Country's First Space Day - Space Economy Development.

Amazing moment to cherish, now our country has started celebrating the real heroes i.e. our scientists. Because of our scientists' support, the Bharat is advancing in the technology very profoundly. It's the first time that Bharat is celebrating live the National space day. Whereas certainly for each Indian it's a matter of pride that India has "many amazing homegrown space startups, like AgniKul Cosmos and GalaxEye, both from the Rain matter portfolio." 

The spacetech startups, more than other startups, need patient capital," considering the cutting-edge research and technology needed. The perseverance and sound technicalities are the attributes that strives such start ups as a patient capital. On this auspicious day, we are hoping we'll have more homegrown spacetech startups that will make us proud.

Understanding the 'patient capital'?

Patient capital is a long-term investment approach as against traditional private equity and venture capital. It ensures sustainable growth alongside financial returns. It's a type of investment where investors are willing to tie up their capital for an extended period, often several years or even decades, expecting a return on investment.

Relevance of National Space Day

Exactly a year ago, India had scripted history as ISRO's Chandrayaan 3 mission successfully soft-landed on the lunar surface. With this feat, India became the first country to soft land on the Moon's south pole. To mark this landmark event, India will now celebrate National Space Day every year on August 23.

According to the government, "the rapid growth of the space sector is contributing significantly to the economy, showcasing the financial potential of space exploration".  

India’s space race is fueling innovation

 To recall, Finance Minister Nirmala Sitharaman announced the creation of IN-SPACe in 2020 to allow the private sector to benefit from ISRO's assets including testing centres, launch site, technologies, and launch vehicles.

The government informed that more than 300 startups have emerged since the space sector opened in 2020. "With IN-SPACe creating an ecosystem of industry, academia, and startups, India is building a thriving environment set to revolutionize space exploration,". 

"India’s commitment to space exploration is stronger than ever with a 132% increase in the space sector budget. This boost will empower ISRO to continue pioneering new missions and support our space heroes in their quest for innovation,".

Record-breaking achievements

As per the MyGovIndia post on X, India launched 396 out of 431 foreign satellites in the last decade, marking its prowess in space. India’s launch capabilities are a testament to ISRO’s excellence.

Nurturing future space scientists

The government has started a YUva VIgyani KAryakram (YUVIKA) to train and nurture future space scientists. The program has empowered over 1,000 students since 2019 with 100% placement success in institutes across Trivandrum, Jammu, and Agartala.

India aims to launch its space station by 2035. The country also aims to launch first manned mission to space – Gaganyan and to moon by 2047.