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Kerala Kaumudi Online
Friday, 24 May 2024 9.55 AM IST

Union Finance Ministry allows 100% foreign investment in India's space sector ahead of Elon Musk's visit

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NEW DELHI: The Union Finance Ministry has issued a notification allowing 100 percent foreign direct investment in Indian companies operating in the space sector. The order came as Elon Musk, the owner of SpaceX and Starlink companies, was set to visit India on April 21 and 22. It is known that Musk aims to invest 3 billion dollars in India.

In February, the Union Cabinet meeting chaired by Prime Minister Narendra Modi granted permission for 100 percent foreign investment. Direct investment of 100 percent is allowed in the manufacturing of components, systems, and sub-systems for satellites, ground segment, and user segment. The guidelines issued by the Department of Space will apply to foreign companies.

Foreign investment will be permitted at 74 percent in satellite operations and data products. Up to 49 percent will be allotted for launch vehicle support systems and the preparation of ports for launching and receiving spacecraft.

With increased participation from the private sector, employment opportunities will expand, and Indian companies will elevate to global standards. Manufacturing units of foreign companies will fall under the 'Make in India' and 'Atmanirbhar Bharat' initiatives.

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