New Delhi: The new Rs 500 crore worth Technology Adoption Fund (TAF) unveiled by the Indian National Space Promotion and Authorization Centre (IN-SPACe), an arm of the Department of Space (DoS), will nurture and support the growth of India’s space startups as well as their technological capabilities.
The TAF is aimed to promote the development of space technology within India while reducing the nation’s dependence on imported solutions. The TAF will invest in domestic research and development and will also help build a strong partnership between government bodies and the private sector to position India as a reliable global partner in the space industry.
“The fund will offer financial support of up to 60 per cent of the project cost for startups and MSMEs, and 40 per cent for larger industries, with a maximum funding cap of Rs 25 Crores per project,” said Dr Pawan Goenka, Chairman, IN-SPACe.
Goenka said the fund is designed to enable “innovators to bridge the gap between early-stage development and commercialisation”.
“This support will enable companies to refine their technologies, enhance production processes, and meet market demands both within India and abroad. Our focus is on enabling practical solutions that can be quickly integrated into the space ecosystem,” he added.
The fund will also support the transition of early-stage space technologies developed by Indian companies into commercially viable products. With TAF, IN-SPACe aims to support a wide range of outcomes — from the development of new space products to the creation of intellectual property that can drive future research and development.
The fund will help promote advanced space technologies and contribute to job creation along with economic growth.
By funding projects that have the potential to become commercial successes, IN-SPACe is taking concrete steps toward strengthening India’s position in the global space sector. The TAF is also open to all eligible Non-Government Entities (NGEs)/companies that are ready to demonstrate the commercial potential of their innovations.
The fund will also provide partial funding to NGEs. In addition to financial support, the initiative will provide technical guidance and mentoring opportunities, which will help companies navigate challenges during the product development phase.
This comprehensive support framework is intended to ensure that innovative ideas are not only protected and refined but also brought to market efficiently.
“The launch of this forward-looking fund by IN-SPACe is a major step toward enabling start-ups to accelerate their journey from concept to commercialisation,” said Lt. Gen. AK Bhatt (retd.), Director General, Indian Space Association (ISpA), while welcoming the initiative.
He said that India is “witnessing a surge of pioneering startups developing groundbreaking solutions for the space industry”.
(IANS)
