Indian Govt Announces a Rs 1,000 Cr Funding Scheme To Boost Space Sector Startups

Union Minister of State (Independent Charge) for Science and Technology; Earth Sciences and Minister of State for PMO, Department of Atomic Energy, Department of Space, Personnel, Public Grievances and Pensions, Dr. Jitendra Singh has announced a Rs 1,000 crore funding scheme to support space startups and boost the sector's growth.

The fund, managed by SIDBI Venture Capital, will address the need for risk capital in the space sector.

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“The biggest testimony testimony of the government has been its work. Even in the first 100 days of the Prime Minister Narendra Modi 3.0 government, we had Rs 1,000 crore allocated for the space startups,” said, Union Minister Dr Jitendra singh.

“For the Department of Space, the budgetary allocation has increased from Rs 5,615 crore to Rs 13,416 crore, which is 138% more. This is only the contribution of the government. The pool is much larger because we have opened up the space sector,” he said.

Last October, the Union Cabinet approved a Rs 10,000 crore venture capital fund to help Indian space tech startups scale and compete globally. 

The investment will be spread over five years: Rs 150 crore in 2025-26, Rs 250 crore each for the next three years, and Rs 100 crore in 2029-30.

Approved in April 2023, The Indian Space Policy aims to grow India's space economy by encouraging private sector participation, promoting R&D and providing access to public infrastructure and expertise.

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