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Need to scale up commercial applications of space tech to drive economic growth: former ISRO chief
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....eed to scale up commercial applications of space tech to drive economic growth: former ISRO chief<BR>News and Press Release<BR>Dated:- 20-3-2025<BR>PTI<BR>New Delhi, Mar 20 (PTI) India’s space sector is on the cusp of a significant transformation but there is a need to scale up commercial applications of space technology to drive economic growth, former ISRO chairperson S Somnath said on Thursda....
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....y. Speaking at a conference organised by the Confederation of Indian Industry (CII), the former Chairman of the Indian Space Research Organisation (ISRO) highlighted the shift required to unlock the full potential of space technology. Somnath highlighted that while India has made remarkable strides in space technology, its application has largely been confined to government programs. “The a....
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....pplication of space technology has been focused on societal and governmental programs. Now, bringing it into the commercial domain and monetising it is key,” he said. He pointed out that the penetration of space applications in India remains limited, with only about 10 per cent of the potential market being explored. “India is a huge country with 145 crore people, but the application penetr....
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....ation is very small. We are serving only a limited domain,” Somnath said. He stressed the need to convert space technology into viable business opportunities, citing examples such as fisheries, where satellite data could revolutionise traditional practices. “We have been able to predict the presence of fish schools using ocean satellites, but this information is mostly disseminated through ....
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....government channels. Has it made an economic impact? Not really. We need to create a business case where fishermen can buy this data to improve their catch,” he said. Somnath also emphasised the untapped potential of satellite data in sectors like logistics, traffic management, and railway monitoring. “Why not use space technology to monitor railway tracks instead of relying on physical ins....
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....pections? Similarly, satellite data can optimise logistics and reduce costs,” he said. He called for the creation of case studies to demonstrate how space technology can be monetised, particularly in areas like the blue economy, agriculture, and disaster management. Chairman IN-SPACe Dr. Pawan Goenka echoed these sentiments, emphasising the need to bridge the gap between space technology prov....
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....iders and end-users. “The space economy is already worth 440 billion globally and is expected to reach 1 trillion by 2040. India’s share, however, is just 8 billion.We aim to grow this to 44 billion by 2033, but this cannot happen without scaling up demand,” he said. Goenka highlighted the government’s efforts to boost the space sector, including incentives worth Rs 4,000 crore and proj....
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....ects worth Rs 25,000 crore for space-based surveillance by the Ministry of Defence. “The government has created a robust pipeline for upstream activities, but the real value lies in downstream applications. We need to create demand for space technology across industries,” he said. He also announced the approval of a Rs 1,000 crore venture capital fund to support space startups. “We are ....
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....focusing on creating new business models using space data. For instance, logistics companies can reduce fuel costs by 20 per cent using satellite-driven route optimisers. The possibilities are endless,” Goenka said. Both -- Somnath and Goenka -- called for greater collaboration between the government, private sector, and startups to unlock the full potential of space technology. Somnath sugge....
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....sted that entrepreneurs focus on edge computing, AI, and analytics to process satellite data faster and create actionable insights. “We need to support entrepreneurs who can build tools for remote sensing data analytics. This will be crucial for scaling up applications,” he said. Goenka emphasised IN-SPACe’s role as a facilitator, connecting businesses with space technology providers. ....
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....If you come to us with a problem, we will work with ISRO and private players to create pilot solutions. This is just the beginning of a transformative journey for India’s space economy,” he said. PTI UZM UZM DV DV<BR> News - Press release - PIB....