Is India Outpacing China in the Next Big Sector? Don't Miss Out on the Next Big Thing!

PM Narendra Modi's Make in India campaign, which aims to make India a top destination

The world of global competition and economics is much like a game of tug-of-war, where countries are always vying for dominance and trying to outdo each other. India has recently been flexing its muscles and competing with China in the USD 450 billion space economy. As India gains ground in this industry, China may feel like it's losing out. But, just as in the game of tug-of-war, India's gain is China's loss.

India's space game has reached a new level with the government easing rules for private satellite and rocket companies in 2020, allowing them to carry out independent space activities and access ISRO facilities. This move is part of PM Narendra Modi's Make in India campaign, which aims to make India a top destination for technological innovation and boost its economy. Now, India's space startups can take on the world.

In the global market, a reliable partner for launching satellites is in high demand, especially with Russia's geopolitical isolation and China feeling the heat from international players. India is moving at a brisk pace to fill this gap and pitch itself as a reliable alternative to established players like SpaceX (American Spacecraft manufacturer).

In March, India has already signalled its ambitions in the space sector by launching three dozen communication satellites for UK Satellite Company, OneWeb Limited. Not only did this salvage OneWeb's bid to create a global broadband internet network in the skies, but it also showcased India's capabilities in the field. OneWeb turned to India after Russia scuppered the original launch and took 36 spacecraft as hostages. With Arianespace facing problems with its newest rocket, India emerged as a reliable partner for OneWeb's mission.

India is positioning itself to be a major player in the booming space economy. With the sector projected to grow from USD 447 billion to USD 600 million by 2025, India's ambitions in space exploration and commercial applications are set to benefit from this growth. As India continues to build its capabilities in launching satellites and promoting the development of space startups, it is poised to reap the rewards of the expanding space economy in the years to come.

The space economy could be the next big theme to watch out for, just like how the defence sector has been booming in recent years. As India takes its space game to the next level, it will not only benefit its economy but also bring new opportunities for global collaboration in the field of space exploration and technology.