There has been a recent uptick in attention paid to India’s rising profile as a scientific powerhouse. During the State Visit of Prime Minister Narendra Modi to Washington, the two governments issued a joint statement in which they stated that the two leaders established a course to reach new frontiers in all fields of space cooperation.
India’s ambitious space project is currently witnessing an “explosive” surge in the number of companies that are focused on space technology. This will revolutionise the planet’s connection to the last frontier, and it can serve as a counterweight to China.
The number of new businesses has skyrocketed from five at the beginning of the pandemic to over one hundred today. And they believe there is a sizable market for them to serve.
There are already at least 140 registered space technology firms operating in India. These businesses make up a local research field that has the potential to alter humanity’s interaction with the last frontier.
There has been a recent uptick in attention paid to India’s rising profile as a scientific powerhouse. During the State Visit of Prime Minister Narendra Modi to Washington, the two governments issued a joint statement in which they stated that the two leaders established a course to reach new frontiers in all fields of space cooperation.
The two countries advocated for enhanced commercial collaboration between the private sectors of the United States and India across the whole value chain of the space economy. The statement also called for the resolution of export regulations and the facilitation of knowledge transfer. Both the countries see space as a potential battlefield, one in which India may establish itself as a formidable rival to their shared foe, China.
Dr Srimathy Kesan, CEO SpaceKidz, says, “India has a geopolitical edge over Russia and China, who normally offer more cost-effective launch alternatives. However, as a result of the conflict in Ukraine, Russia is no more in this market. It is more likely that the United States government will give its approval for a corporation to launch military space satellites or sensitive technologies via India rather than China.”
Since June 2020, India has made a concerted effort to expand its space industry and has welcomed participation from all kinds of commercial firms. India has developed a system of businesses, each of which is fueled by independent investigation and native expertise. Last year, the space startups raised a total of USD 120 million in new capital, which represents an annual growth rate that doubles or triples.
The space-tech startup industry is one of India’s most sought-after sectors for venture capital investors. India’s space industry also faces obstacles, but only time will reveal how they overcome them and grow.
