Government Allocates Rs 1,000 Cr Venture Fund For Space Startups
Rs 1,000 crore venture fund is introduced to propel India's space startup revolution"
 (Source - www.nasa.gov) (1)_20240611160701_original_image_40.webp)
In a significant boost to India’s burgeoning space sector, Union Minister Jitendra Singh declared that Rs1,000 crore has been earmarked for a venture fund to support space startups.
During a media briefing, Singh highlighted the remarkable growth of the space startup ecosystem, which has surged from a mere handful to over 200 startups in just four years. He attributed this rapid expansion to the government's revolutionary decision to open the space sector to private players, establishing New India Space Limited (NISL) and the Indian National Space Promotion and Authorization Center (IN-SPACe) to facilitate collaboration with the private sector.
"India’s first private rocket, Vikram-S, is a testament to our startups' potential," Singh stated, emphasising that some of these enterprises are pioneering innovations that could compete on a global scale.
Reflecting on India's advancements in space exploration, Singh noted that Indian Space Research Organisation, founded in 1969, has achieved remarkable milestones, including the recent successful landing of Chandrayaan-3 at the Moon's South Pole—an accomplishment no other nation has achieved to date.
The minister also told the allowance of 100 per cent foreign direct investment (FDI) in the space sector, a move he believes will further encourage new entrepreneurs and enhance the sector’s growth. He cited the broader startup ecosystem in India, which has grown from 350 startups in 2014 to over 1.5 lakh today, positioning India as the third-largest startup ecosystem in the world.
"The contributions of space startups are pivotal to India's economic future, which is transitioning from the 'fragile five' to becoming one of the world's top three economies in the coming years," Singh concluded.
This substantial investment and supportive policy framework signal a new era for India's space industry, positioning it as a key player in the global arena and fostering innovation and entrepreneurship within the sector
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