By TIOL News Service

NEW DELHI, OCT 07, 2024: RUPEES 1,000 crore has been earmarked for  Venture Fund to Space StartUps. This was stated here yesterday by Union Minister of State (Independent Charge) for Science and Technology, Minister of State (Independent Charge) for Earth Sciences, MoS PMO, Department of Atomic Energy, Department of Space, Personnel, Public Grievances and Pensions, Dr Jitendra Singh, who said that the decision was taken within first 100 days of Modi 3.0 government, which is an indication of high priority that the government under the leadership of Prime Minister Narendra Modi gives to the Space sector. Space is one of the top three or four areas identified as the focus of the government in its third term 3.0, he said.

Briefing the media, Dr Jitendra Singh said,  about four years back, as a revolutionary step, it was decided to open the space sector to private players. While New India Space Limited (NISL) was a new PSU established, IN-SPACe India  was established as the interface with the private sector.

The result, he informed, has been amazing in the form of the quantum jump from just one digit Startup to 200 plus space sector Startups yesterday within a short span of time. Not only this, he said, some of India's Space StartUps are of world potential and are also among the first of their kind. He referred to India's first private Rocket,  Vikram-S.

It is not a small achievement, pointed out Dr Jitendra Singh, that the ISRO (Indian Space Research Organisation) was established in the year 1969 when America landed its first human being Neil Armstrong on the surface of the Moon. However, in less than 60 years,  India's Chandrayaan 3 has reached the South Pole of the Moon before any other country  of the world, which indicates that India is not only a first line  nation in the space sector but also in a position to offer valuable cues for other nations to follow.

Dr Jitendra Singh further disclosed that there is 100% FDI provision allowed by the government in the space sector which has proved to be a great boost for the new initiative and new entrepreneurs. While the number of StarUps in India has gone up from 350  in 2014 to more than 1.5 Lakh, thus raising India to number three in the world ecosystem, the space sector StartUps have also started contributing hugely in  adding values to India's future  economy which is rapidly growing from fragile five to first five and is likely to reach to number four and number three in few years.

Referring to Gaganyaan, Dr Jitendra Singh said, we are trying to have  the final test flight with the Robot Vyom Mitra before the end of this year or beginning next year so that the first Indian human being may be sent to Space through Gaganyaan during next year i.e., 2025.

A unique feature of India's space sector, said Dr Jitendra Singh, is that even those who do not have a direct stake with space and who are just common citizens of India  are feeling a sense of esteem that India has now risen to be a nation to reckon with. Another important feature is that we are not confined to simply launching rockets but also space technology has started playing an important role in various infrastructural and development sectors including agriculture, roads and buildings, smart cities, urban development, land revenue record, health care, etc, he added.