Bengaluru - India's space agency is making final preparations for a rocket launch, potentially taking place as early as Friday, aimed at landing a rover on the moon. This mission signifies India's emergence as a formidable player in space exploration and the rapidly expanding realm of space commerce.

To date, only the United States, the former Soviet Union, and China have achieved successful lunar landings. A previous attempt by a Japanese start-up earlier this year ended in failure when the lander crashed.

With a budget of approximately $75 million, the Chandrayaan-3 mission is poised to commence from India's primary spaceport in the southern state of Andhra Pradesh at 2:35 p.m. local time (0905 GMT).

The launch of Chandrayaan-3, a highly anticipated moon mission, is scheduled for July 14, 2023, representing a significant milestone for India's space exploration endeavors.

If all goes according to plan, a 43.5-meter (143 ft) LVM3 launch rocket will propel the spacecraft into an elliptical Earth orbit before embarking on a trajectory toward the moon, with a scheduled landing around August 23.

Led by the Indian Space Research Organisation (ISRO), this launch marks India's first major mission following Prime Minister Narendra Modi's government's initiatives to stimulate investment in private space launches and satellite-based businesses.

India aims to increase the global market share of its space companies by fivefold over the next decade, as stated by officials, with the goal of surpassing the 2% revenue share achieved in 2020.

Dubbed Chandrayaan, meaning "moon vehicle" in Sanskrit, the mission incorporates a 2-meter-tall lander intended to deploy a rover near the lunar south pole. The rover is anticipated to conduct a series of experiments, remaining operational for approximately two weeks.

Beyond its primary objectives, analysts view the launch as a signal that India is open for business in the thriving private sector space race, reflecting its growing presence and aspirations in the commercial space industry.

"The success of the mission will enhance India's global standing and yield indirect benefits for the commercial aspect of the industry," stated Ajey Lele, a consultant at New Delhi's Manohar Parrikar Institute for Defence Studies and Analyses.

India's highly anticipated moon mission, Chandrayaan-3, is scheduled for launch on July 14, 2023. As of now, the Soviet Union, the United States, and China are the only countries that have achieved successful soft landings on the moon.

In the previous Chandrayaan-2 mission in 2020, the orbiter was successfully deployed, but unfortunately, the lander and rover were destroyed in a crash near the intended landing site for Chandrayaan-3.

Since India's opening to private launches in 2020, the number of space startups has more than doubled. Notably, Skyroot Aerospace, with investors including Singapore's sovereign wealth fund GIC, successfully launched India's first privately built rocket late last year.

During his visit to the United States last month, Prime Minister Modi and President Biden pledged to deepen collaboration in the field of space exploration.

Voyager Space, a company headquartered in Denver and holding a NASA contract for the development of the upcoming Starlab space station, recently announced the signing of a memorandum of understanding with ISRO. The agreement allows Voyager Space to utilize Indian rockets and explore possibilities for collaboration with space start-ups in India.

"India recognizes space as a strategic asset and has ambitions to become a key player in the realm of outer space," commented Carla Filotico, the managing director at consultancy firm SpaceTec Partners. Filotico further added, "This presents a remarkable opportunity for India to establish itself as a pioneer in this industry."