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

New Delhi: India must undergo a revolutionary transformation to rise as a developed economy, said ISRO Chairman S Somanath, stressing the importance of technological advancements and product development to drive economic growth.

He also praised tech mogul 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 the Indraprastha Institute of Information Technology (IIIT) in Delhi 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 powers product development," he said.

Speaking about Musk, the ISRO chief said, "Elon Musk is making heads turn with his rockets. Everyone, from Europe to Russia to China, is looking at what he is doing. He is a great man doing fantastic work, and we are all inspired by his achievements."

The ISRO chief also highlighted India's recent strides in space, mentioning the country's successful lunar missions. However, he pointed out that continuous effort and innovation are essential to maintain momentum.

"We have reached a level where we are the fifth-largest global economy, but to move further up, we must build and improve upon our technology. We have to work hard to develop our own expertise in areas like propulsion, material sciences, and orbital dynamics," he said.

Somanathan applauded the government's recent initiatives to open the space sector to private players, saying it was a step in the right direction.

"The government has recognised the importance of private investment and participation in space. This will drive fasten development cycles, reduce costs, and enhance our global competitiveness," he said.

He encouraged young engineers and scientists to innovate and build technologies that could propel the country forward.

"The current knowledge and technology lifespan is so short that you must remain a student throughout your life. Be humble, honest, and willing to adapt. This is what will help you navigate the challenges ahead," he advised.

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