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<ul class="summary-list"><li>Sen. Kyrsten Sinema said she wants to work in the private sector once she leaves the Senate.</li><li>She described herself as "fairly libertarian" and agreed that Democrats are "anti-capitalist."</li></ul>Sen. Kyrsten Sinema, the Democratic-turned-independent senator from Arizona, says she's looking forward to a career in the private sector after she <a target="_blank" class="" href="https://www.businessinsider.com/kyrsten-sinema-retiring-arizona-senate-ruben-gallego-kari-lake-2024-3">leaves the Senate</a> in a few months.During a panel at "The All In Summit" earlier this month, a <a target="_blank" class="" href="https://www.youtube.com/watch?v=WSKMg5yWFdg">recording</a> of which was released on Tuesday, Sinema described the private sector as a source of innovation and progress at a time when Washington is increasingly faced with partisan gridlock."I'm really excited about what's happening in the private sector right now," Sinema said. "I mean, we've got industries in this country that are really pushing the edge on what's going to ensure that we're globally competitive and innovative for the future, and I'm really excited about it."She said that will remain the case "regardless of what's happening in government" and that lawmakers are "not interested in solving problems, they're just interested in TikTok.""There's a real opportunity to move our country forward, despite the gridlock in government, through private industry, and that's where I want to work," she said. Jason Calacanis, one of the cohosts of the "All-In" podcast, then asked Sinema why Democrats are "so anti-capitalist."" I don't understand because that's where the money comes from," she said. "I'm fairly libertarian, you know, just at my base. Most Arizonans are.""I struggle with the idea of wanting to eliminate the private industry, because that is where the ideas come from," Sinema said. "That's where the innovation comes from, and that's where the money comes from to fund the social programs that are important to protect the vulnerable in our country."During Sinema's tenure in the Senate, she has confounded Democrats with her refusal to support aspects of President Joe Biden's agenda, including the original "Build Back Better" social spending and climate bill that the party tried to pass in 2021.She also opposed the weakening of the "filibuster," a Senate rule that requires 60 votes to advance most legislation — thus requiring GOP support. At the same time, the Arizona senator played a pivotal role in the passage of the Bipartisan Infrastructure Law and the Respect for Marriage Act.Sinema <a target="_blank" class="" href="https://www.businessinsider.com/kyrsten-sinema-independent-2024-primary-democrats-senate-control-2022-12">left the Democratic Party</a> in December 2022 ahead of what seemed to be a likely reelection campaign. But over a year later, she <a target="_blank" class="" href="https://www.businessinsider.com/kyrsten-sinema-retiring-arizona-senate-ruben-gallego-kari-lake-2024-3">opted to retire</a> from the Senate amid what was shaping up to be a difficult three-way race between her, Democratic Rep. Ruben Gallego, and Republican candidate Kari Lake.This isn't the first time Sinema's made allusions to a <a target="_blank" class="" href="https://www.businessinsider.com/kyrsten-sinema-arizona-retiring-do-anything-revolving-door-2024-3">cushier post-Senate career</a>.According to a <a target="_blank" class="" href="https://www.businessinsider.com/kyrsten-sinema-reelection-serve-any-board-mitt-romney-book-2023-10">biography of Sen. Mitt Romney</a>, the Arizona senator once mused that she could "go on any board I want to" or "be a college president" after she leaves the Senate, arguing that she "saved the Senate" by opposing the weakening of the filibuster.

Kyrsten Sinema says she's 'fairly libertarian' and wants to work in the private sector after leaving the Senate: 'That's where the money comes from'

<keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>'s <keyword id="19938893" type="General" weightage="20" keywordseo="defence-exports" source="keywords">defence exports</keyword> have surged from Rs 15 billion in 2017 to Rs 210 billion in 2024, registering a CAGR of 46 per cent, highlighted a report on 'Defence Conference 3.0' by Antique Stock Broking. The report stated that the <keyword id="20861069" type="General" weightage="20" keywordseo="global-shift" source="keywords">global shift</keyword> towards a China+1 strategy and the impact of the <keyword id="20016971" type="General" weightage="20" keywordseo="Russia-Ukraine-war" source="keywords">Russia-Ukraine war</keyword> offer India additional opportunities to fill supply chain gaps, potentially boosting its share in the <keyword id="23046732" type="General" weightage="20" keywordseo="global-defence-industry" source="keywords">global defence industry</keyword>. The report noted that the country's long-term goal is to become a global defence manufacturing hub is driven by Defence Public Sector Undertakings (DPSUs), private enterprises, start-ups, and MSMEs. "Indian defence exports have grown multi-fold from INR 15 bn in 2017 to INR 210 bn in 2024 at a CAGR of 46%. The China + 1 strategy and the Russia-Ukraine war provides an additional opportunity for India to fill the gap created in the supply chain and hence increase its contribution to the global defence industry," the report read. The report added that to achieve this target a well-developed domestic ecosystem is crucial as lower import content in products accelerates approvals by reducing international conflicts. The report added that the Ministry of Defence has taken key initiatives to attract Indian private players and global Original Equipment Manufacturers (OEMs) include establishing aerospace parks and defence corridors, fast-tracking project approvals, and enhancing development and testing facilities. Highlighting the potential in India's Maintenance, Repair, and Overhaul (MRO) segment the report explained that it holds a significant potential for global aerospace companies due to its technical expertise and cost-competitive solutions. "India provides a huge opportunity in the <keyword id="23046733" type="General" weightage="20" keywordseo="MRO-segment" source="keywords">MRO segment</keyword> for global aerospace leaders given the expertise the country provides as well as the cost efficiency solutions compared to its global competitors" the report added. India aims to increase domestic defence turnover to Rs 3 lac crore by 2029, Rs 500 billion targeted for exports. This growth will help reduce the Government of India's import bill as India remains the world's largest importer of defence equipment. Under the Atmanirbhar Bharat initiative of the government, 75 per cent of the defence capital outlay is now reserved for domestic players, up from 49 per cent in FY21. Given the geopolitical challenges and modernisation needs of its Armed Forces, the report added that India plans to invest Rs 8.3 lac crore in domestic procurement, offering substantial business opportunities for local companies. "India intends to place orders worth INR 8.3 trn through domestic procurement and thus it presents a massive business opportunity for local players" it added. As per the Ministry of Defence, India's defence manufacturing sector has witnessed an increase of 16.8 per cent in the fiscal year 2023-24. This significant increase marks the highest-ever growth in the country's defence production value. The total value of defence production reached Rs 1,26,887 crore this year, up from the previous year's figures.

India's defence exports surge to Rs 210 billion after global shift towards China+1, Russia-Ukraine war: Report

<ul class="summary-list"><li>Ukraine's president met with billionaire investors Ken Griffin and Bill Ackman to discuss the future of the country's economy. </li><li>The meeting, hosted by JPMorgan, focused on the scope for private-sector funding to help rebuild Ukraine's economy. </li></ul>Ukrainian President Volodymyr Zelenskyy met with billionaire investors Ken Griffin and Bill Ackman Wednesday to talk about using private-sector funds to rebuild his country's war-torn economy, <a href="https://www.foxbusiness.com/politics/ukraines-zelenskyy-to-meet-with-nations-top-financers-diplomats-in-new-york-city">according to Fox News</a>. Zelenskyy introduced the proposal at the Permanent Mission of Ukraine to the United Nations in New York, in a meeting organised by JPMorgan.Leading figures from the financial sector including Citadel's Griffin, Pershing Square's Ackman, BlackRock's vice chairman Philipp Hildebrand, and former Google CEO Eric Schmidt were among the attendees, according to Fox. Zelenskyy had met with BlackRock CEO Larry Fink Wednesday, the outlet reported. In earlier efforts to secure financial support for Ukraine's economy, he had met with JPMorgan bankers in February to discuss a fund seeded with up to $30 billion in private-sector money, Fox reported, citing sources it didn't identify. Ukraine's economy has been battered by a <a href="https://www.businessinsider.com/russia-economy-ukraine-war-invasion-sanctions-putin-moscow-inflation-2023-7" target="_blank" rel="noopener">slew of problems</a> - including high inflation and a persistent trade deficit - following Russia's invasion of the nation. In a first in-person address to the United Nations on Wednesday, Zelenskyy accused Russia of genocide, and called on global leaders to attend a peace summit.

Billionaire investors Ken Griffin and Bill Ackman meet with Volodymyr Zelenskyy as Ukraine looks to rebuild its economy with private-sector funds

