India has made many achievements in the space sector under the Narendra Modi government. The Narendra Modi government at the center will create a venture capital (VC) fund of Rs 1000 crore to increase the space sector five times over the next 10 years. This will help in making India self-reliant in the space sector. The fund will promote research, innovation and development in the field of space technology in the private sector.
This is part of a larger fund of Rs 1 lakh crore, created to encourage private sector innovation in different industries. Apart from that, companies working in space technology will be given space in 12 industrial parks accepted under the National Industrial Corridor Development Programme.
Space industry representatives welcomed the proposal. Indian Space Association (ISPA) Director General, Lt Gen AK Bhatta said, the Budget’s vision to grow India’s space economy five-fold over the next decade reflects the government’s strong commitment to the sector. He said that this solution is essential for the development and growth of India’s space ecosystem.
Bangalore-based Digantara, which does space mapping, has received funding from companies like Peak XV Partners and Sidbi. The company said that “it is important for a strategic sector like space to have more domestic customers and the government needs to act as a primary customer, which drives demand and fosters a strong ecosystem.”
The announcement is expected to benefit over 180 government-accredited space technology startups in India. This will underline the government’s efforts to establish India as a major player in the global commercial space market.
