Union Finance Minister Nirmala Sitharaman has made a provision of Rs 1000 crore in her budget to promote the indigenous space economy. He said that the Indian space economy will grow five times in the next decade. This is a venture capital fund. Through which investment will be made in the space industry.
The Finance Minister did not tell how and in what manner this investment would be made. But this news has created a wave of happiness in the private space industry. Srinath Ravichandran, co-founder of space-tech startup Agnikul, said that this is great news. This will help private space companies to move forward. Also new players will come into the field.
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Agnikul has built its launchpad at ISRO’s Satish Dhawan Space Center in Sriharikota. IN-SPACe Chairman Pawan K. Goenka said that this fund will greatly benefit private space companies and startups. They will get encouragement. India’s strength in the global space market will increase further.
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India’s space industry will increase from Rs 70 thousand crore to Rs 3.68 lakh crore
When private space startups and companies successfully conduct their tests and projects, India will be famous all over the world. Foreign investment will come. If this is combined with funding and FDI, then India’s space industry will get a lot of mileage. According to the estimates of IN-SPACe, the Indian space economy is currently worth 8.4 billion dollars i.e. more than 70 thousand crore rupees. In the next decade it will exceed Rs 3.68 lakh crore. That means India’s share in the global space economy will increase from 2 percent to 8 percent.