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Union Budget 2019: New Space India Ltd. incorporated to spearhead commercialization of various space products

Union Budget 2019: New Space India Ltd. incorporated to spearhead commercialization of various space products

India Blooms News Service | @indiablooms | 05 Jul 2019, 09:35 am

New Delhi: Presenting the General Budget 2019-20 in the Parliament today, Union Minister of Finance and Corporate Affairs  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