India’s space economy has been growing year by year in the last 10 years. ISRO earns 3 USD for every 1 USD invested in space sector. A news package about it.
Space exploration has always been an expensive affair. The space industry is a business where cost cutting inevitably leads to disasters.
Econ One and Euroconsult, commissioned by ISRO, have released a report titled “Socio-Economic Impact Analysis of Indian Space Programme” on the occasion of the first Indian National Space Day.
The report itself states that for every US dollar spent, India’s space industry returns US$ 2.54 in profits to the national economy.
In the last 10 years, ISRO has been accumulating success in all its projects, including two missions to the Moon, one mission to Mars, one mission to the Sun, one mission to Venus, the Kaganyan program, several small space-based experiments and satellite-related projects.
For example, the production cost of Ridley Scott’s The Martian, starring Matt Damon, was around $100 million. But less than that, India set a record by sending Mangalyaan, a real orbiter to Mars, at a cost of just US$ 74 million. This is 10 times less than what NASA spent on the same mission.
Also, it is a surprising fact that the total investment made in the last 55 years since ISRO’s inception is much less than the annual budget of the American space agency, NASA.
ISRO has contributed US$ 60 billion to the country’s GDP in the last 10 years and created more than 4.7 million jobs, the national report said.
Also, the estimated revenue of the Indian space industry has increased from US$ 3.8 billion a decade ago to US$ 6.3 billion.
In addition to helping eight lakh fishermen every day, ISRO guides around 1.4 billion Indians to benefit from satellite-based weather forecasts.
ISRO’s latest achievement is India’s launch of 97 rockets and 432 foreign satellites into orbit.
Also 22 satellites in Low Earth Orbit and 29 satellites in Geo-synchronous Earth Orbit are deployed by ISRO.
ISRO has set up a fast and simple system called IN-SPACE to recognize and regulate private players who want to use their technology. Through this many companies including around 400 private companies are working for ISRO. Among them, more than 20 companies are developing sophisticated rockets.
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