India aiming for 15% of the space market: ISRO Chairman
Tech transfer to industry for production, ISRO to manage missions
9 September 2025
New Delhi
India is shooting for an 8% share of the global space market by 2033 and 15% by 2047, up from less than 2% now, says Dr V Narayanan, Chairman, Indian Space Research Organisation (ISRO). He pointed out that during the past decade, the number of rocket and satellite launches have grown exponentially and will continue to multiply during the next decade. ISRO has launched 433 satellites for 34 countries, and it is doing 70% of the work on a G20 earth observation satellite, he said.
Addressing the 52nd National Management Convention of All India Management Association, Dr Narayanan said that a lot is in the works to reach those targets and the industry and the startups will be integral to this journey. He pointed out that there are 450 private partners working with ISRO now, including many startups. “We are gradually transferring the technology to them to produce for various missions and ISRO is working on mission management,” he said. This financial year, ISRO has so far done three launches and nine more will follow, including a commercial launch of a communication satellite of the USA, he said.
Talking about the longer term space programmes, Dr Narayanan listed Chandrayaan-4, Venus Orbiter, and Chandrayaan-5, and Gaganyaan missions. He said that Chandrayaan-4 is a sample return mission while Chandrayaan-5 is a mission to send up a heavy 6,800 kg lander with a life of 100 days.
Talking about the Gaganyaan project, ISRO Chairman informed that eight missions are already approved, including building a 52-ton space station, which will allow India to send people 400 kms up into the orbit for 1-3 days and bring them back safely. The first module of the space station will be placed in the orbit by 2028, he said. ISRO is working on a 40-story tall rocket weighing 80,000 kgs for the purpose, he said.
Now, ISRO is also being asked to explore the sea, according to its Chairman. Dr Narayanan said that ISRO is in the final phase of developing a titanium shell of 100mm thickness and 2.2 meter diameter for diving 6 kms into the sea.
ISRO played a key role during Operation Sindoor, according to Dr Narayanan. He said that while the war lasted, nearly 400 scientists worked 24x7 to ensure that all satellites and communication assets in the space worked perfectly to support the operation.
Mr Sanjay Kirloskar, Chairman & Managing Director, Kirloskar Brothers Ltd anchored the session, and Mr P Balaji, Group Head-Governance, Risk, Compliance, Air India wrapped up the session.
AIMA’s National Management Convention is being attended by more than 500 business and management leaders and it is being live-streamed on AIMA’s social media channels.
India needs to keep talking to the US: Former Foreign Secretary
India cannot ignore the US market and trade deficit with China is not sustainable
10 September 2025
New Delhi
Mr Harshvardhan Shringla, Member of Rajya Sabha and India’s former foreign secretary says that continuing a regular dialogue with the US on bilateral, regional and global matters is very important. Donald Trump may be more assertive in his second term, but the US officials are willing to listen to cogent arguments, he says. He pointed out that during his stint as India’s ambassador to the US during President Trump’s first term, the Americans consulted him on not only bilateral matters but also on all geopolitical matters.
Mr Shringla addressed All India Management Association’s 52nd National Management Convention and shared his thoughts on India’s need and ability to balance strategic alignment and strategic autonomy.
He said that more sanctions on India by the US cannot be ruled out, but the messages exchanged by the US President and India’s Prime Minister recently offer a window of opportunity to conclude any outstanding issues. “There is a need to go there and clinch what you need,” he said.
Mr Shringla said that India’s strategic autonomy is evident in the fact that it straddles east and west, north and south, as it is a member of the G20, Quad, BRICS and SCO and it is regularly invited to G7 meetings.
To respond to a weaponization of trade by the US and China, India’s best response is to develop own capacity for supply chains and reduce dependence on critical imports, Mr Shringla said. India may gain leverage in the world if its economy grows at 8% plus rate for a decade or two. “We are one of the poles in a multipolar world,” he said.
Mr Shringla advised India’s industry leaders to keep an eye on the state of play in geopolitics, as the government policies and decisions will focus on national interest in a volatile world. He said that the private sector needs to increase capex for the sake of strategic autonomy.
Talking about India’s rapprochement with China, Mr Shringla said that the PM’s visit to China after many years was important for normalization of the relationship. He said that there may now be a change in China’s restriction on export of magnetos, rare earth minerals, and tunnel boring machines to India, as earlier it saw India as a part of the US supply chain. He expected Indian industry to benefit from the easing up of visas for Chinese experts. However, he said, India must find markets in China for whatever it can sell there and reduce import of inputs for Indian industry because a $100 billion trade deficit with China is not sustainable. “The trade gap is very much in the minds of the policy makers as we move along in our relationship with China,” he said.
