The Indian government has approved a venture capital fund worth Rs 1,000 crore to support the country's space tech ecosystem. This fund, which was announced by Finance Minister Nirmala Sitharaman during the Union Budget speech in July, aims to provide significant financial backing to startups in the sector, with investments ranging from Rs 10-60 crore.

Industry leaders are optimistic about the fund's potential to drive innovation in satellite technology, launch vehicles, and space applications. Awais Ahmed, CEO of Pixxel, a Bengaluru-based company, emphasized the importance of this initiative for the growth of India's spacetech industry and its potential impact on a global scale. The fund is also expected to attract private investors, further enhancing investment opportunities in the space sector.

This strategic move is seen as a crucial step towards ensuring the long-term success and competitiveness of India's space industry.