Indian space industry offers tremendous opportunity for private players, says ISRO Chief

ISRO Chairman S Somanath has said the Indian space industry is offering a tremendous opportunity to the private sector in the country as a new area of growth and development. He said the union government envisages the space sector in the country to become a 9 to10 billion dollar industry in the next 5-10 years from the current levels of 2 billion dollars. Somanath was speaking after unveiling the carbon reduction initiative of SFO Technologies, the flagship company of the NeST Group, in a function on Saturday, a company release said. He also said that 400 private sector companies have benefited from the technology developed by ISRO for its various missions. Companies like SFO Technologies are well positioned to take further advantage of the new policy init "The Indian space industry is offering a tremendous opportunity for the private sector in the country as a new area of growth and development," the ISRO chief added. Besides planting a sapling at the NeST Hitek Park to mark the occasion, Somanath also unveiled a replica of Chandrayaan at the campus highlighting the cooperation of SFO Technologies and ISRO.