July 25, 2024July 25, 2024
Finance Minister Nirmala Sitharaman announced that the government will set up a Rs 1,000 crore venture capital fund for investments in India’s space economy.
The move aims to expand India’s space economy five-fold over the next decade. The fund is expected to support space start-ups and encourage greater private sector participation.
The initiative is expected to enhance India’s position in the global space market and attract domestic and international investments.
The Economic Survey highlighted that Agnikul Cosmos, Chennai, will set up its first private launch pad and mission control centre at the ISRO campus, Sriharikota, in November 2022.
The fund will make it easier for startups to access equity investments, especially at the venture capital stage, said Pawan K. Goenka, chairman of IN-SPACe, the country’s private space sector regulator.
Vishesh Rajaram, Managing Partner at Speciale Invest, expressed high confidence in the Rs 1000 crore fund’s potential impact on the space economy and foresaw its role in driving India’s dominance in the global space market. Speciale Invest, an early investor, has backed various space-related ventures.
IN-SPACe predicted that India’s space economy could reach $44 billion over the next decade from the current $8.4 billion, and India’s share of the global space economy could expand from 2% to 8%.
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