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President Droupadi Murmu, on Friday visited an exhibition to showcase space technologies and achievements, at Bharat Mandapam, on the maiden <keyword id="22301946" type="General" weightage="100" keywordseo="National-Space-Day" source="keywords">National Space Day</keyword>. Union Minister Dr Jitendra Singh and <keyword id="19915124" type="General" weightage="20" keywordseo="ISRO" source="keywords" meta.keywordsubtype="org" meta.entityname="ISRO" meta.hostid="153" meta.entityid="ISRO">ISRO</keyword> Chairman S Somanath were also present. <keyword id="19939985" type="General" weightage="20" keywordseo="President-Murmu" source="keywords">President Murmu</keyword> extended her greetings on the occasion of the first National Space Day and welcomed the decision to celebrate Space Day on the day <keyword id="19990220" type="General" weightage="20" keywordseo="Chandrayaan" source="keywords">Chandrayaan</keyword> landed on the <keyword id="19899207" type="General" weightage="20" keywordseo="moon" source="keywords">Moon</keyword>. "It was a glorious moment for all the Indians when ISRO's Chandrayaan landed on the moon. I saw the live telecast of that moment, I was so proud that day like other Indians. To celebrate National Space Day on this occasion is a commendable step. I congratulate all of you on the first National Space Day. ISRO has achieved many feats since its inception". She also expressed her happiness with the student's participation in the event "Happy to see students' participation in this event." Highlighting the significance of <keyword id="19929542" type="General" weightage="20" keywordseo="space-exploration" source="keywords">space exploration</keyword>, she added "Space exploration has extended human's ability and help complete the imagination of humankind. Space exploration is exciting and challenging at the same time. Health, transportation, environment, energy, security and information technology are benefitted due to the growth in the <keyword id="20242397" type="General" weightage="20" keywordseo="space-sector" source="keywords">space sector</keyword>". The president termed the growth of the ISRO as extraordinary, "The growth of <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>'s space sector is extraordinary, be it Mangalyan mission that was accomplished through minimum resources or launching more than 100 satellites at a time. we have achieved many such feats". She also praised the introduction of private players in the space sector in the country, "Introducing of the private sector in Indian has led to the formation of many <keyword id="22829456" type="General" weightage="20" keywordseo="space-start-ups" source="keywords">space start-ups</keyword> in India. This has allowed the youths of India to explore the space sector". Expressing her happiness about ISRO's plan to make <keyword id="20793131" type="General" weightage="20" keywordseo="space-mission" source="keywords">space mission</keyword> debris-free she said "I am happy that India is moving towards making India's space mission debris-free by 2030". India celebrated its first-ever National Space Day on Friday on the theme "Touching Lives While Touching the Moon: India's Space Saga". On 23 August 2023, India achieved a historic milestone when the Chandrayaan-3 lander completed a soft landing on the moon. This remarkable accomplishment made India the 4th country to accomplish this feat and the 1st to land on the lunar South Pole. In recognition of this achievement, Prime Minister Narendra Modi has declared August 23 as National Space Day.

"A glorious moment for all Indians when Chandrayaan landed on moon" says President Murmu on National Space Day

New Delhi: As the earnings season for the second quarter of FY25 unfolds, <keyword id="19959986" type="General" weightage="20" keywordseo="public-sector-banks" source="keywords">public sector banks</keyword> (PSBs) are expected to see a slight dip in profits compared to the previous quarter, according to a report by <keyword id="19896146" type="General" weightage="100" keywordseo="Motilal-Oswal" source="keywords" meta.keywordsubtype="org" meta.entityname="Motilal Oswal" meta.hostid="153" meta.entityid="Motilal Oswal">Motilal Oswal</keyword>. The report estimates that PSBs' Profit After Tax (PAT) will decline by 0.6 per cent quarter-on-quarter (QoQ), while showing a stronger year-on-year (YoY) growth of 17.2 per cent. "We estimate PSBs to report moderate <keyword id="19899597" type="General" weightage="20" keywordseo="earnings-growth" source="keywords">earnings growth</keyword> of 17.2 pc YoY/ a decline of 0.6 pc QoQ in 2QFY25," the report stated. The slower pace of growth can be attributed to flat net interest margins (NIMs) and a slight increase in loan loss provisions (LLP). The <keyword id="20171160" type="General" weightage="20" keywordseo="Net-Interest-Income" source="keywords">Net Interest Income</keyword> (NII) for PSBs is expected to grow by around 6 per cent YoY, although interest margins are likely to remain under pressure. Despite these near-term challenges, the report suggests that public sector banks are on track to post a compound annual growth rate (CAGR) of 15 per cent between FY24 and FY26, pointing to sustained long-term growth. In the private sector banking space, the report forecasts mixed results for the same quarter. For private banks under the coverage, Pre-Provision Operating Profit (PPoP) is expected to grow by 12 per cent YoY and 1 per cent QoQ. However, PAT growth is predicted to be more modest, increasing by 5 per cent YoY and 0.6 per cent QoQ. "For our private bank coverage universe, we estimate a PPoP growth of 12 pc YoY/1 pc QoQ and a PAT growth of 5 pc YoY/0.6 pc QoQ in 2QFY25," the report added. Looking ahead, private sector banks are expected to experience steady profitability growth, with earnings projected to grow at a CAGR of 12.4 per cent over FY24-FY26. Overall, while both public and private sector banks may face moderate growth in the second quarter due to margin pressures and higher provisions, their long-term earnings prospects remain positive. (ANI)

