India to Establish ₹1,000 Crore (10 Billion Rupees) Fund to Boost Space Economy: Nirmala Sitharaman

Jul 23, 2024, 06:39 AM

The Indian government, under the 2024 Union Budget, has announced the establishment of a ₹1,000 crore (10 billion rupees) venture capital fund aimed at boosting the space economy. Finance Minister Nirmala Sitharaman stated that this initiative is part of a broader strategy to expand the space economy fivefold over the next decade. The fund is expected to significantly benefit space tech startups such as Agnikul Cosmos, Skyroot Aerospace, Digantara, Pixxel, Bellatrix Aerospace, and GalaxEye. Additionally, the budget includes a ₹1 lakh crore financing pool to spur private sector-driven research and innovation at a commercial scale through the Anusandhan National Research Fund.