Center approves setting up of £1,000 crore fund to help startups in space sector | Photo Credit: The Hindu
The Union Cabinet on Thursday (October 24, 2024) approved setting up a fund of Rs 1,000 crore to help start up the aerospace industry, said Union minister Ashwini Vaishnaw.
The fund is expected to support around 40 start-ups in the sector and will accelerate the growth of the private space industry.
It will also drive advancements in space technology and strengthen India’s leadership in private sector participation, the government said.
The capital infusion will also create a multiplier effect by attracting additional capital for later stage development.
Published – October 24, 2024 05:39 pm IST
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