New Delhi, July 23, 2024 – Finance Minister Nirmala Sitharaman announced a significant new initiative in her Union Budget 2024 speech, unveiling a ₹1,000 crore fund aimed at advancing space technology development in India. This fund is expected to benefit over 180 government-recognized space technology startups across the country.
The announcement follows the successful Chandrayaan-3 mission and comes on the heels of the Economic Survey 2023-24, presented by Sitharaman in Parliament on Monday. The survey highlighted India’s impressive progress in space technology, citing advancements in rocket development, satellite deployment, and ground infrastructure.
“Currently, India operates 55 active space assets,” the survey noted. These include 18 communication satellites, nine navigation satellites, five scientific satellites, three meteorological satellites, and 20 Earth observation satellites. Additionally, the New Space India Limited (NSIL) has completed its contract to launch 72 OneWeb satellites into Low Earth Orbit using LVM3 missions, establishing the LVM3 rocket as a reliable player in the global commercial launch market.
The Economic Survey also reported that the Indian National Space Promotion and Authorisation Centre (IN-SPACe) has received 440 applications as of January 1, from over 300 Indian entities. These applications pertain to various aspects of space activity, including authorization, facility support, consultancy, and technology transfer. The survey noted that 51 Memorandums of Understanding (MoUs) and 34 joint project implementation plans have been signed with non-governmental entities to support these activities.
The budget announcement follows last year’s landmark achievement by the Indian Space Research Organisation (ISRO), which successfully landed Chandrayaan-3 on the Moon’s South Polar region, making India the fourth country to achieve this feat.
The new fund aims to further bolster India’s space sector, fostering innovation and supporting startups that are pivotal to the country’s growing space capabilities.
Read Now:NASA’s Curiosity Rover Uncovers Pure Sulfur on Mars, Puzzling Scientists
