Budget 2024: Space economy will run at rocket speed, know what the space mission got in the budget

New Delhi: The government will create a Rs 1,000 crore venture capital (VC) fund to grow the space sector five times in the next 10 years. This will help make India self-reliant in the space sector. This fund will promote research, innovation and development in space technology in the private sector. This is part of a larger fund of Rs 1 lakh crore created to encourage private sector innovation in various industries. Apart from this, companies working in space technology will be given space in 12 industrial parks approved under the National Industrial Corridor Development Program.'Investment in space sector will increase 100 times'
“India's space market is projected to grow to $44 billion in the next 10 years and we could see a 100-fold increase in investments across various sectors – launch vehicles, satellite manufacturing, Earth observation, communications and on-orbit economics,” said Vishesh Rajaram, founder and managing partner of Speciale Invest.

Space industry experts welcomed the budget
Representatives of the space industry welcomed the proposal. Lt Gen A K Bhatt, Director General, Indian Space Association (ISPA), said, “The budget vision to grow India's space economy five-fold over the next decade reflects the government's strong commitment to the sector.” He said these measures are essential for the development and growth of India's space ecosystem.