Cabinet approves Rs 1,000 crore VC fund to propel space sector, boost employment

Cabinet Approves Rs 1,000 Crore VC Fund To Propel Space Sector, Boost Employment

by Utkalika Mohanty

NEWS HIGHLIGHTS

The Union Cabinet, chaired by Prime Minister Narendra Modi, on Thursday approved the setting up of a Rs 1,000 crore venture capital (VC) fund dedicated to the growing space sector.

New Delhi, Oct 24: The Union Cabinet, chaired by Prime Minister Narendra Modi, on Thursday approved the setting up of a Rs 1,000 crore venture capital (VC) fund dedicated to the growing space sector.

The deployment period of the proposed VC fund, under the aegis of IN-SPACe, is planned to be up to five years from the actual date of the start of the fund operations. The proposed fund is expected to boost employment in the Indian space sector by supporting startups across the entire space supply chain. The average deployment amount could be Rs 150-250 crore per year, depending on the investment opportunities and fund requirements, said the Cabinet.

According to the government, the indicative range of investment is proposed to be Rs 10-Rs 60 crore, depending upon the stage of the company, its growth trajectory, and its potential impact on national space capabilities. Indicative equity investment range could be at Rs 10 crore-Rs 30 crore for the growth stage and at Rs 30 crore-Rs 60 crore for the late growth stage.

"Based on the above investment range, the fund is expected to support approximately 40 startups," said the Cabinet.

As part of its 2020 space sector reforms, the government established IN-SPACe to promote and oversee private sector participation in space activities. IN-SPACe proposed a Rs 1,000 crore VC fund to support the growth of the space economy, currently valued at $8.4 billion, with a target to reach $44 billion by 2033.

With nearly 250 space startups emerging across the value chain, timely financial support is crucial to ensure their growth and prevent talent loss overseas, according to a Cabinet note. The proposed government-backed fund will boost investor confidence, attract private capital, and signal the government's commitment to advancing space reforms, it added. The fund is designed to foster innovation and economic growth through capital infusion, to retain companies in India, accelerate space technology development, boost global competitiveness and create a vibrant innovation ecosystem.

The capital infusion will create a multiplier effect by attracting additional funding for later-stage development, thereby instilling confidence in private investors, said the Cabinet.

--IANS

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Justice Sanjiv Khanna Appointed As Next Chief Justice of India

by Hemanta Pande

New Delhi, Oct 24: The Centre on Thursday cleared the appointment of Justice Sanjiv Khanna as the next Chief Justice of India (CJI).

"In exercise of the powers conferred by clause (2) of Article 124 of the Constitution of India, the President is pleased to appoint Shri Justice Sanjiv Khanna, Judge of the Supreme Court, to be the Chief Justice of India with effect from 11 November 2024," a notification issued by the Union Ministry of Law and Justice said.

Incumbent CJI D.Y. Chandrachud is due to retire on November 10 on attainment of the age of 65 years. He had recommended Justice Khanna as his successor earlier this month.

Justice Khanna will be the 51st CJI and will have around 6 month tenure in office.

He held the post of Chairman, Supreme Court Legal Service Committee. He is presently the Executive Chairman of the National Legal Services Authority and a member of the Governing Counsel of the National Judicial Academy, Bhopal.

Before elevation to the Supreme Court, Justice Khanna served as a judge in the Delhi High Court till January 2019. As a judge of the Delhi HC, he held the position of Chairman/Judge-in-charge, Delhi Judicial Academy, Delhi International Arbitration Centre, and the District Court Mediation Centres.

Justice Khanna, born in May 1960, obtained his law degree from the Campus Law Centre, Delhi University. He enrolled as an advocate in the Bar Council of Delhi in 1983 and primarily practised taxation, arbitration, commercial law, environmental law, medical negligence law, and company law in the Delhi High Court. He had a long tenure as the Senior Standing Counsel for the Income Tax Department. In 2004, he was appointed as the Standing Counsel (Civil) for the Delhi government. He had also appeared and argued in a number of criminal cases at the Delhi High Court as an Additional Public Prosecutor and as an amicus curie (friend of the court).

