Prime Minister Narendra Modi announced the establishment of a $119 million venture capital fund dedicated to advancing India’s space sector. This initiative is designed to foster innovation, create job opportunities, and support the growth of businesses within the industry.
Modi shared the news on social media platform X (formerly Twitter), emphasizing the fund’s “phenomenal impact on the youth.” According to a government statement, the fund will aid companies by providing essential resources for scaling their operations, investing in research and development, and expanding their workforce in India’s burgeoning space economy.
The fund is expected to be deployed over a period of up to five years following its operational launch. India’s space sector has made remarkable progress in recent years, highlighted by its historic landing on the lunar south pole in 2023, a global milestone, along with other significant missions. With an estimated market size of $8.4 billion, India’s space economy is part of a global industry projected to grow at a rate of 6% to 8% in the near future.
Over nearly six decades, India’s space program has evolved from dependence on foreign launch technology to achieving self-sufficiency, characterized by the development of its own launch capabilities.
