A pivotal moment in this journey comes with the Union Cabinet's approval of a Rs 1,000 crore venture capital fund aimed at bolstering India's space sector.
This fund, designed to support startups and innovation in the space industry, promises to be a game-changer, propelling India's ambitions to the forefront of the space economy.
As the government and private players work hand in hand, India could soon be known not only for its space missions but also as the innovation hub for the next generation of space technologies.
India's space industry has evolved significantly over the past few decades.
With ISRO (Indian Space Research Organisation) at the helm, India has made remarkable strides in space exploration, launching successful missions to the Moon and Mars, as well as positioning itself as a reliable player in the global satellite launch market.
However, this success has largely been driven by government efforts, with private-sector participation remaining limited until recent years.
The establishment of IN-SPACE (Indian National Space Promotion and Authorization Center) marked a critical shift, designed to facilitate private sector involvement in space activities.
IN-SPACE acts as a regulatory body and a platform for private players, guiding them through the process of getting their space missions off the ground.
The government's decision to launch a Rs 1,000 crore venture capital fund is a strategic move to provide further impetus to this growing sector.
It will inject much-needed funds into startups and other private entities, ensuring that these companies have the financial resources to develop new technologies, launch satellites, and drive the next phase of innovation.
THE POTENTIAL OF THE SPACE ECONOMY
The scope of India's space economy is vast and multifaceted.
This story is from the December 01, 2024 edition of The Business Guardian.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the December 01, 2024 edition of The Business Guardian.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
AAP, BJP CLASHES OVER DELETION OF VOTERS
AAP is \"conspiring\" to delete the votes of not only the poor but also prominent citizens of Delhi, including a top naval officer and the son of former vice president Hamid Ansari
CM Atishi Is Just a Puppet of Kejriwal,
Launching a blistering attack against the Aam Aadmi Party (AAP), Bharatiya Janata Party (BJP) MP Manoj Tiwari said that Chief Minister Atishi is just a puppet of Aam Aadmi Party National Convenor Arvind Kejriwal as he is using her as a remote.
SC Urges Delhi Govt, LG to Settle Disputes as 'Farishtey' Funds Released
Disputes between the Delhi government and the LG must be resolved once and for all, the Supreme Court said on Thursday after being informed funds for a scheme meant for road accident victims were released.
Devender Yadav accuses Modi, Kejriwal of betraying farmers
The Delhi Congress has criticized both the BJP and the AAP for the deteriorating state of the national capital, accusing them of being anti-farmer.
Four Killed, One Injured in Haridwar Road Accident
Four passengers traveling in a car, residents of Rewari, Haryana, died in a road accident on the Delhi-Haridwar highway late at night, while one passenger was seriously injured and is undergoing treatment at Rishikesh AIIMS Hospital.
NSUI demands DU college be named after Manmohan Singh
\"Dr. Singh's legacy as a scholar, economist, and public servant embodies resilience, merit, and dedication to public welfare.
Delhi shivers: Cold, poor air, and dense fog hit the capital
The national capital is experiencing a significant dip in temperatures, as the mercury in many regions has plummeted significantly as the cold weather prevails at the start of the new year.
Supreme Court Quashed Section 498A IPC Case Filed by Wife Against Parent-in-Law 'With Ulterior Motive' to Force Husband to Consent for Divorce'
Further, the court doubted the motive of the complainant to not include the particulars of the offence of cruelty or miscarriage in the divorce proceedings initiated by her. As per the court, the delay of nearly two years in registering the FIR raised doubts about the complainant's motives.
Kerala High Court Directed 'Mridanga Vision' Proprietor's Surrender In Connection With Event Where MLA Uma Thomas Was Inquired
The Kerala High Court in the case Nigoshkumar M. v State of Kerala observed and has directed the sole proprietor of Mridanga Vision, Nigoshkumar M to surrender before the investigation officer on January 2.
Justice Harpreet Singh Brar Appointed As Permanent Judge of Punjab And Haryana High Court
The president appointed Justice Harpreet Singh Brar as a permanent judge of the Punjab and Haryana High Court.
