India to move towards harnessing its space capability commercially, New Space India Limited incorporated towards this end
New Delhi, July 5 (IBNS): New Space India Limited (NSIL) has been incorporated as a new commercial arm of Department of Space.
This was stated by the Union Minister of Finance and Corporate Affairs,Nirmala Sitharaman, while presenting the Union Budget 2019-20 in Parliament today.
The Finance 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.
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 of technologies and marketing of space products, the Minister added.
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