ISRO gets a budget boost of $1.45-bn : Thanks to Modi Govt

ISRO gets a budget boost of $1.45-bn : Thanks to Modi Govt

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ISRO gets a budget boost of $1.45-bn : Thanks to Modi Govt

In a major boost to India’s space research sector, Finance Minister Nirmala Sitharaman on Friday announced that the Indian Space Research Organisation (ISRO) will have a new commercial arm, New Space India Limited (NSIL), to help the Indian space agency commercialise its launch vehicle and other state of the art technologies in the global space market.

Indian Space Research Organisation (ISRO)’s annual budget has crossed Rs 10,000 crore ($1.45 billion), growing steadily from Rs 6,000 crore five years ago.

The announcement comes at a time when ISRO is eyeing exploration of other planets and aiming to put up its very own 30 tonne Space Station in the orbit by the end of 2030.

In addition to commercialising launch vehicles, NSIL will also help the transfer of technology (TOT) and space market product marketing, the Finance Minister said.