Graphical rendition of ISRO's Small Satellite Launch Vehicle

NEW DELHI: Finance minister Nirmala Sitharaman said a new public sector enterprise had been set up to commercially exploit low-cost space technologies developed by Indian Space Research Organisation (ISRO).

“New Space India Ltd (NSIL) has been incorporated as a new commercial arm of department of space to tap the benefits of R&D carried out by ISRO. The company will spearhead commercialisation of various space products, including the production of launch vehicles, transfer of technologies and marketing of space products,” she said.

NSIL, about which TOI first reported in February, will be in addition to ISRO’s commercial arm Antrix, which sells additional space in launchers to foreign firms or countries for launching their small satellites.

In her speech, Sitharaman talked about upcoming Gaganyaan, Chandrayaan-2 and satellite missions. “Annual Budget (of ISRO) has crossed Rs 10,000 crore, growing steadily from Rs 6,000 crore five years ago,” she said. The Budget allocation for DoS for 2019-20 has gone up to Rs 12,473 crore from Rs 11,200 crore for 2018-19.