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The first of seven satellites in the Indian Regional Navigation Satelllite System (IRNSS) has a mission life of 10 years.
The IRNSS will provide the country with independent navigation satellite capability.
IRNSS-1A will give accurate real-time position and timing information to users in the country as well as the region extending up to 1,500 km around it, ISRO said.
Carrying two types of payloads the IRNSS-1A will be injected into space about 20 minutes after lift-off.
ISRO sources say uses of the domestic satellite navigation network will include terrestrial aerial and marine navigation, disaster management, vehicle tracking and fleet management, navigation aide for hikers and travellers, and visual and voice navigation for drivers.
India is also planning a mission to Mars later this year, aiming to collect data on Martian methane sources.
The ISRO’s budget has increased to $1.3 billion in 2012 to 2013.
With inputs from Agencies
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57 founding members, many of them prominent US allies, will sign into creation the China-led Asian Infrastructure Investment Bank on Monday, the first major global financial instrument independent from the Bretton Woods system.
Representatives of the countries will meet in Beijing on Monday to sign an agreement of the bank, the Chinese Foreign Ministry said on Thursday. All the five BRICS countries are also joining the new infrastructure investment bank.
The agreement on the $100 billion AIIB will then have to be ratified by the parliaments of the founding members, Chinese Foreign Ministry spokesman Lu Kang said at a daily press briefing in Beijing.
The AIIB is also the first major multilateral development bank in a generation that provides an avenue for China to strengthen its presence in the world’s fastest-growing region.
The US and Japan have not applied for the membership in the AIIB.