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Prime Minister Narendra Modi has praised Indian space startup Digantara for the success of its Mission SCOT, which marks a significant achievement in the country's growing space industry.
In a post on the social media platform X, Prime Minister Modi extended his congratulations, highlighting the mission's contribution to enhancing space situational awareness. He added, "Kudos to Indian space startup @Digantarahq at the success of Mission SCOT. This is an important contribution of the growing Indian space industry towards enhancing space situational awareness." In its reply the startup said, "We extend our heartfelt gratitude to Hon'ble PM Narendra Modi ji for championing India's private space ecosystem with bold vision and resolute support. Mission SCOT strengthens our national security framework and positions India as a leader in space domain awareness. We are proud to play our part in shaping the future of space technology and contributing to the nation's strategic priorities." According to the information provided by the spacetech startup on X, the mission SCOT has successfully established communication with its ground station, with solar panel arrays deployed, positive power levels, and stable operation. The next phase of the mission will focus on commissioning the satellite, which is designed for precise object tracking and imaging in Low Earth Orbit (LEO). Digantara's team is now preparing SCOT for its core mission, ensuring it is fine-tuned and mission-ready in the coming weeks, as per the startup. "Over the coming weeks, our team will meticulously fine-tune SCOT, ensuring it's mission-ready for this endeavor," the startup added in the social media post. Quoting the Prime Minister's post, the startup added that the mission SCOT strengthens our national security framework and positions India as a leader in space domain awareness. The Union government, last year approved setting up of a Rs 1000 crore Venture Capital Fund dedicated to the space sector, under the aegis of IN-SPACe. The average deployment amount could be Rs 150-250 crore per year, depending on the investment opportunities and fund requirements. The Centre, as part of its 2020 space sector reforms, established IN-SPACe to promote and oversee private sector participation in space activities. IN-SPACe has proposed a Rs1000 crore Venture Capital Fund to support the growth of India's space, economy, currently valued at S8.4 billion, with a target to reach USD 44 billion by 2033. The fund aims to address the critical need for risk capital, as traditional lenders are hesitant to fund startups in this high-tech sector. With nearly 250 space startups emerging across the value chain, timely financial support is crucial to ensure their growth and prevent talent loss overseas, the union government has stated in an official statement earlier. The proposed government-backed fund will boost investor confidence, attract private capital, and signal the government's commitment to advancing space reforms, as per the government. In addition, it will also serve as an Alternative Investment Fund under SEBI regulations, providing early-stage equity to startups and enabling them to scale for further private equity investments.(ANI)
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