New Delhi, Dec 24: Reforms made by the government coupled with private partnerships played a crucial role in the growth of India’s space industry in 2024, said the Indian Space Association (ISpA), noting that 2025 is poised to be a year of transformative developments.

Lt. Gen. AK Bhatt (Retd), Director General, ISpA stated that government reforms like the Foreign Direct Investment policy, the Rs 1,000 crore Venture Capitalist fund, and a thriving startup ecosystem, coupled with dynamic public-private collaborations propelled space sector growth.

“The Indian government’s continued focus on strategic policy reforms not only opens the door for significant private sector investment but also ensures that India stays at the forefront of global space innovation. With the continuous support from the government and the push for the public,” Bhatt said.

“The private space sector is witnessing a major growth in the startup ecosystem driven by favourable policy reforms like the liberal FDI policy announced this year,” he stated, adding that this will give the country “access to the latest tech advances and funds” both from Indian and global investors.

The FDI policy in the space sector was launched under the Indian Space Policy 2023 in March. It allows for 100 per cent FDI under the automatic route for satellite components and systems, up to 74 per cent for satellite manufacturing and operation, and 49 per cent for launch vehicles and spaceports.

In October, the Cabinet approved a Rs 1,000 crore VC Fund for the space sector, bolstering startups and private players.

It also approved Phase III of the Space-Based Surveillance (SBS-III) project, targeting the launch of 52 satellites to enhance surveillance. This involved the manufacturing of 31 satellites by the private sector, providing immense opportunities to the industry.

Further, the year also witnessed the laying of the foundation stone for India’s second spaceport in Kulasekharapattinam, Tamil Nadu.

Tata Advanced Systems and Satellogic launched India’s first private sub-metric high-resolution Earth Observation satellite in April.

In May, Agnikul Cosmos made history with the launch of “Agnibaan – SOrTeD,” the world’s first rocket powered by a fully 3D-printed, semi-cryogenic engine.

Funding for Indian space-tech startups reached $76.79 million in 2024, bringing total funding to $463.24 million to date. This includes Pixxel, GalaxEye, Dhruva Space, XDLink Labs, Piersight, and EtherialX.

Notably, this year, ISRO’s commercial arm, NSIL, invited private firms to apply for the end-to-end manufacturing of the Launch Vehicle Mark-III, used in Chandrayaan-2 and Chandrayaan-3.

IN-SPACe, under the Department of Space, also called for initial bids from domestic companies to design, build, and operate Earth Observation satellites. These initiatives mark the Centre’s push to become a key customer for India’s private space sector through a public-private partnership (PPP) model, transforming the space sector, Bhatt said.

Arif Bamne, who risked his own life to save 35 passengers in the Neelkamal boat accident, was honoured by Shiv Sena (UBT) chief Uddhav Thackeray at Matoshri residence on Monday. During the ceremony, Thackeray praised Arif’s presence of mind, courage, and bravery. According to report, the event was attended by Shiv Sena UBT leaders including MP Arvind Sawant, MLAs Milind Narvekar, and Manoj Jamsutkar.

The incident occurred when the Neelkamal boat, traveling from Gateway of India to Elephanta, collided with a Navy speedboat, resulting in a severe accident where both vessels sank. The accident claimed 15 lives, while 100 people were successfully rescued.

Arif Bamne, who works as a boatmaster on the Purva boat, emerged as a guardian angel during the crisis. When the accident occurred, his boat was nearby. Without any hesitation, Arif jumped into the sea and, along with his colleagues, managed to save at least 35 passengers. Using a pilot boat for support, they safely transferred the rescued passengers to the Vasudev ferry. In one particularly notable rescue, Arif saved an unconscious three-and-a-half-year-old child.

For their acts of bravery, Arif and his fellow crew members – Kifayat Mulla, Tapas Kar, and Nandu Jana – were felicitated by Uddhav Thackeray’s party. They were presented with cash rewards in recognition of their courageous rescue efforts.

The incident has brought widespread acclaim for Arif’s heroic actions, with Uddhav Thackeray personally commemorating his bravery during today’s special ceremony.

Following the recent allocation of cabinet portfolios to ministers, the state administration has now finalised the allocation of residential bungalows and office spaces for the ministers. On Monday, the designated chambers in the state’s Mantralaya building were assigned, with most ministers receiving offices there. However, a few exceptions were made: Ministers of State (MoS) Yogesh Kadam, Meghna Bordikar and Indraneel Naik have been assigned cabins in the state assembly building.

The entire office of Chief Minister Devendra Fadnavis has been stationed on the 6th floor of Mantralaya. Deputy Chief Minister Ajit Pawar’s offices have been distributed across the 6th, 7th and 5th floors due to space limitations on the 6th floor. Other key offices, including those of DyCM Eknath Shinde, have also been placed across the 6th and 7th floors of the building for similar reasons. Chandrashekhar Bawankule’s office is on the first floor of the Mantralaya annex building.

On the residential front, Fadnavis will continue to reside at the Varsha bungalow, while Ajit Pawar will stay at his Devgiri bungalow. However, Shinde has yet to be allocated a bungalow.

Ram Shinde, the newly appointed chairman of the Legislative Council, has been assigned the Dnyaneshwari bungalow, located next to the CM’s residence. Meanwhile, the ‘Shivgiri’ bungalow has been designated for Rahul Narwekar, the Speaker of the State Assembly.

Other notable residential allocations include Ramtek bungalow for Revenue Minister Chandrashekhar Bawankule and the Vijaydurg bungalow for Mangal Prabhat Lodha. Additionally, Pankaja Munde has been assigned the Parnakut’ bungalow, previously the residence of Sudhir Mungantiwar.