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New Delhi, Feb 16 () An inter-ministerial group has approved sale bid documents for privatisation of India's second biggest oil refiner Bharat Petroleum Corp Ltd (BPCL), and a notice seeking bids will be issued after a small group of ministers approves it, sources said. An inter-ministerial group or IMG comprising representatives from the ministries of finance, petroleum, law, corporate affairs and department of disinvestment has approved Expression of Interest (EoI) and Preliminary Information Memorandum (PIM) for the company. This will now be put up for approval by 'Alternative Mechanism' which is essentially a very small grouping of key Cabinet ministers, sources privy to the development said. Once the approval is granted, an EoI seeking interest from potential buyers will be floated, they said, adding the EoI along with PIM was likely to be out in the market within this month. The government plans to sell its entire 53.29 per cent stake in BPCL that will give buyers ready access to 14 per cent of India's oil refining capacity and about one-fifth of the fuel market share in the world's fastest-growing energy market. Sources said a two-stage bidding process will be followed wherein request for proposal or RFP in the first stage will be followed by due diligence-cum-bidding by qualified bidders in the second phase. BPCL has a market capitalisation of about Rs 1.03 lakh crore and the government stake at current prices is worth about Rs 54,000 crore. The successful bidder will also have to make an open offer to other shareholders for acquiring another 26 per cent at the same price. Privatisation of BPCL is essential for meeting the record Rs 2.1 lakh crore target Finance Minister Nirmala Sitharaman has set from disinvestment proceeds in the Budget for 2020-21. BPCL operates four refineries in Mumbai (Maharashtra), Kochi (Kerala), Bina (Madhya Pradesh) and Numaligarh (Assam) with a combined capacity of 38.3 million tonnes per annum, which is 15 per cent of India's total refining capacity of 249.4 million tonnes. While the Numaligarh refinery will be carved out of BPCL and sold to a PSU, the new buyer of the company will get 35.3 million tonnes of refining capacity. It also owns 15,177 petrol pumps and 6,011 LPG distributor agencies in the country. Besides, it has 51 LPG (liquefied petroleum gas) bottling plants. The company distributes 21 per cent of petroleum products consumed in the country by volume as of March this year and has more than a fifth of the 250 aviation fuel stations in the country. Sources said the disinvestment process being followed for privatisation of Central Public Sector Enterprises (CPSEs) is based on decision-making through inter-ministerial consultations and involvement of professionals and experts. After in-principle consent by the administrative ministry of the state-owned company concerned, approval of the proposal to disinvest is taken from the Cabinet Committee on Economic Affairs (CCEA). CCEA approved BPCL stake sale in November last year. Following this, an inter-ministerial group (IMG) was constituted. IMG appointed advisers for the transaction, including merchant bankers, asset valuers and legal advisers. The 'Alternative Mechanism' approves reserve or base price as well as price bids. Sources said BPCL privatisation process may take six to eight months to complete. ANZ ABM

IMG clears BPCL sale bid documents, to be issued after ministerial group nod

Indian <keyword id="6355261" type="POSITION" weightage="20" keywordseo="Finance-minister">Finance Minister</keyword> <keyword id="42575" type="PERSON" weightage="100" keywordseo="Arun-Jaitley">Arun Jaitley</keyword>, in perspective of the <keyword id="6354424" type="ORGANIZATION" weightage="100" keywordseo="World-Bank">World Bank</keyword> being capital-compelled, accentuated on the requirement for re-capitalizing the Bank so as to empower it to meet Sustainable Development Goals (SDGs) and twin objectives of taking out outrageous poverty by 2030 and boosting shared prosperity. 
 "Unfavorable global scenario has made the achievement of twin goals of the <keyword id="93417" type="COMPANY" weightage="20" keywordseo="World-Bank-Group">World Bank Group</keyword> and the ambitious SDGs even more challenging. Achievement of these goals requires trillions of dollars of development financing. This makes the role of the World Bank group even more critical - both as a provider of finance and knowledge," Jaitley said. He was representing the Constituency of Bangladesh, <keyword id="6356598" type="COUNTRY" weightage="20" keywordseo="Bhutan">Bhutan</keyword>, India and <keyword id="6355572" type="COUNTRY" weightage="20" keywordseo="Sri-Lanka">Sri Lanka</keyword>, at the 94th Meeting of the Development Committee (DC), the Ministerial-Level forum of the World Bank Group and <keyword id="6355408" type="ORGANIZATION" weightage="20" keywordseo="IMF">IMF</keyword> for inter-governmental consensus building on development issues. 
 
