New Delhi, Aug 23 : With apt support from government and private investments, India will emerge as a global space leader, said experts on Friday on the first National Space Day.

India is celebrating its maiden National Space Day on August 23 with the theme "Touching Lives while Touching the Moon: India's Space Saga."

The day aims to honour the landmark achievement of the Chandrayaan 3 spacecraft, which made India the fourth country to land on the Moon and the first to reach its southern polar region on August 23, 2023.

Led by ISRO, India has in the previous decade pushed the boundaries leading to a string of groundbreaking achievements, including the Mangalyaan mission, the record-breaking launch of 104 satellites, Chandrayaan 3, and Aditya L-1.

The country's private space sector has also seen significant growth in the last decade. Experts attribute this to progressive policies by the government, including the India Space policy, and the formation of NewSpace India (NSIL).

'While challenges like funding and infrastructure exist, the overall outlook is optimistic. With sustained government support and private investments, India has the potential to emerge as a global space leader,' Dr. Subba Rao Pavuluri, CMD, Ananth Technologies and President SIA-India, told IANS

"India's space sector has undergone a transformative journey, evolving from modest beginnings to a global leader in space exploration and innovation,' added Vishesh Rajaram, Managing Partner at Speciale Invest.

In 2020, the government pushed open the sector to public-private partnership, with the 'India Space Policy 2023', and the launch of the Indian National Space Promotion and Authorisation Centre (IN-SPACe). IN-SPACe is the regulator for the private sector space players

Pavuluri said the government's measures 'have actively encouraged Indian private companies and created a conducive environment'.

From just one digital startup in the Space sector in 2021, India presently has about 300.

From building launch vehicles or rockets to designing advanced satellites, the startups also cater to working on space situational awareness (SSA) solutions to constructing applications based on space technology, among others.

'India has now truly become an enabler of everyone's space tech dreams and is already well on its way to becoming a global leader in all aspects of space technology,' Srinath Ravichandran, Co-founder and CEO of Agnikul Cosmos, told IANS.

AgniKul Cosmos recently launched the world's 1st rocket with a fully 3D-printed engine. The startup also set up a private launchpad on the ISRO premises.

Rajaram told IANS that the space sector is further poised for exponential growth -- fuelled by a liberalised FDI policy, a dedicated Rs 1000 Crore space fund, and the India Space Policy framework, which empowers private space startups with the support from ISRO and IN-SPACe.

'With these catalysts in place, the Indian space sector is projected to reach $45 billion by 2034, increasing India's share of the global space economy fivefold from 2 to 10 per cent over the next decade, cementing its position as a major player in the global space industry," he added.

Pavuluri noted that satellite manufacturing, launch services, components, and space-based services, such as communication, Earth observation, and space tourism are potential areas for increased private players' involvement.

Dr. Sachin Bahmba (Founder, SPACE Group), told IANS that National Space Day is not just a celebration of the country's space achievements 'but a testament to our commitment to advancing space education and exploration'.

'It's an invitation for every Indian to be part of this exciting journey,' he said.

/IANS