Cabinet okays new company under Department of Space

The Union Cabinet chaired by Prime Minister Narendra Modi on Tuesday gave its approval to the setting up of a new company under Department of Space (DoS) to commercially exploit the research and development work carried out by Indian Space Research Organization (ISRO) Centers.

The following areas and avenues provide opportunities for commercial exploitation of ISRO programmes include, small satellite technology transfer to industry, manufacture of small satellite launch vehicle (SLV) in collaboration with the private sector, production of Polar SLV through industry, marketing of space-based products and services and transfer of technology developed by ISRO Centers and constituent units of DoS.

Meanwhile, the Cabinet also gave its nod to the Promulgation of Unregulated Deposit Schemes Ordinance, 2019.

The proposed Ordinance will immediately tackle the menace of illicit deposit taking activities in the country launched by rapacious operators, which at present are exploiting regulatory gaps and lack of strict administrative measures to dupe people of their hard-earned savings.