Prime Minister Narendra Modi applauded Indian space startup Digantara for the groundbreaking success of its Mission SCOT. Highlighting the mission’s role in bolstering space situational awareness, he shared his congratulations on the social media platform X, calling it a significant milestone for India’s expanding space sector.
Digantara expressed gratitude for the Prime Minister’s recognition, emphasizing how Mission SCOT enhances India’s national security framework while establishing the nation as a global leader in space domain awareness. The startup reiterated its commitment to shaping the future of space technology in line with India’s strategic goals.
Mission SCOT, as announced by Digantara, has successfully deployed its solar panels and maintained stable communication with its ground station. With operational stability achieved, the next phase involves commissioning the satellite for its primary purpose: accurate object tracking and imaging in Low Earth Orbit (LEO). Over the coming weeks, the team will meticulously prepare SCOT for its core mission.
The Union government has actively supported the private space sector, approving a $120 million Venture Capital Fund under IN-SPACe’s management. The fund aims to provide much-needed financial backing to space startups, addressing the lack of risk capital in the high-tech domain. This initiative aligns with India’s broader space sector reforms initiated in 2020 to foster private sector participation.
India’s space economy, currently valued at $8.4 billion, is expected to grow to $44 billion by 2033. The government-backed fund will function as an Alternative Investment Fund regulated by SEBI, offering early-stage equity to space startups. This move is designed to boost investor confidence, attract private capital, and solidify India’s global presence in the space sector.
With over 250 startups now operating in the space industry, this financial support is vital for nurturing growth and retaining talent within the country, preventing the migration of skilled professionals abroad. By fostering innovation and investment, India is positioning itself as a key player in the global space economy.
