Nueva Delhi: Space regulator and promoter of the Center for Authorization and Promotion of the Indian National Space (In space) Wednesday announced the launch of Technology Adoption Fund (TAF) to nurture and support the growth of Indian space technology capacities. The fund is designed to support the transition of spatial technologies in the initial stage developed by Indian companies in commercially viable products.
By providing partial funds to non -governmental entities, TAF will support the transition of innovative ideas of the drawing board to a stage for the market. TAF has been created to promote the development of space technology within India while reducing the dependence of the nation of imported solutions. Investing in national research and development, TAF will help build a solid association between government agencies and the private sector and position India as a reliable global partner in the space industry.
“The fund will offer financial support of up to 60% of the cost of the project for new companies and MSME, and 40% for larger industries, with a maximum financing limit of RS 25 million rupees per project,” said the president in The space, Pawan Goenka. “We have designed this fund to help innovators close the gap between the development of the early stage and marketing. This support will allow companies to refine their technologies, improve production processes and meet market demands both within India and abroad. Our approach is allowing practical solutions that can be quickly integrated into the space ecosystem, ”he said.
With TAF, in space it aims to support a wide range of results, from the development of new space products to the creation of intellectual property that can promote future research and development.
TAF is open to all eligible NGE/companies that are ready to demonstrate the commercial potential of their innovations. Interested parties are encouraged to register on the digital platform in space to review guidelines and send their requests in the prescribed format.
Representative of the Indian Association Industry (ISPA) called it a big step. The General Director of the ISPA, Lieutenant General AK Bhatt (RETD) said: “With India, reaffirming their role in the global space race, private space companies and startups are playing a fundamental role in promoting innovation and technological advances In the sector … the launch of this prospective fund in space today is an important step to allow new companies to accelerate their trip from the concept to commercialization. We appreciate this initiative. “