India, March 14 -- Tamil Nadu Finance Minister Thangam Thennarasu has proposed the establishment of a spacetech fund with a corpus of INR 10 Cr.

While presenting the Budget for the fiscal 2025-26 today, Thennarasu said that the fund will encourage and foster the development of spacetech startups in the state. He also announced that a "foundation and prototype development lab" will be set up in Chennai for incubating spacetech ventures and satellite testing.

"To encourage such spacetech startups, a 'Space Tech Fund' with an allocation of INR 10 Cr will be set up. Additionally, Foundation & Prototype development lab for satellite testing, space-grade qualification test facilities, incubation and skill development facilities will be set up...