India's space program has officially entered rarified air.

The newcomer to the space race successfully placed a satellite into Mars' orbit Wednesday, and scientists referred to the final stage of the mission as "flawless," according to the Associated Press.

"We have gone beyond the boundaries of human enterprise and innovation," Prime Minister Narendra Modisaid in a live broadcast from theIndian Space and Research Organization's research center in Bangalore, the AP also reported.

(PHOTOS: This Project Lets Us See Weather From a New Angle)

When the spacecraft, known as "Mangalyaan"– which translates to "Mars craft" in Hindi – entered Mars' atmosphere, India's space program became the fourth to achieve the feat and the first to do so on its first attempt, reports the Washington Post. The nation joins the United States, Europe and Russia as orbiters of the Red Planet, the report added.

The Washington Post also noted that the Indian mission cost just $72 million, the cheapest interplanetary mission ever. By comparison, the report notes that the Curiosity Rover, which has been collecting data on the surface of Mars for two years, cost $2 billion, and the Maven spacecraft, which entered Mars' orbit on Sunday, cost $670 million.

Modi was quick to note that the mission cost less to execute than a Hollywood film, NDTV.com reported. And he's right– the 2013 space film Gravity had a budget of $100 million, according to Cinema Blend.

The accomplishment makes India the first South Asian nation to orbit Mars, following failed attempts to reach Earth's neighbor by China and Japan, the Wall Street Journal reports.

"The moment this mission was named MOM (Mars Orbiter Mission), I knew it would not disappoint," Modi added, according to NDTV.com. "Moms never fail ... We dared to reach out to the unknown."

India Rover Enters Mars Orbit

Indian Space Research Organization scientists and officials cheer as they celebrate the success of Mars Orbiter Mission at their Telemetry, Tracking and Command Network complex in Bangalore, India, Wednesday, Sept. 24, 2014. (AP Photo/Aijaz Rahi)