The Union Cabinet has approved a total of ₹7,798 crore for two railway connectivity projects and a venture capital fund to bolster India’s space economy. The first railway project will span 256km from Narkatiaganj to Darbhanga, benefiting Uttar Pradesh and North Bihar, while the second project will cover 57km from Errupalem to Namburu via Amaravati, improving connectivity between central and northern India with southern India.
These projects, set to be completed in the next five years, will enhance trade with Nepal and facilitate the movement of goods like foodgrains, fertilizers, and cement. Additionally, capacity augmentation efforts will lead to an increase in freight traffic by 31 million tonnes per annum, contributing to climate goals by reducing CO2 emissions.
The projects are part of the PM-Gati Shakti national masterplan for multimodal connectivity, aimed at providing seamless movement of people, goods, and services. In addition, a VC fund will be introduced to support the space economy, with proposed investments in space startups over the next decade. This initiative will position India alongside developed nations in the space sector and provide opportunities for young entrepreneurs and scientists.
Currently, India’s space economy stands at ₹70,000 crore and is expected to reach ₹3.5 trillion by 2033. With 250 startups already operating in the sector, the country is poised for significant growth and innovation in space technology.
