Bengaluru: ISRO Chairman S Somanath has emphasized the need for private sector involvement in space exploration, citing the high costs associated with Moon missions.
Speaking at an interactive session with students of the Karnataka Residential Educational Institutions Society, Somanath highlighted that ISRO’s current budget of Rs 12,000 crore is insufficient to sustain ambitious space projects.
“Going to the Moon is a costly affair, and we cannot depend solely on government funding,” Somanath stated. He stressed the importance of creating business opportunities within the space sector to ensure the sustainability of such missions. “If we have to sustain it, we must create a use for it. Otherwise, after we do something, the government will tell us to close down,” he added.
Somanath also referenced a recent collaboration report with European space consultancy Novaspace, which showed significant economic returns from space investments. According to the report, for every rupee spent by ISRO, the return is Rs 2.5. The space sector has contributed $60 billion to India’s GDP between 2014 and 2024, with a multiplier effect of $2.54 for every dollar generated.