BENGALURU, Jan 6 Reuters Funding in Indias space sector, a key part of the countrys ambitions to become a global superpower, plummeted by 55 in 2024 to 59.1 million from 130.2 million the previous year, according to data from market intelligence platform Tracxn.

The drop, which came amid a global 20 decline in space sector investment, marks the first fall in at least five years. Globally, space companies raised about 28 billion over the last five years, while their Indian counterparts secured approximately 354 million in the same period, Tracxn data showed.

Indias space industry has gained global attention with the Chandrayaan3 lunar landing and the AdityaL1 solar probe launch. Its private space sector growth is increasingly seen as crucial for achieving the longterm goal a 44 billion private space economy.

The government has sought to stimulate the sector by approving a 10 billion rupee 119 million fund in October 2024 to support space startups and setting plans to expand Indias share of the global commercial space market by 2033.

Industry participants said they expected to see a pickup in funding in 2025.

The next 12 months will be crucial in shaping the future of India39;s space tech startups, said Vishesh Rajaram, managing partner at Speciale Invest, which backs companies such as Agnikul Cosmos, GalaxEye, and Inspecity.

In 2023, Indias space sector hit a funding peak of 130.2 million, a 32.9 rise from 2022, driven by initiatives supporting satellite technology,…