On Wednesday 23 August, India achieved a historic milestone by having a gentle landing of its lunar mission, Chandrayaan-3, in the challenging south pole region of the Moon becoming the first country to do so. This significant accomplishment establishes India as the pioneering nation to successfully land a mission in this intricate lunar zone. The Indian Space Research Organisation (ISRO) proudly proclaimed the achievement with the statement, “‘India, I reached my destination and you too!’: Chandrayaan-3.”
The Indian Space Research Organisation (ISRO) is gearing up for the launch of its ambitious projects Aditya-L1 mission in September, after the historic success of Chandryaan-3. These space exploration mission holds significant promise for the Indian economy.
Chandrayaan-3 & India’s Space Economy
The Indian Space Research Organisation (ISRO) is gearing up for the launch of its ambitious projects Aditya-L1 mission in September, after the historic success of Chandryaan-3. These space exploration mission holds significant promise for the Indian economy. India’s progress, post the 2020 government reforms promoting private sector involvement in the space industry, is evident.
India’s $8 billion space industry, currently contributing 2% to the global space economy, is poised for substantial expansion. Projections from Arthur D. Little indicate a potential value of $40-$100 billion by 2040. This growth will be driven by increased space budget, more launch services, private sector involvement, startups, and a thriving domestic satellite internet market.
Currently, India boasts over 100 registered space-tech startups, such as Skyroot, SatSure, Dhruva Space, and Bellatrix. These startups are dedicated to developing practical technologies, ranging from satellite-based phone signals, broadband, solar farm operations and beyond.
“The Indian government aspires for the country’s space sector to account for 9% of the global industry by 2030. With its current trajectory, India’s space economy could reach $40 billion by 2040. However, India has the potential to claim a much larger share of the global space economy, amounting to $100 billion addressable opportunity by 2040,” Arthur D. Little said.