Transformative Boost: Union Minister Jitendra Singh Unveils a Thrilling Rs 1,000 Cr Venture Fund for Ambitious Space Startups
In a significant development for India’s burgeoning space sector, Science and Technology Minister Dr. Jitendra Singh announced a substantial allocation of 1,000 crore rupees for a venture fund dedicated to space start-ups. This initiative is part of the Modi government’s ambitious efforts to bolster the country’s standing in the global space ecosystem.
During a recent address in New Delhi, highlighting the milestones of the first 100 days of Modi government 3.0, Dr. Singh revealed that India’s space start-up landscape has witnessed remarkable growth, now boasting over 150,000 start-ups. This surge has catapulted India to the third position globally in the space start-up ecosystem.
The Minister emphasized a noteworthy spike in the number of space sector companies operating in India, escalating from single digits to over 200 in a relatively short timeframe. This rapid growth reflects an increasingly dynamic and robust space industry in the country.
Dr. Singh also credited the 100 percent Foreign Direct Investment (FDI) provision in the space sector as a pivotal move by the Narendra Modi government. This policy has acted as a catalyst for innovation and entrepreneurship, attracting fresh investment and fostering the development of new ventures in the space domain.
This substantial financial commitment and supportive policy framework underscore India’s resolve to foster cutting-edge advancements in space technology, paving the way for future exploration and discovery. With these initiatives, the government aims to propel India further in the global space race, ensuring its position as a key player in the industry.
Original Story https://www.newsonair.gov.in/rs-1000-cr-earmarked-for-venture-fund-to-space-startups-says-union-minister-jitendra-singh/
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