ISRO operates on an annual budget of nearly $1.55 billion. It is significantly lower than NASA's $25 billion allocation. The push for increased funding aligns with Prime Minister Narendra Modi's vision

ISRO chief S Somanath asserted that ISRO's medium-lift Launch Vehicle Mark-3 (LVM-3) is already price-competitive with SpaceX's offerings.

The Indian Space Research Organisation (ISRO) is anticipating a substantial increase in its budget over the coming years, according to Chairman S Somanath.

In a recent Reuters NEXT Newsmaker interview, S Somanath revealed that ISRO expects a 20-30% boost in funding, though this increase would be spread out "over a long period of time".

Currently, ISRO operates on an annual budget of nearly ₹130 billion ($1.55 billion), which is significantly lower than NASA's $25 billion allocation. Despite this disparity, Somanath asserted that ISRO's medium-lift Launch Vehicle Mark-3 (LVM-3) is already price-competitive with SpaceX's offerings.

The push for increased funding aligns with Prime Minister Narendra Modi's vision of transforming India into a profitable space superpower. To achieve this, ISRO is actively seeking collaboration with the private sector and aiming to expand India's share in the global commercial space market.

Somanath also highlighted ISRO's ambitious plans, including the development of a heavy-lift booster rocket capable of carrying large payloads, which will be funded through a combination of private and public investments.

Additionally, the agency is preparing for its Gaganyaan mission, India's first crewed spaceflight, with an uncrewed test flight expected by December.

The Indian government is taking steps to liberalise the space sector, recently allowing 100% foreign direct investment in satellite system manufacturing and easing regulations for launch vehicles.

These measures aim to attract interest from global players like SpaceX and Blue Origin.

The Indian space agency is planning to launch the crewed Gaganyaan mission by the end of 2025. It is also working on missions to Moon, and Mars.

Agencies