India needs revolutionary growth to become a developed economy: ISRO chief S. Somanathan

India needs to undergo a revolutionary transformation to emerge as a developed economy, said ISRO Chairman S. Somanathan, stressing the importance of technological advancement and product development to boost economic growth.

He also praised technology magnate Elon Musk for his innovative work in the space sector, noting that Musk’s achievements have inspired global efforts, including those within ISRO.

Somanathan made these remarks while addressing students at the 13th convocation ceremony of Indraprastha Institute of Information Technology (IIIT) in Delhi here on Saturday.

“If India aspires to become the third, second or even the first largest global economy, a revolutionary change is needed. Growth will not be driven by trade and resources alone. We need to create value in technology that drives product development.” he said.

Speaking about Musk, the ISRO chief said, “Elon Musk is turning heads with his rockets. Everyone from Europe to Russia and China is watching what he does. He is a great man doing fantastic work, and we are all inspired by his achievements.” The ISRO chief also highlighted India’s recent progress in space and mentioned the country’s successful moon missions. However, he pointed out that continued efforts and innovation are essential to maintain the momentum.

“We have reached a level where we are the fifth largest global economy, but to go further we need to build on and improve our technology. We must work hard to develop our own expertise in areas such as propulsion, materials sciences and orbital dynamics,” he said.

Somanathan welcomed the government’s recent initiatives to open up the space sector to private players and said it was a step in the right direction.

“The government has recognized the importance of private investment and participation in space. This will speed up development cycles, reduce costs and increase our global competitiveness,” he said. He encouraged young engineers and scientists to innovate and build technologies that could move the country forward.

“The current lifespan of knowledge and technology is so short that you have to remain a student all your life. Be humble, honest and willing to adapt. This will help you meet the challenges ahead,” he advised.

The event was also addressed by Delhi LG VK Saxena, who serves as Chancellor of IIIT Delhi.