The Indian space industry is offering a tremendous opportunity for the private sector in the country as a new area of growth and development, S Somanath, Secretary, Department of Space and Chairman of Indian Space Research Organization has said.
The centre envisages the space industry in the country to $9-10 billion industry in the next five to ten years from the current levels of $2 billion, he said after launching the zero emission initiative of the SFO Technologies of the NeST Group at its Hi-Tech Park in Kalamasery on Saturday.
According to Somanath, 400 private sector companies have benefited from the technology developed by ISRO for its various missions and companies such as SFO Technologies are well positioned to take further advantage of the new policy initiatives in the space sector by the Government.
He also unveiled a replica of Chandrayaan at the campus highlighting the cooperation of SFO Technologies and ISRO. Somanath also interacted with the NeST engineers and management team.
The Carbon Reduction initiative of the NeST Group is in tune with the United Nations’ objective of achieving a 50 per cent reduction by 2035 and zero emissions by 2040.
SFO Technologies has close association with ISRO for many years. The two have worked in multiple programmes such as the RF sub-systems for Chandrayaan and Aditya Missions, manufacturing of Antenna Systems, and Cryogenic Engine Control Systems for launch vehicles.
NeST Group Chairman N Jehangir said discussions are on with ISRO for various projects including the Gaganyaan project aiming to carry human beings to space for the first time through the Indian Space Mission.