Union Budget 2024: Finance Minister Unveils Rs 1,000 Crore Fund to Accelerate Space Technology

Finance Minister Nirmala Sitharaman, buoyed by the success of the Chandrayaan-3 mission, announced a Rs 1,000 crore fund to boost space technology development. This announcement was made during her Union Budget 2024 speech in Parliament. The fund aims to support over 180 government-recognised space technology startups across India.

Focus on Expanding Space Economy

"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," Ms Sitharaman stated. The Economic Survey 2023-24, presented by Ms Sitharaman on Monday, highlighted significant advancements in rockets, satellites, and ground infrastructure for space exploration.

The survey revealed that India currently has 55 active space assets. These include 18 communication satellites, nine navigation satellites, five scientific satellites, three meteorological satellites, and 20 Earth observation satellites.

Achievements and Future Prospects

The New Space India Limited (NSIL) has successfully launched 72 OneWeb satellites into Low Earth Orbit through LVM3 missions M2 and M3. This achievement has positioned LVM3 as a reliable launch vehicle in the global commercial launch services market. The Economic Survey also noted that IN-SPACe has received 440 applications from over 300 Indian entities as of January 1.

These applications pertain to authorisation, handholding, facility support and consultancy, technology transfer, and facility usage. Additionally, 51 MoUs and 34 joint project implementation plans have been signed with various non-governmental entities to support space activities.

Chandrayaan-3's Historic Achievement

Last year, ISRO successfully landed Chandrayaan-3 on the Moon's South Polar region. This milestone made India the fourth country to achieve a lunar landing. The success of this mission has further bolstered India's reputation in the global space community.

The announcement of the Rs 1,000 crore fund is expected to provide significant impetus to India's burgeoning space sector. With continued investments and advancements in technology, India aims to become a major player in the global space industry.