India has entered the elite group of countries by showcasing its wherewithal to send a space mission to the much fancied planet Mars. To an Indian, it is naturally a proud moment, especially considering that even China and Japan have failed attempting such promising endeavour.
Most Indians must be silently praying for the wellbeing of its indigenous machinery that is yet to travel safely through millions of excruciating miles before it reaches the mystery planet. Yet, there are a few who are questioning the veracity of the extravagant undertaking when the country is grappling with poverty and economic challenges. For a world that assesses every investment from 'Return on Investment' point of view, it is a plausible question. let's analyse the economics of such endeavours.
India's Mars mission started with a PSlV engine taking off with some 1,350 kg load at an exorbitant price of Rs 450 crores. On a plane-scale comparison, the $75 million mission of scientific importance is a gigantic leap in space technology considering others have spent billions of dollars to achieve the same feat. The modest price for a highly technical and risky undertaking has certainly made some heads turn in the world. For critics who have the habit of comparing price, it may serve to state that the mission has come at a price less than half of the most efficient missions ever undertaken.
While India has certainly beaten the world on price, it is not the only reason for celebration. For a country that faces challenge on numerous fronts, it is heartening to learn that the satellite is built by Indian scientists and engineers and launched using an indigenous rocket. With complete Indian footprint on a mission that has come in the grasp on only a few, it can be ascertained that the country is capable of undertaking engineering feat that is rare to beat. In a fast moving world where technology prowess can rearrange seats at high table; solving a few hi-tech challenges certainly helps the nation move ahead with stride.
Economic benefit to an initiative comes in two forms: direct and indirect. It would be easy to ascertain the direct benefit of our space program when it starts bringing in revenue. Many countries are already using our services to send their satellite in orbit. It may be difficult to compute but the indirect benefit to such hi-tech program is multifold. The famous space-race between US and Russia in the 1960s may not have brought in significant direct revenues for either country, the rivalry did change the economic landscape of both in numerous other ways. Notably, US economy grew faster post its space-race days than any other period in its history.
To a country that is gasping for glory, successful missions such as these help rejuvenate the morale of the countrymen. It is through such successes that we inject passion in the hearts and minds of people who strive to take the country forward. Mars mission is certitude to our capability realised elsewhere when we get back to work. Critics classifying such triumph as mere symbolism miss the larger point. They may not be wrong complaining about the challenges that impede the country but they are wrong if they believe building a technologically advanced India is not a challenge. If they believe poverty needs to be tackled before other issues, they would certainly agree that a powerful India is likely to handle the issue of poverty better than an India that is weak. The Mars mission is certainly serving its economic objectives.
(The writer is Director, InvestCare, leading wealth advisors. You can reach him at samar.vijay@investcare.in)