Nirmala Sitharaman Allocates ₹1,000 Crore For Space Tech In Budget 2024

Finance Minister Nirmala Sitharaman announced a ₹1,000 crore fund in the Union Budget 2024 to advance space technology development. This initiative is set to support over 180 government-recognized space tech startups in India, fostering growth and innovation in the sector. The announcement follows the Economic Survey 2023-24, presented in Parliament by Sitharaman, which highlighted significant progress in the space sector. The survey noted advancements in rockets, satellites, and spacecraft used for space exploration, as well as improvements in ground infrastructure, underscoring the sector’s rapid development and its crucial role in India’s technological advancement.