Indian Space Industry Gets $58 Million Boost as Nation Pushes for Self-Reliance

Indian Space Industry Gets $58 Million Boost as Nation Pushes for Self-Reliance

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The Indian National Space Promotion and Authorisation Centre (IN-SPACe) has established a 5 billion rupee ($57.58 million) fund to assist early-stage space businesses in commercialising their innovations. The project intends to minimise India’s dependency on space-related imports while increasing the country’s footprint in the global space sector.

The Technology Adoption Fund project will encourage collaboration between government agencies and commercial businesses. IN-SPACe stated that by providing financial support, India intends to establish itself as a vital role in the rapidly growing space economy.

According to Pawan Goenka, chairman of IN-SPACe, the fund would cover up to 60% of project expenditures for startups, and small and medium-sized businesses, while larger sectors will receive up to 40% assistance. Each project can get a maximum investment of 250 million rupees. This aid is designed to help businesses enhance their technologies, increase output, and cater to both domestic and foreign markets.

The Indian government has actively encouraged private participation in the space sector. Furthermore, a second 10 billion rupee venture capital fund has been established to encourage space entrepreneurs and ISRO launch contracts have also been handed to private firms.