Finance Minister Nirmala Sitharaman has announced a ₹1,000 crore venture capital fund as part of the Union Budget for 2024-25, aimed at significantly expanding India’s space economy. The government’s objective is to grow the space sector fivefold over the next decade.
Sitharaman outlined the government’s strategy to support this ambitious goal, emphasizing the formulation of a comprehensive economic policy framework. This framework will focus on sustaining high growth through next-generation reforms, addressing key factors of production such as land, labour, and capital. Collaboration between the Centre and States will be crucial for the successful implementation of these reforms.
The establishment of the ₹1,000 crore fund marks a major commitment to advancing India’s space capabilities and fostering innovation within the sector.