The meeting concentrated on the 'Forward Look' exercise done by the World Bank and discussed the Dynamic Formula of Shareholding of member nations in the International Bank for Reconstruction and Development (IBRD), a part organization of the Bank. 
 "In view of the Bank being capital constrained today, there is a need to expand the role of not only IDA, but also IBRD and <keyword id="85860" type="COMPANY" weightage="20" keywordseo="IFC">IFC</keyword> to enlarge the lending programme of the Bank Group," he said. 
 
The 'Forward Look Paper' has proposed yearly loaning of USD 40 billion for each annum by IBRD. It likewise proposes increasing of IFC's yearly speculation limit to double. This is fundamental in perspective of the expanding part which IFC needs to play in inclining up private division's abilities in developing nations. 
 
"Increased financing measures need to be coupled with renewed efforts to find innovative solutions, active pursuance of knowledge sharing, coordinated responses with the private sector, other development partners and international organizations," Jaitley said. 
 
On growth, the finance minister said: "Our constituency countries have displayed resilience and growth in this challenging environment where India is likely to grow at more than its last year's 7.6 per cent, Bangladesh at 6.3 per cent, Sri Lanka at about 5.3 per cent and Bhutan at 6.8 per cent." 
 
He shared the appraisal that the Bank shouldn’t be only greater but be more coordinated, effective and less costly to work with. 
(image: Indiatimes)

Arun Jaitley makes strong pitch for re-capitalizing World Bank

New Delhi, Nov 16 () The government is considering to re-introduce restrictions on royalty payments for technology transfer in view of excessive outflow of such funds to overseas companies, sources said.
 A proposal in this regard will soon be circulated by the Department for Promotion of Industry and Internal Trade (DPIIT) for inter-ministerial consultation, sources said.
 According to the proposal, limits could be imposed on royalty payments in case of technology transfer or collaboration involving foreign entities either directly or indirectly through any firm in India.
 A similar proposal was mooted by the department last year. That time it had proposed that royalty payments should be capped at 4 per cent of domestic sales and 7 per cent of exports for the first four years; and for the next three years the limit should be 3 per cent of local sales and 6 per cent of exports.
 But the finance ministry had raised objections over the proposal saying it could send a negative signal to foreign investors.
 The increase in outflow of these payments started after the government liberalised the FDI policy in 2009. It had removed the cap and permitted Indian companies to pay a royalty to their technical collaborators without seeking prior government approval.
 Royalty is paid to a foreign collaborator for the transfer of technology, usage of brand or trademarks.
 In April 2017, a surge in royalty outflow prompted the government to set up an inter-ministerial group to analyse payment norms and see whether there is excessive payout by Indian companies to foreign collaborators.
 Proposing these restrictions, the department had argued that the curbs would help increase the profits of domestic companies, mainly in the automobile sector, prevent depletion of foreign exchange reserves, protect the interest of minority shareholders and increase revenue for the government.
 Before 2009, royalty payments were regulated by the government and capped at 8 per cent of exports and 5 per cent of domestic sales in the case of technology transfer collaborations. They were fixed at 2 per cent of exports and 1 per cent of domestic sales for use of trademark or brand name.
 Auto major Maruti Suzuki pays an average royalty of around 5.5 per cent of its net sales to its parent Suzuki. RR MR
MR

