Chandrayaan-3’s launch spurs private sector engagement in India’s space sector. Let’s examine ISRO’s role in the space economy.
You may have witnessed the image of rocket parts being transported on a bicycle. In the 1960s, India embarked on its space program with limited resources, driven by the vision of Dr Vikram Sarabhai. Over the past six decades, India’s space program has achieved remarkable milestones, and today, its space research and technology sector is soaring.
On July 14, 2023, ISRO successfully launched Chandrayaan-3 as part of its third lunar mission, employing LVM 3-M4. This successful launch of Chandrayaan-3 augments hopes for India’s robust position in the space economy.
What’s Happening?
The Chandrayaan-3 mission holds significant economic importance. As per a report by Mint, it is expected to attract substantial investments in the space sector. India’s new space mission showcases extraordinary accomplishments in space research and technology.
Indian Space Research Organisation (ISRO) has been pivotal in advancing India’s space program. People often wonder why ISRO is not listed on the stock exchange. The answer lies in the fact that ISRO is the space agency of the Indian government, primarily dedicated to space science research and exploration for national development.
However, Antrix Corporation Limited, a wholly-owned government company, functions as the commercial and marketing arm of ISRO. Antrix operates globally, providing space products and services to international customers.
India has emerged as a significant space power, equipped with the ability to launch satellites and other space products. To commercially leverage these capabilities, research and development conducted by ISRO will benefit from the newly established commercial branch of the Department of Space, NewSpace India Limited (NSIL).
Space Sector and the Indian Economy
In 2022, the global space exploration market was valued at $486 billion. According to a Mint report, it is estimated to reach $1,879 billion by 2032. These investments will propel Indian companies and the Indian economy.
India’s space sector is rapidly gaining strength. To reinforce its dominance in the space economy, India has been steadfastly focusing on increasing private sector participation in recent years.
To accomplish this, a nodal agency called the Indian National Space Promotion and Authorisation Centre (IN-SPACe) has been established. IN-SPACe is responsible for accrediting and promoting private companies and organisations in the space sector. As of June this year, ABP Live reported that over 1,550 non-governmental entities (NGEs) had registered with IN-SPACe.
In November 2022, ISRO created history by successfully launching India’s first private suborbital (VKS) rocket, Vikram. The rocket was developed by the Indian space technology startup Skyroot Aerospace.
What’s Next?
Following the successful launch of Chandrayaan-3, there is a growing expectation of increased support for startups and greater private sector participation. India possesses tremendous potential and capacity to enhance its space economy. One significant advantage of India is that the cost of commercial satellite launches through ISRO’s commercial unit is significantly lower compared to developed countries.
That’s it for today. We hope you’ve found this article informative. Remember to spread the word among your friends. Until we meet again, stay curious!
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