IN-SPACe Launches 5Billion Rupees Fund to Boost India's Space Tech

As the nation looks to increase its market share in the international space industry, the Indian National Space Promotion and Authorization Centre (IN-SPACe) established a 5 billion rupee ($57.58 million) fund to assist early-stage space technology in going commercial and lowering dependency on imports. The space agency said in a statement that the Technology Adoption Fund will also link government agencies with the commercial sector in an effort to establish India as a trustworthy partner in the fiercely competitive market.

"The fund will offer financial support of up to 60 per cent of the project cost for startups and medium and small businesses, and 40 per cent for larger industries, with a maximum funding cap of 250 million rupees per project," said Pawan Goenka, chairman of IN-SPACe.

Last year, Prime Minister Narendra Modi's administration pushed for increased monetization of the space industry, which has historically been controlled by the state-run Indian Space Research Organization (ISRO), by opening it to private participation. While Elon Musk's Starlink and Amazon's Kuiper are awaiting licenses, a joint venture between Jio Platforms of Reliance Industries and SES of Luxembourg has received regulatory authority to offer gigabit fiber internet.

In addition, the government has given contracts to private companies for ISRO's primary launch vehicle, approved a separate 10 billion rupee venture capital fund for space businesses, and stepped up attempts to establish international business alliances.