The Indian Space Research Organisation is trying to reduce the failure rate in launch of space vehicles to less than five per cent in the near future and to less than one per cent in the next ten years, its Chairman G Madhavan [Images] Nair said in Hyderabad on Tuesday.

Delivering the inaugural address at the Business Conclave of the ongoing 58^th International Astronautical Congress in Hyderabad, Nair voiced this optimism while talking about the failure of the fourth launch of GSLV and efforts to minimise failures.

"GSLV has had a very good track record. We have three launches consecutively. But fourth one, there was some problem. As you know, launch, this is risky. But 10 per cent failure is not very high as counted in the industry today," Nair said.

Highlighting the achievements of ISRO, he said the organization, which had modest beginnings several decades ago, is trying to establish itself as the leading player in the area of satellite launches.

"We have established ourselves as a major player. We have technologies that are homegrown and which are globally competitive," he said.

ISRO provides launch services 'at an affordable cost,' of about 70 to 80 per cent of international prices, Nair said.      

Referring to the success of PSLV, he said: "It has emerged as a workhorse. It can carry medium crop of spacecraft to the geo-stationery orbit, fairly heavy satellite to the lower orbit ... It has established itself. Already half-a-dozen foreign satellites have been taken on the piggyback mode."

India will soon emerge as a global player in the field, Nair asserted.

Talking about the industry, he said the ISRO was looking forward to Indian industry emerging as a leader not only for providing sub-systems and modules but to the level of bringing up systems and eventually taking up the full responsibility of delivering the spacecraft.

Speaking on the occasion, former Chairman of ISRO K Kasturirangan said there are two billion people in the world who are yet to receive the benefits of space in the context of developmental needs. "This is a business opportunity."

Large private companies, local governments of various countries and financial institutions can join hands together to take the benefits of space to people deprived of space services, he said.

"Local governments may be poor but financial institutions may pay them. This offers a business opportunity."

He said the days of self-reliance in the area of space are gone and different countries can team together to form a cooperative framework.