Washington, DC [US], April 23 (ANI): The US-India Strategic Partnership Forum congratulated India and the Department of Space for permitting 100 per cent Foreign Direct Investment (FDI) in all three sectors of space manufacturing.
“The USISPF congratulates the Government of India and the Department of Space for permitting 100 per cent Foreign Direct Investment (FDI) in all three sectors of space manufacturing with 74 per cent in automatic route for manufacturing of satellite, satellite data products, ground segment and user segment,” according to a statement by the Forum.
Moreover, automatic FDI of up to 49 per cent for launch vehicles and associated systems, and subsystems, adding that 100 per cent FDI in automatic route for manufacturing of components and system/subsystems for satellites, ground segment and user segment.
“This strategic decision signifies a positive step in the right direction, promising a substantial boost to manufacturing companies operating within the space sector,” it added.
The USISPF stressed that it is expected to unlock India’s potential in the space sector through enhanced private participation and mark a crucial milestone towards self-reliance and enhanced global visibility in India’s space endeavours.
Furthermore, this will enhance US-India collaboration in the space sector, both in the private and the public sector.
According to the statement, the USISPF looks forward to collaborating with both the government and industry stakeholders, offering support in fostering partnerships, facilitating technology transfers, and driving collaborative initiatives that align with mutual strategic goals.
This collaborative approach underscores their commitment to advancing the US-India partnership in the dynamic realm of space exploration and technology. (ANI)
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