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India Attracts Over Rs.1,000 Crore Investment in Space Startups: Dr Jitendra Singh

India has witnessed investment of over Rs.1,000 crore in Space Startups in last nine months of the current financial year from April to December 2023, Union Minister Dr Jitendra Singh has said.

Dr Jitendra Singh, Union Minister of State, stated that India’s Space sector’s opening for private players, following Prime Minister Narendra Modi’s bold decision, has sparked overwhelming responses from industry and private sector investors.

From just one Startup in the Space sector four years back, we have almost 190 private Space Startups after opening up of the sector and the earlier ones of them have now turned entrepreneurs, he said.

Dr Jitendra Singh said, overall from just about 350 Startups in the year 2014, today we have about 1,30,000 Startups, besides Unicorns.

Stating that Prime Minister Shri Narendra Modi has provided an enabling milieu with his vision and policy initiatives, Dr Jitendra Singh said, this has created the opportunity for entrepreneurship. In the Space sector, an interphase called “InSPACE” has been established and a public sector unit called “NSIL” also set up to facilitate PPP mode projects, he said.

Dr Jitendra Singh said, PM Modi has scrapped obsolete rules and focused on citizen-centric Governance through optimum use of technology. In the same vein, the gates of Sriharikota have been thrown open to all stakeholders, he said.

“Not only this, Government has been very inclined to use technology to the maximum extent and seeks to do away with all those hindrances or obstructionist rules that were not very enabling,” he said.

Citing the application of satellites and drones in mapping land ownership under the SVAMITVA scheme and Face Recognition Technology for DLC, Dr Jitendra Singh said, our Chandrayaan Mission was the first to discover evidence of water on the Moon.

Dr Jitendra Singh said, the world will witness integrated technology driven growth in the future. India is now taking the lead in frontier areas of technology, including Artificial Intelligence and Quantum Technology, he said.

Citing the success of Aroma Mission, the Union Minister said India has a huge wealth of untapped bioresources, an unsaturated resource waiting to be harnessed, ranging from the Himalayas to the 7,500 kms long coastline.

Stating that the Anusandhan National Research Foundation (NRF) will be an important supplement to this entire ecosystem, Dr Jitendra Singh said it will be majorly funded from non-government sources.

Complementing the NRF, Dr Jitendra Singh said, NRF enriches the ecosystem along with the National Education Policy NEP-2020 which liberates students from being “prisoners of their aspiration”, by allowing switch over or combinations from different streams of studies such as Humanities and Commerce to Sciences and Engineering.

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