Rs. 1,000 crore (US$ 119.90 million) earmarked for Venture Fund to Space StartUps, says union Minister Jitendra Singh

The Indian government has allocated Rs. 1,000 crore (US$ 119.90 million) for a Venture Fund to support space startups, as announced by Union Minister of State for Science and Technology Dr. Jitendra Singh. This decision, made within the first 100 days of the Modi 3.0 administration, underscores the government's commitment to the space sector, a key focus area in this term. He highlighted the significant progress made since the space sector was opened to private players four years ago. With the establishment of New India Space Limited (NISL) and IN-SPACe as interfaces for private engagement, the number of space startups in India has surged from one startup to over 200. He noted that some of these startups, including India’s first private rocket, Vikram-S, are pioneering innovations globally.

Additionally, He emphasized India’s achievements in space exploration, particularly the successful landing of Chandrayaan-3 at the Moon's South Pole, marking India as a leader in the field. The government’s allowance of 100% foreign direct investment (FDI) in the space sector has further encouraged new entrepreneurs. Looking ahead, the Gaganyaan mission aims to send the first Indian astronaut into space by 2025, with final tests scheduled soon. He also pointed out that space technology increasingly benefits various sectors, including agriculture, urban development, and healthcare, enhancing India’s economic prospects and global standing.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.