ISRO Chief S Somanath s Elon Musk’s Model to Boost Space Economy 6c726r Technology News

Somanath urges adopting Elon Musk’s economic model to boost India’s presence in the global space economy. 2h4469

Written by Gadgets 360 Staff | Updated: 2 December 2024 14:29 IST

ISRO Chief S Somanath s Elon Musk’s Model to Boost Space Economy

Photo Credit: Wikimedia 3q321v

India operates 15 satellites, with plans to expand to 500.

Highlights

ISRO chief endorses Musk’s model for revenue-driven space exploration.
India’s $5B share in the $386B space economy shows untapped potential.
Private sector’s role crucial to expanding satellite operations to 500.

ment

S Somanath, Chairman of the Indian Space Research Organisation (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 2x3225

Despite India's notable accomplishments in 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 3m2eo

The ISRO chief, as 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.

Gaganyaan Astronauts Finish First Phase of Training for ISRO-NASA Mission

Collaborative Efforts in Future Space Missions 5t153r

It has been confirmed that future projects, including 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.

Comments

For the latest reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.