Bengaluru: India is set to expand its share of the global space economy from less than 2% to at least 10% over the next two decades, with a focus on harnessing the full potential of the entire space value chain, ISRO Chairman S Somanath said on Wednesday.
Addressing the Bengaluru Tech Summit 2024, Somanath said the ambitious goal spans across three key segments: upstream (satellite manufacturing and launches), midstream (infrastructure and applications), and downstream (data-driven solutions).
The ISRO Chairman underscored the critical role of India’s talented workforce in unlocking the potential of these segments. “Downstream activities, in particular, hold immense promise. By investing in skill development, we can catalyse advancements across all facets of space technology,” he stated.
The Space Policy 2023 and ongoing reforms were highlighted as pivotal to this transformation. The policy clearly defines the roles of the Indian Space Research Organisation (ISRO), the NewSpace India Limited (NSIL), and private entities in driving innovation and growth.
Additionally, the FDI (Foreign Direct Investment) framework is expected to attract global investments, further positioning India as a leader in the space industry. The Chairman also pointed to the government’s Space Mission 2047 as a visionary initiative aimed at advancing space exploration in India.
Somanath emphasised the significance of international collaborations in India’s space strategy, citing high-profile projects like the NISAR satellite with NASA, the LUPEX mission with Japan, and various climate monitoring initiatives under the leadership of the G20.
These partnerships, he stated, are essential in advancing India’s position in the global space ecosystem.
India’s recent achievements were also highlighted, particularly the historic landing of Chandrayaan-3 on the Moon and the successful launch of the Aditya-L1 solar observatory. The ISRO Chairman announced ambitious future milestones, including human spaceflights by 2026, the establishment of an Indian space station by 2028, and plans for a lunar human landing by 2040. These developments align with ISRO’s broader roadmap to cement India’s place as a key player in space exploration.
Reflecting on previous setbacks, such as the Chandrayaan-2 mission, the Chairman remarked: “Every setback provided invaluable lessons. Chandrayaan-3, developed entirely in-house, stands as a testament to India’s resilience and ingenuity.”
The collaboration between ISRO and over 400 private-sector companies was recognised as a critical factor in fostering the growth of India’s space ecosystem. The Chairman highlighted the importance of privatisation initiatives, such as the PSLV (Polar Satellite Launch Vehicle) and SSLV (Small Satellite Launch Vehicle) programmes, in driving innovation and enhancing the commercial viability of space startups.
“Our work involves close collaboration with governments, ministries, departments, and user segments. Traditionally, our primary users have been government bodies, shaping demand aggregation across sectors like agriculture, climate, natural resources, and cartography. This demand guides us in designing sensors, launching satellites, and delivering critical data services,” he explained.
Despite the ongoing transition of space-based communication infrastructure management to NSIL, the Chairman acknowledged that the penetration of space applications into daily life remains limited. This, he noted, represents an untapped opportunity for economic growth.
Despite operating with a relatively modest budget, India’s space programme has consistently delivered world-class results. The Chairman affirmed that continued investment in research and development (R&D) and capacity-building initiatives will drive the next wave of growth, ensuring that India remains at the forefront of the global space economy.
“With focused efforts and collaborative frameworks, India’s space sector is poised for unprecedented growth,” he concluded.
India’s space ambitions, fuelled by strategic collaborations, increased investments, and a commitment to innovation, are set to reshape its role in the global space economy, creating new opportunities for technological advancements and economic development in the years to come.
