ISRO earns huge Forex revenues
July 28, 2022
By Chris Forrester
India’s State Research Organisation (ISRO) earned a record $279 million (€273.7m) in valuable foreign exchange as a result of its rocket and space activity.
Minister Jitendra Singh told parliament that ISRO had successfully launched 345 foreign satellites from 34 countries. ISRO works though a commercial division, New Space India, which looks after cash-generating activity for ISRO which is a Central Public Sector Enterprise under the Department of Space.
“Total foreign exchange revenue earned through launching of foreign satellites amounts to $56 million and €220 million approximately,” Singh said, although he did not say whether the revenue was in the last calendar year, or year to date.
ISRO has also talked about earning extra cash through space tourism. Singh said the ISRO is testing human flight capacity at low earth orbit to develop capabilities for space. The space department is in the process of drafting a space policy that will provide direction to the activities of the private Indian space industry, he added.