Rs 1k-cr venture fund for space startups

The government has earmarked Rs 1,000 crore for a venture fund to space startups. The decision was taken within the first 100 days of the third term of the Narendra Modi government, said Minister of State (Independent Charge) for Science & Technology Jitendra Singh.

This is an indication of the high priority that the government gives to the space sector, an official press release quoted Singh as saying. Space is one of the top three or four areas identified as the focus of the government in its third term, he said.

About four years ago, it was decided to open the space sector to private players as a revolutionary step. While New India Space Limited (NISL) was a new public sector enterprise established, IN-SPACe India was established as the interface with the private sector.

The result, Singh said, has been amazing in the form of the quantum jump from just one digit startup to 200-plus space startups today within a short span of time. Some of India’s space startups are of world class and are also among the first of their kind. He referred to India’s first private Rocket, Vikram-S.

It is not a small achievement, pointed out Dr Jitendra Singh, that the ISRO (Indian Space Research Organisation) was established in the year 1969 when America landed its first human being Neil Armstrong on the surface of the Moon. However, in less than 60 years, India’s Chandrayaan 3 has reached the South Pole of the Moon before any other country of the world, which indicates that India is not only a first line nation in the space sector but also in a position to offer valuable cues for other nations to follow.

Singh pointed out that 100 per cent FDI is allowed by the government in the space sector which has proved to be a great boost for the new initiative and new entrepreneurs. The number of startups in India has gone up from 350 in 2014 to more than 1.5 lakh, thus raising India to number three in the world ecosystem, he said, adding that the space sector startups have also started contributing hugely in adding value to India’s future economy.

Referring to Gaganyaan, Singh said we are trying to have the final test flight with the Robot Vyom Mitra before the end of this year or beginning next year so that the first Indian human being may be sent to the space through Gaganyaan during next year.

Another important feature is that we are not confined to simply launching rockets, the Minister said. Space technology has started playing an important role in various infrastructural and development sectors including agriculture, roads and buildings, smart cities, urban development, land revenue record, and healthcare, he added.