BuzzBytes New Delhi, December 17, 2023
In a groundbreaking development, India has witnessed a surge of over Rs 1,000 crore in investments in Space Startups during the first nine months of the current financial year, from April to December 2023. Union Minister Dr Jitendra Singh attributes this unprecedented growth to the bold decision by Prime Minister Narendra Modi to open up India’s Space sector to private players.
From just one startup in the Space sector four years ago, the nation now boasts almost 190 private Space Startups, with early players transforming into successful entrepreneurs. Dr Jitendra Singh highlights the overwhelming response from both industry and private investors since the sector’s liberalization.
The overall startup landscape in India has also experienced significant growth, expanding from about 350 startups in 2014 to a staggering 1,30,000 startups today, including the emergence of unicorns.
Dr Jitendra Singh underscores Prime Minister Modi’s vision and policy initiatives, creating an enabling environment for entrepreneurship. The establishment of “InSPACE” as an interphase and the formation of the public sector unit “NSIL” for PPP mode projects further demonstrate the government’s commitment to fostering innovation in the Space sector.
The minister emphasizes the removal of obsolete rules and a citizen-centric governance approach through technology. Sriharikota’s gates have been opened to all stakeholders, reflecting a collaborative and inclusive approach.
Beyond space exploration, Dr Jitendra Singh highlights India’s leadership in frontier technologies, including Artificial Intelligence and Quantum Technology. He points to successful initiatives like the Aroma Mission, leveraging the nation’s vast bioresources from the Himalayas to the coastline.
Moreover, the Anusandhan National Research Foundation (NRF) is poised to play a crucial role in supplementing this ecosystem, with significant funding from non-government sources. Dr Jitendra Singh underscores the NRF’s synergy with the National Education Policy NEP-2020, offering flexibility to students and liberating them from conventional academic constraints.
In conclusion, Dr Jitendra Singh envisions an integrated, technology-driven future for India, with the country taking a pioneering role in advancing technology and harnessing untapped potential across various sectors.
