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On Thursday, ISRO Chairman S Somanath highlighted the significant costs involved in space exploration, particularly missions to the Moon. He stressed the importance of private sector involvement to ensure the sustainability of India’s space ambitions.
Speaking at an interactive session with students of the Karnataka Residential Educational Institutions Society, Somanath expressed concerns over the limited funding provided to the Indian Space Research Organisation (ISRO).
Somnath stated that the Rs 12,000 crore budget allocated to ISRO is inadequate. Highlighted that ISRO cannot depend solely on government funding, he stressed the importance of creating business opportunities to ensure the sustainability of space missions.
Key Takeaways
He stated, “Going to the Moon is a costly affair. And we cannot depend only on the government for funding. We must create business opportunities. If you have to sustain it, you have to create a use for it. Otherwise, after we do something, the government will tell you to close down.”
“Collaboration with private players in the space sector is absolutely essential,” S Somanath added.
The ISRO Chairman further emphasized that India’s approach is not driven by a desire for space supremacy, but rather by a commitment to serving the nation and its goals.
Referencing a recent report commissioned by ISRO in collaboration with the European space consultancy, Novaspace, Somanath asserted, “For every rupee that the organisation spent, the return is Rs 2.5.”
The report, unveiled by Space Minister Jitendra Singh on National Space Day, revealed that India’s space sector contributed $60 billion to the country’s GDP from 2014 to 2024. It further highlighted that for every dollar generated by the space industry, the Indian economy experienced a multiplier effect of $2.54.
The report also showed that the Indian space sector’s revenues reached $6.3 billion in 2023, positioning India as the eighth-largest space economy in the world.
Additionally, the sector has generated 4.7 million jobs, including 96,000 positions in both the public and private sectors.
Currently valued at approximately Rs 6,700 crore ($8.4 billion), India’s space economy contributes between 2-3% of the global space market.
The sector is likely to reach $13 billion by 2025, with a compound annual growth rate (CAGR) of 6%. India also aims to capture 10% of the global space economy within the next decade.
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