New Delhi. Presenting the General Budget 2019-20 at Parliament in New Delhi on July 5, Union Minister of Finance and Corporate Affairs Nirmala Sitharaman said a Public Sector Enterprise viz. New Space India Limited (NSIL) has been incorporated as a new commercial arm of Department of Space (D/o) to tap the benefits of the Research & Development carried out by Indian Space Research Organisation (ISRO).
The Company will spearhead commercialisation of various space products including production of launch vehicles, transfer to technologies and marketing of space products. The Minister said: “India has emerged as a major space power with the technology and ability to launch satellites and other space products at globally low cost. Time has come to harness this ability commercially”.
The Budget Estimates for Department of Space for FY 2019-20 is Rs 12,473.26 crore as compared to the Revised Estimate of Rs 11,200 crore in FY 2018-19.