August 23 is a pivotal day in India’s space exploration history. The country is celebrating its inaugural National Space Day, which highlights the achievement of Chandrayaan-1. This mission was India’s first successful lunar expedition. The day recognizes the milestone of reaching the moon. It underscores India’s growing advancements in space technology.
With Chandrayaan-3, India has shown its strong position in the expanding global space market. The country aims to capture 10 per cent of the global space economy over the next ten years, growing from USD 9 billion to USD 45 billion.
Indian Space Policy 2023, ISRO & IN-SPACe have created a framework that provides the opportunity for startups to build critical technologies, including small rockets, multi-sensor (fusion) satellite constellations, optical space communication, in-orbit maintenance & manufacturing.
Looking ahead, ISRO plans to achieve human space flight, build a space station, and send an Indian to the moon by 2040.
In the private sector, Agnikul launched the world’s first rocket with a single-piece 3D-printed engine earlier this year, proving their launch capabilities. They are now preparing for their next launch. Galaxeye is getting ready to launch the world’s first multi-sensor imaging satellite. Astrogate Labs is working on optical communication terminals and ground stations, while InspeCity is developing unique in-orbit maintenance technology.
With support from the Government and the private sector’s creativity, India is set to make a big impact on the global space economy. National Space Day highlights India’s potential to become a leading space power and its goals for space exploration. Vishesh Rajaram, Managing Partner at Speciale Invest, says, “Speciale Invest has always believed in India’s ability to lead in the space sector. The sector is changing rapidly, with government goals and private innovation coming together to create great opportunities for startups.”
Adding, “India aims to capture 10 per cent of the global space economy over the next 10 years and Indian Space Policy 2023, ISRO & IN-SPACe have created a framework for startups like Agnikul, Galaxeye, Astrogate, KawaSpace & InspeCity to participate in India’s space revolution. As the country celebrates its first National Space Day, we can expect to see a new wave of space-focused startups emerging, driven by the promise of a lucrative market, government support, and the thrill of exploring the unknown.”
Suyash Singh, Co-founder and CEO of GalaxEye Space, says, “Celebrating National Space Day in a big way can inspire and motivate young people to get involved in India’s expanding space industry. Events like this are important for our country to take full advantage of the global space economy, helping drive innovation, growth, and success in the future.”
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