Indian space regulator announces ₹500cr fund to promote tech innovation
What's the story
The Indian National Space Promotion and Authorization Center (IN-SPACe) has launched a ₹500 crore initiative, the Technology Adoption Fund (TAF).
The fund's main goal is to promote innovation and commercialization in the space sector.
It will provide financial assistance for projects that help advance space technologies from the initial development stages to commercially viable products.
Funding details
TAF to offer partial funding for space projects
The TAF scheme aims to offer partial funding of up to ₹25 crore per project. This fund will help start-ups and MSMEs by covering up to 60% of their project cost.
For bigger industries, the fund provides support of up to 40%.
The initiative comes as part of IN-SPACe's plan to promote private sector participation in space technology development and commercialization.
Chairman's perspective
IN-SPACe's fund aims to bridge development-commercialization gap
Pawan K Goenka, the Chairman of IN-SPACe, said the fund is aimed at helping innovators bridge the gap between early-stage development and commercialization.
"This support will enable companies to refine their technologies, enhance production processes, and meet market demands both within India and abroad," he said.
The plan is to enable practical solutions that can be quickly integrated into the space ecosystem.
Policy alignment
Fund aligns with Indian Space Policy's objectives
The TAF is in line with the Indian Space Policy's goal of encouraging private sector participation.
However, any licensing of the developed intellectual property (IP) will need prior approval from IN-SPACe.
Proposals that are eligible for funding should be in key areas like Earth observation, communication satellites, navigation, launch vehicles, space situational awareness, human spaceflight and ground applications.
Industry response
Indian Space Association welcomes IN-SPACe's initiative
The Director General of the Indian Space Association, Lt Gen (retd) AK Bhatt, has welcomed the launch of TAF by IN-SPACe.
He said there is a rise of pioneering start-ups developing groundbreaking solutions for the space industry.
However, to turn these concepts into practical products for a new marketplace, sufficient funding from government institutions is crucial at this stage.