India will allow 100 percent foreign direct investment in the manufacture of satellite systems without formal approval and ease rules on launch vehicles, the government said in a statement, as it seeks a bigger share of the global space market.

India’s space ambitions received a boost when it became the first country to land a spacecraft near the moon’s unexplored south pole in August – and the fourth to achieve a soft landing – just days after a similar Russian mission failed.

The government said in a statement late Wednesday that foreign companies can invest in the production of satellite components and systems or subsystems up to 100 percent without approval.

Foreign firms planning to build satellites in India will not require government approval for up to 74% of the investment; for investment in launch vehicles, investment can go up to 49% without such approval, the statement said.

India has privatized space launches and is aiming to quintuple its share of the global launch market, which some expect to be worth $47.3 billion by 2032. India currently accounts for about 2 percent of the space economy.

The country hopes that liberalized rules for the space sector, long controlled by the government, will attract interest from Elon Musk’s SpaceX and Jeff Bezos’ Blue Origin, among others.

The foreign direct investment policy reform is expected to boost employment and allow companies to set up manufacturing facilities in India, the government said in a statement.

“This will give India access to the latest technological advances and much-needed funds, not only from the country but also from international investors,” said AK Bhatt, director general of the Indian Space Association.

Indian space-related stocks such as Paras Defense and Space Technologies, MTAR Technologies, Taneja Aerospace and Aviation and Apollo Micro Systems rose 2% to 5% on Thursday.

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