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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.

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Jammu & Kashmir: 5 soldiers killed after Army vehicle plunges into gorge in Poonch

“Today at around 17:40 hrs (5.40 pm), an Army vehicle of 11 Maratha Light Infantry, which was on its way from from Nilam headquarters to Balnoi Ghora Post along the LoC, met with an accident near Ghora Post,” said officials.

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Five soldiers lost their lives and several others were injured when an Army vehicle veered off the road and fell into a deep gorge in the Balnoi area of Mendhar, Poonch district, Jammu and Kashmir, on Tuesday, according to officials.

The incident occurred as the vehicle, part of the 11 Madras Light Infantry (11 MLI), was traveling from Nilam Headquarters to Balnoi Ghora Post. Reports indicate that the vehicle plunged approximately 350 feet into a steep gorge near its destination.

Upon learning of the accident, the Quick Reaction Team from 11 MLI rapidly mobilized to the scene to initiate rescue operations. The injured personnel received immediate medical attention, and efforts are currently underway to evacuate them for further treatment.

In a message on X, the White Knight Corps expressed their deep condolences for the tragic loss of five courageous soldiers, stating, “All ranks of #WhiteKnightCorps extend their deepest condolences on the tragic loss of five brave soldiers in a vehicle accident during operational duty in the #Poonch sector. Rescue operations are ongoing, and the injured personnel are receiving medical care.”

“Today at around 17:40 hrs (5.40 pm), an Army vehicle of 11 Maratha Light Infantry, which was on its way from from Nilam headquarters to Balnoi Ghora Post along the LoC, met with an accident near Ghora Post,” said officials.

This incident follows a similar accident last month, where one Army personnel died and another was injured when their vehicle skidded off the road and fell into a gorge in Rajouri district, Jammu and Kashmir. This crash, which occurred on November 4 near Badog village in Kalakote, resulted in Naik Badri Lal and Sepoy Jai Prakash suffering critical injuries; Lal ultimately succumbed to his injuries while in treatment.

On November 2, another tragedy struck when a vehicle skidded off a hilly road in Reasi district, claiming the lives of a woman and her 10-month-old son, while three others sustained serious injuries.

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Over 350 Himachal Pradesh roads shut amid snowfall, 4 dead

Meanwhile, post-monsoon rainfall from October 1 to December 24 has shown a deficit of 92% of the normal level of 70.4 mm.

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In Himachal Pradesh, a significant snowfall in the past 24 hours has resulted in four fatalities and the shutdown of approximately 700 electric transformers along with over 350 roads, including three national highways. This has left around 500 vehicles stranded, among which are more than 300 buses.

The snowfall, which began yesterday, has been recorded in various districts such as Kinnaur, Lahaul and Spiti, as well as the higher elevations of Shimla, Kullu, Mandi, Chamba, and Sirmaur.

On a positive note, the situation has attracted a large number of tourists heading to Shimla and nearby areas in hopes of enjoying a white Christmas. According to MK Seth, president of the Shimla Hotel and Tourism Stakeholders’ Association, hotel occupancy in the historic town has exceeded 70%, 30% higher than usual.

Tragically, four individuals lost their lives in accidents over the last day, with several others injured due to vehicles skidding in hazardous conditions. Key national highways connecting Attari to Leh, Sanj to Aut in Kullu, and Khab Sangam in Kinnaur to Gramphoo in Lahaul and Spiti are currently blocked.

Among the affected areas, Shimla has the highest number of closed roads, totaling 89, followed by Kinnaur with 44 and Mandi with 25. The State Emergency Operation Centre reported that 683 transformers are inactive, leaving some regions without electricity.

Authorities have urged tourists to follow the advice of district officials and police, heed local guidance, and avoid driving on snowy roads. Khadrala experienced the highest snowfall, receiving 24 cm, followed by Sangla with 16.5 cm, and Shillaro at 15.3 cm. Other areas such as Chopal and Jubbal recorded 15 cm each, while Kalpa received 13.7 cm, Nichar 10 cm, Shimla 7 cm, Pooh 6 cm, and Jot 5 cm.

Manali and Dalhousie suburbs also saw snowfall since Monday, with light rain experienced in parts of the mid and lower hills. An intense cold wave is affecting the lower hills of Mandi, while cold conditions are noted in Una and Chamba.

The Meteorological Office reported dense, moderate, and shallow fog in Bilaspur, Sundernagar, and Mandi. An ‘orange’ warning has been issued for severe cold in Bilaspur, Una, Hamirpur, and Mandi, and a ‘yellow’ warning for dense fog in areas around the Bhakra dam reservoir and Balh Valley in Mandi until Thursday.

The coldest recorded temperature was in Kukumseri, Lahaul and Spiti, at minus 6.9 degrees Celsius. Meanwhile, post-monsoon rainfall from October 1 to December 24 has shown a deficit of 92% of the normal level of 70.4 mm.

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Delhi Pollution: GRAP 4 revoked in capital, NCR as air quality improves

The GRAP 4 measures were implemented in Delhi after the air quality index (AQI) hit alarming levels on 16th December 2024

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Delhi Pollution: GRAP 4 revoked in capital, NCR as air quality improves

The Commission for Air Quality Management (CAQM) today revoked Stage 4 of the Graded Response Action Plan (GRAP) across Delhi and the National Capital Region (NCR). Nonetheless, measures under stages 1, 2, and 3 will remain in force to manage pollution levels. The GRAP 4 measures have been in effect in the entire NCR since December 16 after deterioration in air quality. 

This move follows after the Central Pollution Control Board (CPCB) reported an Air Quality Index (AQI) of 401 at 8 AM. The AQI on Monday fell into the severe category, measuring 403 at 7 am. Reportedly, AQI in several areas of the national capital was also recorded as ‘severe.’

Reports said, Anand Vihar recorded an AQI at 439, 456 at Ashok Vihar, 473 at Bawana, 406 at CRRI Mathura Road and 430 at Narela. Notably, an AQI between 0-50 is considered good, 51-100 is satisfactory, 101-200 is moderate, 201-300 is poor, 301-400 is very poor, and 401-500 is severe.

The GRAP 4 measures were implemented in Delhi after the air quality index (AQI) hit alarming levels on 16th December 2024. The Air Quality Index breached the 350 mark during the day, prompting the GRAP Sub-Committee to implement Stage-III measures. On the same day, by 10 PM, the AQI soared to 401, surpassing the severe plus category threshold. According to the Supreme Court instructions, Stage-IV measures were immediately introduced to tackle the crisis.

The apex court had earlier mandated precautionary measures, requiring Stage-III actions for AQI above 350 and Stage-IV for AQI exceeding 400. These directions were reiterated on 5th, 12th, and 19th December 2024, underlining the urgency to address Delhi’s air pollution.

As Delhi continues to battle hazardous air quality, the intensified measures under GRAP Stages I, II, and III will focus on curbing pollution sources and improving monitoring. Furthermore, residents are urged to remain cautious and adhere to guidelines issued by the authorities to mitigate the impact of air pollution on health and daily life.

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