Venture capital fund approved by Cabinet will fortify Bharat’s leadership in space sector: Amit Shah

PTI, Oct 24, 2024, 8:12 PM IST

New Delhi: Union Home Minister Amit Shah on Thursday said the venture capital fund the Union Cabinet approved would fortify India’s leadership in the space sector through the creation of a multiplier effect by attracting new investments while spurring the growth of existing companies.

A meeting of the Union Cabinet, chaired by Prime Minister Narendra Modi, approved setting up of a Rs 1,000-crore venture capital fund dedicated to the space sector under the aegis of IN-SPACe to help start-ups.

“PM @narendramodi ji today infused new force into the growth of our space sector by deciding to set up a Rs 1,000-crore venture capital fund in the Union Cabinet. The fund, under the aegis of IN-SPACe, will fortify Bharat’s leadership in the space sector by creating a multiplier effect by attracting new investments while spurring the growth of the existing companies. Gratitude to Modi ji for the visionary decision,” Shah said in a post on X.