India's Space Industry Funding Declines by 55% in 2024 Amid Global Downturn

In 2024, India's space sector experienced a sharp funding contraction, dropping by 55% from $130.2 million to $59.1 million, according to Tracxn data. This decline occurred against the backdrop of a global 20% decrease in space investment, even as the country celebrated milestones such as the Chandrayaan-3 lunar landing and the Aditya-L1 solar probe launch.

In response, the Indian government approved a $119 million fund in October 2024 to support space startups, aiming to expand India’s participation in the global commercial space market by 2033. The move, reported by multiple sources on January 6, 2025, underscores the challenges and opportunities facing the nation’s rapidly evolving space industry.