The Indian government has announced an allocation of ₹1,000 crore for a venture fund to support space startups. The decision was highlighted by Jitendra Singh, the Minister of State for Science and Technology and other departments, during a press briefing. This move is part of a broader strategy to prioritize the space sector in the government’s ongoing initiatives.
According to Singh, the space sector was opened to private players around four years ago, which led to the establishment of entities such as New India Space Limited (NISL) and IN-SPACe India, designed to facilitate collaboration between the government and private sector. As a result, the number of space startups has grown significantly from single digits to more than 200 today. One of the key milestones noted during the briefing was the launch of Vikram-S, India’s first private rocket.
Singh also mentioned that 100% foreign direct investment (FDI) is allowed in the space sector, which has contributed to the growth of space-related businesses. Additionally, the overall number of startups in India has risen from 350 in 2014 to over 150,000, positioning India as the third-largest startup ecosystem globally.
This funding and policy support are aimed at fostering innovation in the space sector and contributing to India’s economic growth. The government expects that the space startups will continue to play a significant role in the country’s technological and economic advancement.
The information was shared via a press release issued by the government.