India Approves Rs 1,000 Crore Space Venture Fund

The Indian government has approved a Rs 1,000 crore venture capital fund aimed at supporting 30 to 40 startups in the burgeoning space sector over five years. This initiative is part of a broader effort to increase India's market share in the global space industry from the current 2% to a projected $44 billion by 2033. Managed by the Indian National Space Promotion and Authorisation Centre, the fund will provide Rs 10 to 60 crore to startups based on their development stage, fostering innovation in satellite and launch vehicle technology. The fund's structure as an Alternative Investment Fund will ensure professional oversight by SIDBI and SBI, with a focus on taking concepts from ideation to commercialization. This move is expected to generate thousands of jobs, enhance manufacturing capabilities, and attract additional private investments, aligning with India's goal to become a global space industry leader. It complements India's recent space successes and the government's push for private sector involvement in space exploration.