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In latest moon race, India's Moon mission Chandrayaan-3 touched down on the lunar south pole on 23rd of August 2023, which is a victory of Indian innovation, human capital and the capabilities that will take India further. Chandrayaan-3's triumph will fuel a wave of opportunities for economic growth across sectors and could mark a crucial turning point for India’s economic growth, technological prowess, and contribution to humanity’s ongoing exploration of the cosmos.
[bsa_pro_ad_space id=1]Economic Implications
India currently contributes around 2-3 per cent to the global space economy and it is expected to contribute around 8-10 per cent in the next 8-10 years. This will establish India as a cost-effective satellite launcher and a global opportunity may emerge. Sectors like aerospace and defence will get a boost. The success of Chandrayaan-3 could contribute significantly to India’s space economy, expected to be worth USD$13 billion by 2025. This boost can catalyze employment generation, encourage private investments, and foster the growth of the country’s space-tech ecosystem. This event could magnetise a greater influx of international investments into the country. Beyond the immediate prestige, the mission holds the promise of unlocking novel commercial avenues in the space.
Stock Markets
The success of Chandrayaan-3 is definitely a matter of national pride and is likely to reflect not only on domestic market sentiment but also will bring about a change in perception of foreign investors towards India’s capability in space research and effectiveness of various initiatives such as Make in India and Atmanirbhar Bharat and this mission will open up doors for various allied sectors such as aerospace, defence and telecommunications (satellite communication and navigation), as well as listed companies such as L&T, HAL and MTAR Technologies.
Job Creation and Skill Development
These kinds of historic events will also inspire younger generation to pursue career in such fields which can lead to more skilled workforce in coming times. Chandrayaan-3 success will strengthen the ‘Make in India’ brand and contribute to the growth of home-grown companies involved in developing satellite systems, telecommunications and more. From research scientists and engineers to technicians and administrative staff, the space sector’s growth can offer a diverse range of employment opportunities. Consequently, it will be key to doors of opportunities of job creation.
Technological
The successful Moon landing also speaks of India's technological prowess as it helps demonstrate its technological advancement. At the same time, the landing showcases India’s indigenous technological prowess and supplies renewed vigour to its scientific temper. With the success of the moon landing, we hope that there will be a renewed interest in companies in India involved in the space sector, which include exploration, component manufacturing, navigation and mapping, observational data and various other activities; it will signify India’s remarkable technological showcase and the accessibility of space exploration.
[bsa_pro_ad_space id=1]Summing up, the mission paved the way for an increased scientific temper amongst the youth of India, an accelerated pathway for self-reliance in emerging sectors and technologies, and instilling the confidence to be amongst the top three economies of the world; and by showcasing India’s capabilities and commitment to pushing the boundaries of human knowledge, the mission can inspire future generations and cement the country’s position in the ever-evolving space exploration landscape. No wonder the whole world was watching in anticipation when the countdown for the Moon landing began, recognising the potential positive change the Chandrayaan-3 success could bring to India and humanity as a whole.
Prof Mithilesh Kumar Sinha
Department of Economics
Nagaland University, Lumami