Union Cabinet has approved the setting up of a 1000 crore rupees Venture Capital Fund dedicated to the space sector. The deployment period of the proposed Venture Capital Fund is planned to be up to five years from the actual date of the start of the fund operations.
Briefing media in New Delhi today, Information and Broadcasting Minister Ashwini Vaishnaw said that the fund will promote startups in the space sector. He added that the average deployment amount could be 150 to 250 crore rupees per year, depending on the investment opportunities and fund requirements. He added that the fund is strategically designed to advance India’s space sector, aligning with national priorities and fostering innovation and economic growth.
Mr Vaishnaw said that over about ten years, funds will be provided to 30 to 35 space startups under it.
