BRICS Space Economy
Context: At the BRICS Heads of Space Agencies Meeting 2026, India proposed the “BRICS Space Economy” as a new frontier for innovation, sustainability and shared growth.
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About BRICS Space Economy
- The BRICS Space Economy is India’s proposed collaborative framework to deepen cooperation among BRICS nations in space technology, satellite applications, innovation and commercial space activities.
- Objective: To build a resilient, inclusive and sustainable space ecosystem through joint research, technology sharing and innovation-driven economic growth.
- Key Features
- BRICS Remote Sensing Satellite Constellation (RSSC): The RSSC promotes satellite data sharing among member countries for disaster management, agriculture, weather forecasting and environmental monitoring.
- Proposed BRICS Space Council: The proposed institutional mechanism seeks to ensure long-term policy coordination, continuity and expansion of space cooperation among BRICS nations.
- Focus on Space Sustainability: Member countries have emphasized debris-free missions, responsible space operations and the sustainable use of outer space resources.
- Promotion of NewSpace Ecosystem: The initiative encourages collaboration among startups, private industries, scientists and innovators to accelerate space-based entrepreneurship and technological advancement.
- Potential of BRICS Space Economy
- Scientific and Industrial Strength: BRICS nations collectively possess significant scientific expertise, technological capabilities, industrial capacity and market size to become a major force in the global space economy.
- Addressing Global Challenges: Space-based applications can support climate monitoring, disaster resilience, food security, water management, healthcare and sustainable development.
- Economic and Innovation Opportunities: Deeper cooperation can foster technology transfer, investment, industrial partnerships and the creation of new markets in the rapidly expanding space sector.
- Significance: The BRICS Space Economy can transform space cooperation into co-development and co-innovation, strengthening global resilience, economic growth and scientific progress.
About Global Space Economy
- Global Market Size: The global space economy is currently valued at about USD 613–630 billion and is projected to reach nearly USD 1.8 trillion by 2035.
- India’s Share: India’s space economy is valued at approximately USD 8.4 billion, accounting for around 2% of the global space market.
- India’s Growth Potential: Driven by space-sector reforms and private participation, India aims to expand its space economy to USD 44 billion by 2033 and achieve a 10–15% global market share by 2040–47.
- BRICS Space Agencies
- Brazil:Agência Espacial Brasileira (AEB) (Brazilian Space Agency
- Russia: Roscosmos (State Space Corporation “Roscosmos”)
- India: Indian Space Research Organisation (ISRO)
- China: China National Space Administration (CNSA)
- South Africa: South African National Space Agency (SANSA)
- Newer BRICS Member Space Agencies
- United Arab Emirates (UAE): UAE Space Agency (UAESA)
- Egypt: Egyptian Space Agency (EgSA)
- Iran: Iranian Space Agency (ISA)
- Ethiopia: Ethiopian Space Science and Geospatial Institute (SSGI)
- Saudi Arabia: Saudi Space Agency (SSA)
- Indonesia: Indonesian Space Agency (INASA)
Textiles Summit 2026
Context: The Ministry of Textiles concluded the two-day Textiles Summit 2026.
Key Points
- National Textile Export Roadmap: It was noted that recommendations from states, districts, industry stakeholders, and Export Promotion Councils (EPCs) will be incorporated into the National Textile Export Roadmap.
- The roadmap aims to strengthen textile exports and enhance India’s presence in global textile trade.
- Free Trade Agreements (FTAs): The summit emphasised effective utilisation of Free Trade Agreements (FTAs) and the revived District as Export Hubs (DEH) initiative.
- Quality and Sustainability: Key areas discussed in the summit included quality standards, sustainability certifications, textile waste management, recycling systems, and digital product passports.
- Man-Made Fibres (MMF): Focus was also placed on the promotion of man-made fibres (MMF) and strengthening Brand India in international markets.
- Export Target: The textile sector reiterated its target of achieving USD 100 billion in textile exports by 2030.
Venezuela
Context: Two powerful earthquakes of magnitude 7.1 and 7.5 recently struck near Venezuela, triggering tsunami alerts across parts of the Caribbean region.
About Venezuela
- Venezuela is a resource-rich country located on the northern coast of South America and possesses the world’s largest proven oil reserves.
- Location: It is situated in northern South America, with a strategic coastline along the Caribbean Sea and the Atlantic Ocean.
- Borders: Venezuela is bordered by Guyana in the east, Brazil in the south, and Colombia in the west and southwest.
- Geographical Features
- Relief Features: The Andes Mountains, the Maracaibo Lowlands, and the Guiana Highlands.
- Rivers and Lakes: Major water bodies include the Orinoco River, Rio Negro, Lake Maracaibo, and Lake Guri, which are crucial for transport, hydropower and biodiversity.