Profit of public sector banks expected to decline by 0.6 percent QoQ : Motilala Oswal

<keyword id="7457881" type="General" weightage="100" keywordseo="private-credit" source="Orion">Private credit</keyword> deployments are likely to surpass the $10 billion mark in 2024, a report by a consultancy firm EY said on Wednesday. The January-June period saw private credit transactions of over $6 billion in 96 deals, and the last two-and-a-half years have seen over $20 billion being deployed in the emerging alternative serving the credit needs of Indian companies. Major deals were witnessed across real estate, infrastructure, and healthcare sectors in the first half of the year, the report by EY said. Domestic funds are gaining traction and market share in the private credit space leveraging local expertise and the influence of lower-cost domestic money, it said. The first half of the year saw <keyword id="23077048" type="General" weightage="20" keywordseo="reliance-logistics" source="keywords">Reliance Logistics</keyword> and Warehousing, Vedanta Semiconductors, and Matrix <keyword id="19933821" type="General" weightage="20" keywordseo="pharma" source="keywords">Pharma</keyword> collectively raising approximately $1.3 billion, while real estate sector continued to be a focal point with borrowers such as <keyword id="20197996" type="General" weightage="20" keywordseo="prestige-group" source="keywords">Prestige Group</keyword>, <keyword id="21275229" type="General" weightage="20" keywordseo="puravankara-group" source="keywords">Puravankara Group</keyword>, Kalpataru Group, and Shapoorji Group being active. The firm's partner Bharat Gupta said private credit investments are at an all-time high, driven largely by growth-oriented strategies. "The outlook remains promising, though thorough due diligence and effective deal oversight are crucial to maximizing returns and managing potential risks," Gupta added. With the maturing of the system, there is a subtle shift towards performing credit deals in <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> with funds increasingly engaging in sub-18% <keyword id="22335519" type="General" weightage="20" keywordseo="internal-rate-of-return" source="keywords">Internal Rate of Return</keyword> (IRR) transactions, the report said. In the high-yield segment, mergers and acquisitions/buyout deals, and bridge-to-initial public offering transactions have gained traction within private credit funding, it said. High-net-worth investors and family offices are increasingly participating in private credit as a key asset class, boosting the popularity of domestic funds, it added.

