Hyderabad:The Telangana government on Monday launched its 'SpaceTech Framework' to support the participation of private industry in the SpaceTech sector and the framework's vision is to establish the state as a 'globally recognised one-stop destination' in the technology. The event was held on Metaverse and the government said it was the country's first-ever official event hosted on the virtual-reality space. NITI Aayog CEO Amitabh Kant, ISRO Chairman S Somanath, Telangana IT Minister KT Rama Rao and others participated in the event. Metaverse is a virtual-reality space in which users can interact with a computer-generated environment and other users.
Talking about the state government's initiatives to promote emerging technologies and the progress made in those areas, KTR, who launched the Framework, said the government sees space technology as its next focus area. The SpaceTech industry both upstream segments such as satellites and downstream segments such as Applied AI/Analytics is at an inflection point of accelerated growth, he said.
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With the national reforms supporting the increased participation of the private sector in the SpaceTech industry, Telangana shall be supporting the innovation that is bound to occur, the Minister said. In the past, several foreign private players amazed the world with technological advancements, but it was known that a majority of them are supported by Indian scientists and engineers, he added.
"But now, it is time that the technology developed by Indians is built in the country and then exported globally! It's time that we occupy a larger share of the space industry that is expected to grow to USD 558 billion by 2026," Rama Rao said. Hyderabad is already uniquely positioned to become a hub of space-related activities owing to synergies with the existing aerospace and defence ecosystem and its global supply chain, he added.
"It is evident as Hyderabad-based SMEs contributed over 30 percent parts for ISRO's highly acclaimed Mars Orbiter Mission. We also have some of the best startups in Hyderabad," the minister said. "With the launch of the SpaceTech Framework and the initiatives to be undertaken under it, the state government would further accelerate the ecosystem and realise its vision to establish Telangana as a globally recognised one-stop destination in space technology. On the occasion, he announced the launch of the government's SpaceTech NFT (Non-Fungible Token) collection. The proceeds from the NFT sales would be used to support a technology-enabled social impact project."
