नवीनतम
India's ambitious Rs 1,000 Cr push to transform space sector
NEW DELHI [Maha Media]: Union Finance Minister Nirmala Sitharaman has announced a transformative initiative for India's space sector in the Union Budget 2024-25, introducing a Rs 1,000 crore venture capital fund. This substantial fund aims to boost the space economy, targeting a fivefold increase in its size over the next decade.
The venture capital fund is designed to attract additional private sector investments, further galvanizing growth in the space economy. Siddharth Mody, Partner at JSA Advocates and Solicitors, praised this government commitment, highlighting its potential to bring India's space economy from USD 8.4 billion to USD 44 billion by 2033. Mody emphasized that the fund could mobilize capital and foster an environment conducive to early-stage space tech companies.
Industry experts like Sanjay Kumar, CEO of Geospatial World, also underlined the significance of geospatial technologies in driving citizen participation, social development, and economic transformation. Kumar pointed out that this budgetary allocation enhances the role of geospatial technologies, crucial for India's milestone of Viksit Bharat by 2047.
Saurabh Rai, CEO of Arahas, expressed optimism, underscoring the possibilities for collaboration and innovation in the space sector. The venture capital fund is set to support private sector-driven research and advanced space technologies, facilitating India's growing presence in space exploration and satellite services.
