Somanath said this during a panel discussion on ‘Global Opportunities for Start-ups in Space Sector and Trends', at the ongoing India Pavilion at Expo 2020 Dubai.
"Space sector is on its way to becoming a trillion-dollar industry and the role of start-ups will be crucial in this journey. For start-ups to succeed, they must either reinvent existing technology to cause a disruption in the existing domain, generate new technologies and ideas into the sector, or use innovative ideas to put existing products or projects to new uses," Somanath said.
He also urged established companies and start-ups that have graduated into full-fledged businesses to give back to the sector by mentoring the new generation of start-ups.
India is planning to boost the space sector in the global market. The country has recently revised its existing policies to involve the private sector and is also looking at international cooperation.
With the aim to make the country an economic space hub in the future, it also recently launched a new industry body Indian Space Association (ISpA), that will bridge the gap between government and private players.
The six-month-long Expo 2020 Dubai, which began on October 1, will run till March 31 next year. Among the 192 participating countries, India has the biggest pavilion at the expo. Fifteen states and nine central ministries from India are participating in this expo.
The India Pavilion features an innovative kinetic facade made up of 600 individual colourful blocks. It is developed as a mosaic of rotating panels that will depict different themes as they rotate on their axis. It represents the theme of 'India on the move' and is a unique amalgam of the rich heritage and technological advances of the nation, according to an official statement.