Space Economy

The Union Budget 2024-25 has announced a Rs. 1,000 crore venture capital fund to accelerate India’s space economy by financing space-tech startups and SMEs at various growth stages.

Objectives of the Fund

  • Supports private sector innovation in space technology.
  • Reduces import dependency, which is 12 times higher than export earnings (2021-22).
  • Encourages indigenous production of electronic components, carbon fibers, and solar cells.
  • Allows ISRO to focus on R&D, interplanetary exploration, and strategic missions.

India’s Growing Private Space-Tech Sector

  • 200+ space-tech startups have emerged.
  • Skyroot Aerospace launched Vikram-S (2022), India’s first private rocket.
  • Agnikul Cosmos developed the world’s first 3D-printed rocket engine.

Challenges in the ....

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