Over Rs 90 cr spike in Forex from satellite launch in FY19

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SME Times News Bureau | 17 Dec, 2019
The financial year 2018-19 saw a handsome Rs 91.63 crore spike in India's foreign exchange earnings from launching of foreign satellites.

According to the government, the Indian Space Research Organisation (ISRO) has earned Rs 1,245.17 crore during the last five years by launching satellites from 26 countries.

During the fiscal 2018-19, the launch income was Rs 324.19 crore up from Rs 232.56 crore earned in 2017-18.

Contracts with 10 countries namely the US, the UK, Germany, Canada, Singapore, The Netherlands, Japan, Malaysia, Algeria and France were signed in the last five years under commercial arrangements.

In a reply to a question raised in Rajya Sabha, Union Minister for Atomic Energy and Space Jitendra Singh gave the data on Thursday.

According to ISRO Chairman K. Sivan, Indian rocket Polar Satellite Launch Vehicle (PSLV) has lifted a total of 52.7 ton till date and out of that 17 per cent consists of customer satellites.

India has till date put into orbit 319 foreign satellites.