Govt plans Rs 1,000 cr for Venture Fund to Space Start-Up, 100% FDI allowed in Space sector

New Delhi: Science and Technology Minister Dr. Jitendra Singh said that 1000 Crore rupees has been earmarked for venture funds for space start-ups. Speaking about the important features of the first 100 days of the Modi government 3.0 in New Delhi, the Minister said that the number of space start-ups in the country has gone up to more than 1.5 Lakh in the last ten years raising India's number three in the world ecosystem.

He also informed that the space sector has seen a jump from just one digit to 200 plus space sector within a short period.

The Minister further informed that the 100 percent Foreign Direct Investment provision allowed by the Narendra Modi government in the space sector has proved to be a great boost for the new initiative and new entrepreneurs.

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.