The journey of the Indian space sector has been remarkable and filled with significant milestones since its inception. India's space journey began in the 1960s, with the establishment of the Indian National Committee for Space Research (INCOSPAR) in 1962.
In 1969, INCOSPAR was restructured, leading to the formation of the Indian Space Research Organisation (ISRO) in 1972.1 Dr. Vikram Sarabhai, widely regarded as the father of India's space programme, played a crucial role in its establishment and development. Since the launch of India’s first satellite Aryabhata in 1975 to being the first country in the world to reach the Mars orbitinthefirstattempt(MarsOrbiterMission–Mangalyaanin 2013) and the latest launch of Chandrayaan-3 (2023), the Indian space programme has grown leaps and bounds.
ISRO's achievements reflect the country's determination to leverage space technology for societal development, economic growth, scientific exploration, and national security. Similar to the global space sector, the Indian space sector’s journey continues to evolve with the state-owned agency leading it. This is followed by the influx of the private sector with a strong focus on innovation, international collaboration, and space commercialisation.
In the past few years, the landscape of the global space industry is evolving. A sector characterized by a government-driven strategy for growth and transformation is complemented by the cooperative efforts of private participants, which are made possible by enabling policies, reforms and regulations. This paradigm shift has resulted in the emergence of numerous private companies and start-ups that drive innovation, competition, and accessibility into the space economy.
As a result, the global space economy valued at ~ US$ 546 billion3 (in2022)hasbeenprojectedtoreach~US$1trillion4,5 by2040. The growth will be driven by cost reduction efforts, accelerated turnaround times, and technological advancements made over the past two decades by private enterprises within the space industry of various spacefaring nations.
The journey of the Indian space sector has been remarkable and filled with significant milestones since its inception. India's space journey began in the 1960s, with the establishment of the Indian National Committee for Space Research (INCOSPAR) in 1962.
In 1969, INCOSPAR was restructured, leading to the formation of the Indian Space Research Organisation (ISRO) in 1972.1 Dr. Vikram Sarabhai, widely regarded as the father of India's space programme, played a crucial role in its establishment and development. Since the launch of India’s first satellite Aryabhata in ...