Responding to a query about validity of China plus one strategy of global companies, Mr Shringla said that irrespective of policies, the strategic rivalry between the US and China is a geopolitical fact. He argued that India should not suffer collateral damage in the form of technology denial and manipulation of supply chains. “India has to be prepared at the policy and industry level to take advantage of that rivalry,” he said, adding that the only way India can become a Viksit Bharat is by growing its trade and drawing foreign investment for its industrial development and growth.
In a related session on navigating coercive geopolitics, Mr Nikhil Sawhney, Vice Chairman and Managing Director, Triveni Turbine Ltd said that geopolitical shifts have impacted the parameters and the time frame of business decisions for Indian companies. However, he said that covid had taught Indian companies to be nimble, flexible and conservative, and today Indian companies’ balancesheets are a lot less leveraged than in the past. Still, he emphasized that exports are vital because exports allow you to validate your competitiveness and cost structures.
“A long term disruption in the US trade will be extremely detrimental to Indian industry, though the market believes that it would be a short term affair,” Mr Sawhney said. He stressed that India cannot afford to ignore the US market with its $27 trillion consumption. However, he argued that export growth will come from Asia and India needs to integrate more with the ASEAN.
Mr Vishal Kampani, Vice President-AIMA and Vice Chairman & Managing Director, JM Financial Ltd said that in today’s geopolitics, one cannot credibly foresee even the short term future, and that is making Indian companies push investments by a couple of quarters. He pointed out that balancesheets in India are very strong with lowest debt levels in four decades and highest cash levels. While the capacity to invest is very high, the investment disruption is reflecting the trade disruption, he indicated. “Global finance is a function of global trade, and if trade disruption lasts long, global finance will be impacted,” he said.
Commenting on the volatility in India’s neighbourhood and India’s low engagement with the neighbours’ economies, Mr C. Raja Mohan, Distinguished Fellow, Council on Strategic and Defence Research said that India has lost whatever influence it had in South Asia, as it is not the largest trading partner of any of the neighbours. “The neighbours say that India is the most difficult trade partner,” he said and suggested that India needs to lift all boats in the subcontinent.
Dr Ajay Lele (Retd) Deputy Director General, Manohar Parrikar Institute for Defence Studies and Analyses, remarked that the major powers want India as a proxy and not an ally, which is a trap.
Mr Shringla presented the AIMA - RK Swamy High Performance Brand Award to TVS Motor Company which was received by KN Radhakrishnan, Director and CEO, TVS Motor Company.
He also gave away the Best LMA Awards for 2024-25.
The 52nd National Management Convention ended with a change of guard at AIMA. Ms Suneeta Reddy called her AIMA presidency a wonderful experience and thanked fellow office bearers for their support. The incoming AIMA President, Mr TV Narendran lauded Ms Reddy’s leadership and assured to carry on her good work.
The convention was attended by more than 500 business and management leaders and all sessions were live-streamed on AIMA’s social media channels.
Private sector needs to undertake structural reforms: Chief Economic Advisor
Early indicators for Q2 GDP growth are looking good
10 September 2025
New Delhi
India’s private sector needs to follow the government’s reforms with its own structural reforms to drive productivity and competitiveness necessary for sustained growth, according to Government of India’s Chief Economic Advisor, Dr V Anantha Nageswaran.
Addressing All India Management Association’s 52nd National Management Convention, the CEA emphasized that the large enterprises in the upstream areas have to be mindful that their demand for protection does not raise the cost for downstream industries. “Structural reforms are needed in the private sector to expand the overall pie of the economy,” he said, arguing that seeking protection for market share prevents expansion of the pie.
However, the CEA said that protection may be necessary or desirable for local investment and capacity in the face of unfair competition, but such protection should still be in return for productivity and exports. He pointed out that the Northeast Asia - Japan, China, Taiwan, Korea - moved from the third world status to first world within a generation by protecting large enterprises in return for productivity and global benchmarking. “Those who seek protection must have skin in the game,” he said.
Talking about the conflict between productivity push and job creation, the CEA said that there may be a trade off between the two in the short run, but the business must strive for social stability in its own self-interest. “Enterprises have to be mindful that they use technology to enhance labour productivity and not to replace labour,” he said. He called that another key structural reform needed in the private sector.
