Budget 2024: Indian aerospace sector flies high as FM Sitharaman allocates Rs 1000 crore for space tech
FM Sitharaman's proposal to set up a Rs 1000 crore VC fund to stimulate further advancements in space technology fund is expected to enhance India’s position in the global space industry, encouraging private sector participation in space exploration and commercialisation
prativad 
Finance Minister Nirmala Sitharaman revealed that the Union Budget 2024 will include a sizeable ₹1,000 crore for space technology development, a major step towards bolstering India's aerospace industry. With the help of this funding, more than 180 government-approved space technology businesses nationwide are expected to expand and innovate.
This statement comes after the Economic Survey 2023–24, which emphasized India's noteworthy recent advancements in the space sector. The assessment highlighted the sector's crucial position in the country's technological and economic landscape by detailing developments in rockets, satellites, spacecraft, and ground infrastructure.
India currently boasts 55 active space assets, including 18 communication satellites, nine navigation satellites, five scientific satellites, three meteorological satellites, and 20 Earth observation satellites. These assets underscore India’s growing capabilities in space exploration and utilization.
Finance Minister Sitharaman’s proposal to establish a ₹1,000 crore venture capital fund aims to stimulate further advancements in space technology. This fund is expected to enhance India’s position in the global space industry, encouraging private sector participation in space exploration and commercialization. By providing financial support and incentives, the government seeks to accelerate the development of cutting-edge space technologies and foster a robust ecosystem for space startups.
