The BGA India Team, led by Managing Director Ratan Shrivastava, wrote an update to clients about India’s successful Chandrayaan-3 mission.


  • India became the first country to successfully land a spacecraft near the moon’s south pole following the touchdown of Chandrayaan-3 on August 23. India is the second country to deploy an operating rover on the lunar surface after China and the fourth to land on the moon after the United States, China and the erstwhile Soviet Union. Chandrayaan-3 — the Indian Space Research Organization’s (ISRO) third in the moon mission series — is the most economical moon mission in history, costing just $75 million.
  • Chandrayaan-3 places India in the elite club of spacefaring nations and is a significant milestone for the country’s space industry. Indigenously designed and sourced, the module underscores the maturity of India’s space industry ecosystem and ISRO’s deft leadership. The mission’s success will boost India’s credibility as a reliable partner in the space community.


  • Following the soft landing of Chandrayaan-3 mission, stocks of Indian defense and space companies increased threefold in market capitalization. Companies such as MTAR Technologies, Walchandnagar Industries, Hindustan Aeronautics Ltd., Bharat Heavy Electricals Ltd. and Larsen & Toubro saw gains. Private firms Centum Electronics, Ananth Technologies and Avantel received investment interest.
  • As a signatory of the Artemis Accord, India will likely forge stronger partnerships with U.S. aerospace and space firms and those of other member nations. Korea, Singapore and the United Arab Emirates have expressed interest in space cooperation with India.


  • India’s space economy has expanded into the public sector, private sector and startups, which will lead to renewed foreign investment in space research and development, technology and innovation. The landing showcases the growing scientific and technological prowess of India’s micro-, small and medium-sized enterprises (MSMEs), which manufactured components for Chandrayaan-3.
  • Chandrayaan-3 could open investment and joint venture opportunities for private companies and MSMEs in the Indian space ecosystem. The participation of the private sector and MSMEs in the mission reflects the key role public-private partnerships will play in India’s future space explorations. India’s burgeoning space industry is expected to create new job opportunities and develop and attract a skilled workforce. Chandrayaan-3’s success is expected to spur business growth, enhance private sector collaboration, encourage advanced technology transfers between governments and businesses and boost India’s international engagement with the global space community.

We will keep you updated on relevant developments. If you have questions or comments, please contact BGA India Managing Director Ratan Shrivastava at

Best regards,

BGA India Team