Private credit deals to touch $10 billion in 2024, says EY report

President Droupadi Murmu on Friday voiced concern over increasing <keyword id="20715750" type="General" weightage="20" keywordseo="space-debris" source="keywords">space debris</keyword> as a result of numerous satellites being placed in orbit and lauded <keyword id="19915124" type="General" weightage="20" keywordseo="ISRO" source="keywords" meta.keywordsubtype="org" meta.entityname="ISRO" meta.hostid="261" meta.entityid="ISRO">ISRO</keyword> for setting itself a target to make future <keyword id="20018231" type="General" weightage="20" keywordseo="space-missions" source="keywords">space missions</keyword> debris free by 2030. Murmu was speaking at the celebration of the maiden <keyword id="22301946" type="General" weightage="20" keywordseo="National-Space-Day" source="keywords">National Space Day</keyword> celebrations to mark the first anniversary of the landing of India's Chandrayaan-3 project. "Space debris can cause problems for space missions," she said during the event at Bharat Mandapam in New Delhi that was attended by Union minister Jitendra Singh, Indian Space Research Organisation (ISRO) Chairman S Somanath, engineers, ISRO scientists and representatives of the country's nascent space industry. The president appreciated the ISRO System for Safe &amp; Sustainable Operations Management facility, which ensures continuous progress of space research activities. "I am also happy to note that India is moving forward to make all its space missions debris free by 2030," Murmu said. The president presented awards to winners of the Robotics Challenge and the Bharatiya Antariksh Hackathon on the occasion. The president said ISRO had made remarkable achievements in the space sector as well as invaluable contributions to the country's social and economic development. She appreciated the dedicated scientists who placed India's space programme among the best in the world by using minimum resources. Murmu also expressed confidence that the country would make continuous progress in space science and continue to set new standards of excellence. The president said the progress of India's space sector was extraordinary. "Be it a successfully completed Mars mission with limited resources or the successful launch of more than a hundred satellites at once, we have made many impressive achievements," Murmu said. The president said space exploration had increased the capabilities of human beings and transformed imagination into reality. "But space exploration is a challenging task. Research conducted to solve the problems during space exploration accelerates the development of science and improves human life," she said. The president said many sectors, including health and medicine, transportation, security, energy, environment and information technology, had benefited from developments in the space sector. The president pointed out that with the opening of the space sector to private entities, the number of start-ups had increased at a very rapid pace. "This has not only brought progress in space research but also given new opportunities to our youth to showcase and hone their talents," Murmu said. The president said she was happy to note that just a few months ago, an Indian company successfully launched a single-piece 3D-printed semi-cryogenic engine-powered rocket, the first such achievement. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/webstories/2024-tvs-jupiter-vs-honda-activa-6g-which-110cc-scooter-should-you-buy/slidelist/112730069.cms">2024 TVS Jupiter vs Honda Activa 6G – which 110cc scooter should you buy?</a> <a href="https://www.businessinsider.in/tech/how-to/how-to-add-music-to-instagram-profile/articleshow/112732934.cms">You can now add music to your Instagram profile – here's how</a> <a href="https://www.businessinsider.in/business/auto/news/audi-q8-facelift-launched-in-india-with-a-1-17-crore-price-tag/slidelist/112707701.cms">Audi Q8 facelift launched in India with a ₹1.17 crore price tag</a>

President Murmu voices concern over increasing space debris

<ul class="summary-list"><li>Investment firms want to offer private-credit ETFs to ordinary investors, the WSJ reported. </li><li>It would give retail investors access to a $1.7 trillion market. </li></ul>A booming corner of the financial markets that has only been available to institutions might soon be open to everyday investors. <a target="_blank" class="" href="https://www.wsj.com/finance/investing/wall-street-races-to-bring-private-credit-to-the-masses-8a25b624?mod=finance_lead_story">According to The Wall Street Journal,</a> some of the biggest private equity and investment management giants want to offer retail investors access to exchange-traded funds backed by private credit. The term broadly refers to loans made to companies and consumers by nonbank lenders. Historically, fund managers have sold "alternative assets" like private debt to institutional investors at a high cost, generating returns of around 10% in recent years — more than they would have seen from investing in the stock or bond markets.Now, as those institutions slow allocations to private credit, the biggest players in the space want to target a new class of investors. According to the Journal, firms like State Street, Apollo Global Management, and BlackRock are working to roll out private credit ETFs to regular investors. The challenge, though, is building a highly liquid ETF out of illiquid private loans. That hurdle is also what will likely draw the eye of regulators as they ensure the ETFs are appropriate for retail investors. But if these ETFs get approved, they will enable regular investors to tap into a booming market, one that BlackRock expects will more than double to $3.5 trillion by 2028. The race to launch private credit ETFs has heated up in recent months.In May, Capital Group and KKR teamed up to start offering funds investing in both public and private assets—including in private credit—starting next year.Last month, State Street proposed a private debt ETF to the Securities and Exchange Commission. The ETF would blend public debt with private debt on mortgage, corporate, and consumer loans purchased from Apollo Global Management. Anna Paglia, State Street's chief business officer, <a target="_blank" class="" href="https://investors.statestreet.com/investor-news-events/press-releases/news-details/2024/State-Street-Global-Advisors-and-Apollo-Global-Management-Join-Forces-to-Increase-and-Broaden-Investor-Access-to-Private-Markets/default.aspx">said in a statement</a> the ETF would "democratize access to private asset exposures," and make them "more accessible to a wider swathe of investors.""It is our goal to bring these investments to scale and help facilitate the process of making private assets more accessible and liquid over time. We see this as only the beginning of a new wave of innovation as public and private markets increasingly converge," Paglia said. Alternative assets make up a small share—less than 3%—of individual investors' global investments, KKR's head of Global Client Solutions Eric Mogelof, told the <a target="_blank" href="https://www.wsj.com/finance/investing/wall-street-races-to-bring-private-credit-to-the-masses-8a25b624">Wall Street Journal</a>.But he says there is huge potential for that share to grow by over three times. "We anticipate these allocations to rise to 10% or greater in the future," he told the Journal.

