At the centre of every space conversation in India.
Over the last many decades, ISRO achievements have given India a huge voice in global space platforms and a respectability that helps it punch above its weight. Moreover, almost every private enterprise in this domain will require the ISRO bandwidth to get going with its humongous assets now to be put to far more use and more frequently.
ISRO focus on R&D
With ISRO certain to focus on the more important role of research and development of advanced space technologies, the Indian Space Policy 2023 will allow the private sector to exploit the unlimited opportunities that commercial space exploration offers. The figures tell their own story: Despite all the achievements of ISRO, the Indian space market is worth $7 billion, which is just about 2 per cent of the global space market.
Since the opening up of the sector, multiple start-ups have begun their space odyssey with their number growing from just four in 2018 to over 250 in 2022. At the moment, the country has over 100 space start-ups that have collectively raised over $245.35 million in funding. But this is just a speck. The industry globally is valued to move up from $ 400 billion presently to a 1 trillion segment by 2040.
India with its state-of-the-art space infrastructure, multiple launch sites, a variety of rockets and satellites and one of the most innovative workforces in the world is all set to kiss the sun as it begins an exciting new voyage in this sector. Arguably, opening up space exploration has been one of the most seminal moves by Prime Minister Modi.
