India, the fourth nation to achieve a successful soft lunar landing, is celebrating another milestone in its space journey with the Chandrayaan-3 mission. Building on the successes of Chandrayaan-1 and the scientific achievements of Chandrayaan-2, this third lunar exploration mission by the Indian Space Research Organisation (ISRO) has not only bolstered the country’s position in the global space race but also holds significant economic potential.
The triumph of Chandrayaan-3, landing on the Moon, marks a pivotal moment for India’s economy. With its space sector projected to be worth USD$13 billion by 2025, India’s journey to becoming a major player in the space industry is well underway. This ambitious trajectory is supported by the successes of previous missions and the nation’s growing prowess in space technology.
The Chandrayaan-3 mission is more than just a scientific achievement; it’s a testament to India’s technological advancement. Learning from past experiences, Chandrayaan-3 boasts improvements that enhance its chances of success. Equipped with four engines and advanced attitude control systems, it navigates the lunar surface with precision, setting the stage for more complex and intricate missions in the future.
This achievement has far-reaching economic implications. The space economy is on a meteoric rise globally, with reports indicating exponential growth. India’s involvement in this sector not only inspires citizens to embrace the new space age but also has downstream benefits for various industries. Space-tech start-ups, aerospace, defense, and research and development sectors are set to thrive. The success of Chandrayaan-3 showcases India’s potential as a cost-effective satellite launcher, attracting private investments and further bolstering the country’s economic growth.
Furthermore, the achievement of Chandrayaan-3 resonates beyond national pride. It strengthens the ‘Make in India’ brand, solidifying the country’s position as a hub for satellite systems, telecommunications, and other cutting-edge technologies. As the mission opens doors for allied sectors, it also has a positive impact on the stock markets, enhancing market sentiment and investor confidence.
In the grand scheme of things, Chandrayaan-3’s success is not just about landing on the Moon; it’s about navigating India’s economy to new heights. The mission’s accomplishments symbolize the nation’s perseverance, innovation, and determination. It ignites scientific curiosity among the youth, propels India towards self-reliance, and positions it as a global leader in space research and technology. As India’s space endeavors take center stage, the economic benefits and technological advancements will undoubtedly continue to soar.
Author Details
Dr. Kiran S. Kakade (Ph.D., MBA(HR), LL.M., MCA) Associate Professor (HR),LLIM , Mumbai University. http://www.drkirankakade.com
Dr. Kiran Kakade (Ph.D.,LL.M.,MCA,MBA(HR)) 