Budget 2024: Nirmala Sitharaman Announces Rs 1,000 Crore For Space Tech

Riding high on the success of the Chandrayaan-3 mission, Finance Minister Nirmala Sitharaman on Tuesday announced a fund of Rs 1,000 crore to encourage space technology development.

The announcement came in her Union Budget 2024 speech in the Parliament and is expected to assist more than 180 government-recognized space technology startups in India.

"With our continued emphasis on expanding the space economy by five times in the next 10 years, a venture capital fund of` Rs 1,000 crore will be set up," she said.

The announcement came after the Economic Survey 2023-24, tabled in Parliament by Ms Sitharaman on Monday, said the space sector, over the last few years, had seen remarkable progress in the buildup of rockets, satellites and spacecraft used for space exploration, and ground infrastructure.

"Presently, India has 55 active space assets which include 18 communication satellites, nine navigation satellites, five scientific satellites, three Meteorological Satellites, and 20 Earth Observation satellites," the survey said.

It also said the New Space India Limited (NSIL) has successfully executed its contract to launch 72 satellites of OneWeb to Low Earth Orbit through LVM3, M2 and M3 missions, establishing LVM3 as a reliable Launch Vehicle in the global commercial launch services market.

The Economic Survey 2023-24 said the Indian National Space Promotion and Authorisation Centre (IN-SPACe) -- a single window agency to promote and authorise space activities -- has received 440 applications as on January 1, from more than 300 Indian entities pertaining to authorisation, handholding, facility support and consultancy, technology transfer, and facility usage.

The survey said 51 MoUs and 34 joint project implementation plans have been signed with various non-governmental entities as of January 1, to extend the necessary support for carrying out the space activities. 

Earlier last year, the Indian Space Research Organisation (ISRO) landed Chandrayaan-3 on the virgin South Polar region of the Moon, making India the fourth country to successfully land on the lunar surface.