India’s first National Space Day: A new era of space exploration

August 23rd marks a significant milestone in India’s space journey as the country celebrates its first National Space Day commemorating the success of Chandrayaan-1, India’s first lunar mission.

With Chandrayaan-3, India has demonstrated its dominant role in the growing global space market and aims to have a 10 percent share of the global space economy in the next 10 years from US$9Bn to US$45Bn.

Indian Space Policy 2023, ISRO & IN-SPACe have created a framework that provides the opportunity for startups to build critical technologies including small rockets, multi-sensor (fusion) satellite constellations, optical space communication, in-orbit maintenance & manufacturing.

As India looks to the future ISRO carries the vision to build human space flight, space station and sending an Indian to the moon by 2040.

In the private sector, Agnikul earlier this year launched World’s First flight with single piece 3D printed rocket engine and proved launch capabilities including flight systems, launch operations, launch pad setup and are build up for their next launch, Galaxeye is gearing for the launch of the world’s first multi sensor imaging satellite, Astrogate Labs build out optical communication terminals and ground stations and InspeCity is building in-orbit maintenance capabilities which is very unique.

With the government’s support and the private sector’s innovative spirit, India is poised to make a significant impact on the global space economy. National Space Day serves as a reminder of India’s potential to become a space power and its aspirations to explore the vastness of space.

“Speciale Invest is an early believer in India’s ability to dominate the space sector. The sector is going through a revolution, with the government’s targets and private sector’s innovative spirit converging to create a perfect storm of opportunity for startups,” says Vishesh Rajaram, Managing Partner at Speciale Invest.

Adding, “India aims to capture 10 percent of the global space economy over the next 10 years and Indian Space Policy 2023, ISRO & IN-SPACe have created a framework for startups like Agnikul, Galaxeye, Astrogate, KawaSpace & InspeCity to participate in India’s space revolution. As the country celebrates its first National Space Day, we can expect to see a new wave of space-focused startups emerging, driven by the promise of a lucrative market, government support, and the thrill of exploring the unknown.”

Suyash Singh, Co-founder and CEO of GalaxEye Space, says: “By celebrating National Space Day on a grand scale, we can inspire and empower the next generation of space enthusiasts to contribute to India’s growing space industry. Initiatives like these are crucial for our nation to tap into the vast potential of the global space economy and secure a larger share, driving innovation, growth, and prosperity for years to come.”