NEW DELHI: Building on the success of the Chandrayaan-3 mission, Finance Minister Nirmala Sitharaman on Tuesday announced a Rs 1,000 crore fund to boost space technology development. Presenting her seventh consecutive Budget, the Finance Minister said a Rs 1,000 crore venture capital fund would be set up to expand the space economy five times over the next decade and support over 180 government-recognised space technology start-ups.
Also see: FY24 Budget Update
The announcement came following the presentation of the Economic Survey 2023-24 in Parliament on Monday. The Survey highlighted the impressive progress made in the space sector in recent years, including advancements in rockets, satellites, spacecraft and ground infrastructure used in space exploration.
According to the study, “Currently, India operates 55 space assets, including 18 communications satellites, nine navigation satellites, five scientific satellites, three weather satellites and 20 Earth observation satellites.”
The study also noted New Space India Limited’s (NSIL) successful contract to launch 72 OneWeb satellites into low Earth orbit through the LVM3, M2 and M3 missions, which has established LVM3 as a credible launch vehicle in the global commercial launch services market.
The Economic Survey 2023-24 further stated that the Indian National Space Promotion and Authorisation Centre (IN-SPACe), a one-stop authority for promotion and authorisation of space activities, has received 440 applications from over 300 Indian entities as of January 1. These applications relate to various aspects including authorisation, assistance, facility support, consultancy, technology transfer and facility utilisation.
According to the survey, as of January 1, 51 memoranda of understanding and 34 joint project implementation plans have been signed with various non-governmental organizations to provide necessary support for the conduct of space activities.
Last year, the Indian Space Research Organisation successfully landed Chandrayaan-3 on the previously unexplored south polar region of the moon, marking a significant milestone for India as it became only the fourth country to successfully land a spacecraft on the moon.
