Odisha News, Odisha Latest news, Odisha Daily - OrissaPOST
  • Home
  • Trending
  • State
  • Metro
  • National
  • International
  • Business
  • Feature
  • Entertainment
  • Sports
  • More..
    • Odisha Special
    • Editorial
    • Opinion
    • Careers
    • Sci-Tech
    • Timeout
    • Horoscope
    • Today’s Pic
  • Video
  • Epaper
  • News in Odia
  • Home
  • Trending
  • State
  • Metro
  • National
  • International
  • Business
  • Feature
  • Entertainment
  • Sports
  • More..
    • Odisha Special
    • Editorial
    • Opinion
    • Careers
    • Sci-Tech
    • Timeout
    • Horoscope
    • Today’s Pic
  • Video
  • Epaper
  • News in Odia
No Result
View All Result
OrissaPOST - Odisha Latest news, English Daily -
No Result
View All Result

FM announces Rs 1,000 crore VC fund for space sector, industry welcomes move

PTI
Updated: July 23rd, 2024, 14:43 IST
in Business, Sci-Tech
0
India, Spacetech, Space, Chandrayaan-3, ISRO

Representational image (Pic- IANS)

Share on FacebookShare on TwitterShare on WhatsAppShare on Linkedin

New Delhi: The government will set up a venture capital fund of Rs 1,000 crore to promote space technology, Finance Minister Nirmala Sitharaman said Tuesday, an announcement welcomed warmly by the industry.

Several stakeholders, including the Indian Space Association (ISpA) as well as the heads of the Indian National Space Promotion and Authorisation Centre (IN-SPACe) and Pixxel Space, said the provisions announced in Budget 2024-25 would fuel growth and development of the sector.

Also Read

Golden Visa

UAE dismisses media reports on Golden Visa rule revisions

1 day ago
Bombay Stock Exchange BSE

Stock markets close lower amid caution ahead of Q1 earnings; IT, oil shares drag

1 day ago

“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,” Sitharaman said in the Lok Sabha while presenting the Union Budget.

According to IN-SPACe chairperson Pawan Goenka, the announcement of a focused venture fund of Rs 1,000 crore will give a major boost to new entrepreneurs and non-government entities (NGEs) in the space sector.

He said INSPACe looked forward to supporting the growth of the space economy and nurturing an enabling ecosystem for NGEs.

“The fund along with the existing policies for the space sector will fuel technological innovation and create a fertile ground for NGE’s to thrive,” Goenka told PTI.

Bengaluru-based start-up Pixxel Space CEO Awais Ahmed said the venture capital fund will provide crucial financial support to innovative startups and companies, enabling them to scale their technologies and contribute to India’s space ambitions.

“Such a significant investment underscores the government’s commitment to fostering a robust and dynamic space ecosystem,” Ahmed told PTI.

Chennai-based start-up Agnikul Cosmos added that the venture capital fund will help larger players emerge out of India’s startup ecosystem.

“Wonderful news for all of us in the sector… This also shows that the government is continuing to strongly back its vision of making India have a larger chunk of the global space economy,” Agnikul Cosmos CEO Srinath Ravichandran said.

The VC fund addresses a crucial funding gap in nascent space R&D and this initiative will be transformative in building sovereign capabilities, fostering local IP creation, and driving innovation, according to KaleidEO COO Arpan Sahoo.

In the view of industry body Indian Space Association, the move demonstrates the government’s commitment to the sector.

“The announcement of a Rs 1,000 crore VC fund is a step forward, addressing the funding challenges faced by these nascent ventures in this capital-intensive domain,” ISpA Director General Lt Gen AK Bhatt (Retd) said.

The establishment of 12 industrial parks across India will also provide a substantial boost to the space and satellite manufacturing industry, which has long called for the creation of space parks.

“These measures are pivotal for the growth and development of India’s space ecosystem,” Bhatt said.

“The announcement of the Rs 1,000 crore venture capital fund for the space sector is a commendable initiative that will significantly foster innovation and growth within this critical industry. Every rupee invested promises substantial returns, as the space sector holds immense potential for contributing to GDP growth and enhancing national infrastructure,” said Anil Prakash, director general of the Satcom Industry Association-India.

PTI

Tags: BusinessFinanceFinance MinisterNirmala Sitharamanspaceunion Budget
ShareTweetSendShare
Suggest A Correction

Enter your email to get our daily news in your inbox.

