Budget 2024: Rs 1,000 crore fund to boost space economy by 5 times in next 10 years
This is the government’s vision is to increase India’s share in the global commercial space economy to 10% by 2030.
Despite being a major spacefaring nation, India currently accounts for only 2 per cent of the global space market. (Representational Image) Finance Minister Nirmala Sitharaman Tuesday announced a Rs 1,000 crore venture capital fund to give a push to the space economy. “With our continued emphasis on expanding the space economy, by 5 times in the next 10 years, a venture capital fund of Rs 1,000 crore will be set up,” said Sitharaman.
This is the government’s vision is to increase India’s share in the global commercial space economy to 10% by 2030.
Despite being a major spacefaring nation, India currently accounts for only 2 per cent of the global space market.
While the government had been hand-holding the upcoming private players — providing policy support, technical assistance, and even sharing infrastructure — this is likely the first policy to provide financial assistance as well.
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