‘Market share target for Indian space sector will be fixed soon’

He also said issuing the regulatory clearances for the private sector will be his priority. IN-SPACe is the regulator for the private players in the Indian space sector and Goenka has been named as its Chairman.

In his address at the CII event, Goenka said: “The global space sector market is about $440 billion and India’s share is less than two percent.” He said in the coming days he will fix the target for India’s share in the global space market and work towards that.

Goenka, a former MD of Mahindra & Mahindra Ltd said in the corporate world, a strategy would be defined, market share target will be fixed, and responsibility for achieving it will also be fixed. A similar model will be implemented for the private space sector.

In the coming days, Goenka said he would fix the target, define the timeline and the action plans to achieve the same.

According to him, the total investment by the private space start-ups is only $21 million while the opportunity for suppliers at the global level is large.

Citing products like lithium-ion batteries developed by ISRO, Goenka said he would look at spreading that technology amongst the automobile sector.