DPIIT signs MoU with YES BANK, Kyndryl Solutions to bolster startups
The Department for Promotion of Industry and Internal Trade (DPIIT) has signed a Memorandum of Understanding (MoU) with YES BANK to bolster India’s startup ecosystem.
IN-SPACe has launched Technology Adoption Fund (TAF) scheme for the promotion of the Indian industry, especially start-ups, towards commercialisation of early-stage space technologies, the Rajya Sabha was informed on Thursday.
The objective of the fund is upgradation of the existing space technologies from TRL-3/4 to TRL 7/8 (or higher) towards commercialisation, development of innovative products, and import substitution of components whose technologies have not matured in the Indian industry, Union Minister for Science and Technology Jitendra Singh said in a written reply in the Rajya Sabha.
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The criteria for startups to qualify for financial support are that the startup should be under Indian management and control.
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The proposal of the startup will have potential commercial value and the startup will not source any funding from any other central and state government departments and/or ministries for the project forming the subject of their proposal(s).
The scheme aims at making India self-sufficient and import substitution for complex space technologies thus aligning with Aatmanirbhar Bharat and also aims at supporting the startups working in niche space technologies by enhancing the domestic technical capabilities.
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