India's Cabinet Approves Rs. 1,000 Crore IN-SPACe Fund to Support 40 Space Startups

Oct 24, 2024, 11:16 AM

On Thursday, the Indian Union Cabinet, chaired by Prime Minister Narendra Modi, approved the establishment of a Rs. 1,000 crore ($134 million) Venture Capital Fund dedicated to supporting startups in the nation's burgeoning space sector. The fund will operate under the aegis of the Indian National Space Promotion and Authorisation Centre (IN-SPACe). It is expected to support approximately 40 space startups by providing crucial early-stage funding ranging from Rs. 10 crore to Rs. 60 crore, contingent upon each company's stage, growth trajectory, and potential impact. The initiative, introduced by Finance Minister Nirmala Sitharaman in the Union Budget 2024-25, aims to accelerate the growth of India's private space industry, foster innovation in satellite technology, and boost employment within the sector. Union Minister Ashwini Vaishnaw announced the approval, highlighting the government's commitment to fortifying India's leadership in the global space arena. Prime Minister Narendra Modi stated that this decision would have a phenomenal impact on the youth, offering opportunities to innovative minds and adding momentum to the space programme.