Going to the moon is a costly affair, says ISRO chief, emphasizing the need for private sector involvement
Going to the Moon is a costly affair, said ISRO chairman S. Somanath, while stressing the need for private sector involvement in space exploration.
He was speaking at an interactive session with students of the Karnataka Residential Educational Institutions Society.
Somanath said that the budget allocated to ISRO – Rs 12,000 crore – is insufficient. Noting that ISRO cannot rely solely on government support, he emphasized the need for business opportunities to sustain space missions.
“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,” he said.
“Collaboration with private players in the space sector is absolutely essential,” he added.
Further, he noted that ISRO aims to serve the country rather than compete for supremacy among spacefaring nations.
Citing a recent report commissioned by ISRO in collaboration with European space consultancy Novaspace, Somanath said, “For every rupee that the organization spent, the return is Rs 2.5.”
The report, released by space minister Jitendra Singh on National Space Day, stated that the space sector has contributed $60 billion to India’s GDP between 2014 and 2024. For every dollar generated by the space sector, the Indian economy has seen a multiplier effect of $2.54.
The report also showed that the Indian space sector’s revenues had grown to $6.3 billion as of 2023, making India the eighth-largest space economy in the world. It has created 4.7 million jobs, including 96,000 jobs in the public and private sectors.
As of 2024, the Indian space economy is valued at around Rs 6,700 crore ($8.4 billion), contributing 2 percent-3 percent of the global space economy. It is expected to reach $13 billion by 2025, with a compound annual growth rate (CAGR) of 6 percent. India also aims to capture a 10 percent share of the global economy in the next 10 years.
