In a major boost to the space industry, Finance Minister Nirmala Sitharaman announced on Tuesday that a venture capital (VC) fund of Rs 1,000 crore will be set up to promote space technology.

Several stakeholders, including the Indian Space Association (ISpA), as well as the heads of the Indian National Space Promotion and Authorisation Centre (IN-SPACe) and Pixxel Space, said the announcement would fuel growth and development in the sector.