Investing giants want to offer retail traders access to a booming sector of financial markets

Amid questions on the depleting <keyword id="20776807" type="General" weightage="100" keywordseo="loan-to-deposit-ratio" source="keywords">loan-to-deposit ratio</keyword> in <keyword id="19895091" type="General" weightage="20" keywordseo="Indian-banks" source="keywords">Indian banks</keyword>, a recent report by <keyword id="19896146" type="General" weightage="20" keywordseo="Motilal-Oswal" source="keywords" meta.keywordsubtype="org" meta.entityname="Motilal Oswal" meta.hostid="269" meta.entityid="Motilal Oswal">Motilal Oswal</keyword> suggests that the loan-to-deposit (LD) ratio is likely to subside on its own in the coming months. The debate on loan-to-deposit ratio (LD), particularly concerning sluggish <keyword id="19998084" type="General" weightage="20" keywordseo="deposit-growth" source="keywords">deposit growth</keyword> and potential risks to <keyword id="20089808" type="General" weightage="20" keywordseo="financial-stability" source="keywords">financial stability</keyword> is raised by even the finance minister and the <keyword id="20151998" type="General" weightage="20" keywordseo="RBI-governor" source="keywords">RBI governor</keyword>. However, the report notes that on closer examination, the situation may not be as alarming as it seems. As of 9th August, 2024 the Indian <keyword id="19964544" type="General" weightage="20" keywordseo="banking-sector" source="keywords">banking sector</keyword>'s loan-to-deposit (LD) ratio stood at 77.2 %, which is slightly below its recent peak of 78.2 % on 22nd March 2024, and its all-time high of 78.8 % in September 2013. The report stated that typically a rising LD ratio is indicative of a tightness in the banking sector, potentially indicating overheating. A lower LD indicates that the bank is aggressive in its credit disbursement practises, which could be risky. It highlighted that an analysis of the sector's transactions with the Reserve Bank of India (RBI) through the liquidity adjustment facility (LAF), along with recent trends in the weighted average call rate (WACR), suggests that the current rise in the LD ratio does not indicate tightness, which is why there is no immediate cause of concern. In fact, the report added that the concern over weak deposit growth may be overstated. Historical data show that bank deposits grew at an average rate of 9.5 % during the pre-COVID period (January 2015 to February 2020) and 10.4 % in the post-COVID period (March 2020 to August 2024). Earlier, Finance Minister Nirmala Sitharaman also urged state-run banks to enhance deposit mobilization through attractive offers and focusing on Tier-2 and Tier-3 cities. Loan-to-deposit ratio pegs the total deposits received by the bank against the loans it has offered. It helps in understanding how liquid the bank is. The loan-to-deposit ratio (LDR) is a financial metric that compares a bank's total loans to its total deposits. It's used to assess a bank's liquidity and credit risk, and to inform lending and deposit-taking decisions The report said while the exact measures are unclear, the deposit growth could potentially be increased by making other asset classes less attractive through taxation or interest rates, or by boosting fiscal spending to increase net credit to the government. In its forecast, the report noted that private banks will witness a moderation in their <keyword id="19998083" type="General" weightage="20" keywordseo="credit-growth" source="keywords">credit growth</keyword>, while public sector banks will maintain a healthy credit growth rate. "Our analysis suggests that deposit growth could be raised by either making other asset classes unattractive (through taxation and/or interest rate) or increasing the growth in net credit to the government by pushing fiscal spending higher" the report added. Alternatively, policymakers might consider curtailing loan growth to lower the LD ratio. However, this could slow deposit growth, particularly if corporate credit growth remains weak. Encouraging savers to shift investments from other assets to bank deposits could also be an option, but this carries risks of overreach and potential damage to economic confidence. Das had also flagged the excessive growth, or froth developing in the personal loan space. Notably, while credit growth in unsecured personal loans like credit cards continues to decline, it remains elevated at 23.3% as of June 2024. However, this is a significant reduction from 34.2% witnessed in November 2023. As fiscal spending increases, bank credit to the government is likely to grow, which should elevate deposits and broad money supply. The report said "However, the extent of foreign capital inflows and the RBI's policy for managing these inflows remain uncertain". Last month, RBI governor Shaktikanta Das had also addressed this issue in the 50th meeting of MPC (Monetary Policy Committee). Per him, deposit mobilisation has been lagging credit growth for some time now. This may potentially expose the system to structural liquidity issues. "While there could be a debate regarding ‘deposits funding loans’ vis-à-vis ‘loans funding deposits’, the current regulatory concern stems from the fact that there could be structural changes happening which banks need to recognise and, accordingly, devise their strategies. Households and consumers who traditionally leaned on banks for parking or investing their savings are increasingly turning to capital markets and other financial intermediaries", Das said. Per him, while bank deposits continue to remain dominant as a percentage of financial assets owned by households, their share has been declining consistently, since households are now increasingly allocating their savings to mutual funds, insurance funds, pension funds and other avenues.

