Budget 2024: Government announces venture fund of Rs 1,000 crore to expand space economy

After the successful completion of the Chandrayaan-3 mission, Finance Minister Nirmala Sitharaman on Tuesday announced the setup of a venture capital fund of Rs 1,000 crore for expanding the space economy by five times in the next 10 years.

In 2023, in a stellar display of prowess, India soared to new heights with the successful soft landing of Chandrayaan-3 on the South Pole of the Moon and the successful launch of Aditya-L1, India's first solar mission.

These milestones not only secured India's standing in the global space economy but also fueled the engines for the private space sector in India. Among other feats, India now aims to set up 'Bharatiya Antariksha Station' by 2035, and send the first Indian to the Moon by 2040.

Earlier this year, the Ministry of Commerce and Industry has announced a review of the Foreign Direct Investment (FDI) Policy on the space sector in India.

Indian space startups have become a strong pillar for the private space industry in the last decade, especially after the landmark move to open the Indian space sector to private companies in 2020.

Along with this, Anusandhan National Research Fund for basic research and prototype development to be operationalized.

"Financing pool of Rs one lakh crore for spurring private sector-driven research and innovation at commercial scale," Sitharaman announced.

Ensuring next-generation reforms, Sitharaman said, "We will formulate an economic policy framework to delineate an overarching approach to economic development and set the scope of next-generation reforms for facilitating employment opportunities and for sustaining high growth."

The government will start a Unique Land Parcel Identification Number (ULPIN) or Bhu-Aadhaar for all lands.

The digitization of cadastral maps, a survey of map sub-divisions as per current ownership, the establishment of a land registry, and linking to the farmer's registry will be done.

In urban areas, land records will be digitised with GIS mapping.

For the labour sector, the government has announced the integration of the e-shram portal with other portals to facilitate such a one-stop solution.

A mechanism will be made to connect job aspirants with potential employers and skill providers.

The NPS-Vatsalya scheme will be set up as a plan for contributions by parents and guardians for minors.