New Space India Ltd. incorporated as a new commercial arm of Department of Space

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New Space India Ltd. incorporated as a new commercial arm of D/o Space: Finance Minister

Company to spearhead commercialization of various space products

By PIB Delhi

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.

Outlay of major schemes:

(in Rs crore)

Schemes                                                  2018-19 (RE)                        2019-20 (BE) 

Space Technology (including Gaganyan)            6993                                        8408

Space Applications                                          1595                                        1885

INSAT Satellite Systems                                 1330                                        884

About Post Author

Editor Desk

Antara Tripathy M.Sc., B.Ed. by qualification and bring 15 years of media reporting experience.. Coverred many illustarted events like, G20, ICC,MCCI,British High Commission, Bangladesh etc. She took over from the founder Editor of IBG NEWS Suman Munshi (15/Mar/2012- 09/Aug/2018 and October 2020 to 13 June 2023).
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