New Funding for Space Technology
In a significant move to boost India’s space capabilities, the Finance Minister recently unveiled a major announcement during the Union Budget 2024 speech. Riding high on the success of the Chandrayaan-3 mission, the Finance Minister revealed a substantial fund of ₹ 1,000 crore aimed at advancing space technology in the country.
This financial boost is set to support more than 180 startups recognized by the government that are working on various space technology projects. The objective is to foster innovation and growth in this exciting and rapidly evolving field.
Economic Survey Highlights Space Progress
The announcement followed the presentation of the Economic Survey 2023-24, which highlighted the remarkable strides made in India’s space sector over the past few years. According to the survey, India has made significant progress in building rockets, satellites, and spacecraft used for exploring space and improving ground infrastructure.
Currently, India has 55 active space assets. These include 18 communication satellites that help in transmitting television, internet, and phone signals; nine navigation satellites that assist in GPS and other location-based services; five scientific satellites for conducting experiments in space; three meteorological satellites that monitor weather patterns; and 20 Earth observation satellites used for environmental monitoring and disaster management.
The survey also emphasized the achievements of New Space India Limited (NSIL). NSIL has successfully completed its contract to launch 72 satellites for the company OneWeb into Low Earth Orbit using the LVM3, M2, and M3 missions. This accomplishment has established LVM3 as a reliable launch vehicle in the global commercial launch services market.
Growth in Space Activities
The Economic Survey 2023-24 also noted that the Indian National Space Promotion and Authorization Center (IN-SPACe) has become a key player in promoting and authorizing space activities. As of January 1, the center has received 440 applications from over 300 Indian entities. These applications cover a wide range of needs, including authorization, support, consultancy, technology transfer, and usage of facilities.
Additionally, 51 Memorandums of Understanding (MoUs) and 34 joint project implementation plans have been signed with various non-governmental entities. These agreements are designed to extend support for carrying out space technology activities, showcasing the growing collaboration between governmental and private sectors.
Last year, India achieved a notable milestone in space technology with the successful landing of Chandrayaan-3 on the South Polar region of the Moon. This achievement made India the fourth country to land on the lunar surface, marking a significant moment in the country’s space technology history.
The Finance Minister’s recent announcement of ₹ 1,000 crore is set to further enhance India’s position in the global space arena by encouraging more innovation and development in space technology.
