Rs 1,000 crore earmarked for venture fund to Indian space startups: Minister

New Delhi: The government on Sunday said it has earmarked Rs 1,000 crore for venture fund to space startups, an indication of high priority that the government gives to the space sector.

Union Minister of State (Independent Charge) for Science and Technology, Dr Jitendra Singh, said the decision was taken within first 100 days of the Prime Minister Narendra Modi 3.0 government.

“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 minister informed.

The result has been amazing in the form of the quantum jump from just one digit startup to more than 200 space sector startups within a short span of time.

“Not only this, some of India's space startUps are of world potential and are also among the first of their kind,” said the minister, referring to India's first private Rocket, Vikram-S.

Dr Singh further said that there is 100 per cent 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, raising the country to number three in the world ecosystem, the space sector startUps have also started contributing hugely in adding values to India’s future economy.

Referring to Gaganyaan, Dr Singh said they are trying to have the final test flight with the Robot Vyom Mitra before the end of this year or beginning next year, so that the first Indian human being may be sent to space through Gaganyaan during the next year.