Indian Government allocates 
1, 000 crore Venture Fund for Space Startups
The Indian government announced on Sunday that it has allocated 
1, 000 crore to nurture space tech startups and companies through venture capital, demonstrating its strong support for the space industry.
1, 000 crore to nurture space tech startups and companies through venture capital, demonstrating its strong support for the space industry.
Dr. Jitendra Singh, the Union Minister of State (Independent Charge) for Science & Technology, stated that the decision was took during the first 100 days of the Prime Minister Narendra Modi 3.0 administration.
The significant outcome has been notable, as witnessed by the quick shift from one space Sector Company to more than 200 in a short span of time.
The minister stated, “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”.
“Not only this, some of India’s space startups are of world potential and are also among the first of their kind”, the union minister stated denoting Vikram-S, India's first private rocket. Dr. Singh went on to say that the government has approved 100% FDI in the space sector, which has been extremely beneficial for new ventures and entrepreneurs.
While India now ranks third in the world ecosystem with over 1.5 lakh starUps, up from 350 in 2014, the country's space sector startups are also making significant contributions to enhancing India's future economy.
Regarding Gaganyaan, Dr. Singh stated that the goal is to complete the last test flight with the Robot Vyom Mitra by the end of this year or early in the next year, in order to launch the first Indian human into space via Gaganyaan in the following year.
