Since its founding, the Indian space industry has had an incredible journey with of noteworthy turning points. The Indian National Committee for Space Research (INCOSPAR) was founded in 1962, marking the start of India’s space exploration in the 1960s.
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The Indian Space Research Organization (ISRO) was established in 1972 as a result of INCOSPAR’s 1969 restructuring. 1. Considered by many to be the founder and founder of India’s space program, Dr. Vikram Sarabhai was instrumental in its creation. The Indian space program has advanced significantly since the launch of its first satellite, Aryabhata, in 1975, being the first nation to reach the orbit of Mars in the first attempt (MarsOrbiterMission–Mangalyaan in 2013), and the most recent launch, Chandrayaan-3 (2023).
The nation’s resolve to use space technology for scientific research, economic expansion, societal advancement, and national defense is demonstrated by ISRO’s accomplishments. The state-owned organization in charge of the Indian space sector is driving its ongoing evolution, much like the global space sector. The entry of the private sector, which places a high priority on innovation, global cooperation, and space commercialization, comes next.
The worldwide space industry’s landscape has changed in recent years. Encouraging policies, reforms, and regulations enable private actors to work together in a sector that is characterized by a government-driven strategy for growth and transformation. Due to this paradigm shift, a large number of private businesses and start-ups have emerged, promoting accessibility, competition, and innovation in the space economy.
The global space economy, which was estimated to be worth over US$ 546 billion3 in 2022, is therefore expected to grow to almost US$ 1 trillion 4.5 by 2040. The expansion will be fueled by efforts to cut costs, quicker turnaround times, and technological developments made by private companies in the space sector of different spacefaring countries over the previous 20 years.