Rs10 Bn VC Fund: Big Boost To Space Economy

The budget's identification of infrastructure, manufacturing, and skilling as key areas for long-term development and subsequent allocation is a step in making India the logistics and manufacturing powerhouse of the world.

The Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman departs from Ministry of Finance in North Block to Rashtrapati Bhavan and Parliament House, along with the Ministers of State for Finance, Shri Pankaj Chaudhary as well as her Budget Team/senior officials of the Ministry of Finance to present the first Union Budget 2024-25 of Modi 3.0, in New Delhi on July 23, 2024.

FinTech BizNews Service

Mumbai, July 23, 2024: Union Minister of Finance and Corporate Affairs, Smt. Nirmala Sitharaman presented the union budget for 2024-25 in the Parliament today.  

There are very insightful views shared by some of the early stage Venture capitalists:

Ratna Mehta - Managing Partner, Fundalogical Ventures

"The logistics and supply chain is the lifeline of India's growth story. The budget's identification of infrastructure, manufacturing, and skilling as key areas for long-term development and subsequent allocation is a step in making India the logistics and manufacturing powerhouse of the world. As a fund focused on investing in supply chain and logistics, we are bullish on backing innovative entrepreneurs building the support ecosystem of India's supply chain. The government's move to set up E-commerce export hubs to be set up for enabling MSMEs to export their local products is a huge step in the direction of driving growth through innovation and building on new-age trends to drive MSME growth. Interesting move from the Government to create industrial centres in historic hubs like Gaya of India as a part of 'Vikas bhi, Virasat bhi.' This will boost widespread infra development and logistics in these regions and create employment opportunities, reducing the urban-rural divide as well as encourage distribution of income".

Bhaskar Majumdar, Managing Partner, Unicorn India Ventures

This is recognition of the growing need for a deeptech economy. However, alongside the R&D Fund, the government should look at the Intellectual Property  regime. The much overdue Patent Policy needs to come out soonest to enable maximisation of R&D Fund.

Anil Joshi, Managing Partner, Unicorn India Ventures

The 1000 Cr fund of funds for space tech is testimonial to India’s capability in coming up with breakthrough solutions at low cost. This will certainly help space tech companies to look for much needed early stage capital to get started. This will certainly help mobilise over 4000 Cr, great move