Financial experts have praised this rate of return as "amazing," and ISRO's influence extends far beyond just financial returns. "ISRO has indeed touched the lives of every Indian, poor or rich alike," remarked ISRO Chairman Dr. S Somanath in an interview with NDTV. He elaborated on the broader impact, stating that the investment in India's space programme has yielded immense societal benefits, with the economic impact alone being 2.5 times the amount invested.
The report, titled 'Socio-Economic Impact Analysis of Indian Space Programme,' was prepared by the European space consulting firm Novaspace, based in Paris. According to the report, over the past decade, India's space sector has significantly stimulated the national economy, contributing $60 billion and supporting 4.7 million jobs. Additionally, the space programme has generated $24 billion in tax revenues, enhancing public funds.
This comprehensive study, the first of its kind commissioned by ISRO, was awarded to Novaspace after a competitive global tendering process. However, the report does face some limitations, particularly in its understanding of the extensive penetration of space technology in India's informal sectors, especially in the rural hinterlands.
Released on the occasion of the first National Space Day, the report further estimates that the gross value added by the Indian space sector between 2014 and 2023 was $60 billion. Looking ahead, this value could rise to between $89 billion and $131 billion over the next decade, depending on various forecasting scenarios.
The impact of satellite-based applications on daily life in India is profound. "Satellite-based applications are part of the daily lives of Indian citizens and have profoundly impacted the social fabric of the nation," the report emphasizes. Steve Bochinger, the lead expert at Novaspace, noted that the total investment in ISRO over the last 55 years is less than the annual budget of NASA, the American space agency.
ISRO's current annual budget is approximately $1.6 billion, a fraction of NASA's $25 billion annual budget. Despite this, ISRO has achieved significant milestones, including the launch of 127 Indian satellites by the end of 2023, the operation of 51 government-owned satellites, and three active deep-space missions. India has also launched 97 rockets and placed 432 foreign satellites into orbit, showcasing its capabilities in the global space industry.
With over 50 satellites in operation, valued at approximately ₹50,000 crore, these assets support diverse sectors, including weather forecasting, cyclone monitoring, ATM cash disbursement, crop forecasting, smart city planning, communications, and navigation.
The Novaspace report also highlights ISRO's contributions to India's fishing community, where satellite data benefits 800,000 fisherfolk daily. Additionally, 1.4 billion Indians rely on satellite-based weather forecasts, further showcasing the wide-reaching impact of ISRO's work.
India's sophisticated spy satellites are another significant aspect of ISRO's portfolio, offering high-resolution imagery that serves national security interests. These satellites, with a resolution of 25 centimetres, are among the best globally, providing critical intelligence day and night, regardless of weather conditions.
In the realm of interplanetary exploration, ISRO has made history by successfully entering the orbits of the Moon and Mars on its first attempts. The recent soft landing of the Chandrayaan-3 mission near the Moon's South Pole further solidified India's position as a leading spacefaring nation. The Chandrayaan-1 mission, launched in 2009, was instrumental in discovering water molecules on the Moon, a finding that has had global implications for lunar exploration.
The Novaspace report also noted the widespread public interest in ISRO's achievements, with 80 million people watching the Chandrayaan-3 landing on YouTube, calling it "a remarkable national achievement." ISRO's efforts in space exploration have also led to the release of 48.5 terabytes of data from missions like Chandrayaan-2 and Astrosat, benefiting researchers and scientists worldwide.
ISRO's impact is felt in everyday life in India. For instance, secure connectivity provided by Indian satellites is crucial for ATM transactions, and the ₹2,000 currency note even features an image of the Mangalyaan mission.
Beyond these tangible benefits, ISRO has also saved countless lives through its satellite-based weather monitoring systems. Before the advent of these satellites, cyclones in India often resulted in massive loss of life, such as the 1970 cyclone that claimed over 300,000 lives. Today, accurate cyclone tracking has reduced the death toll to double digits, a feat that ISRO Chairman Dr. Somnath describes as invaluable.
ISRO's journey from a small church in Thumba, Kerala, where it launched its first rocket in 1963, to its current status as a space powerhouse is a testament to India's remarkable progress in this high-risk domain. From humble beginnings to achieving quantum leaps, ISRO's success story is not just about technological achievements but also about the substantial returns on investment that have benefited the nation as a whole.
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