India's space tech sector is witnessing unprecedented growth, driven by robust government investment and support. The Union Budget's allocation of INR 1000 crore signifies a commitment to promoting space technology startups and enhancing their role in the global landscape.
In 2023, India's space tech sector raised a record $126 million, reflecting a 7% increase from 2022. This growth comes amidst a global funding slowdown, illustrating the sector's resilience and the effectiveness of governmental backing.
With over 100 space tech startups, India's rapidly expanding space tech industry has become a global contender. The establishment of IN-SPACe and substantial funding from the government highlight India's strategic focus on leveraging space technology.
The majority of the funding in India's space tech sector is flowing into early-stage ventures, with a marked increase in seed-stage funding too. This investment trend indicates growing entrepreneurial activity and innovation readiness within the sector.
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