{"id":5739,"date":"2024-07-23T17:40:40","date_gmt":"2024-07-23T11:55:40","guid":{"rendered":"https:\/\/nepalsamaj.com\/en\/?p=5739"},"modified":"2024-07-23T17:40:40","modified_gmt":"2024-07-23T11:55:40","slug":"india-unveils-10-bln-rupee-venture-capital-fund-for-space-sector","status":"publish","type":"post","link":"https:\/\/nepalsamaj.com\/en\/india-unveils-10-bln-rupee-venture-capital-fund-for-space-sector\/","title":{"rendered":"India unveils 10 bln rupee venture capital fund for space sector"},"content":{"rendered":"<div style=\"margin-top: 0px; margin-bottom: 0px;\" class=\"sharethis-inline-share-buttons\" ><\/div><p>MUMBAI, July 23: India will set up a 10 billion rupee ($119 million) venture capital fund to expand its space sector, Finance Minister Nirmala Sitharaman said on Tuesday, as the country sets its sights on a larger share of the global space market.<\/p>\n<p>Earlier this year, Prime Minister Narendra Modi&#8217;s government allowed 100% foreign direct investment in the manufacture of satellite systems without official approval and eased the rules for launch vehicles.<\/p>\n<p>&#8220;With our continued emphasis on expanding the space economy by five times in the next 10 years, a venture capital fund of ` 1,000 crore (10 billion rupees) will be set up,&#8221; Sitharaman said in her budget speech in parliament.<\/p>\n<p>India has privatised space launches and is aiming for a five-fold increase in its share of the global launch market, which some expect to be worth $47.3 billion by 2032. India currently accounts for about 2% of the space economy.<\/p>\n<p>Private space firms welcomed the setting up of the fund, saying it would catalyse more investment into the sector.<\/p>\n<p>&#8220;The announcement of a \u20b91,000 crore VC fund is a step forward, addressing the funding challenges faced by these nascent ventures in this capital-intensive domain,&#8221; A.K. Bhatt, director general of the Indian Space Association, said in a statement.<\/p>\n<p>($1 = 83.6899 Indian rupees)<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>MUMBAI, July 23: India will set up a 10 billion rupee ($119 million) venture capital fund to expand its space sector, Finance Minister Nirmala Sitharaman said on Tuesday, as the country sets its sights on a larger share of the global space market. Earlier this year, Prime Minister Narendra Modi&#8217;s government allowed 100% foreign direct [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5740,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":["post-5739","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world"],"_links":{"self":[{"href":"https:\/\/nepalsamaj.com\/en\/wp-json\/wp\/v2\/posts\/5739"}],"collection":[{"href":"https:\/\/nepalsamaj.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nepalsamaj.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nepalsamaj.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nepalsamaj.com\/en\/wp-json\/wp\/v2\/comments?post=5739"}],"version-history":[{"count":1,"href":"https:\/\/nepalsamaj.com\/en\/wp-json\/wp\/v2\/posts\/5739\/revisions"}],"predecessor-version":[{"id":5741,"href":"https:\/\/nepalsamaj.com\/en\/wp-json\/wp\/v2\/posts\/5739\/revisions\/5741"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nepalsamaj.com\/en\/wp-json\/wp\/v2\/media\/5740"}],"wp:attachment":[{"href":"https:\/\/nepalsamaj.com\/en\/wp-json\/wp\/v2\/media?parent=5739"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nepalsamaj.com\/en\/wp-json\/wp\/v2\/categories?post=5739"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nepalsamaj.com\/en\/wp-json\/wp\/v2\/tags?post=5739"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}