During the Union Budget 2019, India’s finance minister Nirmala Sitharaman announced that New Space India Limited (NSIL) will be ISR.O's new commercial arm.
After setting up of a new commercial arm-New Space India Limited (NSIL) the Indian space agency, 'ISRO' will now be able to produce fast its new rocket Small Satellite Launch Vehicle (SSLV) and commercialize its other technologies.
With this "India is now a major space power with the technology and ability to launch satellites and other space products at globally low cost".
New Space India Limited (NSIL) will tap the benefits of the research and development (R&D) carried out by the Indian Space Research Organisation (ISRO).
New Space India Limited (NSIL) will spearhead commercialization of various space products including the production of launch vehicles, transfer to technologies and marketing of space products.
New Space India Limited (NSIL)will obtain the license from the Department of Space/ISRO and sub-license to industries for manufacturing of small rockets. It will also be involved in marketing spin-off technologies and products/services, both in India and abroad, and in any other subject which the government deems fit.
The budget allocation for the Department of Space for the year 2019-20 has gone up to Rs. 12,473.26 crore up from the revised estimates of Rs. 11,200 crore for fiscal 2018-19.