Union Budget announces Rs 1000 cr venture capital fund to expand space economy
Union Finance Minister Nirmala Sitharaman has announced several measures to step up adoption of technology towards digitalization of the economy with a big focus on the country's growing space economy.
While presenting the Union Budget 2024-2025 in the Parliament on Tuesday, she said that with 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.
According to government estimates, the Indian space economy in 2023 was around $8.4 billion.
According to Invest India, the country's Space Sector was valued at $9.6 billion in 2020, contributing 2%-3% of the global space economy. The size of the sector is expected to reach $13 Bn by 2025, and by 2030 India further aims to capture a larger share of close to 10% of the global economy.
The Union Minister said that the country has successfully used technology for improving productivity and bridging inequality in the economy during the past 10 years. She said public investment in digital infrastructure and innovations by the private sector have helped in improving access of all citizens, particularly the common people, to market resources, education, health and services.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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