India approves 100% foreign direct investment in space sector

The FDI policy reform is expected to boost employment and will allow companies to set up manufacturing facilities in the country

Reuters
Published : 22 Feb 2024, 02:29 AM
Updated : 22 Feb 2024, 02:29 AM

India approved an amendment to allow 100% foreign direct investment (FDI) in the space sector in a move aimed at promoting investment, according to a government notification on Wednesday.

The FDI policy reform is expected to boost employment and will allow companies to set up manufacturing facilities in the country, the government said in a statement.

India's information technology minister Ashwini Vaishnaw last month said the country was eyeing $100 billion in annual foreign direct investment (FDI) in the next few years.

India attracted FDI inflows of $33 billion in the first half of the financial year that started in April 2023. It recorded total FDI of $71 billion in the previous financial year.