Ahead of Elon Musk's visit, India notifies new FDI rules for space sector
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Indian finance ministry notified amendments to the foreign direct investment (FDI) policy in the space sector in order to attract offshore investors. The amendment has been made through a gazette notification dated April 16, 2024.
It prescribes a liberalised entry route and provides 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.
"These rules may be called the Foreign Exchange Management (Non-debt Instruments) (Third Amendment) Rules, 2024," the gazette notification said.
This comes ahead of Elon Musk's visit to India, where he is expected to meet Prime Minister Narendra Modi. Possibly, he will also hold meetings with space startups. As per reports, approvals for Musk's satellite internet project, Starlink, are close to finalisation.
Also, FDI up to 49 per cent is allowed for launch vehicles and associated systems or subsystems, and the creation of spaceports for launching and receiving spacecraft are under automatic route. However, beyond 49 per cent it needs a government nod.
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The latest Finance Ministry notification stated that 100 per cent FDI has been allowed for the space sector category of manufacturing and operation of satellites, satellite data products, and ground segment and user segment.
Up to 74 per cent are allowed under automatic route. However, beyond 74 per cent, these activities are under the government route. The FDI policy in the space sector waseased by the government by prescribing liberalised FDI thresholds for various sub-sectors/activities under the Indian Space Policy 2023.
(With inputs from agencies)