At the Vikram Sarabhai Space Centre in Thumba, Kerala, Prime Minister Narendra Modi announced the names of four astronauts chosen for India’s first manned space mission, Gaganyaan. The astronauts are all officers from the Indian Air Force: Group Captain Prasanth Balakrishnan Nair, Group Captain Ajit Krishnan, Group Captain Angad Pratap, and Wing Commander Shubhanshu Shukla.

In 2023, India successfully landed on the Moon’s south pole and achieved success with the Aditya L-1 mission. This has boosted India’s space capabilities, with various sectors of the country showing support for space exploration. According to India Today’s Data Intelligence Unit’s analysis, the number of startups in the space and astronomy field has increased by 190 per cent over the past decade. In fact, it doubled from 95 to 190 startups from 2022 to 2023.

It’s not just startups; the Indian government has also increased its budget allocation for space initiatives. In the financial year 2014-15, the Department of Space received Rs 7,238 crore. By 2024-25, this budget allocation increased by 80.2 per cent, reaching Rs 13,042 crore.

Additionally, India has been collaborating with international partners to expand its space endeavours. In 2022, India signed agreements with countries like the US, Singapore, France, and Japan to enhance cooperation in space research and exploration. By launching foreign satellites, ISRO generated revenue of 175 million USD and 256 million Euros in the last 10 years. The US (231), the UK(83), Singapore (20), Germany (13) and Canada (12) are the top five countries whose satellites India has launched from 1999 to July 2023.

Other than this, Skyroot Aerospace, which created history by sending India’s first privately built rocket launched from the Satish Dhawan Space Centre, has also increased India’s space economy. Dr Jitendra Singh, Minister of Science and Technology, told reporters that “investment in Indian space start-ups increased to Rs 1,247 crore in 2023. The Indian space economy is expected to grow from around Rs 84,000 crore to Rs 4,40,000 crore by 2033”.

Alphabet, the parent company of Google, also announced a 36 million USD investment in Bengaluru-based space startup, Pixxel. Amid a favourable ecosystem for space startups in India, companies like Skyroot, SatSure, Dhruva, Bellatrix, etc. are striving to become India’s SpaceX.