Rs 1,000-crore VC fund for space economy will give boost to entrepreneurs, pvt players: IN-SPACe chairman Pawan Goenka

Pawan K Goenka- IN-SPACe

Space regulator Indian Space Promotion and Authorisation Centre (IN-SPACe) Chairman Pawan K Goenka said that the government's plan of setting up a Rs 1,000-crore venture capital (VC) fund for the space economy would give a major boost to entrepreneurs and other private players in the ecosystem.

"The announcement of a focused venture fund of 1000 crores will give a major boost to new entrepreneurs and NGEs in the space sector. At IN-SPACe, we look forward to supporting the growth of the space economy and nurturing an enabling ecosystem for NGEs," Goenka said in a statement.

"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 added.

Earlier in the day, while giving her Budget speech, Sitharaman said, "With our continued emphasis on expanding the space economy by 5 times in the next 10 years, a venture capital fund of Rs 1,000 crore will be set up."

Space tech startups such as Pixxel and Agnikul Cosmos have also lauded the move.

"At Pixxel, we are excited about the opportunities this fund will create to advance space technology and drive economic growth. While we recognise that even larger funds will be needed as the sector grows, this is an excellent start and a vital stepping stone. This initiative marks a significant step forward for India in the global space industry," Awais Ahmed, CEO of Pixxel Space said.

Srinath Ravichandran, CEO of Agnikul Cosmos said, "Wonderful news for all of us in the sector. This will help larger players emerge out of India’s space startup ecosystem. 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."