New Delhi, June 26 (IANS): India must aim to lower the cost of access to space as other countries, said ISRO Chairman S. Somanath on Wednesday, at the third Annual India Space Congress (ISC) 2024, in the national capital.

The three-day ISC 2024, organised by SIA-India, includes participation from over 300 global space organisations and 30 countries.

“ISRO has created significant space capability and talent in the country. It's time for new actors to scale India's space operations,” Somanath said at the event.

“Bringing down the cost of access to space is a global trend, and India must also look at it. Space can never be solely for business and economy; it must inspire generations to innovate for humanity," he added.

He also mentioned the upcoming launch of the GSAT-20 is a high-throughput Ka-band Satellite, with over 50gbps high bandwidth connectivity capacity.

Dr Pawan Kumar Goenka, Chairman, IN-SPACe said that India’s space startups will increase after the FDI policy.

He also boasted about "the enthusiasm of the private sector and how the investments are looking highly positive with the private space sector in India receiving $135 million in investment last year alone."

The event aims to showcase the innovative initiatives taken by space startups, and their strategic foresight of investments for shaping humankind's destiny in space.

“The Indian ecosystem is integrating into the global supply chain to bring the benefits of space to all, aiming to make India the hub of global satellite manufacturing,” said Dr Subba Rao Pavuluri, President of SIA-India.