New Delhi, November 14: Going to the Moon is a costly affair, said ISRO chairman S Somanath, while stressing the need for private sector involvement in space exploration. He was speaking at an interactive session with students of the Karnataka Residential Educational Institutions Society. Somnath said that the budget allocated to ISRO -- Rs 12,000 crore -- is insufficient.

Noting that ISRO cannot rely only on government support, he emphasised the need for business opportunities to sustain the space missions. "Going to the Moon is a costly affair. And we cannot depend only on the government for funding. We must create business opportunities. If you have to sustain it, you have to create a use for it. Otherwise, after we do something, the government will tell you to close down," he said. ISRO Chief S Somanath Says for Every Rupee Spent on Indian Space Research Organisation, Society Got Back INR 2.50/

“Collaboration with private players in the space sector is absolutely essential,” he added. Further, he noted that ISRO aims to serve the country rather than to compete for supremacy among the spacefaring nations. Citing a recent report commissioned by ISRO in collaboration with European space consultancy Novaspace, Somnath said “For every rupee that the organisation spent, the return is Rs 2.5”. The report, released by space minister Jitendra Singh on National Space Day, said the space sector has contributed $60 billion to India's GDP between 2014 and 2024.

For every dollar generated by the space sector, the Indian economy has seen a multiplier effect of $2.54. Further, it showed that the Indian space sector's revenues have grown to $6.3 billion as of 2023. India is now the eighth-largest space economy in the world. It has created 4.7 million jobs, including 96,000 jobs in the public and private sectors, it said. Sunita Williams Health News Update: Stuck in Space, Indian-Origin NASA Astronaut Rubbishes Weight Loss Rumours, Says Change in Her Appearance Due to Fluid Shifts (Watch Video).

As of 2024, the Indian space economy is valued at around Rs 6,700 crore ($8.4 billion), contributing 2 per cent-3 per cent of the global space economy. It is expected to reach $13 billion by 2025 at a compound annual growth (CAGR) of 6 per cent. India also aims to capture a 10 per cent share of the global economy in the next 10 years.

(The above story first appeared on LatestLY on Nov 14, 2024 11:34 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).