Do you know what is interesting in the startup culture of India that’s about constant innovation and groundbreaking development? That it’s not always that IT and Finance or Fintech that always dominate the start up scene from one of the most vibrant economies in the world. A dominant trend of the start up ecosystem in India, as seen in the recent days, is that not all businesses are focused solely on what lies between the sun and the earth; there are startups that are even looking northward of what lies above us.
Confused? Don’t know what to say?
Now here’s what’s making key news! A lot of interesting Indian startups working in the space segment are creating the right kind of noises. Just when one would have expected to hear about something riddled in unbridled optimism, here’s a piece of news about Indian startups working in the space segment right at the start of what promises to be an enterprising new year.
Believe it or not, but there are no fewer than 40 Indian startups working in the space segment at this point in time. A simple query: just who knew about this? But is that all; what’s more to this exciting piece of information.
The big development is that all of these 40 Indian startups are actually funded and are also working with the knowledge of the government, the biggest winner here being the carrying forward of a rich legacy in space operations carried out by outstanding organizations like the ISRO.
As a matter of fact, it’s since 2020 that there’s been a keen eye on the growth and development of the Indian startups working in the space segment. Their number, which at present stands at 40, is bound to grow in the coming years, if one to were to speak on the forward direction.
It is believed that with technology playing all too familiar a role in shaping the culture of Indian startups, the way forward is exploring areas that can contribute toward India’s growth in the space sector economy- which as per global figures- measures at $366 billion (as per the 2019 figures).
A recent article published in Business Standard happened to highlight an encouraging outline to this story:
India’s space programme is one of the most well-developed in the world and has achieved numerous successes through its state-owned agency, the Indian Space Research Organisation (ISRO) which is responsible for driving the space activities in India.
The government in June 2020 also opened up the space sector enabling the participation of private firms in the entire gamut of space activities. It has also established Indian National Space Promotion and Authorisation Centre (IN-SPACe) for promoting industries and attracting investment in the space sector.
Also Read: 101 Guide To Different Types Of Mutual Funds
That being said, further optimism stems from the fact that, according to PWC, India’s share in the global space segment economy, which is worth $7 billion is no fewer than 2 percent. Given more and more startups have their eye in the opportunities stacked in the celestial, it might not be wrong to say that the future may hold “cosmological” success for one of the world’s largest democracies.