Loan-to-deposit ratio will subside on its own in coming months, notes Motilal Oswal report

New Delhi, The government on Wednesday eased <keyword id="19946825" type="General" weightage="20" keywordseo="foreign-direct-investment" source="keywords">Foreign Direct Investment</keyword> (<keyword id="19946824" type="General" weightage="20" keywordseo="fdi" source="keywords">FDI</keyword>) norms in the space sector by allowing 100 per cent overseas investment in making components for satellites, as part of efforts to attract overseas players and private companies into the segment. The decision was taken at the <keyword id="19901283" type="General" weightage="20" keywordseo="cabinet" source="keywords">Cabinet</keyword> meeting chaired by Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword>. Now, the satellite sub-sector has been divided into three different activities with defined limits for foreign investment in each such sector, according to an official statement. Presently, FDI in the space sector is allowed up to 100 per cent in the area of satellite establishment and operations through government route only. By changing the current policy, the government has allowed up to 74 per cent FDI under automatic route in satellites-manufacturing and operation, satellite data products, and ground and user segments. Beyond this limit, government approval will be required in these areas for FDI, it said. Up to 49 per cent FDI is allowed through the automatic route for launch vehicles and associated systems or subsystems, creation of spaceports for launching and receiving spacecraft. Beyond 49 per cent, FDI in these activities would require government approval, it added. Further, up to 100 per cent overseas investments are permitted under the automatic route for manufacturing of components and systems/sub-systems for satellites, ground and user segments. This increased private sector participation would help generate employment, enable modern technology absorption and make the sector self-reliant. It is expected to integrate Indian companies into global value chains. Through the decision, the government seeks to liberalise the FDI policy provisions in the space sector by prescribing easy entry routes and providing clarity for overseas investments in satellites, launch vehicles and associated systems or subsystems, creation of spaceports for launching and receiving spacecraft and manufacturing of space-related components and systems. With this, companies will be able to set up their manufacturing facilities within the country, duly encouraging Make In <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> initiatives of the government.

Govt eases FDI norms in space sector; 100% in making components for satellites

<ul class="summary-list"><li>D1's Dan Sundheim and SurgoCap's Mala Gaonkar spoke about investing in AI a Chicago conference.</li><li>Sundheim said it won't be private companies leading this tech change for once.</li></ul>The best way to invest in the world's hottest trend is not through seed rounds or even fully-fledged private companies, said D1 Capital Partners founder Dan Sundheim, despite<a target="_blank" href="https://techcrunch.com/2024/10/20/investments-in-generative-ai-startups-topped-3-9b-in-q3-2024/#:~:text=In%20Q3%202024%2C%20VCs%20invested,based%20companies%20across%20127%20deals."> billions flooding into artificial intelligence start-ups</a> last quarter alone.Sundheim, whose portfolio has billions invested in both public and private companies, believes the best way to tap into the <a target="_blank" href="https://www.businessinsider.com/ai-startups-rapid-funding-rounds-2024-9">AI frenzy</a> is through public companies. Speaking at Tuesday's Invest for Kids conference in Chicago, he said that AI, unlike other big technological advances, will be felt across sectors so all companies have an interest in putting money toward it.Large public corporations have the most resources to implement AI across their businesses, according to a recap of his comments viewed by Business Insider. In other words, scale is more of an advantage in the AI field than nimbleness.He said companies putting capital and talent behind AI projects are doing so without expecting a short-term return on their investment. The infrastructure required by these projects, he said, means companies are looking at the ROI a decade from now, not a quarter.Sundheim was speaking on a panel with Mala Gaonkar, the former Lone Pine executive who launched SurgoCap Partners at the start of 2023. From her vantage point, AI will impact industries on different timelines, so over the next three to five years, it's crucial to know which areas will feel immediate benefits and which sectors will take time.Gaonkar said medtech— such as diagnostic imaging — should benefit from AI advances earlier than other sectors.Sundheim also said that because of AI infrastructure needs, there will be investment opportunities in companies that supply the equipment to upgrade the electrical grid.Both firms have had strong years investing in public markets.Gaonkar's fund is up more than 25% this year, <a target="_blank" href="https://www.businessinsider.com/lone-pine-spinouts-struggle-except-mala-gaonkar-surgocap-tiger-cubs-2024-10">BI previously reported</a>, as assets have swelled to more than $3 billion. Sundheim's D1, which according to regulatory filings manages roughly $26 billion, is up more than 34% in its public book though its venture investments have been marked down 2.6% so far in 2024, according to <a target="_blank" href="https://www.institutionalinvestor.com/article/2dw7rnwdclm7wl4q9tr7k/hedge-funds/d1-capitals-dan-sundheim-makes-changes-after-two-consecutive-knockdowns">a recent report from Institutional Investor</a>.The two funds are a part of Julian Roberston's Tiger Management's broader <a target="_blank" href="https://www.businessinsider.com/billionaire-julian-robertsons-tiger-network-spans-hundreds-of-funds-2019-11">Tiger Cub network</a>, which is known for its focus on growth stocks, particularly in the tech sector. Sundheim, who was the CIO at Viking Global before launching D1 in 2018, joined funds like Tiger Global and Coatue in 2020 and 2021 in their aggressive funding of private companies. PitchBook notes that the firm has made 228 investments in private companies since six years ago.While the private portfolio has been a drag on Sundheim's overall returns the last three years — and he's now looking to public giants for AI exposure — he still said Tuesday that the most exciting company in the world is a private one: Elon Musk's SpaceX.D1 has a stake worth roughly $2.5 billion in the company, according to the II report.The two firms declined to comment.

