The News Freedom
New Delhi, October 6
The Centre government has earmarked ₹1,000 crore for a new venture fund aimed at fostering space startups, Union Minister Dr. Jitendra Singh said on Sunday. The initiative, introduced within the first 100 days of Prime Minister Narendra Modi’s third term, underscores the government’s strong focus on the space sector.
“Space is among the top priorities of the Modi 3.0 administration,” said Dr. Jitendra Singh, who holds key portfolios including Science and Technology, Earth Sciences, and Space. He highlighted that opening the space sector to private players four years ago was a “revolutionary step.”
Singh noted that the creation of New India Space Limited (NISL), a new public sector undertaking, and IN-SPACe India, which serves as an interface between the government and private industry, has led to rapid growth. The number of space startups has surged from a handful to over 200 in just a few years, with some already achieving global recognition.
India’s first private rocket, Vikram-S, is among the notable achievements from these startups, Singh said. He also emphasized that India’s space progress is significant—ISRO was established in 1969, the same year the U.S. landed on the Moon, and today India has become the first country to reach the Moon’s South Pole with Chandrayaan-3.
Singh also pointed out that 100% foreign direct investment (FDI) is now permitted in the space sector, which has been a major boost for entrepreneurship and innovation. “India’s startup ecosystem has grown from 350 startups in 2014 to over 150,000 today, ranking third globally,” he said. Space startups, in particular, are contributing to the nation’s economic growth, positioning India to rise among the world’s top economies.