After losing much of the past two years to Covid-19, India's manned spaceflight programme, Gaganyaan, was expected to kick up to high gear in the new year in order to meet its ambitious goals. The January 4 announcement by the chairman of the Indian Space Research Organisation (ISRO), that the government had ordered an unmanned test launch of the system by India's 75th Independence Day on August 15, confirmed as much.
Ever since Prime Minister Narendra Modi announced in August 2018 the government’s intention to put an Indian crew into orbit with funding to boot, there's been little doubt that India would succeed, just as China did almost two decades ago, in 2003.
The commitment to establish India as only the fourth nation in history with independent human spaceflight capability is widely popular in the country; it is seen as entirely fitting for India's level of economic development and its place in the world order. India's own proven space capabilities, and its arrangements for knowledge transfer from Russia's mature astronautics programme make it more or less a given, subject to delays from inevitable technical gremlins and acts of God such as the pandemic.
The larger, more important questions are about what comes after a triumphant splashdown in the Indian Ocean. Is manned spaceflight aimed at enhancing national pride, or about meeting strategic and economic goals? Will India try to go it alone as an independent space power, or join up with the West? Is space going to be a largely government-led affair, or commercial and private?
Answering these questions would indicate the extent of India's space ambitions and how it plans to realise them. The short answer is that the government has not yet decided. In fact, it has not yet approved the policy framework to develop and weigh its options; the draft has been in circulation since last February. But despite this, India's choices in other high-tech areas, ranging from IT to nuclear energy and aviation, suggest the general direction that things are heading in.
The truth is the ability to safely launch and return human beings from space on one's own is mind-bogglingly expensive and risky. Unlike the ability to build and launch Earth-orbiting satellites and interplanetary robotic probes, it is unclear if there yet is any compelling scientific, economic or military reason to do so. Human spaceflight is, for now, first and foremost a powerful statement of national ambition regarding a country's place in the global power structure.
For this very reason, the founder of India's civil space programme, Dr Vikram Sarabhai, instilled a unique vision that held for half a century. India’s space mission was not a search for national glory, or even science for its own sake. Instead it was a highly frugal but innovative drive for practical applications, such as the remote sensing and telecommunications that have enabled rural India to "leapfrog" over its monumental developmental challenges. This, like many other things in India, is changing, thanks in no small part to its neighbour.
The ability to safely launch and return human beings from space on one's own is mind-bogglingly expensive and risky
China’s official policy, in contrast, is to establish itself as the world’s leading space power by 2050, and it appears determined to achieve this goal despite formidable challenges. The EU and Japan in contrast, despite possessing their own astronaut corps and proven heavy space launch capabilities, believe that they cannot justify the cost of manned spacecraft. Instead, they prefer to partner with Nasa and pay for rides on American and Russian spacecraft. In many ways, this reflects the larger security architecture of European and Japanese dependence on American guarantees.
India, preferring foreign policy autonomy, established its own nuclear deterrent, and has largely fought its wars on its own. This independent capability was the basis for its close strategic co-operation with more powerful states – the Soviet Union in the 1970s and 80s, and the US since 9/11 in ventures like the China-focused geopolitical grouping known as the "Quad". In both cases, technological co-operation went hand in hand with security ties.
It is clear that, as things stand, India on its own cannot indefinitely sustain a manned space programme on the scale of Americans or the Chinese. But the paradox is that negotiating the kind of participation in manned international space exploration alongside the US that will satisfy India's increasingly nationalistic audience requires the country to develop capabilities of its own that exceed the Europeans, Japanese and Canadians.
To put it another way, India, unlike America and China, seeks full membership in the world’s most elite clubs, but not leadership. This means the ability to launch and recover crews, and the ability to build and launch space station modules. It will mean building infrastructure for long-term space medicine and psychology, materials science, robotics, etc. India’s great advantage is the relatively low cost of its scientific manpower and, increasingly, the quality of its own burgeoning aerospace industry. This is critical because the larger problem the ISRO, like government space programmes all over the world, must face is whether it can possibly compete with the increasingly explosive pace of innovation from the so-called ‘New Space’, i.e. highly disruptive private companies like Elon Musk’s SpaceX, or New Zealand’s Rocket Lab. Instead, governments seem much better suited to act as regulators, seed investors and scientific resources for the sector. That is indeed the role they have already established for themselves in the civil aviation and cyber sectors.
Fortunately, it seems that New Delhi very much recognises this. In October, the Indian Space Association was launched as an industry body, and Mr Modi signalled his support by personally becoming a member. The ISRO has also moved to subcontract the manufacture of space systems to Indian companies, and to license technology for spinoffs.
More importantly, as with aviation and nuclear energy, agreements between India and the West are opening the road for Indian companies to participate in the global space economy. International media reporting and the growing worldwide respect for the ISRO’s achievements serve as a powerful advertisement for Indian companies in this regard.
In the medium to long run, Information Technology may be the right analogy to understand India’s place in outer space. While China and America have become increasingly walled off from each other in cyberspace, the Indian IT industry’s relationship with Silicon Valley stands in sharp contrast. Although it isn’t a leader in hardware or software innovation, it is deeply integrated as a source of world-class talent and contractors with world beating cost effectiveness. The win-win benefits of this structural relationship have not made Indians any less proud or prosperous, and it is a model that could work just as well in the "New Space" race.
The Al Barzakh Festival takes place on Wednesday and Thursday at 7.30pm in the Red Theatre, NYUAD, Saadiyat Island. Tickets cost Dh105 for adults from platinumlist.net
The%20specs
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RESULTS
6.30pm Handicap (TB) $68,000 (Dirt) 1,200m
Winner Canvassed, Par Dobbs (jockey), Doug Watson (trainer)
7.05pm Meydan Cup – Listed Handicap (TB) $88,000 (Turf) 2,810m
Winner Dubai Future, Frankie Dettori, Saeed bin Suroor
7.40pm UAE 2000 Guineas – Group 3 (TB) $125,000 (D) 1,600m
Winner Mouheeb, Ryan Curatolo, Nicholas Bachalard
8.15pm Firebreak Stakes – Group 3 (TB) $130,000 (D) 1,600m
Winner Secret Ambition, Tadhg O’Shea, Satish Seemar
9.50pm Meydan Classic – Conditions (TB) $$50,000 (T) 1,400m
Winner Topper Bill, Richard Mullen, Satish Seemar
9.25pm Dubai Sprint – Listed Handicap (TB) $88,000 (T) 1,200m
Winner Man Of Promise, William Buick, Charlie Appleby
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Innotech Profile
Date started: 2013
Founder/CEO: Othman Al Mandhari
Based: Muscat, Oman
Sector: Additive manufacturing, 3D printing technologies
Size: 15 full-time employees
Stage: Seed stage and seeking Series A round of financing
Investors: Oman Technology Fund from 2017 to 2019, exited through an agreement with a new investor to secure new funding that it under negotiation right now.
Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
Match info
Karnataka Tuskers 110-3
J Charles 35, M Pretorius 1-19, Z Khan 0-16
Deccan Gladiators 111-5 in 8.3 overs
K Pollard 45*, S Zadran 2-18
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
Company%C2%A0profile
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Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5