Last Updated Oct - 26 - 2024, 04:59 PM | Source : NDTV | Visitors : 9
PM Modi lauds the Union Cabinet's Rs 1,000 crore VC fund to support India's space startups, aiming to drive innovation, create jobs, and propel the space econom
Prime Minister Narendra Modi has praised the Union Cabinet’s decision to establish a special Rs 1,000 crore Venture Capital (VC) Fund to drive innovation and growth in India’s space sector. Taking to social media site X, PM Modi expressed optimism that the fund would provide possibilities for young talent and improve India’s space programs. “Great news for the space sector! “This fund will provide new opportunities for creative minds and propel our space program forward,” he stated.
The Union Cabinet has approved a Rs 1,000 crore fund to support Indian space-focused startups, aiming to address financial challenges and prevent talent migration to other nations. The fund, which will be deployed over five years, will invest between Rs 150 crore and Rs 250 crore annually based on startup needs.
The fund, which is operated as an Alternative Investment Fund (AIF) under SEBI regulations, aims to boost investor confidence, attract private capital, and reinforce the government’s commitment to advancing space reforms. India’s space economy is valued at $8.4 billion, with aspirations to reach $44 billion by 2033. With over 250 active space startups in India, the fund’s backing is crucial for their sustainable growth.
The fund will boost employment in the Indian space sector by supporting startups across the entire space supply chain, helping businesses scale, invest in R&D, and expand their workforce. Each investment could generate hundreds of direct jobs in fields like engineering, software development, data analysis, and manufacturing, as well as thousands of indirect jobs in supply chains, logistics, and professional services.
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