Bengaluru, Feb 14 (IANS): The quality of technology in space-sector startups must reach greater heights, and establishing 'Space Parks' in all states is essential, said former Indian Space Research Organisation (ISRO) Chairman S. Somanath on Thursday.
Speaking at a panel discussion on The Future of the Commercial Space Sector at the Global Investors Meet (GIM) Invest Karnataka 2025, he noted that earlier, there was no clarity regarding private participation in the space sector. However, with the government now formulating a clear policy, this is the right time for investment.
He highlighted the vast opportunities for private participation and investment in the commercial space sector. Startups and young entrepreneurs should capitalise on this momentum. Venture capital is crucial for startups, and the government is also extending financial support through various programmes. In this regard, the participation of state governments is vital, he added.
Somanath pointed out significant investment opportunities in areas such as satellite manufacturing and launch, satellite operations, infrastructure development, communication applications, data services, and data analysis.
He emphasised that, in the future, businesses offering satellite-based services in sectors like weather forecasting, fisheries, the blue economy, and agriculture will have even more opportunities.
He further explained that earlier, the government had to invest heavily in providing information, knowledge, and data to the public. However, with the advancement of the information technology revolution and private initiatives, information and data are now freely accessible to everyone. As a result, the government no longer bears the financial burden of investment in this sector. Startups should make the most of this freely available data, he advised.
Jacob Gallish, Executive Director of the Digital Economy Division at the US-India Business Council, remarked that India is a global leader in sectors such as space, information technology, semiconductors, and science and technology.
He further emphasised that India, with its vast pool of skilled and talented engineers, has the potential to bring revolutionary changes to the global commercial space sector.