Finance Minister Nirmala Sitharaman announced a ₹1,000 crore fund in Budget 2024 to boost India’s space technology post-Chandrayaan-3. This aims to support startups and expand satellite capabilities nationwide.
In a pivotal move aimed at accelerating India's prowess in space technology, Finance Minister Nirmala Sitharaman announced a ₹1,000 crore fund during her Union Budget 2024 speech. This initiative follows the successful Chandrayaan-3 mission, which saw India achieve a historic landing in the Moon’s South Polar region, solidifying its place among the world's space exploration leaders.
Strengthening India’s Space Sector Post-Chandrayaan-3
The newly allocated ₹1,000 crore fund is poised to foster innovation and growth in India's burgeoning space technology sector. Sitharaman emphasized its potential to support over 180 government-recognized space tech startups across the country, catalyzing advancements in satellite communication, navigation systems, scientific research, meteorology, and Earth observation.
Underlining the significance of Budget 2024, Sitharaman highlighted how the Economic Survey 2023-24 underscored India's expanded capabilities in space. Currently, the nation operates 55 active space assets, encompassing communication, navigation, scientific, and meteorological satellites. This infrastructure plays a pivotal role in various sectors, from telecommunications to disaster management.
New Frontiers: NSIL’s Global Impact and IN-SPACe’s Regulatory Milestones
The Economic Survey also applauded New Space India Limited (NSIL) for deploying 72 OneWeb satellites into Low Earth Orbit using indigenous LVM3 rockets. This achievement has bolstered India's reputation in the global commercial launch sector, showcasing its technological prowess and cost-effectiveness.
Moreover, the Indian National Space Promotion and Authorisation Centre (IN-SPACe) has emerged as a key facilitator, receiving 440 applications from over 300 Indian entities. These applications span authorization, consultancy, technology transfer, and facility support, underscoring India’s proactive approach in enabling private sector participation in space activities. Notably, IN-SPACe has established 51 memorandums of understanding (MoUs) and 34 joint project implementation plans with non-governmental organizations, further enhancing collaboration in space exploration.
Chandrayaan-3: A Landmark Achievement and Future Prospects
Highlighting a significant milestone, Budget 2024 reiterated India's successful Chandrayaan-3 mission, where ISRO landed a spacecraft on the Moon’s South Polar region. This accomplishment positions India as the fourth nation worldwide to achieve a soft landing on the lunar surface, marking a monumental leap in its space exploration endeavors.
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