Hyderabad: India’s ambitious goal of achieving 10 per cent (USD 50 billion) of the space economy in the next 10 years is not an easy task, primarily because the knowledge in this domain is very complex, former ISRO chief S Somanath said on Friday.
Delivering an address during the graduation ceremony of the Indian School of Business (ISB) here, he also said a recent study by a consultant indicated that ISRO has a return on investment of Rs 2.54 for every rupee spent during the past 60 years.
“It shows us hope that it is possible to create a very vibrant space economy in India as well. At least a possibility of reaching that 10 percent- USD 50 billion share of the global space market, but this is not an easy task at all for us primarily because the knowledge in this domain is very complex, and it comes out of years of experience,” he said.
A study revealed that ISRO offers a return of Rs 2.54 for every rupee invested over the past six decades, a promising indicator for India’s space aspirations. Currently, India contributes a mere 2% to the $500 billion global space economy. Somanath stressed the importance of increasing this share.
India’s space sector, with 250 active startups, primarily derives revenue from applications, followed by satellite building and operations, and rocket construction. Despite significant investment needs and long gestation periods, the sector is evolving, driven by recent US and Chinese advancements.
