The Indian Space Research Organisation (ISRO) is preparing for the launch of its ambitious Chandrayaan-3 mission on July 14, which holds great promise for the Indian economy.
As India readies itself for another attempt at its ambitious lunar mission, attention once again turns to its potential to drive the space sector forward and stimulate economic growth. However, before delving into the economic advantages, it’s essential to understand the significance of endeavours like Chandrayaan-3.
Pawan Chandana, CEO and Co-Founder of Skyroot Aerospace – a prominent domestic aerospace firm known for launching India’s first privately developed rocket – shared with India Today.in that Chandrayaan-III, upon achieving success, could elevate India to the top tier alongside the US, Russia, and China.
Chandana noted, “Chandrayaan-III represents a significant milestone as India becomes the fourth nation to accomplish a successful moon landing.”
India’s Surge in Space Technology
India’s latest space mission reflects the nation’s remarkable strides in space exploration and technology. Six decades after its initial rocket launch, India has solidified its standing in the realm of space exploration and technology.
Today, India’s private space technology ecosystem is abuzz with opportunities, largely thanks to a new wave of entrepreneurs like Chandana. A mere couple of years ago, India’s space economy was valued at over $9.6 billion in 2020. Projections from EY India anticipate this figure to surge to $13 billion by 2025.
Presently, the country hosts more than 140 registered space technology startups, including industry players like Skyroot, SatSure, Dhruva Space, and Bellatrix. These firms are diligently working on technologies with practical applications – from satellite-based communication and broadband to over-the-top (OTT) services, 5G, solar farm operations, and beyond.
In the eyes of venture capitalists, India’s space technology sector is an increasingly enticing prospect, considering the scale of the market and the sector’s landmark achievements in 2022. That year bore witness to several firsts, including a private rocket launch and numerous satellite deployments.
The Path to Increased Private Participation
The endorsement of the Indian Space Policy 2023, along with initiatives like the Indian National Space Promotion and Authorization Centre (IN-SPACe), has paved the way for amplified private engagement in India’s space industry. This is poised to provide a substantial impetus to the nation’s space technology ecosystem in 2023.
Turning to the Chandrayaan-3 mission, its triumphant landing would signify a pivotal juncture for India. Beyond advancing India’s position in the global space exploration competition, it also holds the potential to contribute significantly to the economy.
From generating employment opportunities and fostering enhanced private investments to catalyzing technological progress, the Chandrayaan-3 mission could have a far-reaching positive impact on various aspects of the Indian economy.
The successful execution of Chandrayaan-3 might instill greater confidence in investors and beckon more private capital into space technology ventures.
Pawan Chandana emphasized that a successful Chandrayaan-3 mission would position India as the fourth nation to accomplish this feat, translating into a substantial boost in investments. Chandana emphasized, “This achievement would propel the industry by showcasing India’s prowess in delivering cost-efficient, highly reliable space-grade hardware for this mission. This, in turn, would augment revenue streams and investments within the sector. Moreover, it would validate our industry’s capability to serve as a supplier for lunar initiatives pursued by other nations.”
