Cheers to Chandrayaan 🌕
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| Namaste It was a moment of pride and palpable excitement for the entire nation as India geared up for the launch of its third moon mission, Chandrayaan 3! |
| India aims for the Moon India Space Research Organisation (ISRO) has been blazing a trail in the space industry, establishing India as a rising star in the cosmic arena. With ambitious missions like Mars Orbiter Mission (Mangalyaan) and Chandrayaan 2 under their belt, ISRO has proved that India’s space prowess is no longer a distant dream but a dazzling reality. |
🌠 Shooting for the stars
- ISRO is the 6th largest space agency in the world and holds an exceptional success rate.
- India’s space economy was valued at ₹36,794 crore and accounted for about 0.23% of the country’s GDP.
- This contributes 2%-3% to the global space economy.
- The size of the sector is expected to reach $13 billion by 2025.
👩🏻🚀 Not just rocket science
- ISRO, has become a specialist in launching satellites and costs a third of SpaceX launches.
- India also launched the Mangalyaan in 2014 which cost less than the budget to make the Hollywood movie “The Martian”. Ironical?
- Chandrayaan 3, the third Moon mission is estimated to cost ₹615 crores, one of the most cost-effective space missions.
🚀 Rocketing Revenues
- According to the report revenue generated by the Department of Science (DoS) touched ₹2,780 crore in 2022-23 from Rs 929 crore in 2020-21.
- ISRO earned approximately $279 million (January 2018 – November 2022) from the launch of foreign satellites.
- ISRO carried out two commercial missions in October’22 and March’23 for Sunil Bharti Mittal led OneWeb, earning a total revenue of ₹1100 crores.
- NewSpace India Limited (NSIL), the commercial arm of ISRO reported that its projected revenue increased to ₹3,509 crore in 2023-24 from ₹1,731.8 crore in 2021-22.
🛰️ Economic Orbit
- With over 400 private space companies, India ranks fifth globally in number of space companies.
- Amid a favourable ecosystem for space startups in India, companies like Skyroot, SatSure, Dhruva, Bellatrix, etc. are flourishing to become India’s SpaceX.
- Bengaluru is ranked among the top 3 in global aerospace and defence cities in attracting foreign investment.
🔭 The Final Frontier
- India’s space economy will garner close to $13 billion in revenue in 2025, compared to around $9.6 billion in 2020.
- NASA and ISRO signed a partnership to collaborate on and launch NISAR – a Low Earth Orbit (LEO) observatory. The mission is targeted to launch in 2024.
India is emerging as a leading alternative to launch satellites after SpaceX, Roscosmos, and China Aerospace Science & Technology Corporation.
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