The government on Sunday said it has earmarked Rs 1,000 crore for venture funds to space startups, an indication of the 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 the first 100 days of the Prime Minister Narendra Modi 3.0 government. "About four years ago, as a revolutionary step, it was decided to open the space sector to private players.
New India Space, the new PSU
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.
100 per cent FDI in space sector
"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 percent 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.
"Total number of startups
While the number of start-ups 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 start-ups in the space sector have also started contributing hugely to adding value 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.
