New Delhi, June 11 (IANS) Union Minister of State (Independent Charge) for Science and Technology and Earth Sciences, Dr. Jitendra Singh, on Thursday highlighted the government’s financial support measures for the space sector, stating that the recently introduced Rs 1,000 crore Venture Capital Fund and Rs 500 crore Technology Adoption Fund will help drive innovation and commercialisation across the industry.

Addressing the 10th IN-SPACe Industry Connect, the Minister called on industry leaders to scale up investments and participation in India’s space ecosystem, saying that stronger financial backing and manufacturing capabilities are essential for developing globally competitive indigenous technologies and reducing dependence on external sources.

Dr. Singh said India’s start-up ecosystem has already demonstrated remarkable innovation and technological capabilities.

However, he stressed that achieving leadership in the global space economy would require deeper involvement from established industries through enhanced funding, market access and execution capabilities.

He described the opening of India’s space sector to private participation under Prime Minister Narendra Modi’s leadership as a landmark reform that transformed the country’s approach towards strategic sectors.

According to the Minister, the move unlocked India’s entrepreneurial potential and significantly expanded opportunities for private enterprises within a short period.

Highlighting policy measures supporting the sector, Dr. Singh said the Indian Space Policy 2023 has provided strategic direction and regulatory clarity for stakeholders.

He added that the liberalisation of foreign direct investment (FDI) norms has attracted investments and strengthened India’s integration with global value chains.

The Minister also credited the Indian National Space Promotion and Authorization Centre (IN-SPACe) for creating an enabling environment for private sector participation.

He said the institution has played a key role in authorising, promoting and supervising non-governmental activities across the entire space value chain.

Dr. Singh noted that government initiatives such as seed funding programmes, incubation support, skill development efforts and the AICTE-approved Space Technology curriculum are helping build a future-ready workforce for the expanding space industry.

He pointed out that India’s private space ecosystem, which started with only a few pioneering companies, has now grown to include more than 400 start-ups along with several hundred large and small enterprises.

Indian companies are actively developing launch vehicles, satellites, propulsion systems, Earth observation applications, space situational awareness technologies and various downstream solutions.

–IANS

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