Rs 1,000 Crore Venture Fund for Space Startups

On 6th October, 2024, the government allocated Rs 1,000 crore to support space startups, highlighting the high priority given to India's space sector.

Key Points

Government’s Investment in Space Startups: The Union government announced a Rs 1,000 crore venture fund for Indian space startups, reflecting the growing emphasis on private sector involvement in the space sector.
Opening Up of Space Sector to Private Players: Union Minister highlighted that around four years ago, the government made a landmark decision to open the space sector to private players, resulting in the establishment of New India Space Limited (NISL) and IN-SPACe India to interface with the private sector.
Rapid Growth of Space Startups: India's space startup ecosystem has experienced exponential growth, increasing from a single-digit number to over 200 startups in a short span.
100% FDI in Space Sector: The government has allowed 100% Foreign Direct Investment (FDI) in the space sector, which has significantly boosted new entrepreneurial initiatives and innovation in the industry.
India's Expanding Startup Ecosystem: The total number of startups in India has surged from 350 in 2014 to over 1.5 lakh, making India the third-largest startup ecosystem globally. Space startups are contributing significantly to the nation's future economy.