Commenting on the ongoing labour reforms by the central and the state governments, the CEA said that there is a trade off between the rights of those who already have a job and the right of those want a job. “Labour reforms are about balancing the rights of the two groups,” he said.
On the surprising 7.8% GDP growth in the first quarter of FY26, the CEA said that the early indicators suggest that the Q2 growth will also be good. He argued that the reforms of the past decade are beginning to deliver and those would provide the cushion that Indian economy needs in the coming decade of global uncertainty. “We may be more positively surprised by growth than negatively surprised,” he said.
Regarding the next-generation reforms, the CEA said that direct tax reforms in this year’s budget and the recent GST and process reforms would facilitate more economic activity. He pointed out that the newly passed Income Tax bill will add to the ease of doing business, as business concerns predominantly centre on tax compliance issues. He mentioned that the central and the state government are moving towards greater deregulation to drive growth. “The real purpose is to reduce the cost of being honest, as rules and regulations raise the cost of being honest and prompt businesses to take short cuts,” he said.
Responding to a question on the US tariffs’ impact on India’s GDP, the CEA said that in the first five months of this fiscal year, India’s exports to the US were already half of the total for the previous year, so the impact will be limited this financial year. If the penal tariff persists, there could be uncertainty about investment in the longer term, he said. However, he argued, the government has offset the impact by substituting export demand with domestic demand through GST reforms.
On the issue of agriculture reforms, the CEA said that the agriculture’s contribution to GDP growth can be improved by 0.5%-0.7% by giving farmers freedom to produce, sell and export. “They need selling freedom more than subsidies,” he said. However, he added that the farmers require government assurance because of inherent risks in their business.
Responding to a question about India facing a middle income trap, the CEA said that India has been efficient in use of capital and it has set up funds to overcome scale and innovation barriers. “The ethos of R&D will prevent us from stagnating in the middle income trap,” he said.
AIMA President, Ms Suneeta Reddy moderated the session.
The National Management Convention is being attended by more than 500 business and management leaders and it is being live-streamed on AIMA’s social media channels.
Tourism to be 10% of India’s GDP: Tourism Minister
‘Wed in India’ added to India’s tourism pitch
9 September 2025
New Delhi
Mr Gajendra Singh Shekhawat, Minister of Tourism and Culture has set the tourism sector the target of contributing 10% of GDP by 2047, up from the current 6%.
Addressing All India Management Association’s 52nd National Management Convention, the minister said that the government would align infrastructure, policy, skills, technology and sustainability to achieve its GDP share target. “Tourism is not just about leisure. It is a strategic pillar of development. It creates jobs, investment, foreign currency and soft power,” he said.
The minister said that India’s tourism growth would be achieved without compromising its environment and heritage. He said that major investments are budgeted to developing iconic tourism sites, improving travel connectivity, skilling and digitalization.
Mr Shekhawat pointed out that the government has agreements with the leading hospitality groups in the country to train young people in hospitality, travel and food services. He said that 200,000 youth have already been trained in tourism skills.
Talking about the government’s push for religious and heritage tourism, the minister said that tourism and culture are inseparable. “Culture attracts the world,” he said.
‘Wed in India’ would also a prominent pitch for promoting tourism overseas. It would add to the various other tourism niches, such as yoga and ayurveda tourism, medical tourism, eco tourism and spiritual tourism. “India is at the threshold of a tourism revolution, as it is experiencing a cultural renaissance,” the minister said.
The minister presented AIMA awards and fellowships on the occasion.
The minister presented AIMA fellowships to Nikhil Sawhney, Immediate Past President, AIMA and Vice Chairman & Managing Director, Triveni Turbine Ltd; Mr R Mukundan, Managing Director & CEO, Tata Chemicals Ltd; and Mr Ayush Gupta, Director (Human Resources), GAIL (India) Limited.
He presented the AIMA Managing India Award for Indian MNC of the year to Larsen & Toubro Limited, which was received by the company’s Chairman and Managing Director, Mr S N Subrahmanyan.
The AIMA-Kewal Nohria Award for Academic Leadership in Management Education was presented to Prof D P Goyal, Director, LM Thapar School of Management, Thapar Institute of Engineering & Technology (Deemed University), Punjab.
