Indian space industry offers tremendous opportunity for private players, says ISRO Chief
ISRO Chairman S Somanath has said the Indian space industry is offering a tremendous opportunity to the private sector in the country as a new area of growth and development. He said the union government envisages the space sector in the country to become a 9 to10 billion dollar industry in the next 5-10 years from the current levels of 2 billion dollars.
Somanath was speaking after unveiling the carbon reduction initiative of SFO Technologies, the flagship company of the NeST Group, in a function on Saturday, a company release said.
He also said that 400 private sector companies have benefited from the technology developed by ISRO for its various missions. Companies like SFO Technologies are well positioned to take further advantage of the new policy initiatives in the space sector by the government of India.
«The Indian space industry is offering a tremendous opportunity for the private sector in the country as a new area of growth and development,» the ISRO chief added. Besides planting a sapling at the NeST Hitek Park to mark the occasion, Somanath also unveiled a replica of Chandrayaan at the campus highlighting the cooperation of SFO Technologies and ISRO.
He interacted with the NeST engineers and management team later. The Carbon Reduction initiative of the NeST Group is in tune with the United Nations' objective of achieving a 50 percent reduction by 2035 and zero emissions by 2040, the release said.
SFO Technologies has close association with ISRO for many years, it said adding that the two have worked
