The ambitious Chandrayaan-3 project is set to launch on July 14 according to preparations by the Indian Space Research Organization (ISRO). The Indian economy has a lot to gain from the impending lunar exploration expedition.
Details on Chandrayaan-3 expedition by ISRO and potential economic boost for India
As India attempts its ambitious moon goal once more, the potential for it to advance the space industry & spur economic growth is once again in the spotlight. Prior to exploring the financial advantages, it’s important to understand the significance of missions like Chandrayaan-3.
According to India Today, Skyroot Aerospace’s co-founder and CEO, Pawan Chandana, is credited with launching India’s first privately produced rocket.stated that Chandrayaan-III may elevate India to the top rank alongside the US, Russia, and China if it were to be successful.
Chandana declared, “Chandrayaan-III is a critical step in India becoming the fourth country to successfully complete a moon landing.
India’s most recent space mission is evidence of the nation’s incredible advancements in technology and space exploration. India is now more secure in its position in the realm of space exploration and technology, six decades after its maiden rocket launch.
Thanks to a new generation of entrepreneurs like Chandana, India’s private space-tech ecosystem is brimming with a huge vista of prospects at the moment. India’s space industry was estimated to be worth over $9.6 billion in 2020 just a few short years ago. According to EY India, this might increase to $13 billion by 2025.
Over 140 space-tech startups are currently registered in the nation, including Skyroot, SatSure, Dhruva Space, and Bellatrix. These companies are working to develop technologies with practical applications, such as satellite-based phone signals, broadband, OTT, and 5G as well as the operation of solar farms and other projects.
Given the size of the market and the sector’s illustrious accomplishments as of 2022, venture capitalists are beginning to view India’s space-tech industry as a viable investment prospect. Numerous firsts occurred throughout the year, including the launch of a private rocket and numerous satellites.
The Indian space-tech ecosystem is projected to receive a stronger boost in 2023 as a result of increased private participation in India’s space industry following the adoption of the Indian Space Policy 2023. Private participation in space operations has already been encouraged by programs like the Indian National Space Promotion and Authorization Centre (IN-SPACe).
For India, a successful landing on Chandrayaan-3 will mark a turning point in the mission. It will benefit the economy in addition to giving the nation an advantage in the fight for space exploration.
There are several ways the Chandrayaan-3 mission can benefit different facets of the Indian economy, from job creation to greater private investment and even technological advancements.
Chandrayaan-3’s successful launch may increase investor confidence and spur additional private investment in space technologies.
The Chandrayaan-3 mission will make India the fourth nation to accomplish the accomplishment, according to Pawan Chandana, who also said that it will greatly increase investment.
The Indian space industry’s cost-effective and incredibly dependable space-grade hardware has been provided for this mission, and this will assist the industry by boosting income flow and investments into the sector. It also supports our industry’s ability to provide other nations’ lunar initiatives, according to Chandana.
It won’t be shocking if international corporations boost their stakes after the success of the Chandrayaan-3 mission, especially because companies like Google have already made investments in India’s space-tech enterprises.
The moon is regarded as the entry point for the in-space economy and the subsequent stage of space exploration. Countries with this expertise have greater prospects for global investments as investments in the space industry surge year after year,” Chandana added.
Additionally, increased private sector participation may result in the creation of new startups, enterprises, and employment opportunities, which will promote economic development and innovation.
Since the epidemic, India’s space-tech ecosystem has grown quickly, creating thousands of jobs, but historically, it has struggled due to a lack of attention on the space economy. However, the industry today has the potential to add thousands of employment, including both blue- and white-collar positions.
