Forbes India's daily tech news bulletin with five headlines that caught our attention
The Government of India has allocated Rs1,000 crore for a venture fund aimed at bolstering space startups Illustration: Reuters/Dado Ruvic
The Government of India has allocated Rs1,000 crore for a venture fund aimed at bolstering space startups, Jitendra Singh, Union minister for science and technology, told reporters in Delhi, according to a government statement on October 6. This initiative underscores the government’s commitment to the space sector, identified as a top priority for the current term, according to the statement.
Following the liberalisation of the sector four years ago, India now has more than 200 space tech startup, the minister said in the statement. The government also has the provision for 100 percent foreign direct investment in the sector, it added.
India’s Defence Research and Development Organisation (DRDO) successfully conducted three flight-tests of the country’s 4th Generation, technically-advanced miniaturised Very Short Range Air Defence System (VSHORADS) at the Pokhran Field Firing Ranges in Rajasthan on October 3 and October 4, according to a Ministry of Defence press release on October 5.
The tests were carried out against high speed targets, demonstrating very critical parameters of maximum range and maximum altitude interception. These development trials showcased repeatability of hit-to-kill capability of the weapon system in various target engagement scenarios covering approaching, receding and crossing modes, according to the release.
Biocon Biologics has successfully refinanced $1.1 billion in long-term debt through a debut issuance of $800 million in senior secured notes and a new syndicated facility, the company said in a press release on October 3. The company is offering 6.67 percent interest to investors in the loan, including global funds, according to the company.