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India's developing space sector is a symbol of technological progress as well as a key driver of economic development; developments are stimulating innovation, generating job opportunities, and attracting FDI. India is now a major player in the space sector. In the Indian economy's canvas, the space sector is displaying the path to undiscovered growth that began in the early 1960s and has now turned into a powerhouse of creativity, innovation, and economic advancement by the objectives of ISRO.
The saga of India's space sector began in 1975 with the launch of its first space mission, Aryabhata, which was a significant milestone in bringing space into the national spotlight. The entire world watched in admiration as ISRO successfully enabled cost-effective missions such as Mangalyaan and Chandrayaan 2. India demonstrated that it could not only reach for the heavens but also make a significant contribution to space exploration. These missions not only helped India establish a global presence in space exploration, but they also showed that it is economically feasible.
The success of India's space missions has had a far-reaching impact on India's space program since we all know how crucial satellite technology is. They contribute to a variety of fields, including agriculture and urban planning. It is referred to as "the invisible infrastructure" that supports modern living. The data collected by satellites assists farmers in predicting weather patterns, allowing them to manage crops more effectively and efficiently, hence optimizing yields.
In terms of job creation, the Indian Space sector has supported 96000 jobs in both the public and commercial sectors, as well as contributing a massive 24 billion dollars to India's GDP over the last decade.
The Indian space Sector is expected to reach a size of 13 billion US dollars by 2025 and talking about the long run, India is all set and aiming to capture a closed share to 10% of the Global space economy the Indian space Sector is 2.5 times more productive comparatively to the countries border industrial workforce.
As India has a growing space ambition so does the role of the private sector. The Indian government has now opened the doors for private Enterprises which has ignited a wave of investment and innovation with companies like Bharti Airtel and TCS now going deep into satellite-based services.
Talking about the FDI India is not working in isolation towards its space Sector but is also having international collaborations which is helping to create a vast network of global partnerships with countries like the United States, Russia, and Japan which can lead India to new economic opportunities. These global-level collaborations are enhancing India's Technology side and also opening doors for research and development programs that would help the Nation’s space ecosystem which would drive economic growth ahead.
Thank you.
Regards,
Kautilya, IBS Mumbai.
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