Govt considering to reintroduce restrictions on royalty payments

New Delhi, Feb 16 () Following are the top business stories at 1800 hours:DCM6 BIZ-BPCL-PRIVATISATIONIMG clears BPCL sale bid documents, to be issued after ministerial group nodNew Delhi: An inter-ministerial group has approved sale bid documents for privatisation of India's second biggest oil refiner Bharat Petroleum Corp Ltd (BPCL), and a notice seeking bids will be issued after a small group of ministers approves it, sources said. DCM8 BIZ-SEBI-BOARDSebi board to consider 'difficult to recover' tag for untraceable defaulters, regulatory sandboxesNew Delhi: Markets regulator Sebi will contemplate proposals to attach a 'difficult to recover' tag for individual defaulters who are found to be 'untraceable', and for so-called regulatory sandboxes on Monday, officials said. DCM23 BIZ-GST-RETURNSAbout 92% of large taxpayers filed annual returns for 2017-18: GSTNNew Delhi: The GST Network on Sunday said around 92 per cent of large taxpayers with turnover of over Rs 2 crore have filed annual returns for 2017-18 fiscal. DCM16 BIZ-COS-GDR-IFSCGovt allows cos to list global depository receipts at IFSCNew Delhi: Indian companies now have the option to list their global depository receipts at the international financial services centre in Gujarat, with the government amending the rules. DCM7 BIZ-MARUTI SUZUKIWill not just defend market share but also charge at competition: Maruti Suzuki MDNew Delhi: The country's largest car maker Maruti Suzuki India (MSI) will not only defend its market share but also "charge" at and "chase" competitors in the wake of newcomers, such as Kia and Chinese players, intensifying competition, according to a top company official.DCM15 BIZ-POWER DISCOMS-DUESDiscoms' outstanding dues to power gencos rise nearly 50 pc to Rs 88,177 cr in DecNew Delhi: Power producers' total outstanding dues owed by distribution firms jumped nearly 50 per cent to Rs 88,177 crore in December 2019 over the same month previous year, reflecting stress in the sector.DCM9 BIZ-OIL-TELECOM-DUESOil India to move TDSAT against DoT seeking Rs 48,489 croreNew Delhi: State-owned Oil India is likely to move the TDSAT this week against the telecom department seeking about Rs 48,500 crore in past dues on the surplus bandwidth capacity it had leased to third parties, its Chairman and Managing Director Sushil Chandra Mishra has said.DCM5 BIZ-MARKET-OUTLOOKGlobal trends to dictate markets in holiday-shortened week: AnalystsNew Delhi: With no key events due in a holiday-shortened week, markets would take cues from global trends and would also track developments related to coronavirus that has dampened investor sentiment, say analysts. RVK

Business highlights

New Delhi, Mar 18 () The national e-commerce policy is under consideration but there is no timeline as to when it will be released, the government said on Wednesday. The draft policy seeks to create a facilitative regulatory environment for growth of the e-commerce sector, Commerce and Industry Minister Piyush Goyal said in a written reply to the Lok Sabha. "A series of meetings have been held at the level of Secretary, DPIIT with different stakeholders, including major e-commerce companies, startups, industry associations, think-tanks, academicians etc as well as data centre providers, logistics companies, export promotion councils to discuss the issues facing the sector and the provisions contained in the draft policy," he said. Since e-commerce is a new issue, it has necessitated detailed consultations over the last few months to ensure that the policy is crafted in a manner that interests of all stakeholders are taken into account. "Therefore, no timeline has been fixed for release of the same," he said. Goyal also said formulation of the new industrial policy is under consideration of the government. He said with regard to the new industrial policy, a Working Group has been constituted with representation from central ministries/departments, state governments, and industry associations. The first meeting of the group was held on October 24, 2019 and an inter-ministerial consultation is going on for framing the policy. In a separate reply, he said representations have been received in the ministry alleging that some e-commerce platforms are engaged in predatory pricing and are providing excessive discounts. "If any violation is reported, necessary action may be taken by the competent authority," he said. "Further, Competition Commission of India in one case filed against Flipkart Internet Pvt Ltd And Amazon Seller Services Private Ltd., vide order dated January 13...has directed the DG to conduct an investigation and submit its investigation report," he added. RR ANUANU

