New Delhi, July 5 -- 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 con...