- Grassland Plains: The Llanos are vast tropical grasslands occupying central Venezuela and support extensive cattle ranching activities.
- Waterfalls and Natural Resources: The Churún River hosts Angel Falls, the world’s highest uninterrupted waterfall, while the Orinoco Oil Belt contains vast heavy crude reserves.
- Vulnerability to Earthquakes
- Plate Tectonic Setting: Venezuela lies near the boundary between the Caribbean Plate and the South American Plate, making it susceptible to seismic activity.
- Coastal and Tsunami Risks: Strong offshore earthquakes in the Caribbean region can generate tsunami threats, particularly along Venezuela’s northern coastline and neighbouring islands.
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16th-Century Vijayanagara Inscriptions Discovered in Seshachalam Forest
Context: An expert team of the Archaeological Survey of India (ASI) has discovered three rare 16th-century inscriptions in Sadasivakona, deep inside the Seshachalam forest in Tirupati district, Andhra Pradesh.
More About the Findings
- Vijayanagara Connection: The inscriptions date to the reign of Sadasiva Raya (dated 31 July 1554 CE) and record the king’s pilgrimage, temple patronage, and administrative grants.
- Multilingual Records: The inscriptions are written in Telugu, Tamil, and Kannada, reflecting the multilingual administration and cultural diversity of the Vijayanagara period.
- Temple Patronage: They record the king’s pilgrimage to Sadasivakona, the construction of a Shiva temple and Mutt, and royal grants for temple maintenance and worship.
- Gudimallam Link: The inscriptions document land grants and tax assignments for the Gudimallam Parasurameswara Temple, reaffirming the importance of one of India’s oldest surviving Shiva temples during the Vijayanagara era.
BHARATI Programme
Context: APEDA successfully concluded the first cohort of the BHARATI Programme, with 100 startups from 22 States and 2 Union Territories completing an export-focused acceleration programme to strengthen India’s agri-food export ecosystem.
About BHARATI Programme
- BHARATI (Bharat’s Hub for Agritech, Resilience, Advancement and Incubation for Export Innovation) is APEDA’s flagship export-enablement and startup acceleration programme designed to promote innovation-driven growth in India’s agri-food exports.
- Objective: To identify, nurture and support high-potential startups developing innovative products, technologies and solutions that enhance India’s agricultural and processed food exports and contribute towards the target of USD 50 billion exports by 2030.
- Nodal Body: The programme is implemented by the Agricultural and Processed Food Products Export Development Authority (APEDA) under the Ministry of Commerce and Industry.
- Focus Areas
- Promotes export-ready agri-food products, value addition, branding and market diversification to enhance global competitiveness.
- Supports technology-driven solutions such as traceability, quality assurance, sanitary and phytosanitary (SPS) compliance, and export logistics.
- Encourages innovation in high-value products including GI-tagged products, organic foods, millets, nutraceuticals and processed food products.
- Key Features
- Provides a structured export-focused acceleration programme covering market access, regulatory compliance, packaging, branding and investor readiness.
- Facilitates mentorship, stakeholder engagement, global market exposure and business-to-business interactions with international buyers.
- Strengthens startup participation in global trade events to enhance export opportunities and market linkages.
- Significance: BHARATI strengthens innovation-led agri-export growth by enhancing value addition, export readiness, technology adoption and global market access for Indian agri-food enterprises.
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Index of Services Production (ISP)
Context: MoSPI will launch the Index of Services Production (ISP) in July 2026 as a monthly indicator to track short-term growth in India’s services sector.
About Index of Services Production (ISP)
- The Index of Services Production (ISP) is a high-frequency economic indicator developed to measure monthly output and growth trends in India’s services sector, similar to the Index of Industrial Production (IIP).
- Nodal Body: The ISP is compiled by the National Statistical Office (NSO) under the Ministry of Statistics and Programme Implementation (MoSPI).
- Key Features
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- Coverage: The index initially covers major formal-sector service industries including trade, transport, banking, insurance, telecommunications, hospitality, real estate, professional services, and entertainment.
- Data Sources: The index primarily utilizes GST data, administrative records and Annual Survey of Incorporated Services Sector Enterprises (ASISSE) data to estimate service-sector output.
- Methodology: The ISP is compiled using a fixed-weight Laspeyres volume index, with sectoral weights based on their contribution to Gross Value Added (GVA) with base year fixed at 2024-25.
- Periodicity: The index will be released monthly with an estimated time lag of around 60 days to provide timely economic insights.
- Exclusions: The index excludes major unorganized sectors and certain non-market activities such as public administration, defence and central banking operations.
- Significance: The ISP fills a critical statistical gap by providing reliable, high-frequency data for economic forecasting, GDP estimation and evidence-based policymaking in the services sector.
25 Jun 2026
