S Somanath, Chairman of the Indian Space Research Organisation (ISRO), emphasised the significance of adopting an economic model similar to that used by Elon Musk in space exploration. As per several reports, Somanath made the revelation at the Huddle Global 2024 event hosted by the Kerala government. The reports highlights that Somanath believes that Musk’s approach of leveraging revenue-generating technology, such as rockets designed for both intercontinental travel and interplanetary missions, exemplifies a sustainable framework that relies on private funding rather than government resources.

India’s Space Economy and Growth Potential

Despite India’s notable accomplishments in space exploration, such as the Chandrayaan and Mars Orbiter missions, its presence in the $386 billion global space economy is limited to 2 percent, equivalent to $5 billion, according to available data. As per reports, plans to increase this figure to $500 billion by 2030 and eventually to $1.5 trillion by 2047 have been outlined at the event. Somanath remarked that enhancing satellite operations, which currently number only 15, to around 500 would be instrumental in achieving these goals.

Role of the Private Sector in Expanding Space Activities

The ISRO chief, as reported by The Financial Express, underlined the critical role of private entities and startups in bolstering India’s space ambitions. The development of small satellites, geospatial solutions, communication systems, and orbital transfer vehicles was cited as areas ripe for private sector involvement. Efforts are reportedly underway to transfer ISRO’s research and technology to private players through collaborations across multiple industries.

Collaborative Efforts in Future Space Missions

It has been confirmed that future projects, including Gaganyaan—India’s human spaceflight programme—and the proposed Indian Space Station, will be executed through partnerships between ISRO and private enterprises. This collaborative approach is expected to expand India’s capabilities in interplanetary exploration and stimulate economic growth in the sector.

ISRO’s initiatives, combined with private-sector participation, aim to elevate India’s status in the global space economy while fostering innovation and sustainable growth, according to ongoing discussions within the organisation.