New Delhi: The successful landing of Chandrayaan-3 on the moon has solidified India’s position as a SpaceTech powerhouse for the year 2023. This year, the SpaceTech sector of the nation has received $62 million in funding till date, a triumphant 60 per cent increase, compared to last year, within the same period.
Between 2010 and 2019, this sector received only $35 million OF funds. After the sector’s privatization in 2020, the scales tipped exponentially as the Indian SpaceTech Sector secured $28 million in funding, and continued to grow, attaining $96 million, and then $112 million in 2021 and 2022 respectively.
Since its privatization the sector has seen increased participation by the private sector. The report read, “Private entities are now actively involved in crucial aspects of research, manufacturing, and fabrication of rockets and satellites, fostering a vibrant ecosystem of innovation.”
This growth is anticipated to continue for months to come, as more and more investors are showing their interest in investing in the Indian SpaceTech sector. According to the latest report by the market intelligence firm Tracxn, India ranks seventh with regard to funding within the international SpaceTech landscape, making it a major player in this sector.
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