New Delhi: To tap benefits of the Indian Space Research Organisation (ISRO), a public sector enterprise, New Space India Limited (NSIL) has been incorporated, Union Finance Minister Nirmala Sitharaman announced on Friday.

NSIL's primary aim will be to scale up industry participation in Indian space programmes.

"India has emerged as a major space power. Time has come to harness this ability commercially," the Finance Minister said while presenting her first Union Budget.

"The company will spearhead commercialisation of various space products," she added.

NSIL was incorporated on March 6 under the administrative control of Department of Space (DOS) to commercially exploit the research and development work of ISRO centres and constituent units of DOS.

NSIL functions involve, among other things, transferring small satellite technology to industry, wherein NSIL will obtain license from DOS/ISRO and sub-license it to industries and manufacturing Small Satellite Launch Vehicle (SSLV) in collaboration with the private sector.

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 initiative is expected to enable Indian industries to scale up high-technology manufacturing and production base for meeting the growing needs of Indian space programmes and would further spur the growth of Indian industries in the space sector.