Info-tech
Hyderabad, April 18
|
Updated on:
Apr 18, 2022
Launches SpaceTech Framework; provides access to ₹1,300-cr startup fund
In a bid to become a global hub for space technologies, the Telangana Government has launched a SpaceTech Framework, offering sops to startups and other ecosystem players to set up shop in the State.
Besides offering support from State-funded incubators like T-Hub, WE Hub and T-Works, the Framework promises land at competitive prices and access to AI and data infrastructure.
Accelerators
The State Government will set up an exclusive Accelerator for SpaceTech startups in association with the public incubators.
Besides incubating the startups, it would provide infrastructure, market insights, investor connect and mentorship.
Unveiling the Framework here on Monday, Telangana IT and Industries Minister K T Rama Rao has said that the share of India in the global opportunity in the space industry was very meagre.
“The global space industry was valued at $ 360 billion in 2018 and is expected to grow to $ 558 billion by 2026 and $1 trillion by 2040. India’s share is just 2 per cent,” he said.
Though the country had pre-eminent space organisations like Indian Space Research Organisation, the scope of private industry in this space was highly limited. “It had been mostly limited to subcontracting by ISRO. As a result, the private players have lacked end-to-end capabilities in SpaceTech,” he said.
“Now that the sector is opened for private players, they can aspire for more,” he said.
Access to funds
As per the new Framework, SpaceTech startups would be eligible to access the ₹1,300-crore fund, which is being set up under the State’s ICT Policy for 2021-26. A dedicated panel would be set up to facilitate SpaceTech startups get access to the funds.
The SpaceTech companies and startups would be eligible to access all the incentives offered under State’s Industrial, Innovation, Electronics and other relevant policies.
Glitches
Claimed to be the first Metaverse event in the Government sector, the Framework launch event encountered technical glitches, forcing the organisers to start it about 40 minutes late.
Published on
April 18, 2022
