India will soon allow overseas companies to invest in the space sector with a revised foreign direct investment (FDI) policy, taking the next step in opening up the sector to not only private players within the country but also abroad, the chairperson of the Indian Space Research Organisation (Isro) on Monday said.

At the same time, India will set targets to increase its share in the global space economy from less than 2% at the moment to 10%, said Dr Pawan Goenka, the newly appointed chairperson designate of the Indian National Space Promotion and Authorisation Centre (INSPACe), the body responsible for promoting and regulating space activity in the country.

“The space foreign direct investment policy is getting revised and it will open huge opportunities for space companies to invest in India. It will ensure sustained engagement between Indian and overseas companies that will greatly benefit both. With this policy, space sector will not only be open in India but also to foreign investments. ISRO on the other hand will concentrate on research and development as well as space science missions. It will work on overcoming challenges and reducing the technological gaps in a timely and more responsive manner,” Dr Sivan said at a conference.