India is set to establish a venture capital fund worth 10 billion rupees (approximately $119 million) to strengthen its domestic space industry’s competitiveness.
Finance Minister Nirmala Sitharaman announced this plan during a budget speech for the 2024-25 fiscal year in Parliament on July 23.
This announcement comes as India is undertaking various reforms to boost the growth of its space industry. In February, the country significantly revised its foreign direct investment (FDI) regulations to promote foreign investment in domestic space companies.
Minister Sitharaman stated, “We will create a venture capital fund of 100 billion rupees focused on expanding India’s space economy fivefold over the next decade. This fund will provide the necessary resources to foster innovation and expansion in the space sector.”
India’s current space economy is valued at $8.4 billion, accounting for 2-3% of the global space economy. India aims to grow its market size to $44 billion by 2033, including $11 billion in exports, and to capture 15% of the global space economy by 2047.
Investment in Indian space startups increased to $124.7 million in 2023, indicating growing interest and investment in India’s space industry.
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