Day: July 24, 2024

On the 23rd of July 2024, Finance minister Nirmala Sita Raman has declared the drafted budgets for the upcoming financial year. Specifically, she has announced a fund of 1000 crore INR to the space sector of India. Followed by various successful missions by the Indian Space Research Organization, this budget was estimated to provide space awareness. Additionally, private space sectors has also played a vital role. This budget was drafted in addition to 13,000 crores INR which is a part of the Union budget 2024-25. It was announced in the previous budget notice by our finance minister, earlier this year. CHANDRYAAN-3 and Adithya L-1 In a significant move, reflecting India's recent successful missions to the moon and the halo orbit of the sun, the finance minister has declared the following budget. Currently, India boats 55 active space assets, which includes 18 communication satellites, 9 navigation satellites, five scientific satellites, 3 meteorological satellites and 20 EO satellites. A key achievement which must be notes is the successful execution of a contract by New Space India Limited to launvh 72 satellites of OneWeb into Low-Earth orbit. These launches, which were made possible by the LVM3 missions M2 and M3, have improved India's standing in this cutthroat industry by establishing LVM3 as a dependable launch vehicle on the international commercial launch services market. COLLABRATIONS A single-window organisation established to promote and authorise space activities, the Indian National Space Promotion and Authorisation Centre (IN-SPACe), was also clarified by the poll. As of January 1, IN-SPACe had received 440 applications from more than 300 Indian organisations requesting technology transfer, facility usage, permission, handholding, and support. In addition, 34 collaborative project implementation plans and 51 Memorandums of Understanding (MoUs) have been inked with non-governmental organisations to assist space activities. BUDGET BREAKDOWN A ₹1,000 crore venture capital fund was also proposed in the Union Budget 2024–25 with the goal of promoting innovation and expansion in the space industry. It is anticipated that this fund will draw investments and assist start-ups and small space technology enterprises. Moreover, the budget allots ₹9,761.50 crore for space technologies and ₹1,810.00 crore for space applications, representing significant expenditures in Central Sector Schemes and Projects. Furthermore, ₹656.80 crore has been set aside for Total Autonomous Bodies, guaranteeing thorough advancement in a range of space research and technology areas. FUTURE VISION The government of India intends to build 12 industrial parks in order to support the space and satellite manufacturing sector. The industry's long-standing need for specialised space parks is expected to be met by these parks, which are expected to provide a strong environment for space and satellite production. All things considered, the Union Budget 2024–25, in conjunction with recent successes, positions India's space industry for success by guaranteeing continued investment and backing for its ambitious objectives. FREQUENTLY ASKED QUESTIONS (FAQs) 1 . What is the total budget allocation for the Department of Space in the Union Budget 2024-25? The Union Budget 2024-25 has allocated ₹13,042.75 crore to the Department of Space. This funding aims to support and expand India's space capabilities, reflecting the government's commitment to the space sector. 2. How does the current budget allocation compare to previous years? The ₹13,042.75 crore allocation for 2024-25 shows an increase from last year's ₹12,543.91 crore but is slightly lower than the ₹13,700.00 crore allocated two years ago. Despite this slight decrease, the allocation remains substantial and is indicative of the continued focus on the space sector. 3. What are some of the key achievements in India's space sector highlighted in the Economic Survey 2023-24? The Economic Survey 2023-24 highlighted several achievements, including the successful landing of Chandrayaan-3 on the South Polar region of the Moon, making India the fourth country to land on the lunar surface. Additionally, New Space India Limited (NSIL) successfully launched 72 satellites of OneWeb into Low Earth Orbit, establishing LVM3 as a reliable launch vehicle in the global market. 4. What initiatives are being taken to foster growth and innovation in India's space sector? To foster growth and innovation, the government has announced the establishment of a ₹1,000 crore venture capital fund to support startups and small businesses in space technology. Furthermore, the creation of 12 industrial parks across India aims to enhance the space and satellite manufacturing industry, providing a robust ecosystem for space-related activities.

Day: July 24, 2024

India’s 2024 space budget : A strategic leap

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