(MENAFN- KNN India) New Delhi, Dec 21 (KNN) The number of space start-ups have gone up, from just 1 in 2014 to 189 in 2023 as per DPIIT Start-Up India Portal, Union Minister Jitendra Singh said on Wednesday.

In a written reply in the Lok Sabha, Singh said that the investment in Indian Space Start-Ups has increased to USD 124.7 Million in 2023 said that the current size of the Indian Space Economy is estimated around USD 8.4 billion (around 2-3 per cent of global space economy) and it is expected that with the implementation of the Indian Space Policy 2023, USD 44 billion Indian space economy can be achieved by the year 2033.

In a separate reply, Singh said that presently, FDI in space sector is allowed under Government route for satellite establishment and operations.“In order to promote Foreign Direct Investment (FDI) in Space Sector, the Department of Space in consultation with DPIIT is in the process of reviewing the FDI policy guidelines of space sector,” he said.

He added that some Non-Government Entities (NGEs) launched their own satellites. Many other Space Industries and Start-Ups are also building their own Satellites & constellations. These satellites shall contribute to applications in agriculture, disaster management, environmental monitoring, etc.

“While one NGE launched their sub-orbital launch vehicle, a private launchpad and mission control centre has been established within the ISRO campus for the first time by an NGE. Sub-orbital launch by that NGE is scheduled shortly. The government has announced the Indian Space Policy 2023, which enables end-to-end participation of NGEs in all domain of space activities,” he said.

Singh informed that efforts that are being taken in reaching out to the academic community as well as young startups through handholding, ecosystem support and funding in the country's backward areas.

(KNN Bureau)

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