The Era of Space Exploration
In a world gripped by economic turmoil, geopolitical tensions, and climate crises, the notion of exploring space might seem insignificant. Yet, delving deeper reveals that space holds solutions to many earthly challenges. It offers countless opportunities for nations to harness technology, drive economies, and address social issues.
ISRO’s Galactic Footprint
Enter ISRO, India’s trailblazer in space exploration and the proud recipient of the “Indian of the Year Award” in 2023. ISRO stands at the forefront of India’s space missions, launching a remarkable 397 satellites for 34 nations since year 1999 , including Australia, Brazil, France, Israel, Japan, Malaysia, Singapore, the United Kingdom, and the USA. With 5 to 10 rocket projects, 30 to 40 satellite initiatives, and myriad application projects, ISRO continues to sculpt India’s space frontier.
With the Privatization of space in June 2020, ISRO is now dedicating more time and resources to scientific research, development, interplanetary exploration, and strategic launches.
InSpace, the nodal agency for private sector space activities, has revealed that the department has received approximately 150 proposals from private space companies since 2020. It anticipates that India will account for at least 10 percent of the global space economy in the next decade, a significant increase from the current 2 percent. With over 350 private partners, in 2022, India ranked fifth globally in terms of the strength of private companies in the space sector. Moreover, the country has become home to at least 140 registered space-tech startups in 2023, indicating a vibrant and growing ecosystem in this domain.
Impacting Lives with Cosmic Precision
As the industry reaches for the stars, ISRO’s annual exploration expenses hover between Rs 10,000-12,000 crore. It is predicted that there is a need for strategic investment alignment, with which, the industry could witness a meteoric rise, thereby doubling resources for space missions and discoveries.
Previous strategic investments have significantly advanced space technology, benefiting a multitude of sectors that directly impact the life of the common man. So today, not just the ones with knowledge of rocket science, but even farmers have a powerful ally in space technology. Satellites provide a bird’s eye view of soil health, crop status, and climate conditions, empowering farmers with data-driven decision-making. With this newfound knowledge, they fine-tune their farming practices, enhancing food production efficiency and reducing costs. Climate change, once a looming threat, is now met with resilience, as farmers adapt to shifting weather patterns with confidence.
Similarly, equipped with advanced instruments, INSAT-3DS, launched on GSLV-F14 on February 17, 2024, became a beacon of hope for weather forecasting and disaster management in ways such as-
- Cyclones, are tracked from their inception and their paths are predicted,
- Forest fires are traced by its thermal anomaly detection, prompting swift action to contain the blaze and
- Regions prone to landslides and soil instability are identified, pre-emptive measures are taken to protect lives and livelihoods
The satellite signals the authorities, giving them precious time to evacuate and prepare. If communication lines falter in the disaster-affected area, the satellite’s emergency services step in, ensuring connectivity for response teams and affected communities.
ISRO, hand in hand with NGOs, trusts, and government agencies, has also launched the Village Resource Centres (VRCs) programe. These centres have become hubs of knowledge and innovation in the areas of agriculture (FASAL), horticulture (CHAMAN), fisheries, and water resources (NADAMS). Thus, from the fields of agriculture to the realms of data labs, the space sector’s influence resonates across vast horizons. Investing in the space sector, therefore, signifies investing in the future, crafting solutions that aid human resilience amidst a world of ever-evolving global and climatic shifts. For the same reason, the space sector’s return on investment will be much more than mere financial gains.
Revenue Streams and Global Partnerships
Reaping such gains, in the year 2024, ISRO has achieved the successful launch of over 381 foreign satellites for many countries. The revenue generated from these satellite launches amounts to approximately 290 million euros (Rs 2,635 crore) from European satellites and over $170 million (Rs 1,417 crore) from American satellites . The INSAT satellite system experienced an increase of Rs. 112 crore, aiming to generate a projected revenue of Rs. 445 crore in fiscal 2023-2024 through SATCOM service provisions.
Graph 1.1: Showing Govt. spending in Space Sector
Source: Open Budgets India
With revenue obtained till July 2023, the Indian space market, according to Forbes, is currently valued at $8 billion and growing at 4%, surpassing the global average . With an investment of $112 million in emerging space start-ups, India’s space economy is poised for celestial heights, projected to reach $40 billion by 2040. If such an investment gap is filled, the surge that would follow would double the industry’s GDP contribution from 0.25% to 0.5%, potentially creating over 3 million new constellations of jobs across the nation.
A Cosmic Investment for a Brighter Tomorrow
In such a time of booming space sector opportunities, investing in the space sector is imperative for several reasons. Firstly, it fosters technological advancements and innovation, driving economic growth and creating new industries and job opportunities. The growth of India’s space economy, projected to reach $40 billion by 2040, demonstrates the vast potential for economic development. Secondly, the social impact of space technology cannot be overstated, aligned industries, such as agriculture, information technology, insurance, and construction, are poised to gain from the substantial revenue, cost-effectiveness, and environmental advantages provided by space-enabled technologies.
Moreover, the space sector fosters international collaborations, promoting global partnerships and scientific advancements for the benefit of all humanity. As we look towards the future, continued investments in the space sector will not only propel India’s growth and development but also contribute to the progress of the entire world, making it a pivotal investment for a brighter and more sustainable future.
Excellent topic on Indian Space program