New Delhi, 24 October (Hindustan Reporter). The Union Cabinet on Thursday approved the Indian National Space Promotion and Authorization Center (IN-SPACE)
Approved the setting up of a Venture Capital Fund of Rs 1,000 crore for the space sector under the aegis of. Union Information and Broadcasting Minister Ashwini Vaishnav gave this information on Thursday.
It is noteworthy that the Government of India, as part of space sector reforms, established IN-SPACE to promote and monitor private sector participation in space activities. In-Space proposed a venture capital fund of Rs 1000 crore to support the growth of India’s space economy, which is currently valued at $8.4 billion, with a target to reach $44 billion by 2033.
The government-backed fund will boost investor confidence, attract private capital and serve as a commitment by the government to pursue space reforms. It will operate as an alternative investment fund under SEBI regulations, providing early-stage equity to startups and enabling them to make further private equity investments.
These spaces aim to boost employment in the Indian space sector by supporting startups in upstream, midstream and downstream. This will help in expansion of businesses, investment in research and development and expansion of workforce. Each investment could create hundreds of direct jobs in areas such as engineering, software development, data analysis and manufacturing, as well as thousands of indirect jobs in supply chain, logistics and professional services. This will spur innovation and boost India’s global competitiveness in the space market.
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