Why is it in the news?
- Indian National Space Promotion and Authorization Centre (IN-SPACe), India’s space regulator, launches the Seed Fund Scheme (SFS) to support startups in collaboration with the National Remote Sensing Centre, ISRO.
More about the news
- Focus areas include Urban Development and Disaster Management utilizing space technology.
- Start-ups in urban development target areas like urban planning, telecom, navigation, broadband, water management, etc.
- Disaster management offers opportunities for startups in Geographical Information System, early warning and monitoring systems, climate change monitoring, etc.
- SFS provides financial assistance of up to 1 crore along with mentorship support, training, and networking opportunities.
- Significance: Facilitate the development of new and innovative technologies in the space sector; and provide private players with opportunities to leverage space technology for societal benefits.
| IN-SPACe
· IN-SPACe is an independent nodal agency under the Department of Space. · Aims to stimulate private investment and innovation in the space industry. · Acts as an interface between ISRO and Non-Governmental Entities.
Other Initiatives for Private Sector Participation · SpaceTech Innovation Network (SpIN): Public-private collaboration for startups and SMEs in the space industry. · Indian Space Policy, 2023: Opens up the space-tech sector for enhanced private participation. · Indian Space Association (ISpA): An organization representing the Indian space industry.
Indian Space Startup Sector · Funding in the sector increased from Rs 28 million in 2020 to Rs 112 million in 2022. · Growth attributed to rising demand for cost-effective satellite manufacturing and reduced launch costs. · As of 2021, India is the sixth-largest player globally in the space-tech industry, hosting 3.6% of the world’s space-tech companies. · These initiatives collectively aim to boost innovation, investment, and participation from the private sector in India’s space industry. |
