Centre approves Rs.1,000-Cr fund to boost space sector startups

The Union Cabinet has approved a Venture Capital Fund with a corpus of INR 1,000 crore to support space sector startups. The fund is expected to assist approximately 40 startups across India.Announced by Finance Minister Nirmala Sitharaman during the Union Budget 2024-25, the fund will be deployed over five years, with an average annual deployment of INR 150-250 crore and will be managed by The Indian National Space Promotion and Authorisation Centre (IN-SPACe).