INDIA'S SPACE TECH BOOM: GOVT'S ₹1,000 CRORE FUND EXPLAINED

India has a rich history of space exploration, with the Indian Space Research Organisation (ISRO) setting high standards for space activities at a relatively low cost compared to its global peers. As India emerges as a key player in global space exploration, the government is actively pursuing policies to encourage private sector participation in the space industry. In recent years, private space startups in India have gained momentum, contributing innovative technologies to some of the country's ambitious space missions. To further support these startups, the government has announced a special fund of Rs 1,000 crore.

- Teji Mandi

What's Happening?

Dr Jitendra Singh, the Union Minister of State for Science and Technology, announced that the government had allocated Rs 1,000 crore for a venture fund to support the growth of private sector startups. Currently, India accounts for only 2% of the global space economy, and it is clear that ISRO alone cannot significantly increase that share. To boost its space ambitions, the government has decided to liberalise and privatise the space sector.

Challenges Faced by Private Sector Players