National e-commerce policy under consideration: Goyal

New Delhi, Jan 23 () Government think-tank Niti Aayog will develop a national data and analytics platform to make all government data accessible to stakeholders in a user-friendly manner.
 Releasing the Vision Document for the National Data and Analytics Platform (NDAP), Niti Aayog vice-chairman Rajiv Kumar said that the NDAP will strive to ensure that the data is assured, consistent, coherent and credible.
"Given that data is the new oil, we at Niti Aayog feel the need to modernise our data system," Kumar said.
 According to the vision document, data across sectors should
be coherent to support analysis and dissemination. 
 "In addition, there should be easy access to the most recent data, published reliably," the document noted. 
 The NDAP will host multiple datasets, present them coherently and provide visualisation and analytics tools.
 "The platform will be powered by a user friendly search engine, backed by seamless navigation, with a worldclass user interface. Data will be provided in a machine-readable format with customisable analytics," it said.
Stating that the NDAP will provide access to data from multiple sectors in one place, the document said data will be sourced from different Central and State Ministries and Departments. 
 NDAP will be a reliable platform for up-to-date data. Standard Operating Procedures (SOPs) will be developed to keep data updated, it said. 
 There will be a high powered steering committee under the chairmanship of vice chairman, Niti Aayog to provide direction, oversee progress, guide on data sources, and address various inter-ministerial issues on collating data.
Besides, there will be a Technical Advisory Group (TAG)consisting of sector and technology experts to provide guidance on the development of the platform, management of data, and aligning the platform for user-needs.
 The first version of National Data and Analytics Platform is proposed to be released in 2021. BKS CS MR

Niti to develop National Data Platform

<ul><li>The committee will work towards coordination across Ministries regarding e-commerce. </li><li>The draft e-commerce policy had also spoken about ensuring “harmonious” work across ministries. </li><li>Meanwhile, industry leaders have until June 27 to express their concerns about the policy. </li></ul>Global e-commerce giants like <keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword> and <keyword id="80487" type="COMPANY" weightage="20" keywordseo="walmart">Walmart</keyword>, which owns India-born <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword>,have been vying for a less choppy ride in India. The draft e-commerce policy from the Narendra Modi government has given executives from these companies sleepless nights. But in a move that may keep hope alive, the Indian government is trying to ease the function of e-commerce in the country. It has formed formed a standing Group of Secretaries under Ramesh Abhishek, the secretary for Department for Promotion of Industry and Internal Trade (DPIIT). This committee will ensure inter-ministerial/inter-departmental coordination on resolving issues, cutting across Ministries and departments, regarding e-commerce in India, according to an official release. After the draft e-commerce policy had been announced, Indian industry had voiced their concerns regarding the same. While foreign players not being allowed to take on multi-brand retail, domestic players do not have to comply to such regulations. Indian players like <keyword id="541988" type="COMPANY" weightage="20" keywordseo="SnapDeal">Snapdeal</keyword> had also mentioned that the policy ignores inventory-based e-commerce players. Founders of Snapdeal, Shopclues were even reported to have come together to set up a lobby for Indian e-commerce which would give the government its inputs on the policy. However, it is not clear whether this panel of bureaucrats will address the exact issues raised by the industry. Meanwhile, Indian e-commerce players have until June 27 to submit their concerns on the draft e-commerce policy. The Indian e-commerce market targeting consumers is estimated to reach $200 billion by 2026, whereas the enterprise e-commerce is expected to hit a whopping $300 billion. As of now, the country’s e-commerce industry is a mere 3% of the global market in size.

A new government panel is looking at making e-commerce easier in India-- but it may be too soon to cheer for Amazon and Walmart

