India says it will set up a venture capital fund worth 10 billion rupees, or about 119 million dollars, to promote space technology with an eye on the growing global space market.

Finance minister Nirmala Sitharaman made the announcement during a budget speech on Tuesday. She said the emphasis is on expanding the country's space economy by five times in the next 10 years.

India has recently issued new policies to spur the country's space industry, which currently accounts for about 2 percent of the global space economy.

The government is allowing the private sector to take part in the space industry. It agreed earlier this year to full foreign direct investment in the manufacturing of satellite systems and eased the rules for launch vehicles.

Last year, India became the first country to successfully land an unmanned probe near the moon's south pole. After the Chandrayaan-3 touched down, its rover explored a challenging spot in uneven terrain. Its laser instruments confirmed the presence of sulfur. The country is aiming to put astronauts on the moon by 2040.