ISRO’s PSLV Brings Rs 324 Crore In Forex Earnings; Revenue Rises by 90 Crore In 2018-19Navigation satellite IRNSS-1I atop PSLV-C41. (ISRO)

Indian Space Research Organisation’s (ISRO) work horse Polar Satellite Launch Vehicle (PSLV) has turned into a “money-spinner” bringing Rs 324 crore forex to India, reports Times Of India.

As per reports, forex brought by the country’s mainstay rocket increased by Rs 90 crore from Rs 232.56 crore in 2017-18 to Rs 324 crore in 2018-19 fiscal. The figures were revealed in a written reply by Union minister for department of space Jitendra Singh in Rajya Sabha.

In the past five years, ISRO has launched foreign satellites from 26 countries and have earned Rs 1,245 crore. They also have contracts with 10 countries in the likes of the US, UK, Germany, Canada, Singapore, The Netherlands, Japan, Malaysia, Algeria and France under commercial arrangements.

ISRO’s market share in the global satellite launch market is less than 2 per cent but with the help of PSLV it has become a safe and favourite launch platform in the small satellite launch market, bringing revenue that can be invested in research.

To create a niche market in launching small satellites, ISRO has developed the Small Satellite Launch Vehicle (SSLV) or mini-PSLV, whose maiden test-flight is due in the first quarter of 2020.

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