India's Space Ambitions Soar: IN-SPACe's Strategic Investment

IN-SPACe plans to make its first investment from a Rs 1000 crore venture fund next year to support space startups. The initiative aims to bolster the private space sector's growth and innovation. The draft Space Law will soon undergo public consultation, highlighting India's ambitions in the global space arena.

The Indian National Space Promotion and Authorisation Centre (IN-SPACe) aims to make its initial disbursal from a Rs 1000 crore venture capital fund by the first quarter of the next financial year, Chairperson Pawan Goenka announced on Monday.

Goenka, speaking at GeoSmart India 2024, revealed that IN-SPACe has issued a Request for Proposal (RFP) to appoint fund managers, marking a significant step in the venture capital fund's creation process regulated by SEBI.

The Union Cabinet has sanctioned this fund to energize space technology startups, targeting the support of approximately 40 enterprises. Concurrently, the draft Space Law, vital for regulatory guidance, is slated for public consultation soon, underpinning India's burgeoning India-US space partnerships.

(With inputs from agencies.)