Chandrayaan-3's step on the moon, how will it fill the Indian economy?

The Space Foundation has said in its annual report that the global space economy has already reached US$ 546 billion in the second quarter of 2023. In the last decade, there has been an increase of 91 percent in the space economy.

After the crash of Russia's Luna 25, the eyes of the whole world are on India's Chandrayaan 3. By the end of this week, Chandrayaan 3 will attempt a successful soft landing on the lunar surface. If this happens, it will also benefit the country's economy a lot. Along with boosting the country's space economy, it will also increase India's share in the global space economy. The global space economy has reached close to 550 billion dollars and India's space economy is currently close to 10 to 11 billion dollars. With the success of Chandrayaan 3, a rocket-like boom can be seen in this economy.

India and the Global Space Economy

According to a report by Deloitte, since 2013, more than US$272 billion has been raised through private equity in 1,791 companies. The Space Foundation has said in its annual report that the global space economy has already reached US$ 546 billion in the second quarter of 2023. In the last decade, there has been an increase of 91 percent in the space economy. If we talk about India, then India's space economy is expected to be 13 billion US dollars by 2025. Which was 9 billion dollars by the year 2020. This means that the global share of India's space economy is very less in the current problem.

How will it be beneficial?

Before this, space missions have taken place in any part of the world. Along with the global economy, common people have also benefited a lot from this. Including clean drinking water with water recycling aboard the International Space Station, nearly global internet reach provided by Starlink for education, solar production and health tech. With the growing demand for global data for satellite imaging, positioning and navigation, several reports indicate that the world is already in a rapid growth phase of the space economy. Successful landing on the moon will also tell about India's technical capability.

Australia's Space Economy

Many countries have recently taken entry in the space economy. Such countries can also benefit a lot from their economy in the coming days. Along with this, other countries are also continuously getting inspiration to enter this economy. In Australia, the Australian Civil Space Strategy 2019-2028 aims to triple the sector's contribution to GDP to A$12 billion and create an additional 20,000 jobs by 2030.

In such a situation, the private space sector will get a boost

Arthur D. Little and Barnik Chitran Maitra, Managing Partners for India and South Asia, recently presented their report. It was said in this report that government expenditure on space in India is continuously increasing. The private space sector of the country is also rapidly increasing its investment. Along with this, government policies are also encouraging commercial space ventures. Because of which the Indian space industry is moving towards a big change. Private players of India have a completely open field to move forward in this sector.