Union Minister Jitendra Singh announced that ₹1,000 crore has been allocated for a Venture Fund dedicated to space startups. This decision, made within the first 100 days of the Modi 3.0 government, underscores the administration’s commitment to prioritizing the space sector under Prime Minister Narendra Modi’s leadership.
During a media briefing, Dr. Singh highlighted a significant development from four years ago when the sector was opened to private players. New India Space Limited (NISL) was established as a new public sector unit, while IN-SPACe India serves as the interface with the private sector.
He noted the remarkable growth in the sector startup ecosystem, which has expanded from a single startup to over 200 in a short time. Some of these startups, including India’s first private rocket, Vikram-S, have the potential to compete globally.
Dr. Singh pointed out that the Indian Space Research Organisation (ISRO), founded in 1969, achieved a significant milestone with the successful Chandrayaan 3 mission, landing on the Moon’s South Pole ahead of other countries. This achievement showcases India’s leading position in the sector, offering valuable insights for other nations.
He further mentioned that the government allows 100% foreign direct investment (FDI) in the sector, significantly benefiting new initiatives and entrepreneurs. The number of startups in India has surged from 350 in 2014 to over 150,000, positioning India as the third-largest startup ecosystem in the world. Space startups are making substantial contributions to the country’s growing economy, which is on track to rise from the “fragile five” to the “first five” in the coming years.
Discussing the Gaganyaan mission, Dr. Singh stated that a final test flight with the robot VyomMitra is planned before the end of this year or early next year, with the goal of sending the first Indian astronaut to space by 2025. Dr. Singh emphasized that India’s space sector not only inspires pride among its citizens but also extends its technology to various sectors, including agriculture, infrastructure, urban development, and healthcare.
