A Rs 1,000-crore venture fund has been introduced to drive the space startup revolution in India.”
In a major boost to India’s burgeoning space sector, Union Minister Jitendra Singh declared that Rs 1,000 crore has been allocated for a venture fund to support space startups.
In a media briefing, Singh highlighted the impressive growth of the space startup ecosystem, which has mushroomed from a handful of startups to more than 200 startups in just four years. He said this rapid expansion has led to the creation of New India Space Limited (NISL) and the Indian National Space Promotion and Accreditation Center (IN-SPACe) to foster collaboration with the private sector, and to make the space sector private. He attributed this to the government’s revolutionary decision to open up to business.
“Vikram-S, India’s first private rocket, is a testament to the potential of our country’s startups,” Singh said, adding that some of these companies are pioneering innovations that can compete on a global scale. He emphasized that
Reflecting on India’s progress in space exploration, Singh said the Indian Space Research Organization, founded in 1969, has achieved achievements that no other country has achieved so far, including the recent successful landing of Chandrayaan-3 on the Moon’s South Pole. He pointed out that he had achieved a feat that had never been achieved before.
The minister also spoke about allowing 100% foreign direct investment (FDI) in the space sector, saying he believes this will further encourage new entrepreneurs and foster growth in the space sector. He cited India’s broader startup ecosystem, which has grown from 350 startups in 2014 to over 1.5 million startups today, placing India as the third largest startup ecosystem in the world. He said there was.
“The contribution of space startups is critical to the future of India’s economy, as India is transitioning from a ‘Five Fragile Nation’ to one of the world’s top three economies in the coming years,” Singh concluded. Ta.
This significant investment and supportive policy framework will usher in a new era for the Indian space industry, positioning it as a key player on the global stage and fostering innovation and entrepreneurship in the sector.