New Delhi, Dec 22 () Chhattisgarh Chief Minister Bhupesh Baghel has demanded under-construction Nagarnar plant in his state to be handed over to the state "if the Centre is unable to run the plant".
 Baghel said this replying to a question on the decision of divestment of the plant even before its completion.
 The decision is not at all wise, he said adding the plant is being set up at a cost of over 20,000 crore and it will be privatised.
 It was the land which belonged to the tribes. The land was given by them thinking that a public sector industry will come upon it and people will get jobs. It was not given for privatisation, he told .
 The Chhattisgarh government is against this decision and if they (Centre) can not run Nagarnar plant they can give it to the state government which can run it, he said.
 "What is the use of divestment (of the plant) when NMDC can do better with it. I even renewed the mining leases of NMDC mines in Chhattisgargh. What else do you want," he said.
 Last week, the Chhattisgarh government extended leases of state-owned NMDC's four mines in the state by 20 years to avoid interruptions in iron ore supply -- a key steel making raw material -- to the sector.
 Baghel also criticized Centre's decision of opening up of commercial coal mining for the private sector.
 In a major reform in the coal sector since its nationalisation in 1973, the central government last year in February had allowed private companies to mine the fossil fuel for commercial use, ending the monopoly of state-owned Coal India Ltd (CIL). The Centre had termed the move as the most ambitious coal sector reform since the nationalisation of this sector.
 "Every industry..you take BPCL it earns and gives an amount of Rs 16,000 crore every year. They are privatising it. You take steel sector, they are doing the same in it. In coal also you gave it into the private hands," Baghel said.
 The country's largest iron ore miner NMDC, under the Ministry of Steel, is setting up its first steel plant having capacity of 3 MTPA in Nagarnar in Bastar district of Chhattisgarh.
 The plant was in the list of public sector enterprises lined up by the Department of Investment and Public Asset Management (DIPAM) for strategic divestment.
 However, the proposal for strategic divestment of the steel plant was later differed by an Inter-Ministerial Group for Divestment until the unit becomes operational. ABI MKJ

Chhattisgarh CM demands Nagarnar plant to be handed over to state

New Delhi, Nov 27 () With onion prices continuing to rule high at Rs 80-90 per kg, the government on Wednesday extended prohibitions on traders from the stocking of edible bulb across the country for an indefinite period.
Separately, Food and Consumer Affairs Minister Ram Vilas Paswan did not say by when prices of onion will normalise. "It's not in our hand, the government is making maximum efforts but who can win from nature," he told reporters when asked by when onion prices will come down to reasonable level.
Besides stock holding limit, he said, the Centre has banned exports of onion and importing 1.2 lakh tonnes to control prices. Onion prices are ruling at Rs 70-80 per kg in retail markets across major cities.
"Stockholding limit on retailers and wholesalers are being further extended until further orders," an official statement said.
The stock holding limit was imposed in September. At present, retailers can stock onion only up to 100 quintals and wholesale traders are allowed to keep up to 500 quintals.
The decision was taken at an inter-ministerial meeting, chaired by Consumer Affairs Secretary A K Srivastava, to monitor the price and availability of onions across the country.
The consumer affairs secretary has written to chief secretaries of all states asking them to suitably reduce the stock limits further in their states as per the availability and prices. They have been asked to strictly enforce these stock limits and send an action taken report on a weekly basis.
State-owned MMTC informed that the first shipment of onions from Egypt would arrive in the second week of December. The public sector trading firm has contracted imports of 6,090 tonnes of onions. It has floated a country-specific tender.
Expressing concern over the price rise, Paswan said the situation is being closely monitored by a team of five Union ministers chaired by Home Minister Amit Shah. Finance minister, agriculture minister and road transport minister are also members of the group of ministers.
The group of ministers has already held one meeting and another one will be held soon, he said.
On November 19, Paswan had said onion production in Kharif and late-Kharif seasons of 2019-20 is estimated to fall 26 per cent to 5.2 million tonnes due to a delayed monsoon and then excessive rains in key growing areas.
The buffer stock of 57,000 tonnes of onions has been liquidated and therefore the Centre decided to import.
Meanwhile, MMTC has been asked to work out modalities of transportation of sealed container of onions from Mumbai port directly to FHEL facility at Rai, Sonipat in Haryana.
Agriculture Ministry in consultation with National Horticulture Board will provide an assessment about shelf-life in cold storage facility of imported onions from Egypt. MMTC has informed that onions from Turkey/Holland can be stored for relatively longer periods as compared to those from Egypt given the respective climatic conditions. MJH MR

Govt extends stock holding limit on onion traders indefinitely to check price rise

