The Chandrayaan-3 mission by ISRO and its power to improve India's economy

The Indian Space Research Organisation (ISRO) is
making preparations for the July 14
launch of its ambitious Chandrayaan-3 mission. This forthcoming lunar
exploration mission contains great potential for India’s economy.

Read also this: What went wrong with the last Chandrayaan Mission, and how the third mission will be different?

As India re-attempts
its ambitious moon mission, the focus returns to its potential to advance the
space industry and stimulate economic growth. Before discussing the economic
advantages of missions such as Chandrayaan-3, it is essential to comprehend
their significance.

According to Pawan
Chandana, Co-Founder and CEO of Skyroot Aerospace, a prominent domestic
aerospace company, launched India’s first independently developed rocket. Chandrayaan-III,
if successful, might establish India in the same category as the United States,
Russia, and China.

Impact
on Indian Economy

A historic occasion for
India’s space effort will be the safe landing of Chandrayaan-3. It will be good
for the economy and give the country a leg up in the space race.

Jobs, private
investment, and technological advancement are just few of the areas where the
Chandrayaan-3 mission could have a positive impact on the Indian economy.

If Chandrayaan-3
launches without a hitch, it will give investors another reason to put money
into the space industry.

According to Pawan
Chandana, India will significantly expand investments if the Chandrayaan-3
mission is successful, making it the fourth country to do so.

According to Chandana, if
more people knew about the affordable and dependable hardware options available
from the Indian space industry, it may help the sector. This demonstrates our
company’s viability as a potential provider for international moon programmes.

It is not out of the
question that international corporations may expand their investments in
India’s space-tech startups after the success of the Chandrayaan-3 mission. Many
people see the Moon as the starting point for future space travel and the
development of a space economy. Chandana claims that as annual investments in
the space industries rise, more possibilities would arise for countries having
this competence.

Furthermore, increased
private sector participation can lead to the launch of new projects,
businesses, and job opportunities, all of which contribute to economic
expansion and new ideas.

Impact
on space ventures and employment

Although India has
previously struggled due to a lack of attention on the space economy, the rapid
expansion of the space-tech ecosystem since the pandemic’s emergence has
resulted in the creation of thousands of jobs in recent years. However, now the
industry has the potential to provide tens of thousands of jobs for both blue
collar and white collar workers.

Knowledgeable
professionals in high-level science and engineering are needed in the space
sector. This information is a valuable resource for the country. According to
Chandana, India’s expenditure on the lunar missions alone resulted in the
creation of thousands of indirect high-tech jobs.

In his words, since
this opens the door to additional moon trips, we expect that both public and
private lunar programmes in India will produce a huge number of new jobs.

Employment
opportunities would be created by the Chandrayaan-3 project, and new
enterprises in India might benefit from space exploration. If the mission is
successful, India’s standing in the space community will improve, and future
visits to the moon will be possible, as stated by Chandana.

He elaborated on how
this would pave the way for Indian entrepreneurs and SMEs to develop and
produce space systems and subsystems for the international market.

OTT India updates you with the latest news, Country’s no.1 digital news platform OTT India, Keeps you updated with national, and international news from all around the world. For more such updates, download the OTT India app on your Android and IOS device