SEED FUND SCHEME (Syllabus: GS Paper 3 – Agriculture)

Context: Recently, the Indian National Space Promotion and Authorization Centre (IN-SPACe) announced the launch of a seed fund scheme.

Seed Fund Scheme

• About: It is a part of IN-SPACe's efforts to provide a special thrust to enhance the space activity capabilities of the nation with the active participation of the start-ups
• Designed: To support Indian space start-ups that aim to develop innovative space products and services, thereby improving the quality of life for people and communities in India and around the world.
• Financial assistance: The scheme has the provision of providing financial assistance of up to Rs 1 crore in addition to mentorship support, training and networking opportunities
• The scheme will provide opportunities for NGEs that leverage space technology for societal benefits to graduate to the next level, as per the statement.

Indian National Space Promotion and Authorization Center (IN-SPACe):

• Established in: June, 2020.
• Type of Body: An autonomous body, under DOS.
• Objective: To act as a single window nodal agency for enabling and regulating space activities and usage of ISRO facilities by Non-Government-Private-Entities (NGPEs).