Page 36 - Insurance Times October 2023

corrected, finally resulted to the successful landing of the about the importance of landing of both the lander and the
Chandrayaan-3 lander on the lunar South Pole. rover. India's private space-tech sector, already thriving,
receives a substantial boost from Chandrayaan-3. The
What is the importance of these successful mission fosters investor confidence and
encourages increased investment in space technology,
Chandrayaan launching by ISRO? driving further innovation and growth. Experts believe
India launched the Chandrayaan-3 mission to the Moon Chandrayaan-3 will accelerate India's self-reliance in
because it wants to learn more about our mysterious emerging sectors and boost its confidence. Satellite
neighbor in the sky. Imagine the Moon as a big, rocky Chandrayaan-3 is a classic lesson on focused perseverance,
playground in outer space, and we the Earthlings want to economic innovation and sovereignty in new and emerging
discover all its secrets. technical fields.

The benefits that may be derived out of sending satellites For the Chandrayaan-3 mission, ISRO had given an estimate
to the moon may be mainly the Technological Advancement of cost of around just Rs 613 Crores ($74 million). ISRO
- Chandrayaan-3 will contribute, to technological scientists said three factors make their missions cost-effective:
advancements in various sectors, including space research, Indigenization, ingenuity, affordable manpower. Centum
engineering, and communication. The mission will drive Electronics, HAL, Paras Defense and Space Technologies, and
innovation and foster the development of new technologies, Walchandnagar Industries have contributed to the
which can be used in other industries. The successful soft- construction of Chandrayaan-3. Indian steel companies Tata
landing of Indian Space Research Organization's (ISRO) Steel and Jindal Stainless played key roles in the success of
Chandrayaan-3 mission made India the first country to land the Chandrayaan-3 lunar mission, which landed on the Moon's
near the south pole on the Moon. south pole. Tata Steel said its crane technology helped in
assembling the Fat-LVM3-M4 rocket.
This Chandrayaan-3 mission comprises of the Vikram Lander
and Pragyan Rover, both of which conducted in-situ 2. Indian Space Policy 2023:
experiments on the Moon's surface. Indian stocks in the This year, the Indian Space Research Organization (ISRO)
market that gained on Chandrayaan-3 success include Linde
released the Indian Space Policy 2023 that had been in the
India, Centrum Electronics, Avantel, Larsen & Turbo, BHEL,
works for some years. The policy has been welcomed as a
BEL, Paras Defence, etc. After landing of Chandrayaan-3 progression towards India's entry in a New Space age.
latest news: These 13 stocks have added over 20,000 Crores
However, it needs to be followed up with suitable legislation,
market cap in first one week after landing.
accompanied by clear rules and regulations.
After landing, both Lander 'Vikram' and Rover 'Pragyan' had
Until the early 1990s, India's space industry and space
to do the most important work of the mission. After landing,
economy were defined by ISRO. Private sector involvement
Rover Pragyaan had gone out of the belly of Vikram and
was limited to building to ISRO designs and specifications.
had already ongoing its moon walk. Let us first tell you
The Indian Space Policy 2023 unveils the government's plan
to let private enterprises carry out end-to-end activities -
from launching satellites and rockets into space to operating
Earth stations.

What were India's Past Quests to Reform in its
Space Sector?
The First Satellite Communication Policy: It was
introduced in 1997, with guidelines for foreign direct
investment (FDI) in the satellite industry that were
further liberalized but never generated much
enthusiasm.

34 October 2023 The Insurance Times