Prime Minister Narendra Modi on Friday urged German businesses to invest in the country and said there is no better place for investment than India and this is the right time to join the country’s growth story.

Addressing the 18th Asia-Pacific Conference of German Business 2024, the Prime Minister emphasised that the time was right for foreign investors to participate in India’s growth story, join Make in India initiative and Make for the World.

He noted that Germany’s confidence in India’s skilled workforce is remarkable. The European nation has decided to increase the number of visas for skilled Indian workers from 20,000 to 90,000.

“Germany has decided to increase the annual visa quota for skilled Indian professionals from 20,000 to 90,000,” he said. Adding that he said this move is expected to give a significant boost to Germany’s growth.

He said the decision aims to fulfill Germany’s demand for skilled workers and strengthen economic cooperation with India. As a result, Modi said, Indian professionals will have increased job opportunities in Germany, strengthening economic ties between the two nations.

“This is the right time to be part of India’s growth story. India is becoming a global trade and manufacturing hub,” Modi said, emphasizing that the country stands on strong pillars of democracy, demography, demand, and data.

PM Modi also mentioned that India is making record investments in infrastructure, such as roads and ports, and highlighted the importance of the Indo-Pacific region for the future of the world.

After a 12-year gap, India is hosting the Asia-Pacific Conference of German Business, the Prime Minister said. “Simultaneously, the CEO Forum is convening, and our navy is conducting joint exercises,” PM Modi said.

“Today, India and Germany are going to organise the 7th Intergovernmental Consultation. India and Germany are seeing the deepening of relations at every step, in every aspect,” PM Modi said.

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.

Jammu and Kashmir Chief Minister Omar Abdullah met with Prime Minister Narendra Modi on Thursday during his first visit to the national capital since taking office recently.

He is expected to submit a resolution passed by his Cabinet, calling for the restoration of Jammu and Kashmir’s statehood.

Following an outstanding victory in the recent Assembly elections in the Union Territory, where Abdullah’s National Conference secured 42 out of the 90 Assembly seats, this marks a significant political development.

During its first Cabinet meeting, the new government passed a resolution urging the central government to restore Jammu and Kashmir’s statehood, which was subsequently approved by Lieutenant Governor Manoj Sinha.

The move towards reinstating statehood is viewed as a critical step in promoting reconciliation, upholding constitutional rights, and preserving the distinctive identity of the region’s inhabitants.

Endorsed by his Cabinet, the Chief Minister now has the authority to engage with the Prime Minister and the central government to advocate for the reinstatement of Jammu and Kashmir’s statehood.

Abdullah also engaged with Union Minister of Road Transport and Highways Nitin Gadkari earlier today, discussing road connectivity projects in Jammu and Kashmir during their meeting at Gadkari’s office, where Abdullah presented a traditional Kashmiri shawl.

On Wednesday, the Chief Minister had a meeting with Union Home Minister Amit Shah to address various issues concerning the Union Territory, focusing on the prompt restoration of statehood. This meeting was described as a courtesy call, during which Abdullah briefed the Union Home Minister on the situation and the statehood restoration matter.

Abdullah’s visit followed a recent tragic terror attack in the Gangangeer area of Ganderbal district, where seven individuals, including a doctor, were ruthlessly killed by terrorists just three days prior.

Since the reorganization of Jammu and Kashmir into a Union Territory in 2019, the police force has been under the jurisdiction of the Union Home Ministry.