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Cabinet approves Rs 1,000 crore venture capital fund for space sector startups

Established as part of the 2020 space sector reforms, IN-SPACe was created by the Government of India to facilitate private sector participation in space activities.

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The Union Cabinet on Thursday approved setting up of a Rs 1,000 crore venture capital fund to help space sector startups, Union Minister Ashwini Vaishnaw said.

The fund is expected to support approximately 40 startups in the sector and will accelerate the private space industry’s growth.

It will also push advancements in space technology and strengthen India’s leadership through private-sector participation, the government said.

The capital infusion will also create a multiplier effect by attracting additional funding for later-stage development.

In a post on X, PM Modi said: “Excellent news for the space sector! The Cabinet’s decision on establishing a Venture Capital Fund dedicated to the space sector will have a phenomenal impact on the youth. It will give opportunities to several innovative minds and add momentum to our space programme.”

Union Home Minister Amit Shah said PM Modi has infused new force into the growth of the Indian space sector by deciding to set up a Rs 1,000 crore venture capital fund in the Union Cabinet.

The fund, under the aegis of IN-SPACe, will fortify Bharat’s leadership in the space sector by creating a multiplier effect by attracting new investments while spurring the growth of the existing companies, he said in a post on X.

As per the government’s plan, the proposed Rs 1,000 crore venture capital fund is expected to have a deployment period of up to five years from the start of the fund operations.

It is anticipated that the average deployment amount could range from Rs 150-250 crore per year, depending on the investment opportunities and fund requirements.

The proposed break-up for the Rs 1,000 crore fund’s deployment on a financial year basis such as Rs 150 crore for 2025-26, Rs 250 crore for each financial year starting from 2026 till 2029, and Rs 100 crore for 2029-30.

Established as part of the 2020 space sector reforms, IN-SPACe was created by the Government of India to facilitate private sector participation in space activities.

The proposed Rs1,000 crore venture capital fund under IN-SPACe aims to support the growth of India’s space economy, which is currently valued at S8.4 billion, with a target to reach $44 billion by 2033.

This initiative is essential to address the critical need for risk capital, given the hesitation of traditional lenders to fund startups in the high-tech space sector.

Furthermore, as nearly 250 space startups have emerged across the value chain, timely financial support is crucial to ensure their growth and prevent talent loss overseas. The proposed government-backed fund is expected to enhance investor confidence, attract private capital, and demonstrate the government’s commitment to advancing space reforms.

Additionally, it will function as an “Alternative Investment Fund” under SEBI regulations, providing early-stage equity to startups and enabling them to scale for further private equity investments.

India News

India always open to legitimate return of undocumented Indians: Jaishankar on US deportation

He stressed that India is diligently verifying the citizenship of each individual before confirming their eligibility for repatriation.

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External Affairs Minister S. Jaishankar addressed the ongoing discussion surrounding the potential deportation of undocumented Indians from the United States. He clarified India’s position, emphasising a commitment to facilitating the legal movement of Indian citizens globally while firmly opposing illegal immigration.

This stance, he underscored, is not unique to the United States but reflects India’s consistent and principled approach to managing undocumented citizens worldwide.

Jaishankar acknowledged the ongoing dialogue with the U.S. government regarding the repatriation of Indians who are either undocumented or have overstayed their visas. However, he cautioned against accepting unverified figures circulating in news reports, particularly those suggesting a specific number of individuals facing deportation.

He stressed that India is diligently verifying the citizenship of each individual before confirming their eligibility for repatriation.

“As a government, we wholeheartedly support legal mobility, recognizing the importance of a globalized workforce,” Jaishankar stated. “We want Indian talent and skills to flourish on a global scale. However, we maintain a firm stance against illegal mobility and migration.”

He explained that illegal activities often intertwine with other illegal actions, leading to undesirable consequences and reputational damage.

He highlighted India’s consistent willingness to cooperate with other nations to facilitate the legitimate return of its citizens found to be in violation of immigration laws. This commitment extends to the United States, where India is working to verify the citizenship of those potentially facing deportation. The process, he stressed, requires thorough verification to ensure that only genuine Indian citizens are repatriated.

Jaishankar also used the opportunity to raise concerns about excessively long visa processing times, which he argued negatively impacted the bilateral relationship. He shared these concerns directly with U.S. Secretary of State Marco Rubio, emphasising the need for streamlined processes that facilitate legal and mutually beneficial mobility between the two nations. Rubio, Jaishankar noted, acknowledged the validity of these concerns.

In summary, India’s position remains steadfast: a commitment to global mobility for its citizens within the bounds of the law, coupled with a firm stance against illegal immigration. While cooperating with the U.S. on repatriation efforts, India prioritises accurate verification of citizenship to ensure the legitimate return of its citizens. Simultaneously, the government advocates for improvements in visa processing times to bolster the mutually beneficial relationship between the two countries.

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Entertainment

Dominic and The Ladies’ Purse social media review: What audiences have to say about Mammootty’s film

The film’s production journey began in July 2024, initially known as “Production No: 6.” The official title was unveiled in September 2024, coinciding with the commencement of principal photography in Kochi.

