Not rocket science: Even as we get closer to the Moon, let’s recognise India should be a much bigger player in global space economy

Source: The post is based on the article “Not rocket science: Even as we get closer to the Moon, let’s recognise India should be a much bigger player in global space economy” published in “Times of India” on 23rd August 2023.

Syllabus: GS3- Science and Tech (awareness in the field of space)

News: India’s space agency, ISRO, plans to soft land Chandrayaan-3 on the Moon. Despite tight budgets, ISRO consistently delivers advanced science.

How is ISRO progressing with limited funds?

Chandrayaan-3 Mission: Despite budget constraints, ISRO plans to soft land Chandrayaan-3 on the Moon.

Budget Allocation: For 2023-2024, ISRO received ₹12,544 crore, slightly more than ₹12,474 crore in 2021-22 but 8% less than 2022-23.

Collaboration with Private Sector: INSPACe, established in 2020, bridges the gap between ISRO and private space startups, enabling them to utilize ISRO’s technical expertise and infrastructure.

Satellite Launchers: With technologies like PSLV, GSLV, and SSLV, ISRO launched 431 satellites for 36 countries by July 2023.

Earnings: By July 2022, ISRO earned $223 million from foreign satellite launches using PSLV.

What potentials and challenges lie ahead for ISRO?

Potential:

Global Market Share: India aspires to capture a 9% share of the global space market by 2030.

Economic Growth: A report indicates the possibility of India’s space economy reaching $100 billion by 2040, substantially higher than the projected $40 billion.

International Collaborations: Successful missions like Chandrayaan-3 can lead to increased partnerships with other nations.

Challenges:

Budget Constraints: Recent trends show a decline in budget allocations, with 2023-2024 receiving ₹12,544 crore, 8% less than the previous year.

Manpower Issues: ISRO has not expanded its manpower in years and fewer students are pursuing advanced space studies.

Global Ranking: Despite its achievements, India ranks among the top 15 countries for satellites in orbit, holding only 2% of the global space economy.