Finance Minister Nirmala Sitharaman has announced that the Indian government will create a Rs 1,000 crore venture capital fund for investments in India’s space economy. 

This move aims to expand the Indian space economy fivefold over the next decade. The fund is expected to support startups in the space sector and encourage more private participation. 

This initiative is believed to boost India’s position in the global space market and attract domestic and international investments.

The Economic Survey highlighted that Agnikul Cosmos, Chennai, established the first private launchpad and mission control centre in November 2022 at the ISRO campus in Sriharikota.

According to Pawan K Goenka, chairman of IN-SPACe, the country’s private space sector regulator, the fund will facilitate startups’ receipt of equity investments, particularly at the venture capital stage.

Vishesh Rajaram, Managing Partner of Speciale Invest, expressed strong confidence in the potential impact of the Rs. 1000 crore fund for the space economy, foreseeing its role in driving India’s dominance in the global space market. Speciale Invest, an early investor, has supported various space-related ventures.

IN-SPACe projected that the Indian space economy could reach USD 44 billion in the next 10 years from its current USD 8.4 billion, potentially expanding India’s share of the global space economy from 2% to 8%.

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