Union Minister Jitendra Singh Announces Rs 1,000 Crore Venture Fund for Space Startups.

New Delhi:

In a significant boost to India’s burgeoning space sector, Union Minister Dr. Jitendra Singh announced the allocation of Rs 1,000 crore for a Venture Fund dedicated to space startups. Speaking at a media briefing, he emphasized that this initiative reflects the Modi government’s high priority for the space domain within its first 100 days of the third term.

Dr. Singh noted that the space sector has experienced remarkable growth since it was opened to private players four years ago. The number of startups in the sector has surged from a single-digit figure to over 200, thanks in part to the establishment of New India Space Limited (NISL) and IN-SPACe India, which facilitate private sector engagement.

Highlighting India’s achievements, Dr. Singh pointed out that the Indian Space Research Organisation (ISRO) has made significant advancements, including the successful landing of Chandrayaan-3 at the Moon’s South Pole, marking India as a leading nation in space exploration.

The minister also announced that the government allows 100% Foreign Direct Investment (FDI) in the space sector, which is expected to further stimulate growth and innovation among new entrepreneurs. With the overall startup ecosystem in India expanding to over 150,000, the space sector is increasingly contributing to the nation’s economic growth.

Looking ahead, Dr. Singh mentioned that the final test flight of Gaganyaan, India’s human spaceflight program, is scheduled for later this year, aiming to send the first Indian astronaut into space by 2025.

He concluded by stating that India’s advancements in space technology are not limited to rocket launches; they are also significantly impacting various sectors, including agriculture, urban development, and healthcare, enhancing the quality of life for all citizens.