The Business Bytes
New Delhi, October 24, 2024 (TBB Bureau): The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the establishment of a Rs 1,000 crore venture capital (VC) fund aimed at enhancing the Indian space sector and generating employment.
The fund, to be managed by IN-SPACe, will be operational for up to five years and is expected to support startups across the entire space supply chain. The government anticipates an annual deployment of Rs 150-250 crore, depending on investment opportunities. Investment amounts will range from Rs 10 crore to Rs 60 crore, with support for approximately 40 startups.
This initiative is part of the government’s broader 2020 space sector reforms, which aim to promote private participation and elevate the space economy, currently valued at $8.4 billion, to $44 billion by 2033. With nearly 250 space startups in India, timely financial support is crucial to retain talent and drive innovation, boosting investor confidence and signaling the government’s commitment to advancing space reforms.
