LIFE
By Ajai Chowdhry On August 23, 2023, Chandrayaan-3 successfully landed on the moon, making India the fourth country to achieve this feat. It was an exhilarating and emotional moment for a country once seen as no better than a bullock cart nation. And now we are soaring high, and have aspirations that only a small group of countries in the world have. India has emerged as a powerful force in space research with ISRO solidifying its position globally. Finance minister Nirmala Sitharaman’s announcement of a `1,000 crore venture capital fund in the Union budget aims to transform the space sector, boosting its size fivefold over the next decade. With over 200 startups already active, this initiative is expected to attract private investments, boosting India’s global presence in the space industry . More VCs can secure funding and participate in discovering promising startups. Minister of science and technology, Jitendra Singh, recently outlined India’s ambitious goal of raising its share in the global space market from 2% to 10% within the next six years. Space technology’s application across various sectors, including disaster management, PM Gati Shakti, railways, highways, smart cities, agriculture, water mapping, telemedicine, and robotic surgery, underscores its deep impact. ISRO’s cost-effective launch services, like the polar satellite launch vehicle (PSLV) and LVM-III, have positioned India as a reliable player in the satellite launch market. India offers a fertile ground for satellite-based services that address critical challenges in rural economies, urban planning, and infrastructure development. According to the 27th annual State of the Satellite Industry Report (SSIR) from the Satcom Industry Association, continued innovation and lower manufacturing costs have driven global satellite manufacturing revenues to $17.2 billion in 2023, marking a 9% increase. This growth is attributed to flexible software-defined payloads, capable small satellites, and scalable production processes. Private launch companies are leveraging commercial trends by customising services, enhancing reliability, and prioritising cost-effectiveness. Companies like Agnikul Cosmos and Skyroot Aerospace are expanding rapidly, focusing on critical subsystems for launch vehicles. The growth of domestic space companies is crucial for national security, ensuring assets in space for defence and security agencies. Vikram Sarabhai, who started India’s space programme, knew even at that early stages in the 1960s, that space tech could be harnessed for its applications, that the space programme is vital for developments in education, health , farming, communication and remote sensing. To sustain high growth and achieve our goals, it is imperative to foster private participation in the space sector. This collaborative approach will ensure that India not only meets its national imperatives but also secures a significant share in the space economy . (The writer is co-founder, HCL, founder & chairman, EPIC Foundation) Disclaimer: Views expressed are personal and do not reflect the official position or policy of Financial Express Online. Reproducing this content without permission is prohibited. Please consult your financial advisor before investing . None
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