--IANS

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Cyclone Dana: PM Modi Speaks To Odisha CM, Enquires About State’s Preparedness

by Hemanta Pande

Bhubaneswar, Oct 24: Prime Minister Narendra Modi spoke to Odisha Chief Minister Mohan Charan Majhi twice on Thursday and enquired about the State's preparedness for the impending cyclone, which is likely to make landfall between Bhitarkanika and Dhamra early Friday.

according to a statement from the Chief Minister's Office (CMO), the Chief Minister brought to the attention of the Prime Minister about the ongoing relocation of people and the deployment of response forces such as the NDRF and ODRAF for public safety.

The Prime Minister expressed satisfaction over the preparations made by the state government, the CMO said.

Earlier in the day, PM Modi held discussions on the cyclone 'Dana' and the preparations by the Odisha government to tackle the situation during the Union Cabinet meeting in Delhi.

Union Minister Amit Shah also called CM Majhi and enquired about the situation in view of the impeding cyclonic storm. He assured all possible assistance from the Centre to meet the challenge, the CMO said.

According to the Indian Meteorological Department's latest bulletin, severe cyclone 'Dana' moved north-northwestwards with a speed of 13 kmph during past 6 hours and lay centred about 90 km southeast of Paradip (Odisha), 110 km south-southeast of Dhamara (Odisha) and 210 km south of Sagar Island (West Bengal).

The cyclone is expected to make landfall early Friday between Bhitarkanika National Park and Dhamra Port in Odisha, the IMD predicted.

Meanwhile, India Meteorological Department (IMD) Director General Mrutyunjay Mohapatra said that the 'eye' (centre of the cyclonic storm) of severe cyclonic storm 'DANA', hasn’t been developed yet.

Mohapatra said that the 'eye' is formed when a cyclonic system becomes very strong. The cyclonic storm formed over the Bay of Bengal has remained as a severe cyclone and continued to move forward as predicted by the IMD.

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Vedanta’s “Swarna Prasan” Immunization Drive To Benefit 30k School Children In Odisha

by Hemanta Pande

Bhubaneswar, Oct 24: Remaining committed to its initiatives that positively impact the lives of the community as well as create long-term health benefits for children and their families, Vedanta Aluminium, India’s largest aluminium producer, launched an extended drive in partnership with the Ministry of AYUSH to boost the ‘Swarna Prasan’ immunization initiative in Odisha’s Kalahandi district.

While this drive extended across 10 schools reaching out to over 3700 students, the main event was held in Saraswati Shishu Mandir in Braja Vihar attended by Dr.Minakshi Bedbak, District Ayush Medical Officer, Dr. Kshtera Kand, Ayurvedic Medical Officer and Manoj Kumar Mundan, Principal, Saraswati Shishu Mandir, Braja Vihar.

Sunil Gupta, COO, Vedanta Aluminium, said, "Through our collaboration with the Government of Odisha and the Ministry of AYUSH, we aim to enhance the health and well-being of communities through age-old, traditional practices. The ‘Swarna Prasan’ initiative reflects our dedication to improving child health while respecting community values.”

“At Vedanta Aluminium, we believe that investing in the well-being and development of children is crucial, and we are eager to witness the positive transformations, shaping future generations,” quipped Gupta.

Nitin Kumar Tiwari, CEO - Bauxite Mines, Vedanta Aluminium, added, “We had launched this initiative in September benefitting around 1,000 students, and now we have further extended this drive with an aim to expand the Swarna Prasan programme to benefit 30,000 children, from infants to 16-year-olds, across Koraput, Kalahandi, and Rayagada by the end of this year.”

Minakshi Bedbak, District Ayush Medical Officer, emphasized, “Swarna Prasan is a time-tested Ayurvedic practice, and its multiple benefits in boosting immunity and cognitive function in children are well-documented. Vedanta Aluminium’s support in bringing such impactful health interventions to underserved regions is commendable.”

Expressing his gratitude, Manoj Kumar Mundan, Principal, Saraswati Shishu Mandir said, “Vedanta, is not only enhancing the health of our students, but also educating the community about traditional wellness practices. We are grateful to Vedanta's unwavering support towards the holistic development of children in the region”.

Cabinet approves Rs 1,000 crore VC fund to propel space sector, boost employment

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