Union Minister Dr. Jitendra Singh announced that the Indian government has earmarked Rs 1,000 crore for a Venture Fund dedicated to supporting space startups. Dr. Singh, who holds several key portfolios including Science and Technology, Earth Sciences, and the Department of Space, emphasized that the space sector is one of the top priorities for the government in its third term.
Highlighting a groundbreaking decision made about four years ago, Dr. Singh noted that the government opened the space sector to private players for the first time, a move that has proven transformational. The establishment of New India Space Limited (NISL), a public sector undertaking (PSU), and IN-SPACe India, which acts as a liaison between the government and private sector, has been crucial in enabling this growth.
The results have been remarkable. Within a few short years, the number of space startups in India has surged from single digits to over 200. Dr. Singh pointed to India’s first private rocket, Vikram-S, as a standout example of the innovation coming from these startups. He also noted that the government’s 100% FDI provision for the space sector has further fueled this expansion, creating opportunities for new entrepreneurs.
India’s broader startup ecosystem has also seen impressive growth. The number of startups in the country has skyrocketed from 350 in 2014 to over 1.5 lakh today, positioning India as the third-largest startup ecosystem in the world. Space startups are expected to contribute significantly to India’s rapidly growing economy. This venture fund marks another step in India’s push to become a global leader in space technology, as both the government and private sector collaborate to make significant strides in the sector.
