Space

Over the years, the Indian space sector has demonstrated remarkable technological prowess and accomplishments, displaying multifaceted potential and strategic significance. Launching satellites for communication, navigation and earth observation and interplanetary missions like the Mars Orbiter Mission (Mangalyaan) highlight the cost-effectiveness and reliable efficiency of the Indian Space Agency, Indian Space Research Organisation (ISRO), making the agency first in Asia and fourth in the world to do so.

With Chandrayaan 3’s successful soft landing on the surface of the Moon in the South Pole area, India has opened avenues for collaboration and commercialization of space technologies. India has established partnerships with space agencies from various countries, such as the USA, UK, Singapore and Germany, among others. India has so far launched 429 foreign satellites, earning a revenue of $174 Mn. Enhancing self-reliance and fostering innovation in space technology, the ingenious satellite fleet, including navigation satellites like the Indian Regional Navigation Satellite System (IRNSS) and communication satellites like the GSAT series, continue to expand, marking the trajectory of India’s growth in space. Furthermore, Aditya L-1, India’s first space-based mission to study the sun, underscores the country’s commitment to space exploration for holistic global development and information purposes. The importance of this sector underpins the interlinkages of various sectors such as railways, agriculture, roads & highways and telemedicine for geospatial information, indicating the country’s increased focus on innovative technologies through research and studies.

With an aim to tap a market potential of $44 Bn industry by 2033, capturing ~8% of the estimated global market, the Indian Space Sector is creating an ecosystem to reach exports worth $11 Bn by 2033 through private, public and start-up collaborations. The Indian Government has launched various initiatives and policy schemes, such as Indian Space Policy 2023, to augment the capabilities in technology development for the benefit of allied sectors, in addition to the inclusive socio-economic development of the nation. The Seed Funding Scheme also aims to increase the private participation of companies, start-ups and industrial corporations to supplement and enhance the expanding infrastructure in the space sector. Leaping forward in the journey to become a global leader, the space sector of India offers a plentitude of opportunities.