IN-SPACe Announces ₹500-Cr Fund to Support Space Tech Innovation

The Indian National Space Promotion and Authorization Centre (IN-SPACe) declared a ₹500-crore Technology Adoption Fund (TAF), a fund aimed at assisting space technology companies, particularly startups and MSMEs, in creating commercially successful products.

By offering partial financial support to non-government entities (NGEs), the TAF will support the advancement of innovative concepts from the planning stage to being ready for the market.

The TAF was established to foster the advancement of space technology in India and decrease the country's reliance on imports.

By investing in local research and development, the TAF will foster a robust collaboration between governmental entities and the private sector, establishing India as a dependable international partner in the space sector. Through TAF, IN-SPACe seeks to facilitate various outcomes—ranging from the advancement of new space products to generating intellectual property that can propel future research and development.

The fund aims to support the development of advanced space technologies and aid in job creation as well as economic growth. By financing initiatives that can turn into commercial triumphs, IN-SPACe is making tangible moves to bolster India’s standing in the international space industry.

The Technology Adoption Fund is accessible to all qualified NGEs/companies eager to showcase the commercial viability of their innovations. Besides financial assistance, the initiative will offer technical advice and mentoring chances, helping businesses tackle challenges throughout the product development stage. This all-encompassing support system aims to guarantee that creative concepts are not only safeguarded and improved but also introduced to the market effectively.