To ease the business in the Space sector, Union Cabinet chaired by Prime Minister Narendra Modi on Wednesday approved the transfer of 10 in-orbit communication satellites from the Government of India (Gol) to M/S NewSpace India Limited (NSIL).
"The Space Sector reforms mandated NSIL to undertake end-to-end commercial space activities and function as a full-fledged satellite operator. It's functioning as a single-window operator will facilitate the ease of doing business in the space sector," read an official statement.
The NSIL is a wholly-owned Public Sector Enterprise of the Central government under the administrative control of the Department of Space.
According to the statement, this approval is expected to trigger domestic economic activity in the space sector and increase India's share in the global space market.
The Union Cabinet also gave a nod for increasing the authorized share capital of NSIL from Rs 1,000 crore to Rs 7,500 crore, and this transfer of assets is further likely to provide the desired financial autonomy to the company to realize the capital intensive programmes/ projects, thereby offering a huge employment potential and technology spin-off to other sectors of the economy.
The NSIL Board will now be empowered to price the transponders as per the market dynamics and global trends in the Satellite Communication sector. It is also authorized to offer and allocate capacity as per its internal policies and guidelines.
( With inputs from ANI )
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