 

OrissaPOST epaper Sunday POST OrissaPOST epaper

Click Here: Plastic Free Odisha

#MyPaperBagChallenge

Adyasha Priyadarsani Sendha

December 12, 2019
#MyPaperBagChallenge

Akriti Negi

December 12, 2019
#MyPaperBagChallenge

Sitakanta Mohanty

December 12, 2019
#MyPaperBagChallenge

Jyotshna Mayee Pattnaik

December 12, 2019
#MyPaperBagChallenge

Ramakanta Sahoo

December 12, 2019
#MyPaperBagChallenge

Manas Samanta

December 12, 2019
#MyPaperBagChallenge

Anasuya Sahoo

December 12, 2019
#MyPaperBagChallenge

Nishikant Rout

December 12, 2019
#MyPaperBagChallenge

Ramakanta Sahoo

December 12, 2019
#MyPaperBagChallenge

Pratik Kumar

December 12, 2019
#MyPaperBagChallenge

Saishree Satyarupa

December 12, 2019
#MyPaperBagChallenge

Chinmay Kumar Routray

December 12, 2019
#MyPaperBagChallenge

Adweeti Bhattacharya

December 12, 2019
#MyPaperBagChallenge

Smitarani Sahoo

December 12, 2019
#MyPaperBagChallenge

Subhajyoti Mohanty

December 12, 2019
#MyPaperBagChallenge

Archit Mohapatra

December 12, 2019
#MyPaperBagChallenge

Aman Kumar Barisal

December 12, 2019
#MyPaperBagChallenge

Archana Parida

December 12, 2019
#MyPaperBagChallenge

Sipra Mishra

December 12, 2019
#MyPaperBagChallenge

Faiza Firdous

December 12, 2019
#MyPaperBagChallenge

Spinoj Pattnaik

December 12, 2019
#MyPaperBagChallenge

Amritansh Mishra

December 12, 2019
#MyPaperBagChallenge

Kamana Singh

December 12, 2019
#MyPaperBagChallenge

Tabish Maaz

December 12, 2019
#MyPaperBagChallenge

Pratyasharani Ghibela

December 12, 2019
#MyPaperBagChallenge

Rajashree Pravati Mohanty

December 12, 2019
#MyPaperBagChallenge

D Rama Rao

December 12, 2019
#MyPaperBagChallenge

Akshaya Kumar Dash

December 12, 2019
#MyPaperBagChallenge

Mandakini Dakua

December 12, 2019
#MyPaperBagChallenge

Vandana Singh

December 12, 2019

Archives

Editorial

Toll Sucks Life

Nitin Gadkari
July 9, 2025

Union Road Transport and Highways Minister Nitin Gadkari took everyone by surprise when at a function in Nagpur, where the...

Read more

Bloodline

BJP-Shiv Sena
July 8, 2025

The coming together of the Thackeray cousins – Raj Thackeray, chief of the Maharashtra Navnirman Sena (MNS) and Shiv Sena...

Read more

Acknowledge Failure

Deputy Chief of Army Staff Lieutenant General Rahul R Singh
July 7, 2025

Deputy Chief of Army Staff Lieutenant General Rahul R Singh’s candid revelations about Operation Sindoor at a FICCI event ‘New...

Read more

Politics of Philosophy

AAKAR PATEL
July 6, 2025

The BJP’s constitution (Article 3) says, “Integral Humanism shall be the philosophy of the party.” The party’s membership form has...

Read more
  • Home
  • State
  • Metro
  • National
  • International
  • Business
  • Editorial
  • Opinion
  • Sports
  • About Us
  • Advertise
  • Contact Us
  • Jobs
Developed By Ratna Technology

© 2024 All rights Reserved by OrissaPOST

  • News in Odia
  • Orissa POST Epaper
  • Video
  • Home
  • Trending
  • Metro
  • State
  • Odisha Special
  • National
  • International
  • Sports
  • Business
  • Editorial
  • Entertainment
  • Horoscope
  • Careers
  • Feature
  • Today’s Pic
  • Opinion
  • Sci-Tech
  • About Us
  • Contact Us
  • Jobs

© 2024 All rights Reserved by OrissaPOST

    • News in Odia
    • Orissa POST Epaper
    • Video
    • Home
    • Trending
    • Metro
    • State
    • Odisha Special
    • National
    • International
    • Sports
    • Business
    • Editorial
    • Entertainment
    • Horoscope
    • Careers
    • Feature
    • Today’s Pic
    • Opinion
    • Sci-Tech
    • About Us
    • Contact Us
    • Jobs

    © 2024 All rights Reserved by OrissaPOST