India Launches $57.58 Million Fund to Commercialize Space Tech
Bengaluru, India: The Indian National Space Promotion and Authorisation Centre (IN-SPACe) has established a 5 billion rupee ($57.58 million) fund to foster commercialization of early-stage space technologies.
The Technology Adoption Fund aims to reduce India's reliance on imports and bolster its market share in the global space industry. It will facilitate collaborations between government agencies and private enterprises, positioning India as a trusted partner in the competitive space market.
"The fund provides financial support up to 60% for startups and SMEs, and 40% for larger industries, with a maximum funding limit of 250 million rupees per project," said Pawan Goenka, IN-SPACe Chairman. "This support enables companies to refine technologies, enhance production processes, and meet domestic and international market demands."
India privatized its space sector in 2022, promoting greater commercial investment. The country anticipates that liberalized regulations will attract global players and drive a space commercialization boom similar to that witnessed in the U.S. and Europe.
Notable collaborations include a joint venture between Reliance Industries and SES to provide gigabit fiber internet, and regulatory approvals for Starlink and Kuiper from Elon Musk and Amazon, respectively.
"We are witnessing innovative startups developing cutting-edge space solutions," said AK Bhatt, Director General of the Indian Space Association. "Government funding plays a crucial role at this stage to transform concepts into practical products that can penetrate the market."