NEW DELHI (PTI): The Union Cabinet on Thursday approved setting up of a Rs 1,000 crore venture capital fund to help space sector start ups, Union minister Ashwini Vaishnaw said.

The fund is expected to support approximately 40 startups in the sector and will accelerate private space industry's growth.

It will also push advancements in space technology and strengthen India's leadership through private sector participation, the government said.

The capital infusion will also create a multiplier effect by attracting additional funding for later stage development.