During his upcoming visit to India next week, Elon Musk is set to meet leading Indian space startups, marking a significant development for the country’s burgeoning space industry.

Notable aerospace startups such as Skyroot Aerospace, Agnikul Cosmos, Bellatrix Aerospace, and Dhruva Space have confirmed receiving invitations from the government to have a meeting with Musk in New Delhi on April 22, according to a report by Business Standard.

This scheduled meeting should offer an insight into Musk’s plans to invest in Indian aerospace startups

India’s strides in space exploration has garnered attention globally, with recent achievements including the successful landing of Chandrayaan-3 near the Moon’s south pole last year and plans for the country’s inaugural crewed mission, the Gaganyaan mission, set for 2025.

Prime Minister Narendra Modi’s administration has been proactive in facilitating policy reforms to allow great participation from private enterprises in the space sector. In February, the government approved regulations that would incentivise foreign investment in the manufacturing of rockets and satellites in India.

The main agenda of Musk’s visit to India will revolve around the entry of SpaceX’s Starlink and Tesla into India. He will also be meeting PM Modi during his two-day visit.

Musk had previously indicated that he wants Tesla to make a substantial investment in India, which coincides with the PM Modi-led government’s efforts to attract foreign companies that make EVs.

While Starlink established a wholly-owned subsidiary in India in 2021, its operational launch has been contingent upon securing government approvals. The DoT has given an in-principal approval to Starlink’s proposal, and is expediting the process of getting all its clearances in place.

In tandem with Musk’s visit, the Ministry of Finance, headed by Nirmala Sitharaman, has unveiled new Foreign Direct Investment (FDI) regulations tailored for the satellite sector within the Foreign Exchange Management Rules.

The objective is to foster increased investment from foreign entities in satellite-related endeavours. This initiative aligns with the recent approval by the Union Cabinet of a policy aimed at liberalising foreign investments in the space sector.

Under the updated guidelines, foreign investors are now permitted to inject up to 100 per cent of FDI into the sector, with 74 per cent falling under the automatic route. This encompasses investments spanning satellite manufacturing, operations, the ground segment, user segment, as well as satellite data products, signalling a significant stride towards bolstering India’s presence in the global space arena.

Link to article – 

Elon Musk to place a bet on Indian space sector? SpaceX CEO to meet aerospace startups next week