New Delhi: The government is planning to set up a commercial arm of Department of Space — New Space India Limited (NSIL) — which will allow the space agency to produce fast its new rocket Small Satellite Launch Vehicle (SSLV) and commercialise its other technologies.

While presenting the Union Budget, 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 globally low cost. Time has come to harness this ability commercially. A Public Sector Enterprise viz. New Space India Limited (NSIL) has been incorporated as a new commercial arm of Department of Space to tap the benefits of the Research & Development carried out by ISRO."

The company will spearhead commercialisation of various space products, including the production of launch vehicles, transfer of technologies and marketing of space products, the minister added.