Isro gets a new launch platform to sell low-cost space technology

NEW DELHI: Minister of Finance Nirmala Sitharaman said that a new public sector company had been created to commercially exploit low-cost space technologies developed by Indian space research organization (Isro)

New Space India Ltd (NSIL) has been incorporated as a new commercial arm of the space department to take advantage of the benefits of the R u0026 D carried out by Isro. The company will lead the commercialization of various space products, including the production of launch vehicles, the transfer of technologies and the commercialization of space products, he said. NSIL, on which TOI reported for the first time in February, will be a complement to Isro's commercial arm, Antrix, which sells additional space in launchers to foreign companies or countries to launch their small satellites.

In his speech, Sitharaman spoke about the next Gaganyaan, Chandrayaan-2 and satellite missions. The annual budget (of Isro) has crossed Rs 10,000 crore, growing steadily since Rs 6,000 crore five years ago, he said. The budget allocation for DoS for 2019-20 has increased to Rs 12,473 crore from Rs 11,200 crore for 2018-19.