Nevertheless, the South Asian nation's first interplanetary foray has raised some criticism as it comes at a time when the economy faces a deepening slowdown and widespread poverty.
"Criticisms that India is pushing ahead with it despite widespread poverty - and, currently, in the midst of slowing economic growth rates - are usually brushed aside by citing benefits of the program such as better-informed decision-making," Zalewski said.
(Read more: Millionaire spaceflier eyes 2018 Mars mission)
While this may be the case, Zalewski says the country is unlikely to accrue immediate, tangible benefits in terms of its international standing from such a mission.
However, from a strategic perspective, Rajiv Biswas, chief economist, Asia-Pacific at IHS says India does need to invest in developing its space technology, as it is increasingly vital for maintaining defense capability.
"The rapid growth of large Asian economies, notably China and India, will drive rapid growth in Asian defense spending over the next twenty years. Space technology, including missile and satellite technology, is becoming increasingly critical to modern defense systems," he said.
"It is also important for maintaining competitiveness in advanced communications technology and competing in the commercial satellite market, a fast-growing segment of global communications," he added.
—By CNBC's Ansuya Harjani; Follow her on Twitter: