Space economy receives Rs 1,000 crore venture capital in Union Budget 2024

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Space economy receives Rs 1,000 crore venture capital in Union Budget 2024 - Business Standard

Quick Summary:

Private companies such as PixxelSpace, Digantara, Dhruva Space, Azista BST Aerospace, and Tata Advanced Systems Limited have developed satellites and functional payloads for operations in outer space.

The Centre aims to increase India’s share of the global space economy five-fold by 2030, reaching 10 per cent from the current 2 per cent.

The Indian space economy is expected to grow from its current $8.4 billion (2-3 per cent of the global space economy) to $44 billion by 2033.