Indian space startups got over Rs. 1,000 crore (US$ 119.98 million) in private investment since April
- IBEF
- December 15, 2023
Indian space startups have garnered over Rs. 1,000 crores (US$ 119.98 million) of private investment since April this year, as stated by Union Minister of State (Independent Charge) Science & Technology; MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space Dr. Jitendra Singh. He also mentioned that India has the potential to achieve a US$ 100 billion space economy by 2040, which currently stands at US$ 8 billion. He highlighted that foreign observers anticipate India's space economy to reach US$ 100 billion by 2040.
The Indian Space Research Organisation has launched over 430 foreign satellites, earning more than € 290 million from European satellites and over US$ 170 million from American satellites. The number of space startups has surged to 1,080, up from single digits, with 190 space startups now in operation. Alphabet, the parent company of Google, announced a US$ 36 million investment in Bengaluru-based space startup, Pixxel, marking the first major investment in the Indian space sector after the government's privatization policy in April. The recent approval of Indian Space Policy 2023 has given a significant boost to the Indian private space industry, making it an attractive investment option for investors. Notably, ISRO's recent Chandrayaan-3 launch, the projected US$ 100 billion global space market by 2040, and space tourism potential all contribute to India's potential in this sector. Key recommendations include regulatory clarity, foreign investments, incentives, startup support, partnerships, R&D centres, and skill development.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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