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In its boldest term yet, the Modi 3.0 government has unveiled transformative initiatives designed to position India as a global leader in science and technology. Key among these is a ₹1,000 crore venture capital fund to support India’s space startups, representing a major investment in young talent and technological advancement. This fund, alongside other groundbreaking initiatives like the Bio E3 policy and the GENESIS program, reflects a clear path toward realizing “Viksit Bharat” (Developed India).
Space Sector Boost: ₹1,000 Crore Fund for Startups
The ₹1,000 crore fund, approved by the Union Cabinet and managed by IN-SPACe, will provide early-stage funding to India’s emerging space startups, addressing a gap in financing that often hinders high-tech innovation. Over five years, the fund will release ₹150-250 crore annually, fueling growth across the space sector’s supply chain and generating jobs in engineering, data analysis, and manufacturing. With a targeted reach of a $44 billion space economy by 2033, this initiative positions India at the forefront of global space innovation.
Bio E3 Policy: Aiming for a Sustainable Bioeconomy
Complementing advancements in space is the Bio E3 policy, aimed at fostering a bioeconomy that drives environmental, economic, and employment gains. This policy seeks to enhance energy independence, leveraging biotechnology to create sustainable energy solutions while reducing reliance on fossil fuels. It also opens pathways for green job creation, especially within biofuel and waste-to-fuel sectors, underscoring India’s commitment to sustainability.
Expanding India’s Innovation Landscape
India’s achievements, such as Chandrayaan-3 and the forthcoming Gaganyaan mission, have drawn global recognition, while policies like the GENESIS program foster innovation in Tier-II and Tier-III cities. Combined, these initiatives contribute to a self-sustaining ecosystem of scientific progress, broadening India’s potential to achieve long-term leadership in critical fields.
Toward a Self-Reliant, Innovation-Driven Future
With these significant reforms, the Modi 3.0 government has positioned India on a path to self-reliance, making strides toward a “Viksit Bharat” through strategic investments in science, technology, and innovation. This commitment to fostering both the people and industries of tomorrow is turning India into a powerhouse for global technological leadership.
