Union Budget 2024: FM Nirmala Sitharaman announces ₹1000 Crore fund for space technology development; Read on

Following the successful Chandrayaan-3 mission, Finance Minister Nirmala Sitharaman revealed a new initiative in her Union Budget 2024 speech: a ₹1,000 crore fund aimed at fostering space technology development in India. This move is expected to support over 180 government-recognized space tech startups across the country.

The announcement follows the Economic Survey 2023-24, presented by Sitharaman, which highlighted significant advancements in India's space sector. The survey noted that India now operates 55 active space assets, including 18 communication satellites, nine navigation satellites, five scientific satellites, three meteorological satellites, and 20 Earth observation satellites.

ALSO READ: Union Budget 2024: FM Sitharaman has proposed the abolishment of Angel tax for all classes of investors

Additionally, the survey praised New Space India Limited (NSIL) for successfully deploying 72 OneWeb satellites into Low Earth Orbit using LVM3 rockets, cementing LVM3’s reputation in the global commercial launch sector.

The Economic Survey also reported that the Indian National Space Promotion and Authorisation Centre (IN-SPACe) has received 440 applications from over 300 Indian entities as of January 1. These applications cover a range of services including authorization, consultancy, technology transfer, and facility support. Furthermore, 51 memorandums of understanding (MoUs) and 34 joint project implementation plans have been established with various non-governmental organizations to facilitate space activities.

ALSO READ: BREAKING | Budget shock: Sensex crashes over 1,000 points, Nifty drops 300 points

In a landmark achievement, last year, the Indian Space Research Organisation (ISRO) successfully landed Chandrayaan-3 in the Moon’s South Polar region, positioning India as the fourth nation to achieve this feat.

For more reliable and latest news subscribe to Asianet Newsable WhatsApp channel by clicking here.For more reliable and latest news subscribe to Asianet Newsable Telegram channel by clicking here.

• Union Budget 2024
• Union Budget