Following the triumphant Chandrayaan-3 lunar mission, India’s Finance Minister Nirmala Sitharaman has unveiled a substantial 1,000 crore fund aimed at accelerating the growth of space technology within the nation.
Venture Capital Fund to Propel Space Economy
During her seventh consecutive budget presentation, Sitharaman announced the establishment of a venture capital fund worth Rs 1,000 crore. This strategic investment is projected to expand India’s space economy fivefold within the next decade, providing crucial support to over 180 government-recognized space technology startups operating in the country.
Economic Survey Highlights Space Sector Progress
The announcement comes on the heels of the Economic Survey 2023-24, which underscored the impressive strides made by India’s space sector. The survey detailed advancements in rockets, satellites, spacecraft, and ground infrastructure, all contributing to the nation’s space exploration capabilities.
India’s Active Space Assets and Launch Successes
The survey also revealed that India currently possesses 55 active space assets, encompassing communication, navigation, scientific, meteorological, and Earth observation satellites. Notably, the New Space India Limited (NSIL) successfully launched 72 OneWeb satellites into Low Earth Orbit using LVM3, M2, and M3 missions, solidifying LVM3’s reputation as a dependable Launch Vehicle in the global market.
IN-SPACe: Facilitating Space Activities
The Indian National Space Promotion and Authorisation Centre (IN-SPACe), a single-window agency responsible for promoting and authorizing space activities, has received a significant number of applications from various Indian entities. These applications cover a wide range of areas, including authorization, handholding, facility support, consultancy, technology transfer, and facility usage.
Collaboration and Partnerships in Space Sector
As of January 1, IN-SPACe has signed numerous MoUs and joint project implementation plans with non-governmental entities. These collaborations are crucial for providing the necessary support to carry out diverse space activities within the country.
Chandrayaan-3: A Historic Lunar Landing
Last year, the Indian Space Research Organisation (ISRO) achieved a historic milestone with the successful landing of Chandrayaan-3 on the unexplored South Polar region of the Moon. This remarkable feat made India the fourth country to achieve a successful lunar landing, further solidifying its position in the global space community.
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