Govt eases FDI norms for space sector

DOMESTIC FINISHED STEEL CONSUMPTION GROWS 13% IN FY24

New Delhi, April 17: The government has notified amendments to the foreign direct investment (FDI) policy in the space sector to attract offshore investors in satellite manufacturing and satellite launch vehicles segments.

The liberalised entry routes under the amended policy are aimed at attracting investors in the Indian companies in space.

The notification comes days ahead of scheduled

GCCS accounted for 20.8 million sq ft and thirdparty IT services 6.5 million sq ft. The GCC landscape in India has grown significantly by fostering more than 1,580 centres across the nation till 2023.

According to the report, Hyderabad’s offshoring market witnessed a leasing volume of 6.6 mn sq ft in the calendar year 2023. The city’s offshoring market witnessed the second highest office transactions across 8 offshoring markets in the country. The office transactions in Hyderabad’s offshoring market surged by over 53 per cent YOY during 2023 from 4.3 mn sq ft in 2022.

Viral Desai, senior executive director, Knight Frank India, said, “India has been a traditional leader in the outsourcing market and the government policies have augmented its position with a proposition of high-skill, low-cost market.” — PTI

THE NOTIFICATION comes days ahead of scheduled visit of Tesla chief executive officer Elon Musk who is expected to meet with various Indian space companies next week.

visit of Tesla chief executive officer Elon Musk who is expected to meet with various Indian space companies next week.

Concurrently, approvals for Musk’s satellite internet project, Starlink, are nearing finalisation.

As per the notification, up to 74 per cent FDI for satellite manufacturing and operation, satellite data products and ground segment and user segment are allowed under automatic route. Beyond 74 per cent these activities are under government route.

Foreign direct investment up to 49 per cent is allowed for launch vehicles and associated systems or subsystems, creation of spaceports for launching and receiving spacecraft are under automatic route but beyond 49 per cent government permission required.

Besides, 100 per cent FDI allowed for manufacturing of components and systems for satellites, ground segment and user segment without government permission. — PTI

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New Delhi, April 17: Domestic finished steel consumption has registered a growth of 13 per cent to 136 million tonnes during 2023-24, supported by increased demand from automotive and infrastructure sectors, Steelmint India said.

The country consumed 120 million tonnes (MT) of finished steel in the preceding 2022-23 financial year, the research firm said in a report.

“Demand from the automotive industry improved in FY24, along with focus increasing towards EVS. Infrastructure and construction sectors also showed resilience with investments, mostly supported by government-funded development projects,” Steelmint said.

The production of crude steel in the country rose 12.6 per cent to 143 MT over 127 MT in previous fiscal. It was 37 MT during the quarter, 12.1 per cent more than 33 MT in the year-ago quarter.

The consumption of finished steel rose 6 per cent to 33 MT in Jan.-march period of FY24 from 31 MT in last period. — PTI