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10.03.24 12:56

Technology

Investment in India's space startups are US$12 million in April-December 2023

The country has earned US$174 million for launching 424 foreign satellites since the 1990s

Investment in India's space startups exceeded 1 billion Indian rupees in the first nine months of the current fiscal year. This is reported by Emirates News Agency (WAM) citing Jitendra Singh, Indian Minister for Space, Science, Technology and Atomic Energy.

The financial year in India begins on 1 April and ends on 31 March. Thus, the nine-month period the official is referring to begins on 1 April and ends on 31 December 2023.

In February, India's Federal Cabinet had announced that foreign entities are now allowed to make 100 per cent direct investment in the production of components, systems or subsystems for the country's satellites without any official approval.

According to Singh, Indian space technologies touch everyone's life. They are used in various fields such as disaster management, construction of railways, highways and smart cities, medicine and others.

Photo: IStock

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