Presenting the General Budget 2019-20 in the Parliament today, Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman said that a Public Sector Enterprise viz. New Space India Limited (NSIL) has been incorporated as a new commercial arm of Department of Space to tap the benefits of the Research & Development carried out by ISRO.
The Company will spearhead commercialization of various space products including production of launch vehicles, transfer to technologies and marketing of space products. The Minister said that, “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 RE of Rs 11,200 crore in FY 2018-19.