February 9, 2023
India earned US$ 39 million from the United States since 2014
India earned 187 million euros from European countries
The Indian National Space Promotion and Authorization Centre (IN-SPACe) has received about 135 applications from startups and companies
A new seed fund scheme has been approved by the IN-SPACe Board to provide initial financial assistance for Indian Space startups
India has launched 353 foreign satellites over the last nine years, according to Union Minister Jitendra Singh.
According to the Minister, India earned US$ 39 million from the United States and 187 million euros from European countries by launching satellites since 2014.
Singh said that a central Public Sector Unit called NewSpace India Limited (NSIL) has been established to promote and encourage public-private-participation projects and start-ups in the Aerospace industry. Additionally, a single-window nodal agency named Indian National Space Promotion and Authorization Centre (IN-SPACe) has been established to promote private aerospace entities and to provide them with an ecosystem.
IN-SPACe has received about 135 applications from startups and companies from the space sector. Moreover, for Indian space startups, Singh said that a new seed fund scheme has been approved by the IN-SPACe Board to provide initial financial assistance.
Additionally, the government is in the process of approving a revised FDI policy and a national space policy in the space sector to facilitate overseas investment in non-government enterprises.
Source: Business Standard