In a bold move signalling a paradigm shift in its approach to space exploration, India has opened its doors wider to the global space industry. The decision to allow 100 per cent foreign direct investment (FDI) in satellite system manufacturing without official approval marks a significant departure from the traditional control exerted by the government over the country’s space sector. This strategic move comes on the heels of India’s notable achievements, particularly its successful lunar mission, where it became the first country to land a spacecraft near the uncharted south pole of the moon.

The timing is impeccable, showcasing India’s eagerness to leverage its recent space successes for a more substantial role in the international arena. By facilitating unrestricted FDI in the manufacture of satellite components and systems, the government is not merely inviting foreign capital but signalling a commitment to embracing cutting-edge technology and fostering global collaborations. This decision aligns with India’s aspiration to increase its share of the global space market, currently hovering around a modest 2 per cent, to a formidable five-fold by 2032. The space economy, estimated to reach $47.3 billion by then, offers a tantalising prospect for India to assert itself as a major player. The liberalisation of rules extends beyond satellite manufacturing to include launch vehicles in which foreign companies are now permitted to invest up to 49 per cent without requiring official approval.

This move not only opens avenues for international partnerships but also positions India as an attractive destination for spacerelated investments. The hope is that renowned entities will consider India a viable hub for their ventures. What sets this reform apart is its potential to reshape India’s space narrative. Privatising space launches is a calculated move aimed at catalysing economic growth and technological advancement. The government envisions a scenario where the space sector becomes a fertile ground for job creation and skill development, fostering a generation of space enthusiasts who can contribute to India’s ambitious space endeavours. The impact of this policy change is already reverberating through the stock market, with space-related Indian stocks experiencing a surge, reflecting investor confidence in the growth prospects of the Indian space sector. A.K. Bhatt, Director General of the Indian Space Association, rightly points out that this move not only grants India access to the latest technological advancements but also attracts much-needed funds, both domestically and internationally.

The prospect of collaboration with global space industry leaders brings not only financial benefits but also the potential for knowledge transfer, creating a robust ecosystem for innovation. The implications of the liberalisation are profound, promising not only economic growth but also technological prowess and international collaboration. As the global space community watches India’s ascent, it is witnessing the dawn of a new era where the boundaries of exploration are not just celestial but extend into the realms of economic and technological frontiers