement of private entities in the space sector he said, "There are over 200+ startups working space sector, making rockets, launchers, and more. He cited an example of Skyroot Aerospace, a private company founded by a former ISRO employee, which is developing India's first privately built launch vehicle. Similarly, an Indian Institute of Space Science and Technology graduate founded a company utilizing satellite imagery to enhance lending efficiency in the banking sector, particularly for agricultural purposes and other areas.
"Technology has become an important source of revenue. If a new technology has to come, the products have to be competitive in the market. We would like to bring about a very cost-effective society, socially relevant and application-oriented space sector in this country. I would like to ask each one of you to have a genuine interest in the space sector, read and understand people who are coming forward to create new startups, new companies, and new possibilities in the space sector," added the ISRO chief.
Elaborating on the sustainability and the Country's budget for space, he stated that while fostering the space economy is equally important, its current size cannot sustain continued growth. This is a key driver behind the ongoing shift in the space sector. Compared to the significantly larger budgets of the US and China, India's current investment of only half a percent of its GDP in the space sector is insufficient. This disparity stems from the established market and associated businesses surrounding space-based services in these other nations. Recognizing that ventures lacking revenue generation cannot be self-sustaining, ISRO aims to fundamentally change the paradigm of the Indian space sector.
Citing another reason for the openness of Space, the ISRO chief said, "We want the Space world leaders to come to India, create modern technologies in India for Indians as well as for the global market. We want space spacecraft builders and parts of rockets to be built in India for the world. The PM said that in the next 25 years, we must build a space station for ourselves. Indian space station must be built by 2035. We must have our human space flight mission continue to have access to the space station on the Moon. This is because one day when human beings start traveling beyond earth to other planets, Indians can never be left behind." ISRO Chief S. Somnath also received Doctors of Science Honours from Amity University at the ceremony.