ISRO Chairman Dr. S Somanath recently emphasized the critical role of start-ups and the private sector in accelerating India's space industry during his address at Huddle Global 2024 in Thiruvananthapuram. He noted that the Indian space sector has experienced significant growth, expanding from just one start-up in 2014 to over 250 start-ups by 2024. In 2023 alone, these start-ups attracted approximately ₹1,000 crore in investments, supported by a network of over 450 MSMEs and more than 50 large companies driving this expansion.

Dr. Somanath pointed out that despite India being recognised as a space power, the country holds only 2% of the USD 386 billion global space economy. He articulated a vision to increase this share to USD 500 billion by 2030 and USD 1.5 trillion by 2047. Currently, India operates only 15 satellites, which is significantly less than its potential capacity to deploy up to 500 satellites. The emergence of private companies capable of manufacturing and launching satellites is crucial for this growth.

Future projects such as Gaganyaan, India's human spaceflight program, and the proposed Indian Space Station will heavily depend on public-private collaborations. Dr. Somanath highlighted opportunities for private sector involvement in various areas, including small satellite design, geospatial solutions, communication systems, and orbital transfer vehicles. He also mentioned ISRO's technology transfer initiatives aimed at commercializing research for broader applications, further integrating start-ups into the national space narrative.

Dr. Somanath also underscored the immense potential for private-sector involvement in designing and launching small satellites, geospatial solutions, communication systems, and orbital transfer vehicles. The ISRO has identified hundreds of different sectors which will benefit from research done for space missions. Talks have already begun with select industries for technology transfer.

India's space diplomacy has significantly expanded, with the Indian Space Research Organisation (ISRO) collaborating with 61 countries and five multilateral organizations. This collaboration includes launching 431 foreign satellites to date, showcasing India's growing influence in the global space sector.

ISRO is currently engaged in several high-profile joint missions:

NISAR (NASA ISRO Synthetic Aperture Radar): A collaborative project with NASA aimed at enhancing Earth observation capabilities through advanced radar imaging. TRISHNA (Thermal Infrared Imaging Satellite for High Resolution Natural Resource Assessment): In partnership with France's CNES, this mission focuses on high-resolution thermal infrared observations for natural resource management. G20 Satellite: A satellite initiative related to the G20 summit. Lunar Polar Exploration Mission: A joint effort with Japan's JAXA, this mission aims to explore the moon's polar regions.

Somanath also appreciated entrepreneur Elon Musk’s vision of inter-planetary habitation, opining that it was in the nature of human beings to explore. “We started out from one place and spread to different continents. So, it has been human nature to travel and explore from the very beginning,” he added.