Forex Triumph: ISRO Is Basking In The Glory Of A $279 Mn Space Show

Photo by Chirag Malik on Unsplash

The biographical film, ‘Rocketry: The Nambi Effect’ based on Indian aerospace engineer Nambi Narayanan put ISRO in the spotlight lately. But the national space agency of India has been sending buzz-waves across the globe recently – for more than just one reason.

The Indian Space Research Organisation (ISRO), through its commercial arms, has raked in a whopping $279 million in foreign exchange recently.

How? By doing what it does best – launching 345 satellites but this time, for global clients. 

The satellites were launched from 34 countries on board ISRO’s very own Polar Satellite Launch Vehicle (PSLV).

Finest Moments

$279 million of ISRO’s total foreign exchange revenue earned through the launching of foreign satellites is a sum of $56 million (one million=10 lakhs) and 220 million Euros approximately. 

Bill conversions: 220 million euros are equivalent to $223 million dollars, as per current exchange rates.

Flinging Into Orbit

The latest PSLV mission was on June 30 when ISRO’s warhorse launch vehicle placed 3 Singaporean satellites – namely DS-EO, NeuSAR and SCOOB-1 into orbit.

Timing is Everything

ISRO’s forex earnings come at a time when India’s forex reserves are down by over $1 billion since the last week – and down by the 4th straight week on the rupee’s plunge to its all-time lows.

So while the space agency is doing its bit, let’s see where the government and central bank are headed.

Too long? Here’s a one-liner: The Indian Space Research Organisation (ISRO), through its commercial arms, has earned $279 million in foreign exchange by launching 345 satellites for global clients.

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