Five ways India supports space goals by establishing a $119 million fund for space start-ups
To achieve the target of taking India's space economy currently pegged at $8.4 billion to $44 billion over the next decade, the Narendra Modi government has approved a $119 million (Rs 1,000 crore) venture capital (VC) fund to support space start-ups
prativad 
A $119 million (Rs 1,000 crore) venture capital (VC) fund has been approved by the Indian government to assist space start-ups in the nation.
The idea for the VC fund, which was first proposed in July, was approved by the Union Cabinet on Thursday, October 24.
According to a news release from the Cabinet, the Indian National Space Promotion and Authorization Centre (IN-SPACe), a space regulator and promoter, will oversee the VC fund.
Despite being among the top five spacefaring countries in the world, India only accounts for 2% of the space economy. The VC fund is a step in the right path for the Narendra Modi administration's goal of changing that. The growth of the Indian space industry has accelerated since 2019–20 as a result of the government's efforts to liberalize investment norms, open the sector to more private activity, and develop a space policy, laws, and guidelines.
Prime Minister Narendra Modi said that the fund would "have a phenomenal impact on the youth" in a post on X, formerly Twitter.
"It will provide chances to a number of creative thinkers and boost our space program," Modi added.
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