India Opens Up Space Sector to Boost $40B Economy and Global Share, But Enacting Laws Called Key

India opens up space sector to increased foreign direct investment, with caps ranging from 49% to 100% for various subsectors
Move welcomed by space startups and established players, but some experts urge government to enact space law and liability regime
Reforms expected to help India achieve $40B space economy by 2040 and capture 8% share of global space market
Concerns that space startups may end up majority foreign-owned, similar to Flipkart and PhonePe
Highlights recent achievements like Chandrayaan-3, Aditya L-1, and launches by Skyroot, Agnikul showing burgeoning private space sector