The telecom department will most likely reject the demand raised by <keyword id="46907" type="CITY" weightage="100" keywordseo="Reliance-communications">Reliance Communications</keyword> for a financial package to bail out the debt burdened telecom sector. However, it can extend a helping hand to the industry in terms of other reliefs like extended tenures for spectrum payments etc. As per officials from the Department of Telecommunications (<keyword id="16054" type="ORGANIZATION" weightage="100" keywordseo="DoT">DoT</keyword>), meetings with carriers including <keyword id="6354287" type="CITY" weightage="100" keywordseo="Bharti-Airtel">Bharti Airtel</keyword>, Vodafone India, <keyword id="6354924" type="PERSON" weightage="100" keywordseo="Idea-Cellular">Idea Cellular</keyword>, Aircel, <keyword id="6359475" type="CITY" weightage="100" keywordseo="Tata-Teleservices">Tata Teleservices</keyword> and Reliance Communications have been held over the past two weeks regarding the issue of debts in the telecom sector. DoT officials are trying to understand what all financial troubles telcos have been going through before they enter into a formal meeting with the inter-ministerial group (IMG) that the cabinet secretary has set up to begin on June 12. "The first formal meeting of the IMG is yet to take place and the issues of the telecom sector will be taken up at that forum," a source told <a href="http://m.economictimes.com/news/economy/policy/government-rules-out-top-up-for-telcos-but-ready-to-lend-them-a-helping-hand/articleshow/58952616.cms">ET</a>. The IMG consists of four members from DoT and one each from the departments of economic affairs, revenue and finance. After holding meetings, the group is required to submit its recommendations to the central government within three months.

Slap from one hand, pat from another! Govt refuses financial help for telcos but extends helping hand

