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The Union Government under the 'fund of funds for startups' (FFS) scheme has made an investment support of Rs 211 crore, boosting the Indian space sector, said Union Minister Piyush Goyal
The Commerce and Industry Minister wrote in a X post, "Boosting Bharat's Space Sector. With the Fund of Funds for Startups (FFS) Scheme under @StartupIndia initiative, our government is fuelling bold ideas by backing homegrown innovators in the field of space tech with critical resources." "This is propelling cutting-edge technologies and making India a rising space power globally. Guided by PM @NarendraModi ji's vision, our focus is on innovation, self-reliance & youth-driven entrepreneurship to leverage space not only for exploration, but also for transformation," Goyal added in the X post. In a seperate post, Goyal added that India's startups are now taking new flights of self-reliance in the world of space as well. "The #StartupIndia initiative, launched under the leadership of Honorable Prime Minister @NarendraModi, along with various policy reforms, has encouraged young entrepreneurs," the post added. Goyal further added that as a result, startups like Ethereal X are not only contributing to space achievements but are also establishing India as a symbol of self-reliance and innovation on the global stage. Under the Startup India initiative, the Government is implementing three flagship Schemes, namely, Fund of Funds for Startups (FFS), Startup India Seed Fund Scheme (SISFS) and Credit Guarantee Scheme for Startups (CGSS) to support startups at various stages of their business cycle. FFS has been established to catalyse venture capital investments and is operationalised by Small Industries Development Bank of India (SIDBI), which provides capital to Securities and Exchange Board of India (SEBI)-registered Alternative Investment Funds (AIFs), which in turn invest in startups. AIFs supported under FFS are required to invest at least twice the amount committed under FFS in startups. As on 30th June 2025, net commitments of Rs 9,994 crore have been made to 141 AIFs supported under the Scheme. Going further, On Saturday, Prime Minister Narendra Modi addressed via a video message on the occasion of National Space Day 2025. Noting that there was a time when futuristic sectors like space were bound by numerous restrictions, Modi affirmed that these constraints have been lifted, and the private sector has been granted permission to participate in space-tech. He highlighted that today, over 350 startups are emerging as engines of innovation and acceleration in space technology with their active participation in today's programme. The Prime Minister announced that the first PSLV rocket built by the private sector will soon be launched. He expressed happiness that India's first private communication satellite is also under development. He added that preparations are underway to launch an Earth Observation Satellite Constellation through a Public-Private Partnership. "A vast number of opportunities are being created for India's youth in the space sector", added the PM. The space budget has nearly tripled over the past decade from 5,615 crores in 2013-14 to 13,416 crores in 2025-26, reflecting a strong government commitment. (ANI)
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