Tiger Grandcubs on AI: How investors Dan Sundheim and Mala Gaonkar are thinking about the space

Finance Minister Nirmala Sitharaman on Tuesday announced a cut in customs duty on minerals such as lithium, copper and cobalt, which are critical for nuclear energy, renewable and other sectors, to give a fillip to the energy transition. In her budget speech in Lok Sabha, Sitharaman recalled that in the interim budget she had announced a strategy to sustain high and more resource-efficient economic growth, along with energy security in terms of availability, accessibility and affordability. "We will bring out a policy document on appropriate energy transition pathways that balances the imperatives of employment, growth and environmental sustainability," she said. Noting that minerals such as lithium, copper, cobalt and rare earth elements are critical for sectors like nuclear energy, <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword>, space, defence, telecommunications, and high-tech electronics, she proposed to fully exempt customs duties on 25 critical minerals and reduce BCD (basic customs duty) on two of them. This will provide a major fillip to the processing and refining of such minerals and help secure their availability for these strategic and important sectors, she said. She stated that energy transition is critical in the fight against climate change. To support energy transition, she proposed to expand the list of exempted capital goods for use in the manufacture of solar cells and panels in the country. Further, she stated that in view of sufficient domestic manufacturing capacity of solar glass and tinned copper interconnect, I propose not to extend the exemption of customs duties provided to them. Noting that steel and copper are important raw materials and to reduce their cost of production, she proposed to remove the BCD on ferro nickel and blister copper. "I am also continuing with nil BCD on ferrous scrap and nickel cathode and concessional BCD of 2.5 per cent on copper scrap," she said. About the PM Surya Ghar Muft Bijli Yojana, which was rolled out earlier this year, he informed the House that in line with the announcement in the interim budget, PM Surya Ghar Muft Bijli Yojana has been launched to install rooftop solar plants to enable 1 crore households obtain free electricity up to 300 units every month. The scheme has generated remarkable response with more than 1.28 crore registrations and 14 lakh applications, and we will further encourage it, he stated. She further stated that a policy for promoting pumped storage projects will be brought out for electricity storage and facilitating smooth integration of the growing share of renewable energy with its variable &amp; intermittent nature in the overall energy mix. She stated that nuclear energy is expected to form a very significant part of the energy mix for Viksit Bharat. Towards that pursuit, our government will partner with the private sector for setting up Bharat Small Reactors; research &amp; development of Bharat Small Modular Reactor and research &amp; development of newer technologies for nuclear energy, she informed the House. The R&amp;D funding announced in the interim budget will be made available for this sector, she added. The development of indigenous technology for Advanced Ultra Super Critical (AUSC) <keyword id="20421620" type="General" weightage="20" keywordseo="thermal-power" source="keywords">thermal power</keyword> plants with much higher efficiency has been completed, she informed the House. A joint venture between NTPC and BHEL will set up a full-scale 800 MW commercial plant using AUSC technology and the government will provide the required fiscal support, she added. Moving forward, the development of indigenous capacity for the production of high-grade steel and other advanced metallurgy materials for these plants will result in strong spin-off benefits for the economy, she pointed out. A roadmap for moving the 'hard to abate' industries from 'energy efficiency' targets to 'emission targets' will be formulated, she stated adding that appropriate regulations for the transition of these industries from the current 'Perform, Achieve and Trade' mode to 'Indian Carbon Market' mode will be put in place. She further stated that an investment-grade energy audit of traditional micro and small industries in 60 clusters, including brass and ceramic, will be facilitated. Financial support will be provided for shifting them to cleaner forms of energy and implementation of energy efficiency measures. The scheme will be replicated in another 100 clusters in the next phase, she stated. Gaurav Kedia, Chairman, Indian Biogas Association said that the <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> 2024 has unveiled a roadmap towards a sustainable and resilient India, with agriculture and energy security at its core. It is anticipated that these initiatives will catalyze the growth of the biogas industry, leading to increased rural employment, reduced carbon emissions, and improved soil health, he stated. SEE ALSO:<a href="https://www.businessinsider.in/budget/news/budget-2024-25-changes-to-tax-slabs-increased-standard-deduction-and-other-changes-to-direct-taxation/articleshow/111951205.cms" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/budget-2024-25-changes-to-tax-slabs-increased-standard-deduction-and-other-changes-to-direct-taxation/articleshow/111951205.cms" target="_blank">Budget 2024-25 – Changes to tax slabs, increased standard deduction and other changes to direct taxation</a><a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank">Union Budget 2024-25: How will this budget impact you?</a> <a href="https://www.businessinsider.in/budget/news/budget-2024-record-allocation-of-rs-1-48-lakh-crore-for-education-employment-and-skilling/articleshow/111951228.cms">Budget 2024: Record allocation of Rs 1.48 lakh crore for education, employment and skilling!</a>