The recently announced <keyword id="9460361" type="UNKNOWN" weightage="20" keywordseo="space-sector-reforms">space sector reforms</keyword> are not aimed at privatisation of Indian Space Research Organisation (<keyword id="6358064" type="UNKNOWN" weightage="20" keywordseo="isro">ISRO</keyword>), its Chairman and Secretary in the Department of Space, K Sivan asserted on Thursday. The space agency also stated that the draft on the proposed space activity bill is almost final and it will soon be placed before the Union Cabinet for approval. "When space sector reforms were announced by the government there were many misconceptions like it would lead to privatisation of ISRO. It is not. Again and again I'm repeating it is not the privatisation of ISRO," Sivan said. Addressing a webinar on "Unlocking of India's Potential <keyword id="7412163" type="UNKNOWN" weightage="20" keywordseo="in-space">in Space</keyword> Sector," he said the whole aim of reforms is enabling the private players to carry out the space activities which is otherwise being done by ISRO. "In fact, the activities of ISRO are going to increase and ISRO will be able to better utilise its resources in taking up developmental as well as capacity building activities of the government, rather than the routine production activity," he added. The Union Cabinet on June 24 approved participation of the private sector in the entire range of space activities, including planetary exploration missions. It had said, the newly-created Indian National Space Promotion and Authorisation Centre (IN-SPACe) will provide a level playing field for private companies to use Indian space infrastructure, by hand-holding industries in space activities through encouraging policies and a friendly regulatory environment. Also, the New Space India Limited (NSIL), a PSU under the Department of Space, will endeavour to re-orient space activities from a "supply driven" model to a "demand driven" model, thereby ensuring optimum utilisation of our space assets, it had said. Noting that the space sector reform introduced by the government is going to be a "real game changer", Sivan said private sector participation in the space sector has been increasing worldwide and it is a healthy trend, as it increases diversity. In India too space sector startups are taking developmental activities in both launch vehicles as well as in satellites, he said. However, there was no mechanism available in the country to extend technology and infrastructure support to them. Also there was no regulatory mechanism to control the private sector activities, so an institutional mechanism has been created as part of reform. The webinar was attended by Principal Scientific Advisor to government of India K Vijay Raghavan, Mahindra Group Chairman Anand Mahindra, Bharti Enterprises Chairman Sunil B Mittal among others. Further observing that with the opening of the space sector, ISRO can focus on technology development and capacity building Sivan said in addition to that it will also facilitate private sector participation in major national missions through announcement of opportunity. However, the private sector will have to do their own research and development activities, business viability studies, funding as well as finding customers for their services, he said. Pointing out that import of communication satellites is now in the embargo list under 'Aatma Nirbhar Bharat Abhiyan', the ISRO Chief said there will be a need for large number of communication satellites to be launched in the immediate future and this could be a huge opportunity for ISRO and also for the private sector. Launching a small satellite is another area where there is a huge projected demand and some startups are interacting with ISRO at an advanced stage and may launch very soon. According to ISRO officials, more than 500 industries are currently involved in activities such as production of components and more than 80 per cent of the launch vehicle and 60 per cent of the spacecraft budget is spent on industry. Scientific Secretary to ISRO, R Uma Maheshwaran said participation of the private sector in end-end space activities is definitely a strategy to expand the space economy. Noting that the private sector is much eager now, he said a lot of people are coming forward to make launch vehicles, and satellites and providing space based services. Uma Maheshwaran also said a mechanism is required regarding the indulgence of the private sector and for this, enactment of the space activity bill is a primary requisite. "It (bill) is almost in its final shape now, we have presented it to the Ministry (PMO) for inter-ministerial consultation and we feel that very soon it will be approved by the Cabinet and presented to the Parliament for making it an act. This is mandatory as India is signatory to the outer space treaty," he added. Vijay Raghavan, noting a lack of risk capital for industry to sufficiently invest in R&amp;D, said risk needs to be mitigated and for this the combination of talent and material resources, partnering with industry is needed. The opening of the space sector in India will have its impact globally, and also all sectors in India, he said adding that ".. this is an opportunity to increase volume and quality in extraordinary ways." Suggesting that space may well become the new "gold rush", Anand Mahindra said though India has an established and credible space programme, its share of the market is miniscule and he was sure that beginning now it will change with the entry of the private sector. "... it is our opportunity to level the playing field, by leveraging our competitive advantages and we have to seize it now," he said, while admitting that industry and private sector are often "uneasy bedfellows", but we have to make these reforms work as it is the best way forward". Sunil Mittal stressed on the need for the policy on participation of private sector in space programme to be "light-touch" but said it should be very strong on security, foreign policy aspects and some of the guidelines need to be very clear so that industry participants know how to operate within the policy framework. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/gmail-down-users-report-being-unable-to-send-emails-and-attach-files/articleshow/77648762.cms">Gmail down — users report being unable to send emails and attach files</a> <a href="https://www.businessinsider.in/science/space/news/kepler-supernova-exploded-400-years-ago-but-hasnt-slowed-down-and-two-pieces-of-debris-are-headed-towards-earth/articleshow/77646381.cms">Kepler supernova exploded 400 years ago but hasn’t slowed down — and two pieces of debris are headed towards Earth</a> <a href="https://www.businessinsider.in/india/news/supreme-court-rejects-prashant-bhushans-plea-to-delay-sentence-hearing-on-twitter-case/articleshow/77649463.cms">Prashant Bhushan rejects Supreme Court's offer to delay sentence but is given two to three days to reconsider statement</a>

You Searched For "Inter Ministerial Group" and got 11 results

IMG clears BPCL sale bid documents, to be issued after ministerial group nod

PTI

Arun Jaitley makes strong pitch for re-capitalizing World Bank

BI India Bureau

Govt considering to reintroduce restrictions on royalty payments

PTI

Business highlights

PTI

National e-commerce policy under consideration: Goyal

PTI

Niti to develop National Data Platform

PTI

A new government panel is looking at making e-commerce easier in India-- but it may be too soon to cheer for Amazon and Walmart

Sanchita Dash

Chhattisgarh CM demands Nagarnar plant to be handed over to state

PTI

Govt extends stock holding limit on onion traders indefinitely to check price rise

PTI

Slap from one hand, pat from another! Govt refuses financial help for telcos but extends helping hand

BI India Bureau

ISRO Chairman K Sivan asserts that space sector reforms are not aimed at privatising the agency

PTI

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