New Delhi (India), January 18 (ANI): Prime Minister Narendra Modi has praised the success of Indian space startup Digantara’s mission SCOT, marking a significant achievement in the country’s growing space industry.
Prime Minister Modi congratulated him in a post on social media platform X, highlighting the mission’s contribution to improving space situational awareness.
He further added, “Congratulations to Indian space startup @Digantarahq on the success of Mission SCOT. This is a significant contribution of the growing Indian space industry to improving situational awareness in space.” Ta.
In its response, the startup said, “We would like to express our sincere gratitude to Prime Minister Narendra Modi Ji for championing India’s civil space ecosystem with his bold vision and resolute support. Mission SCOT is part of the national security framework. and position India as a leader in the space sector.” We are proud to shape the future of space technology and contribute to the nation’s strategic priorities. ”
According to information provided by the space technology startup on X, the mission SCOT successfully established communication with a ground station, with a solar panel array deployed, stable operation at positive power levels.
The next phase of the mission will focus on commissioning a satellite designed for precise object tracking and imaging in low Earth orbit (LEO).
Digantara’s team is currently preparing SCOT for its core mission, and the startup says it will be fine-tuned and mission-ready in the coming weeks.
“Over the coming weeks, our team will meticulously fine-tune SCOT to ensure it is mission-ready for this effort,” the startup added in a social media post. .
The company quoted the Prime Minister’s post and added that SCOT’s mission is to strengthen the national security framework and position India as a leader in space domain awareness.
The Union government last year approved the setting up of a Rs 1,000-crore venture capital fund dedicated to the space sector under the auspices of IN-SPACe.
Depending on the investment opportunity and funding requirements, the average implementation value can be between Rs 150 crore and Rs 250 crore annually.
As part of its 2020 space sector reforms, the Center established IN-SPACe to promote and oversee private sector participation in space activities. IN-SPACe has proposed a Rs 1 billion venture capital fund, currently valued at S$8.4 billion and targeted to reach US$44 billion by 2033, to support the growth of India’s space economy. There is.
The fund aims to address a critical need for risk capital as traditional lenders are hesitant to fund startups in this high-tech space.
Around 250 space start-ups are emerging across the value chain and timely financial support is essential to ensure their growth and prevent talent migration overseas, the Union Government has earlier said publicly. said in a statement.
The government says the proposed government-backed fund will boost investor confidence, attract private capital and demonstrate the government’s determination to advance space reform.
Additionally, it will also function as an alternative investment fund under SEBI regulations, providing early-stage equity to startups and enabling them to scale up for further private equity investments. (ANI)
(This story comes from a syndicated feed and has not been edited by Tribune staff.)
