Government Commits ₹1,000 Crore to Space Startup Fund
The government declared the allocation of ₹1,000 crore for a venture fund dedicated to space startups, underscoring its significant focus on the development of the space sector.
Government Commits ₹1,000 Crore to Space Startup Fund
On Sunday, the government revealed it has allocated ₹1,000 crore to establish a venture fund specifically for space startups, showcasing its commitment to advancing the space sector.
Dr. Jitendra Singh, the Union Minister of State for Science and Technology, announced that this decision was made within the first 100 days of Prime Minister Narendra Modi’s third administration.
"About four years back, as a revolutionary step, it was decided to open the space sector to private players. While New India Space Limited (NISL) was a new PSU established, IN-SPACe India was established as the interface with the private sector," he explained.
The impact has been significant, with the number of space startups skyrocketing from just a few to over 200 in a remarkably short time.
"Not only this, some of India's space startUps are of world potential and are also among the first of their kind," the minister said, referring to India's first private rocket, Vikram-S.
Dr. Singh further highlighted that the government allows 100 percent Foreign Direct Investment (FDI) in the space sector, providing a substantial boost to this new initiative and aspiring entrepreneurs.
The overall startup ecosystem in India has expanded dramatically, rising from 350 in 2014 to more than 150,000, placing India third in the world. Space startups are now playing a vital role in enhancing the country’s economic future.