FM cuts customs duty on minerals critical for energy transition

<keyword id="20779198" type="General" weightage="20" keywordseo="Chief-Economic-Advisor" source="keywords">Chief Economic Advisor</keyword> V Anantha Nageswaran emphasized the crucial and positive role that artificial intelligence (<keyword id="19899640" type="General" weightage="20" keywordseo="AI" source="keywords">AI</keyword>) can play for the <keyword id="22505095" type="General" weightage="20" keywordseo="Indian-demography" source="keywords">Indian demography</keyword> and <keyword id="20278114" type="General" weightage="20" keywordseo="labour-force" source="keywords">labour force</keyword> during a press conference on the <keyword id="20613906" type="General" weightage="100" keywordseo="Economic-Survey" source="keywords">Economic Survey</keyword> 2023-24. He noted that within the next decade, India is poised to become the world's third-largest economy and will benefit significantly from its demographic dividend. However, Nageswaran also acknowledged potential challenges posed by AI, particularly for India's <keyword id="20811086" type="General" weightage="20" keywordseo="business-process-outsourcing" source="keywords">Business Process Outsourcing</keyword> (BPO) sector. He stated, "The short-term challenge of generative AI could slow <keyword id="22505093" type="General" weightage="20" keywordseo="BPO-sector-growth" source="keywords">BPO sector growth</keyword>, affecting <keyword id="21300718" type="General" weightage="20" keywordseo="customer-services" source="keywords">customer services</keyword>. It is possible that the jobs related to BPO will be under threat whereas AI may actually turn out to be a booster." Furthermore, Nageswaran also pointed out that the emergence of AI might reduce annual <keyword id="21420133" type="General" weightage="20" keywordseo="productivity-growth" source="keywords">productivity growth</keyword> by approximately 0.3 percentage points in the coming years. This indicates a potential short-term dip in productivity as industries adapt to new technologies. Despite these challenges, Nageswaran added that the long-term potential of AI is promising. The broader adoption of AI could lead to significant improvements in critical areas such as healthcare and education, thereby enhancing human capital. The economic survey presented in the Parliament by finance minister Nirmala Sithraman says in the medium term Indian economy can grow at a rate of 7 per cent. The economic survey stated, "In the medium term, the Indian economy can grow at a rate of 7 per cent plus on a sustained basis if we build on the structural reforms undertaken over the last decade. This requires a tripartite compact between the Union Government, State Governments and the private sector." Achieving a sustained growth rate of over 7 per cent will require a tripartite compact between the Union Government, State Governments, and the private sector. India's financial sector is undergoing critical transformations. During FY24, primary capital markets facilitated capital formation of Rs 10.9 lakh crore, accounting for approximately 29 per cent of the gross fixed capital formation of private and public corporates in FY23. It further adds India faces a unique blend of opportunities and challenges amid global trends such as geo-economic fragmentation, a push for self-reliance, looming climate change, the rise of technology, and limited policy space. (ANI)

