Bet on Space, Reap on Earth

India is on the cusp of becoming a $5-trillion economy. The space sector will prove crucial in this endeavour

- PAWAN KUMAR CHANDANA

In the not-too-distant past, the prospect of private space companies might have seemed like stuff of dreams. However, we find ourselves at a transformative juncture in the space industry. The vast expanse of space has become a competitive arena, attracting a plethora of private ventures, both large and small, eager to explore its unfolding possibilities.

As Arthur C. Clarke once observed, history often proves bold predictions, whether short- or long-term, to be comically conservative. Throughout history, dreamers have catalysed transformative shifts in areas influencing human existence. The ebb and flow of human imagination, coupled with courageous leaps of faith, have consistently elevated standards and facilitated remarkable achievements. The realm of space is no exception—mysterious, expansive, and rich with potential.

By 2027, India is poised to become a $5-trillion economy, securing its position as the world’s thirdlargest based on market exchange rates. The government’s blueprint for this economic ascent revolves around key pillars, including inclusive growth, digital economy promotion, fintech integration, technology-enabled development, energy transition, climate action, and a virtuous cycle of investment and growth. Space technology is set to play a pivotal role in this ascent, leveraging India’s massive population of 1.4 billion, the world’s youngest on average at 28 years.