Rs 1,000 cr earmarked for Venture Fund to Space StartUps, says union Minister Jitendra Singh

Rupees 1,000 crore has been earmarked for  Venture Fund to Space StartUps. This was stated here today by Union Minister of State (Independent Charge) for Science and Technology, Minister of State (Independent Charge) for Earth Sciences, MoS PMO, Department of Atomic Energy, Department of Space, Personnel, Public Grievances and Pensions, Dr Jitendra Singh, who said that the decision was taken within first 100 days of Modi 3.0 government, which is an indication of high priority that the government under the leadership of Prime Minister Narendra Modi gives to the Space sector. Space is one of the top three or four areas identified as the focus of the government in its third term 3.0, he said.

Briefing the media, Dr Jitendra Singh said,  about four years back, as a revolutionary step, it was decided to open the space sector to private players. While New India Space Limited (NISL) was a new PSU established, IN-SPACe India  was established as the interface with the private sector.

The result, he informed, has been amazing in the form of the quantum jump from just one digit Startup to 200 plus space sector Startups today within a short span of time. Not only this, he said, some of India's Space StartUps are of world potential and are also among the first of their kind. He referred to India's first private Rocket,  Vikram-S.

It is not a small achievement, pointed out Dr Jitendra Singh, that the ISRO (Indian Space Research Organisation) was established in the year 1969 when America landed its first human being Neil Armstrong on the surface of the Moon. However, in less than 60 years,  India’s Chandrayaan 3 has reached the South Pole of the Moon before any other country  of the world, which indicates that India is not only a first line  nation in the space sector but also in a position to offer valuable cues for other nations to follow.

Dr Jitendra Singh further disclosed that there is 100% FDI provision allowed by the government in the space sector which has proved to be a great boost for the new initiative and new entrepreneurs. While the number of StarUps in India has gone up from 350  in 2014 to more than 1.5 Lakh, thus raising India to number three in the world ecosystem, the space sector StartUps have also started contributing hugely in  adding values to India’s future  economy which is rapidly growing from fragile five to first five and is likely to reach to number four and number three in few years.