AIMA President and Managing Director, Apollo Hospitals Enterprise Ltd, Ms Suneeta Reddy lauded the minister for promoting spiritual and cultural tourism. “The Prashad scheme has transformed many states, such as Uttar Pradesh and Uttarakhand that lack industry by creating jobs for the unskilled,” she said. She added that India could earn additional $20 billion tourism revenue by promoting medical tourism.
Mr Sunil Kant Munjal, Chairman, Hero Enterprise appreciated the minister’s efforts and urged him to make India the most visited country in the world. “We have enough and more to offer for all kind of tourists,” he said.
Mr Vishal Kampani, Vice President-AIMA and Vice Chairman & Managing Director, JM Financial Ltd also participated in the session.
The National Management Convention is being attended by more than 500 business and management leaders in person and it is being live-streamed on AIMA’s social media channels.
There is no limit on funds for local defence production: Army Chief
Army is taking both the Google approach and the Apple approach to tech development and adoption
9 September 2025
New Delhi
Indian Army has Rs 26,000 crore in its capital procurement kitty and about Rs 60,000 crore in its revenue procurement budget, and even more money can be made available in case of ‘atmanirbhar’ approach, the Chief of Army Staff General Upendra Dwivedi told India’s industry leaders at All India Management Association’s 52nd National Management Convention. “If it is an India made equipment, money is no problem at all,” he said.
However, the army chief qualified his statement saying that the industry has to be ready to produce the specified quality of items in the given time frame. He said that with 10% increase in defence spending every year, there is enough to stimulate and catalyse a cross-domain ‘atmanirbhar’ system to obtain cutting-edge solutions that go beyond the short-term requirements.
The General cited the example of Operation Sindoor, in which India’s soldiers, commanders, scientists, industrialists - all contributed without even a declaration of war. Even the equipment that was on trial stage was supplied where required, he said.
Emphasizing the need for local supplies for starting and sustain a war, General Dwivedi pointed to the Russia-Ukraine war. "We should be able to make sure that we have enough to last for a longer war...If you have low-cost high technology, you will be able to beat back a superior adversary also.” He said that the Operation Sindoor ending like a four-day test match showed the unpredictability of war.
Talking about the need for the industry to invest in defence development and production, the General said that the army has tried to ensure transparency and predictability in procurement. He said the army has created several new organization structures, such as the Rudra Brigade and Bhairav Battalion, to allow Indian industry to arm and equip those. He said that the army would use whatever the industry can initially provide and it would increase its purchase as the industry can scale up the supply. However, he emphasized, the goalposts will keep moving as the Army’s need change in response to the adversary’s advances in technology. For example, he said, much of the missiles, drones and munition the army is looking at is to hit things 100kms-150kms away, but going forward it would want things for 750 kms range or beyond.
General Dwivedi said that the army has created multiple clusters of procurement across the country which can be approach for supplying research or equipment or to conduct trials of under-development items. “We are telling the industry, even if we do not want it, we are ready to certify your items so that you can export,” he said.
For large and risky projects, the army is offering seed money to consortiums, the army chief said. He pointed to the light tank project consortium that has been given the capital and a bouquet of converging technologies for local production.
Regarding the risk involved in winner-take-it-all defence R&D projects, the General said that the army ensures that there is more than one winner. He said that the rules and regulations require availability of at least three bidders and due to the paucity of industrial capability to produce in time, orders are always split between the L1 and L2 bidders. Moreover, he said, the army offers its stamp of approval to L1 to L5, those who pass the quality test, so that they can supply to other state forces.
General Dwivedi illustrated the army’s technology development and adoption strategy by calling it a mix of Google and Apple approaches. Under the Google approach, he said, the army is prepared to accept the initial versions and then improve those through use, and under the Apple approach, the army looks at ready-to-use solutions that it can adapt with minor adaptation. However, the General said, modifying an imported technology is a problem, therefore, owning one allows the army to change it for its requirements.
Talking about Indian Army’s engagement with academia, General Dwivedi said that the army has opened four technology cells in IITs and IISc, which are working on ramjet, advanced materials and other requirements. He said that since these institutes are government owned, it is easier for the army to collaborate with them.
Replying to a question about army’s role in Quad, the General said that the Quad is largely a political initiative and the political guidance would determine what army could do.
The session was moderated by Mr Nikhil Sawhney, Vice Chairman and Managing Director, Triveni Turbine Ltd.
Ms Rekha Sethi, Director General, AIMA introduced the session.
The session was attended by more than 500 business and management leaders in person and it was live-streamed on AIMA’s social media channels.
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