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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.
