India's space sector is experiencing a surge in activity, with private companies and startups emerging as key contributors to its growth, according to Isro Chairman S. Somanath. Speaking at Huddle Global 2024, India's flagship startup festival organised by the Kerala Startup Mission, Somanath highlighted the potential for expanding India's share in the global space market.
With only 15 operational space satellites currently in orbit, Somanath emphasized the significant growth opportunity for India in satellite deployment. He projected that the country, armed with its expertise in space technology and a burgeoning satellite manufacturing sector, could soon have at least 500 satellites in space.
The private sector’s involvement in the space sector has grown rapidly in recent years. In 2014, India had just one space-related startup, but this number surged to over 250 by 2024. In 2023 alone, space startups attracted investments worth Rs 1,000 crore. More than 450 MSMEs and over 50 large companies are now contributing actively to the space sector.
Somanath also pointed to Isro's ongoing initiatives in space exploration, including ambitious future projects like the Gaganyaan human spaceflight program and the Indian Space Station, which will rely heavily on collaborations with private industry.
He further revealed that Isro has identified numerous sectors that could benefit from the technology and research generated by space missions, and discussions with select industries are already underway to transfer this technology for commercial use.
India’s space ambitions extend beyond Earth orbit. It collaborates with 61 nations on various projects. Somanath highlighted current joint missions such as Nisar with Nasa, Trishna with France’s CNES, the G20 satellite, and the Lunar Polar Exploration mission with Japan’s JAXA. Additionally, India has launched 431 foreign satellites to date, further strengthening its position on the global space stage.
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