The Indian space sector is at a turning point equipped with startups and private players which are set to play a major role in its growth. ISRO Chairman S Somanath highlighted the ambitions of India which are closely tied to the involvement of the private sector. He was speaking at the Huddle Global 2024 startup festival in Kovalam.
India currently contributes just 2% to the $386 billion global space market. The figure does not justify to the reputation of the country as a space power. ISRO has set ambitious goals to increase the share to $500 billion by 2030 and $1.5 trillion by 2047.
Somanath pointed out that India has the expertise, but it has only 15 operational satellites and this is surprisingly small number.
The growth in space startups is impressive as the number from 2014 to 2024 has increased from 1 to more than 250. Space startups attracted ₹1,000 crore in funding in 2023. More than 450 MSMEs and 50 large companies are now involved in the sector.
The future projects of ISRO include Gaganyaan human spaceflight program and the Indian Space Station. These are expected to be joint efforts with private players.
India has made significant moves in space exploration. The country has launched 431 foreign satellites and collaborated with 61 countries on projects like the NISAR mission with NASA and the Lunar Polar Exploration mission with Japan’s JAXA.
He also touched on natural urge of humanity to explore. He appreciated the vision of Elon Musk of interplanetary habitation.
The Indian space journey is no longer just about government missions. It is also about strengthening innovation, enabling startups and working together to unlock the next frontier. The sky is no longer the limit with the right partnerships and it is just the beginning.
