Big industry needs to take plunge in space sector: ISRO chief Somanath
ISRO chairman S Somanath on Tuesday urged industry houses to invest in the space sector in a big way to build rockets and allied systems for India to emerge as a space power by 2047. Addressing the Indian Space Conclave here, Somanath voiced concern over the «elusive» investments in the upstream sector of the space industry comprising launch vehicles, hardware and software for ground-based stations, telemetry, tracking and command stations.
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He said the share of the Indian space economy in the global market was very low and there was a need to encourage and inspire the next generation of leaders to come into the sector and create a vibrant activity.
India's space economy is pegged at USD 8.4 billion and is projected to grow to USD 45 billion in the next ten years.
Somanath said investments were not forthcoming from big industry houses within the country for the upstream side of the business despite pursuing the matter with them.
«India is not devoid of big (industry) houses having enough capability to invest and create as much as others in the world. But, they need to take the plunge, possibly alone or in a very cooperative mode with others,» the ISRO chairman said addressing the conclave organised by the Indian Space Association.
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