India, July 22 -- Vikram-1 reached orbit on 18 July on its very first attempt, having raised roughly $150 Mn across its entire life as a company. That number, not the launch itself, is a strategic headline.

It means India can now manufacture orbital launch capability at a cost structure no other country has managed to match, and it points policymakers straight to where public money now earns its highest return.

Measured against its global peers, that figure looks extraordinarily efficient. Rocket Lab, the closest analogue in the small-satellite launch market, had raised around $150 Mn by the time it began its orbital campaign, and its first attempt in 2017 still fell short of orbit.

Virgin Orbit burned through more than $1 Bn, reached ...