In a bid to drive private investments in the space sector, the government on Thursday approved setting up of a Rs 1,000 crore venture capital for start-ups, a move welcomed by the industry as a game changer. The fund will function under the aegis of Indian National Space Promotion and Authorization Centre (IN-SPACe) and will be operated along with Indian Space Research Organisation, Information and Broadcasting Minister Ashwini Vaishnaw told reporters here. The fund, approved by the Union Cabinet at a meeting chaired by Prime Minister Narendra Modi, will invest in 30-35 space start-ups in two tranches – the first of Rs 5-10 crore followed by Rs 10-60 crore at a later stage.
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