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The Union Cabinet, led by Prime Minister Narendra Modi, approved an amendment to the Foreign Direct Investment (FDI) policy for the space sector on February 21. The satellite subsector has been split up into three distinct activities under the new strategy, each with specific restrictions on foreign participation.
The Indian Space Policy 2023 was notified as an overarching, composite and dynamic framework to implement the vision for unlocking India’s potential in the space sector through enhanced private participation. The said aims to augment space capabilities; develop a flourishing commercial presence in space; use space as a driver of technology development and derived benefits in allied areas; pursue international relations and create an ecosystem for effective implementation of space applications among all stakeholders.
As per the existing FDI policy, FDI is permitted in establishment and operation of satellites through the government approval route only. In line with the vision and strategy under the Indian Space Policy 2023, the Union Cabinet has eased the FDI policy on the Space sector by prescribing liberalized FDI thresholds for various sub-sectors/activities.
The Department of Space consulted with internal stakeholders like IN-SPACe, ISRO and NSIL as well as several industrial stakeholders. NGEs have developed capabilities and expertise in the areas of satellites and launch vehicles. With increased investment, they would be able to achieve sophistication of products, global scale of operations and enhanced share of the global space economy.
The proposed reforms seek to liberalize the FDI policy provisions in the space sector by prescribing liberalized entry route and providing clarity for FDI in Satellites, Launch Vehicles and associated systems or subsystems, Creation of Spaceports for launching and receiving spacecraft and manufacturing of space related components and systems.
Under the amended FDI policy, 100% FDI is allowed in the space sector. The liberalized entry routes under the amended policy are aimed to attract potential investors to invest in Indian companies in space.
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