As part of the Chandrayaan project of the Indian Space Research Organisation (ISRO), Chandrayaan-3 is the country’s third lunar exploration mission.
Onboard a Launch Vehicle Mark-3 (LVM3) launch vehicle, which consists of an orbiter, a lander, and a rover, ISRO launched Chandrayaan-2 on July 22, 2019. In September 2019, the lander was supposed to touchdown on the moon’s surface and release the Pragyan rover. When the lander lost touch with Earth (ISRO) and veered off course while attempting to land, it ultimately crashed. Chandrayaan-2 was followed by Chandrayaan-3 mission.
On 14 July 2023, Chandrayaan-3 was successfully put into orbit by the LVM3 M4 vehicle. In a perfect orbit, Chandrayaan-3 has started its trip to the Moon. The spacecraft is in good health.
On August 23, 2023, there was successful gentle landing of Chandrayaan-3 on the moon. India became the first country to attempt a soft landing on the south pole of the natural satellite and the fourth country overall, following the United States, Russia, and China, to accomplish such a feat on the Moon.
As Chandrayaan-3 landed on moon, this accomplishment has created a tsunami of chances for several industries that may accelerate India’s economic growth and help it realise its goal of being the third-largest economy in the world. The impact of Chandrayaan-3 on Indian economy are as follows:
1. Participation in the space economy has the potential to benefit countries significantly in the long run, ushering in a new era of participation. The potential influence of space is demonstrated by estimates that India’s space industry will exceed $13 billion (Rs. 1.08 lakh crore) by 2025.
2. It will increase future government spending on space research as well as private investment in related industries, ultimately promoting economic growth.
3. The success of ISRO’s Moon mission, according to experts, will reinforce the ‘Make in India’ brand and promote the expansion of domestic firms engaged in the creation of satellite systems, telecommunications, and other technologies.
4. According to experts, the success of Chandrayaan-3 would have a significant long-term impact on domestic markets of India since it will alter how foreign investor’s view India’s capacity for space research.
5. The project required the use of satellite navigation and the telecommunications industry, both of which are expected to grow.
6. The landing might promote development and research initiatives.
7. Collaboration between various space industry stakeholders may result in ground-breaking discoveries that will help both established players and up-and-coming businesses.
8. Improved cost-effectiveness improves reliability for international partnerships.
9. In the future, other nations might try to use our expertise. And for the firms involved in this project, such as Larsen & Toubro, BEML, HAL, MTAR, etc., it is sentimentally favourable and could increase stock prices soon.
10. India presently contributes about 2-3% to the global space economy, and in the next 8–10 years, it is anticipated to contribute about 8–10%.
The landing of Chandrayaan-3 may alter both the economic and investment climate in India. The successful landing, a result of ISRO and listed firms working together, will undoubtedly increase investor trust in the Indian market.