₹1,000 crore venture capital fund to promote space technology

Finance Minister Nirmala Sitharaman announced in the Budget a venture capital fund of ₹1,000 crore to promote space technology. “With our continued emphasis on expanding the space economy by five times in the next 10 years, a venture capital fund of ₹1,000 crore will be set up,” she said.

Reacting to the announcement, Dr Pawan Goenka, chairman of the Indian National Space Promotion and Authorisation Centre (IN-SPACe), which has been formed under the Department of Space to promote and supervise non-government entities (NGEs) to undertake space activities, said the announcement will give a major boost to new entrepreneurs and NGEs in the space sector.

“At IN-SPACe, we look forward to supporting the growth of the space economy and nurturing an enabling ecosystem for NGEs. The fund, along with the existing policies for the space sector, will fuel technological innovation and create a fertile ground for NGE’s to thrive.”