Union Budget 2019 introduced New Space India Limited (NSIL), which will be a PSE incorporated as a new commercial arm of the Department of Space, to harness the commercial potential of its space capabilities.
The research and development carried out by ISRO can be used for commercial benefits with products like launch vehicles, transfer of skills and technologies, sharing manufacturing methods and marketing of space products.
Finance Minister Nirmala Sitharaman said, “India has emerged as a major space power with the technology and ability to launch satellites and other space products at a globally low cost. The time has come to harness this ability commercially.”
— PIB India (@PIB_India) July 5, 2019
The Budget estimates for the Department of Space for FY2019-20 is Rs 12,473.26 crore as compared to the RE of Rs 11,200 crore in FY2018-19.
