The Chandrayaan-3 spacecraft arrived on the Moon on Wednesday, an accomplishment that might lead to significant economic gains.
The Indian Space Research Organization’s third lunar exploration project is called Chandrayaan-3. After the United States, the former Soviet Union (now Russia), and China, India was the fourth nation to successfully make a soft landing on the moon’s surface.
How Chandrayaan-3 will affect Indian Economy.
Crash landings, such as what occurred with Chandrayaan-2, are not taken into account.
The rover Pragyan emerged from the lander Vikram after Chandrayaan-3 touched down in order to explore the lunar surface and gather data.
The mission’s accomplishment not only allowed India to advance significantly in the space race. It may also have a significant positive impact on the economy of the nation.
The world has already reaped daily rewards from earlier space endeavors, including near-global internet access for education offered by Starlink. Breakthroughs in solar power generation and health technology, and accessibility to clean drinking water through water recycling on the International Space Station.
According to several assessments, the space industry is already in an exponential development phase due to the rising need for global data on satellite imaging, location, and navigation. According to a Deloitte analysis, private equity has invested over USD$272 billion in 1,791 firms since 2013.
The Space Foundation said in their annual report that by the second quarter of 2023. The world’s space economy had already grown to a value of USD$546 billion. Over the previous ten years, the value of this has increased by 91%.
Participating in the developing space economy has the potential to have enormous knock-on effects for the economies of many nations, as well as to motivate their population to embrace the space era.
Growth of ISRO
By 2025, Finance experts are predicting the ISRO’s worth would be $13 billion.
In contrast, the Australian Civil Space Strategy 2019–2028 seeks to increase employment by 20,000 and treble the sector’s GDP contribution to AUD$12 billion by 2030.
India’s technical supremacy is demonstrated by a successful Moon landing to the whole world.
Despite the fact that NASA did successfully land people on the Moon, during the Apollo Program more than 50 years ago. Many people appear to have forgotten the countless small steps and enormous sums of money it required to get there.
There were also a lot of unknowns, including genuine concerns that spacecraft might sink into the lunar surface like quicksand. It was so soft and powdery from billions of years of meteorite bombardment. Fortunately, this issue turned out to be baseless.
The challenges of spaceflight, however, persist even with modern powerful processing and cutting-edge technologies. Can your system sustain consistent communications and work autonomously across a wide range of harsh conditions?
Nevertheless, Chandrayaan-1 has received recognition from the American Institute of Aeronautics and Astronautics and the National Space Society, making it a great success in the eyes of many.
Also Read:- 4 Things to know about Chandrayaan-3
