Finance Minister Announces Rs 1,000 Crore Venture Fund Post Chandrayaan-3 Triumph

Following the Chandrayaan-3 mission's success, Finance Minister Nirmala Sitharaman announced a Rs 1,000 crore venture capital fund to boost India's space economy. India's significant investments in space technologies, including the Chandrayaan-3 and Aditya-L1 missions, set ambitious goals for the coming decades, including an Indian lunar landing by 2040.

After the triumphant success of the Chandrayaan-3 mission, Finance Minister Nirmala Sitharaman announced on Tuesday the establishment of a Rs 1,000 crore venture capital fund aimed at expanding the space economy fivefold over the next decade. In 2023, India showcased its technological prowess with the soft landing of Chandrayaan-3 on the Moon's South Pole and the launch of Aditya-L1, the nation's first solar mission.

These achievements have cemented India's reputation in the global space economy and invigorated the private space sector. Looking ahead, the nation plans to establish the 'Bharatiya Antariksha Station' by 2035 and aims to send its first astronaut to the Moon by 2040. Earlier this year, the government initiated a review of the Foreign Direct Investment (FDI) Policy in the space sector.

Indian space startups have emerged as pivotal players in the private space industry, particularly since the sector opened to private enterprises in 2020. Complementing these advancements, the Anusandhan National Research Fund for basic research and prototype development will become operational.

To spur private sector-led research and innovation, Finance Minister Sitharaman disclosed a financing pool of Rs one lakh crore. She emphasized next-generation reforms, highlighting the formulation of a comprehensive economic policy framework aimed at fostering employment and sustaining high growth.

The government also announced the initiation of a Unique Land Parcel Identification Number (ULPIN), or Bhu-Aadhaar, for all land parcels. Efforts will include digitizing cadastral maps, updating land ownership surveys, creating a land registry, and linking it to farmers' records.

In urban areas, land records will be digitized using GIS mapping techniques. For the labor sector, the government introduced the integration of the e-shram portal with other platforms to provide a one-stop solution for job seekers and employers. Additionally, the NPS-Vatsalya scheme will be launched, allowing parents and guardians to contribute towards minors' future plans.

(With inputs from agencies.)