Rs 10 crore allocated for venture fund to space startups: Union Minister Jitendra Singh
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There are now more than 200 startups in the space sector from a single digit.
100 per cent FDI allowed in space sector
Space startups have been allocated Rs 1000 crore for venture funds. Union Minister of State (Independent Charge) for Science and Technology,
Space startups have been allocated Rs 1000 crore for venture funds. Union Minister of State (Independent Charge) for Science and Technology, Minister of State (Independent Charge) for Earth Sciences (Independent Charge), PMO, Department of Atomic Energy, Department of Space, Personnel, Public Grievances and Pensions, Dr Jitendra Singh gave this information here today. This is a sign that the government under the leadership of Prime Minister Narendra Modi is giving high priority to the space sector. “Space is one of the top 3/4 areas identified as the focus of the government in third term 3.0,” he said.
Speaking to the media, Dr Jitendra Singh said that about four years ago, as a revolutionary step, it was decided to open up the space sector to private companies. New India Space Limited (NISL) was established as a new public sector enterprise, while IN-SPASE India was established as an interface with the private sector.Dr Jitendra Singh further revealed that 100 per cent FDI regime has been allowed by the government in the space sector which has proved to be a big boost for new initiatives and new entrepreneurs. While the number of starups in India has increased from 350 to 1.5 lakh in 2014, thereby increasing India to the third position in the global environment, space sector startups have also started contributing extensively to adding value to India’s future economy which is rapidly growing from 5 to the first five and is likely to reach the fourth and third position in a few years.
Referring to Gaganyaan, Dr Jitendra Singh said
“We are trying to conduct the final test flight with robot Boyom Mitra before the end of this year or early next year so that the first Indian man can be sent to space via Gaganyaan next year i.e. in 2025.”
Dr Jitendra Singh said that one of the unique features of India’s space sector is that even those who do not have a direct stake in space and who are only ordinary citizens of India feel a sense of respect that India has now become a nation. Another important thing is that we are not only limited to rocket launches but space technology has also started playing an important role in various infrastructure and development sectors such as agriculture, roads and buildings, smart cities, urban development, land revenue records, healthcare etc.
