Govt Announces Venture Fund to Expand Space Economy, In the Budget 2024-25 announcement, the government has revealed a groundbreaking initiative to support the burgeoning space economy with the establishment of a ₹1,000 crore venture fund. This fund aims to foster innovation and entrepreneurship in the space sector, encouraging startups and established companies to develop cutting-edge technologies and services.
India’s Space Economy Set to Soar
After the triumphant Chandrayaan-3 mission, Finance Minister Nirmala Sitharaman revealed a new venture capital fund of ₹1,000 crore to Govt Announces Venture Fund to Expand Space Economy fivefold over the next decade.
Major Milestones in 2023
In a remarkable showcase of capability, India achieved a successful soft landing of Chandrayaan-3 on the Moon’s South Pole. Additionally, the launch of Aditya-L1, India’s inaugural solar mission, marked another significant milestone. These achievements have cemented India’s position in the global space economy and energized the private space sector.
Future Ambitions: Bharatiya Antariksha Station and Moon Mission
India has set ambitious goals, including establishing the ‘Bharatiya Antariksha Station’ by 2035 and sending the first Indian to the Moon by 2040. The recent review of the Foreign Direct Investment (FDI) Policy in the space sector by the Ministry of Commerce and Industry underscores these intentions.
Rise of Indian Space Startups
Since the Indian space sector opened to private companies in 2020, startups have become pivotal in the industry. This liberalization has sparked innovation and growth, positioning Indian startups as vital contributors to the global space race.
Anusandhan National Research Fund
The government plans to operationalize the Anusandhan National Research Fund for basic research and prototype development. This initiative includes a financing pool of ₹1 lakh crore to stimulate private sector-driven research and commercial-scale innovation.
Next-Generation Reforms for Sustained Growth
Sitharaman announced plans to develop an economic policy framework to facilitate employment opportunities and ensure sustained high growth. This framework will guide next-generation reforms, promoting long-term economic development.
Land Digitization and Identification Initiatives
To modernize land records, the government will introduce a Unique Land Parcel Identification Number (ULPIN), or Bhu-Aadhaar, for all lands. This initiative will include digitizing cadastral maps, surveying map subdivisions based on current ownership, establishing a land registry, and linking it to the farmer’s registry. Urban areas will see land records digitized with GIS mapping.
Integration of the Labour Sector
The government will integrate the e-shram portal with other portals to create a comprehensive solution. This integration will connect job seekers with potential employers and skill providers, streamlining the job search process.
NPS-Vatsalya Scheme for Minors
The NPS-Vatsalya scheme will enable parents and guardians to contribute towards minors’ futures, ensuring financial security and support.
India’s ambitious plans and significant investments in the space sector are set to propel the country to new heights, fostering innovation and economic growth in the coming years.