India’s push towards space exploration and technology has received a boost with the approval of a 10 billion Indian rupee fund for its space sector. With 40 startups set to benefit from this fund, India aims to increase its market share in the commercial space market by 2033.
The funding, ranging from 100-600m Indian rupees per startup, will drive employment generation, foster the development of space technology, strengthen supply chains, and support research and development efforts. Managed by the Indian National Space Promotion and Authorisation Centre, this fund is expected to create a multiplier effect by attracting additional investments for further growth.
Currently holding a modest two per cent market share in the commercial space market, India plans to expand its presence by targeting a five-fold increase in market share to $44 billion by 2033. With nearly 250 space startups in the country, the focus is on providing cost-effective services and hardware for sectors like communications, agriculture, and commodities.
As private equity investment in the industry continues to rise, reaching $126 million in 2023, India’s space sector is poised for significant growth and innovation in the coming years.