NEW DELHI (PTI): The Department of Space has seen a marginal hike in the budgetary allocation from Rs 11,200 crore in 2018-19 to Rs 12,473 crore in 2019-20.

However, the head under space technology has seen a hike of nearly Rs 1,400 crore. In 2018-19, Rs 6,992 crore was allocated under this head. It rose to Rs 8,407 crore in 2019-20.

Next week, the Indian Space Research Organisation (ISRO) will launch Chandrayaan-2, India's second Moon mission.

In her speech, 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.

She also said that a new public sector undertaking has been opened to further harness the ability of space technologies 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 and development carried out by ISRO. The company will spearhead commercialisation of various space products including production of launch vehicles, transfer of technologies and marketing of space products," she said.

New Space India Limited came into force in March. Its primary focus will be to involve small satellite technology transfer to industry, manufacture of small satellite launch vehicle (SSLV) – a product which is being developed by ISRO in collaboration with the private sector and productionisation of polar satellite launch vehicle (PSLV) through Indian industry.

ISRO already has Antrix as its commercial arm.