AI could slow BPO sector growth: Chief Economic Advisor Nageshwaran

With more startups getting on board, private sector participation in India's space sector will get further momentum this weekend with the launch of ISRO's PSLV-C54. In addition to ISRO's Earth Observation Satellite - 06 (Oceansat-3), the rocket will carry eight nano-satellites. These nanosatellites include Bengaluru-headquartered space tech startup <keyword id="8279723" type="General" weightage="80" keywordseo="pixxel" source="Orion">Pixxel</keyword>'s third hyperspectral satellite 'Anand' "More than two years in the making and made with a lot of dedication and effort, the team can't wait for the satellite to finally go to space and beam down some amazing #hyperspectral data", Pixxel said. Two <keyword id="15481028" type="General" weightage="80" keywordseo="thybolt" source="Orion">Thybolt</keyword> spacecraft of private space tech company <keyword id="2623423" type="General" weightage="80" keywordseo="dhruva-space" source="Orion">Dhruva Space</keyword> will also be co-passengers on board PSLV-C54 which is slated to be launched from the first launch pad of Sriharikota spaceport at 11.56 am on November 26. "It is momentous that on the same day, we will be observing 10 years of Dhruva Space!," the company based out of <keyword id="6354552" type="General" weightage="80" keywordseo="hyderabad" source="Orion">Hyderabad</keyword> said. The upcoming flight comes close on the heels of the launch of Vikram-S (a sub-orbital launch vehicle from Hyderabad-based Skyroot Aerospace), the first rocket built by a private company in India, on November 18. PSLV-C54 will also carry ISRO Nano Satellite-2 for Bhutan (INS-2B) and four numbers of Astrocast, a technology demonstrator satellite for the Internet of Things (IoT) as the payload from Spaceflight, the USA. According to Bengaluru-headquartered ISRO, EOS-6 is the third-generation satellite in the <keyword id="2310307" type="General" weightage="80" keywordseo="oceansat" source="Orion">Oceansat</keyword> series. This is to provide continuity services for Oceansat-2 spacecraft with enhanced payload specifications as well as application areas. The payloads are: Ocean Colour Monitor (OCM-3), Sea Surface Temperature Monitor and Ku-Band Scatterometer (SCAT-3) and 'ARGOS' Mission Objectives are: To ensure the data continuity of ocean colour and wind vector data to sustain the operational applications; to improve the applications, some additional datasets such as sea surface temperature and more number of bands in the Optical region for fluorescence and in Infrared region for atmospheric corrections are accommodated, and to develop/improve related algorithms and data products to serve in well- established application areas and to enhance the mission utility. INS-2B (BhutanSat) will have two payloads -- NanoMx and APRS-Digipeater. NanoMx is a multispectral optical imaging payload developed by Space Applications Centre. APRS-Digipeater payload is jointly developed by the Department of Information Technology and Telecom, Bhutan and the U R Rao Satellite Centre, Bengaluru. 'Anand' satellite is a technology demonstrator to demonstrate the capabilities and commercial applications of a miniaturised earth-observation camera for earth observation using a microsatellite in Low Earth Orbit. The Thybolt spacecraft includes a communication payload to enable rapid technology demonstration and constellation development for multiple users. It also demonstrates Store-and-Forward functionality for authorised users in the amateur frequency band. "The satellites shall be deployed by using Dhruva Space Orbital Deployer to perform the specific mission operations for a minimum lifetime of one year," according to the national space agency. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/punjab-to-provide-free-cancer-treatment-worth-13-54-crores-to-patients/articleshow/95717291.cms">Punjab provided free cancer treatment worth ₹13.54 crores to patients</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/administer-one-additional-dose-of-measles-rubella-vaccines-to-children-in-vulnerable-areas-centre-to-states/articleshow/95731013.cms">Administer one additional dose of measles, rubella vaccines to children in vulnerable areas: Centre to states</a>

You Searched For "private sector in space" and got 11 results

"A glorious moment for all Indians when Chandrayaan landed on moon" says President Murmu on National Space Day

ANI

Profit of public sector banks expected to decline by 0.6 percent QoQ : Motilala Oswal

ANI

Private credit deals to touch $10 billion in 2024, says EY report

PTI

President Murmu voices concern over increasing space debris

PTI

Investing giants want to offer retail traders access to a booming sector of financial markets

Kelly Cloonan

Loan-to-deposit ratio will subside on its own in coming months, notes Motilal Oswal report

Ira Alok Puranik

Govt eases FDI norms in space sector; 100% in making components for satellites

PTI

Tiger Grandcubs on AI: How investors Dan Sundheim and Mala Gaonkar are thinking about the space

Bradley Saacks

FM cuts customs duty on minerals critical for energy transition

PTI

AI could slow BPO sector growth: Chief Economic Advisor Nageshwaran

ANI

Private sector participation in space sector gaining momentum as more players get onboard

PTI

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