Union Minister of State for Science and Technology and Earth Sciences, Dr. Jitendra Singh, highlighted the government’s financial aid for the space sector. He mentioned the recent introduction of a Rs 1,000 crore Venture Capital Fund and a Rs 500 crore Technology Adoption Fund to boost innovation and commercialization in the industry.
During the 10th IN-SPACe Industry Connect event, Dr. Singh urged industry leaders to increase investments in India’s space ecosystem. He emphasized the importance of enhanced financial support and manufacturing capabilities for developing competitive indigenous technologies and reducing reliance on external sources.
Dr. Singh praised India’s start-up ecosystem for showcasing significant innovation and technological prowess. However, he emphasized the need for greater involvement from established industries to achieve leadership in the global space economy through increased funding, market access, and execution capabilities.
Highlighting the government’s policy measures, Dr. Singh mentioned the Indian Space Policy 2023, which offers strategic direction and regulatory clarity for stakeholders. He also acknowledged the impact of liberalizing foreign direct investment norms in attracting investments and enhancing India’s integration with global value chains.
