New Delhi, Feb. 20 -- The Indian National Space Promotion and Authorisation Centre (IN-SPACe) has unveiled a Rs 5 billion (USD 57.58 million) Technology Adoption Fund aimed at accelerating the commercialisation of early-stage space technologies.

This strategic move seeks to reduce India's reliance on imports and strengthen its position in the global space industry.

The fund, launched on Wednesday, is designed to bridge the gap between government bodies and the private sector, fostering innovation and enhancing India's role as a trusted player in the competitive global space market.

"The fund will offer financial support of up to 60 per cent of the project cost for startups and small to medium-sized enterprises (SMEs), and 40 per cent f...