TLDR:
- Finance Minister Nirmala Sitharaman announced a ₹1,000 crore venture capital fund to promote space technology in India.
- The fund aims to support the growth of early-stage start-ups in the space sector and foster technological innovation.
Summary:
Finance Minister Nirmala Sitharaman revealed plans to establish a ₹1,000 crore venture capital fund to boost space technology development in India during the Budget announcement. The Indian National Space Promotion and Authorisation Centre (IN-SPACe) Chairman, Dr. Pawan Goenka, expressed optimism about the fund’s potential to provide a significant boost to new entrepreneurs in the space sector. Additionally, Sreeram Ananthasayanam, a partner at Deloitte India, highlighted the fund’s role in supporting early-stage start-ups and helping them scale faster.
The Department of Space received a slight increase in its budget allocation for the fiscal year 2024-25, with IN-SPACe also seeing a rise in funding. This move is expected to complement existing policies and fuel innovation within the space industry, creating conducive conditions for non-government entities (NGEs) to thrive. The fund is said to address the investment needs of private space entities and contribute to the growth of the space economy through technological advancements.
