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India approves $119 million fund for space startups

Economic Times · 4m

The Indian government has approved a 10 billion rupee ($119 million) fund to support the country's growing space sector. The fund aims to benefit 40 startups and help India secure a significant share of the commercial space market by 2033. Funding amounts will range from 100 million to 600 million rupees, depending on the maturity of each startup. The government expects the fund to generate employment, boost space technology development, fortify supply chains, and support research and development. The fund will be managed by the Indian National Space Promotion and Authorisation Centre, and it is part of the government's efforts to increase India's market share in the space industry.