New Delhi: Finance Minister Nirmala Sitharaman Friday said India had emerged as a major space power, having developed technology to launch satellites and other space products at low cost, and that time had come to commercially harness this ability.
“A Public Sector Enterprise New Space India Limited (NSIL) has been incorporated as a new commercial arm of the Department of Space to tap the benefits of the research and development carried out by ISRO (Indian Space Research Organisation),” Sitharaman said in her maiden Budget speech.
“The company will spearhead commercialisation of various space products, including production of launch vehicles, transfer of technologies and marketing of space products,” said the finance minister.
The NSIL was officially inaugurated in Bengaluru in May this year. The initiative aims to increase industry participation in the field of space research.
The company will also be responsible for manufacturing and production of Small Satellite Launch Vehicles (SSLV) and Polar Satellite Launch Vehicles (PSLV) through technology transfer mechanisms.
Push for scientific research
Sitharaman also proposed to “establish a National Research Foundation (NRF) to fund, coordinate and promote research in the country”.
“We propose that NRF will assimilate the research grants being given by various Ministries independent of each other,” Sitharaman said.
“NRF will ensure that the overall research eco-system in the country is strengthened with focus on identified thrust areas relevant to our national priorities and towards basic science without duplication of effort and expenditure,” she added.
Talking about funds for the NRF, Sitharaman said: “We would work out a very progressive and research-oriented structure for NRF. The funds available with all Ministries will be integrated in NRF. This would be adequately supplemented with additional funds.”
At present, the Department of Science and Technology (DST) is the key funding body for scientific research.
Also read: India planning to have own space station, says ISRO chief Sivan