India Eyeing in Space Economy

India Eyeing  in Space Economy

 

After achieving two consecutive successful space missions to the Moon and Sun with Chandrayaan-3 and Aditya-L1, India is eyeing a significant share of the growing space economy in the coming years. Currently, India has a 2% share in the global aerospace economy, which is expected to reach around US$ 447 billion in 2020, lagging behind major players such as China and the US.

However, this approach is poised for transformation, as top officials in the space department recently emphasized. They cited recent achievements in space exploration, including the aforementioned missions, India's inaugural manned spacecraft, Gaganyaan, scheduled for a trial launch in early October.

Internal forecasts predict that India's current aerospace economy, valued at US$8 billion, will grow to US$40 billion by 2040. Notably, ADL, a leading global consulting firm, has estimated that India's aerospace economy could reach USD 100 billion by 2040. , bolstered by an expanded space budget. Currently, India allocates about 1.93 billion USD annually for its space efforts, a fraction of that of the US (61.97 billion USD) and China (12 billion USD).

The growing reputation of India's space agency, ISRO, increasing budget allocations, increasing presence of private enterprises and startups, and strong demand for satellite launch services across the globe have been cited as factors driving the country's space economy to new heights. India's satellite launch facility is now in high demand internationally.

ISRO's rapid and successful execution of challenging missions has boosted confidence in India's space capabilities by garnering recognition and respect from global space agencies. As the competitive landscape of the aerospace market evolves, India is making its mark.

The recent success of Chandrayaan-3's successful landing at the unexplored lunar south pole continues to attract global attention. The historic mission is expected to be the focus of discussions between Prime Minister Narendra Modi and G20 heads of states during the leaders' summit in Delhi on September 9 and 10. Chandrayaan-3's potential to provide evidence of lunar water is particularly significant. In light of the US Apollo mission in 1972, which initially found the moon dry but later hypothesized the presence of water on its surface.

Aditya-L1, on the other hand, will enable the study of the Sun's atmosphere and its magnetic properties. The potential applications of these energy sources on Earth are substantial, promising to further boost India's space economy

ISRO is also gearing up for previous Gaganyaan trials and XPoSat spacecraft missions to advance scientific knowledge in astronomy.

In short, India's strategic moves in the space sector, including opening up the reform industry to private participation and the establishment of entities such as New Space India Limited (NSIL) and the Indian National Space Promotion and Authorization Centre, are reshaping the nation's role in it. Global Space Race. These changes, coupled with liberalization in the satellite communications and remote sensing sectors, are positioning India for a prominent role in the evolving space economy.