Is India set to become the new beauty destination for global brands?
The Indian beauty market is estimated to reach $2.27 billion by 2028, with a CAGR of 10.91% during the forecast period (2023-2028).
India would soon design, develop, and manufacture next-generation receiver modules essential for the NavIC (Navigation with Indian Constellations)—an application developed by the Indian Science Research Organization (ISRO).
This could help establish India’s technological leadership in the areas of strategic importance and economic self-reliance. The Technology Development Board (TDP)—a statutory body under the Ministry of Science and Technology has already approved financial support to a Hyderabad based Manjeera Digital Systems Private Limited (MDS).
MDS is a Digital Signal Processing (DSP) and Research and Development Company targeting to design next-generation computing architectures for high-performance computing for manufacturing of receiver modules in bulk, which is essential for the NavIC App.
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The NavIC is an application developed by ISRO for a constellation of seven satellites that, together, provide navigation support over India and 1,500 km around it. Since the NavIC App is essential for Indian GPS, its financial support for scaling up this technology would help India position itself as a global hub for Electronics System Design and Manufacturing, said a senior officer of the Ministry of Science and Technology.
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