New Delhi: The Chandrayaan-3 success, it could also prove to be a big boost to the country’s economy. India’s space economy is expected to be worth USD$13 billion by 2025.
The world has already seen everyday benefits from previous space efforts like accessibility to clean drinking water with water recycling on the International Space Station, near-global internet access provided by Starlink for education, advances in solar power generation and health technologies.
With an increasing demand for global data of satellite imaging, positioning and navigation, multiple reports indicate the world is already in an exponential growth phase of the space economy. A report by
Deloitte highlights how since 2013, over USD$272 billion has been raised by private equity into 1,791 companies.
In their annual report, the Space Foundation noted the global space economy has already reached a value of USD$546 billion in the second quarter of 2023. This represents a 91 percent increase in value over the past decade.
For many countries, participating in the nascent space economy has the potential to have huge downstream benefits for their own economies, as well as inspiring their citizens to engage in the new space age.
The lessons learned from the failure of Chandrayaan-2 contributed to the success of India’s third lunar mission, former space scientist with the Indian Space Research Organization (ISRO) scientist, Nambi Narayanan, said after the successful touchdown of the ‘Vikram’ lander on the lunar South Pole.
“Every failure of Chandrayaan-2 was addressed to. Let it be a satellite problem, stability problem or an additional requirement problem. All were addressed to and all were rectified. And the failure of Chandrayaan-2 was used for the success of Chandrayaan-3. Or we can say we used that failure in our favour. In that way, they (ISRO scientists) have clearly done a wonderful job.”
The space scientist said the third lunar mission was a daunting one for ISRO, especially considering the budget, commitment to the country’s space programme and the failure of Chandrayaan-2. Despite the challenges, the scientists involved with the project at ISRO knew that the core mission objectives were achievable, he noted.
(This story has not been checked by JK Mega and is auto-generated from other sources)