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Gautham Vasudev Menon, a prominent name in Tamil cinema, ventured into the Malayalam film industry with his directorial debut, “Dominic and the Ladies’ Purse,” a mystery thriller that captivated audiences upon its release on January 23. The film, a Mammootty Kampany production, stars the legendary Mammootty in the titular role of Dominic, a private investigator navigating a complex web of intrigue.

The ensemble cast boasts a stellar lineup of actors, including Gokul Suresh, Lena, Siddique, Vijay Babu, and Viji Venkatesh, each adding depth and nuance to their respective characters. Sushmitha Bhatt and Meenakshi Unnikrishnan portray significant roles, alongside Vineeth, Shine Tom Chacko, Wafa Khadeeja, and Harshitha Pisharody, enriching the narrative tapestry. Adding a unique touch, director Gautham Vasudev Menon himself makes a cameo appearance as a police officer.

The film’s production journey began in July 2024, initially known as “Production No: 6.” The official title was unveiled in September 2024, coinciding with the commencement of principal photography in Kochi.

The cinematic experience is enhanced by the skilful contributions of a talented technical team. Darbuka Siva’s music sets the mood, while Vishnu R Dev’s cinematography captures the essence of the narrative. Lewellyn Anthony’s editing brings precision and flow to the film’s pacing.

The production design by Shajie Naduvil creates a visually appealing atmosphere, complemented by the dynamic stunts choreographed by Supreme Sunder and Kalai Kingson. Brinda Master’s choreography, Sameera Saneesh and Abhijith’s costume designs, and the dedication of the sound, VFX, and digital marketing teams contribute to a comprehensive and polished final product.

George Sebastian served as the executive producer, ensuring the smooth execution of the project. Dr. Neeraj Rajan penned the story, collaborating with Dr. Sooraj Rajan and the director on the screenplay and dialogues. Wayfarer Films facilitated the film’s distribution, bringing together an accomplished crew to create a cinematic masterpiece.

Early audience reactions paint a positive picture of the film. Viewers have praised Mammootty’s performance, the gripping storyline, and the thrilling climax, while acknowledging the film’s slower pace, which some viewers might find less engaging. However, the overwhelming response suggests a captivating cinematic experience that will resonate with mystery thriller enthusiasts.

Netizens have reacted to the film. One user said, “Dominic and The Ladies’ Purse is a gripping investigation drama with a GVM vibe. Mammootty shines in the lead, and the Sherlock Holmes nods are a nice touch. The slower pace might not work for everyone, but I liked the realistic approach.”

“This movie starts off lighthearted but ramps up to an intense, thrilling ride. The final 35 – 40 minutes are pure brilliance that’ll stay with you! Go watch it! Can’t go wrong with Dominic! He always pulls through!” another said.

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India News

Centre issues notice to Ola, Uber over price disparities on iPhone, Android

The CCPA’s investigation is focused on determining whether Ola and Uber are engaging in unfair pricing strategies that disadvantage users based solely on the type of mobile device they use. This raises significant concerns about potential violations of consumer protection laws and fair competition principles.

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The Department of Consumer Affairs is investigating allegations of discriminatory pricing practices by ride-hailing companies Ola and Uber. The investigation, spearheaded by the Central Consumer Protection Authority (CCPA), follows reports and social media posts suggesting that iPhone users are consistently charged higher fares than Android users for identical rides at the same time and location.

Union Minister of Consumer Affairs, Food and Public Distribution, and New and Renewable Energy, Pralhad Joshi, publicly announced the investigation via a post on X (formerly Twitter), confirming that notices have been issued to both companies demanding their responses.

The controversy erupted after several social media users, including one who goes by the name Sudhir, shared their experiences of observing fare discrepancies between iPhones and Android devices.

Sudhir’s post, which gained significant traction, included screenshots allegedly showing a substantial price difference – reportedly ₹50 – for the same Uber Auto ride booked simultaneously on two different phones. This seemingly corroborated numerous anecdotal accounts claiming similar experiences. The visual evidence, showing a lower fare on an Android device compared to a higher fare on an iPhone for the same journey, fueled public outrage and prompted the CCPA’s intervention.

The CCPA’s investigation is focused on determining whether Ola and Uber are engaging in unfair pricing strategies that disadvantage users based solely on the type of mobile device they use. This raises significant concerns about potential violations of consumer protection laws and fair competition principles.

The investigation will likely examine the pricing algorithms used by both companies, seeking to understand if device type is a factor in determining fares. The potential for targeted price discrimination based on perceived consumer purchasing power represents a serious issue, particularly given the popularity and reliance on these ride-hailing services.

Both Ola and Uber are yet to publicly respond to the notices issued by the CCPA. The outcome of the investigation remains to be seen, but it highlights the growing need for greater transparency and accountability in the algorithms that increasingly govern our daily lives and transactions.

The potential ramifications extend beyond the immediate impact on consumers, posing questions about the broader ethical implications of algorithmic pricing and its potential for exploitation.

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