Tue Nov 05 13:00:29 UTC 2024: ## India Aims for Space Powerhouse Status, ISRO Chairman Says

**New Delhi, November 5, 2024:** India’s space ambitions are soaring, with the Indian Space Research Organisation (ISRO) Chairman S. Somanath calling for the development of “leading space companies” instead of solely focusing on service providers. To propel India’s contribution to the global space economy from 2% to 10%, he emphasized the need for significant government support.

Speaking at the India Space Conclave, Somanath acknowledged the strides made in establishing a robust space program, built on “moderate” budgets. He emphasized the necessity of scaling up and developing new capabilities to compete on the global stage. Currently, India possesses a strong foundation, holding 90% of the know-how and materials required for rocket construction and 60% for space components. However, realizing ISRO’s vision necessitates an influx of new players, young talent, and a thriving startup ecosystem, Somanath highlighted.

While policies promoting data accessibility have fueled growth in space-based applications across sectors like agriculture and finance, a key challenge remains – insufficient demand. The rapid evolution of communication technology creates a risk of obsolescence for products under development, making private investments hesitant, according to Somanath.

The ambitious lunar landing mission, targeting 2040, symbolizes India’s commitment to human space exploration. Somanath stated, “This mission not only expands our technical prowess but also fosters growth across high-tech industries like electronics and bio-pharmaceuticals.” To achieve this ambitious goal, he stressed the need for substantial investments from both the government and private sector, marking India’s determination to become a globally competitive force in space.

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