{"id":55174,"date":"2023-08-31T03:57:50","date_gmt":"2023-08-31T07:57:50","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/india-made-it-to-the-moon-that-doesnt-make-it-a-top-industrial-power\/"},"modified":"2023-08-31T03:57:53","modified_gmt":"2023-08-31T07:57:53","slug":"india-made-it-to-the-moon-that-doesnt-make-it-a-top-industrial-power","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=55174","title":{"rendered":"India Made It to the Moon. That Doesn\u2019t Make It a Top Industrial Power."},"content":{"rendered":"
\n

India took a giant leap into the ranks of advanced industrial nations when its Chandrayaan-3 unmanned spacecraft landed near the moon\u2019s south pole on Aug. 23. At least to hear Prime Minister Narendra Modi tell it. \u201cScience and technology are the foundations of a bright future for our nation,\u201d the 72-year-old Modi, who is favored to win a third term next year, told ecstatic staff at the Indian Space Research Organization, or ISRO. <\/p>\n

That remains to be proved. <\/p>\n

\n

Chandrayaan-3\u2019s unprecedented touchdown on forbidding, crater-filled terrain did spark an Apollo-esque moment of pride and unity in the polyglot nation of 1.4 billion\u2014the more so as a competing Russian mission crashed and burned days earlier. \u201cWhat landed on the moon was the hopes and aspirations of a billion and a half people,\u201d says Ravi Chaturvedi, Indian-born co-founder of Tufts University\u2019s Digital Planet program.<\/p>\n

All key systems for Chandrayaan-3 were domestically built. ISRO gathered an all-star team of Indian conglomerates, like Godrej Aerospace, which provided the Vikas engine, and Tata Consulting Engineers, which pitched in with the propellant system. The official cost: $75 million\u2014less, Modi pointed out, than the price of a Hollywood film about space exploration. <\/p>\n

Shares in a handful of engineering start-ups have soared this year on their perceived potential for space contracting, including
\n Zen Technologies
\n (ticker: ZENTEC.India),
\n PTC Industries
\n (PTCIL.India), and
\n Centum Electronics
\n (CENTUM.India). More are coming, says Benjamin Silverstein, a space research analyst at the Carnegie Endowment for International Peace. \u201cThere are a huge number of space start-ups in India,\u201d he says. \u201cSome of them have actual products.\u201d<\/p>\n

None of that will move big roadblocks on India\u2019s path to becoming a top industrial power, unfortunately. Modi rolled out the \u201cMake in India\u201d program to boost manufacturing as soon as he took office in 2014. It hasn\u2019t done much. Manufacturing\u2019s share of gross domestic product is stuck at about 18%, according to S&P Global. That compares with 28% for China. <\/p>\n

Modi\u2019s (not very realistic) target is 25% by 2025. One big obstacle is policy-related: His government remains keen on import tariffs, some of which hit inputs needed to raise exports. \u201cThe Indian government has consistently raised tariff and nontariff barriers to protect domestic suppliers across most sectors,\u201d the United States Trade Representative wrote in a recent report. <\/p>\n

Another is a lag in transport infrastructure. Indian ports can\u2019t accommodate the biggest container ships, so freight has to be transshipped through Singapore or Hong Kong. \u201cTo become the global manufacturing destination of choice, India will need massive upgrades in rail, port, and freight corridors,\u201d write S&P researchers. That won\u2019t happen by gazing at the moon. <\/p>\n

Email: <\/strong>editors@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

India took a giant leap into the ranks of advanced industrial nations when its Chandrayaan-3 unmanned spacecraft landed near the moon\u2019s south pole on Aug. 23. At least to hear Prime Minister Narendra Modi tell it. \u201cScience and technology are the foundations of a bright future for our nation,\u201d the 72-year-old Modi, who is favored […]<\/p>\n","protected":false},"author":1,"featured_media":55175,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-55174","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nIndia Made It to the Moon. 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