After the <keyword id="479174" type="General" weightage="20" keywordseo="Karnataka-cabinet" source="Orion">Karnataka cabinet</keyword> approved a bill that mandates 100% <keyword id="19914887" type="General" weightage="20" keywordseo="reservation" source="keywords">reservation</keyword> for Kannadigas in Category C and D <keyword id="19914922" type="General" weightage="20" keywordseo="jobs" source="keywords">jobs</keyword> in all industries in the state, businessman and philanthropist TV <keyword id="20076594" type="General" weightage="20" keywordseo="Mohandas-Pai" source="keywords">Mohandas Pai</keyword> slammed the state government saying that <keyword id="20374219" type="General" weightage="20" keywordseo="skilling" source="keywords">skilling</keyword> Kannadigas is the only way to promote them for jobs rather than giving them reservation. "If you want to promote Kannadigas for jobs, spend more money on higher education. Give training to them. Spend more money on skill development. Spend more money on internships, spend more money on apprenticeship programs. So they all become skilled. Not like this. What are you trying to achieve by this?," Pai said, speaking on Wednesday. Pai, the Chairman of <keyword id="22445179" type="General" weightage="20" keywordseo="Manipal-Global-Education-Services" source="keywords" meta.keywordsubtype="org" meta.entityname="Manipal Global Education Services" meta.hostid="261" meta.entityid="Manipal Global Education Services">Manipal Global Education Services</keyword> said that the Bill is "fascist" and also unconstitutional. "This bill should be junked. It is discriminatory, regressive and against the constitution @Jairam_Ramesh is govt to certify who we are? This is a fascist bill as in Animal Farm, unbelievable that @INCIndia can come up with a bill like this- a govt officer will sit on recruitment committees of the private sector? People have to take a language test?" he had earlier said in a post on 'X'. <keyword id="19896017" type="General" weightage="100" keywordseo="Karnataka" source="keywords">Karnataka</keyword> minister Priyank Kharge however, assuaged the fears of the industrialists saying that wide consultation will be held before the rules of the bill are formulated. "The bill has been brought in by the labour department. They are yet to consult with the industry, the Minister of Industry and the Department of Information Technology. I am sure that before coming up with the rules of the bill, they will have due consultations with the respective ministries and more importantly, a wider consultation with the industry. So there is no need to panic. We are going to safeguard the jobs for the state as well as encourage investments in the industries with their consultation," Kharge said. <keyword id="20582906" type="General" weightage="20" keywordseo="karnataka-industries" source="keywords">Karnataka Industries</keyword> Minister MB Patil said any apprehensions will be resolved in meetings with the Chief Minister "I have seen that many people have apprehension regarding this. We will resolve this confusion. We will sit with the CM and resolve this so that it does not have any adverse effect," Patil told ANI. On Tuesday, the Karnataka cabinet approved a Bill that seeks to reserve 50% of management jobs and 75% of non-management jobs for locals in the private sector. The bill also seeks 100% reservation for locals in "C&amp;D" grade government jobs. On Wednesday, several industry leaders in the state objected to the move saying that it is "discriminatory" and raised apprehensions that the tech industry may suffer.

Spend money on skilling, says Mohandas Pai on Karnataka bill seeking job reservations for Kannadigas

<ul><li>The IT sector’s wage bill growth fell to 3% in Q3 FY24 from 22% in the same quarter last year.</li><li>Sectors like <keyword id="19931572" type="General" weightage="20" keywordseo="fmcg" source="keywords">FMCG</keyword>, metals, power, cement, pharma, chemicals also saw single digit wage growth in Q3.</li><li>The <keyword id="19910880" type="General" weightage="20" keywordseo="bfsi" source="keywords">BFSI</keyword> sector remained an outlier as its wage bill growth was strong at 22% in Q3.</li></ul>The age of sharp salary hikes seems to be over. <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>’s top 500 listed private companies’ wage growth has moderated to 9% year on year in the third quarter of FY24. Including public sector enterprises, BSE500’s wage inflation slowed to 11%. In the same quarter last year, it was at 20%, says a report by <keyword id="20055355" type="General" weightage="20" keywordseo="nuvama-institutional-equities" source="keywords">Nuvama Institutional Equities</keyword>. “The worrying aspect of wage bill growth is the sharper moderation in private sector wage bill growth. Private sector wage bill growth has moderated to 9% YoY—a decadal-low (ex-Covid). Such a sharp slowdown, if it persists, could weigh on consumption, particularly the premium segment,” says <keyword id="19895773" type="General" weightage="20" keywordseo="nuvama" source="keywords">Nuvama</keyword>’s Q3FY24 Earnings Review. Unsurprisingly, the IT sector saw the most moderation, as its wage bill growth in Q3 at just 3% year on year. In the corresponding quarter last year, it was at 22%. “For IT companies, headcount is now contracting year on year. While this could bottom out, sustained recovery is needed for its revival,” said Nuvama. As per Xpheno, the top eight IT services firms in India<a href="https://www.businessinsider.in/careers/news/it-bellwethers-slash-headcount-in-fy24-but-indian-techies-find-a-home-with-gccs/articleshow/107679515.cms"> reduced their headcount by</a> 75,000 in the last one year. Sectors like FMCG, metals &amp; mining, power, cement, pharma, chemicals saw single digit wage growth. “Wage bill growth is moderating in most other spaces as well. For most sectors, wage bill growth is below the levels seen a year ago,” said Nuvama. On the other hand, sectors like auto, consumer services, durables and real estate sector saw double digit wage bill growth in the quarter. BFSI sector remains an outlier The only sector which saw strong wage bill growth in Q3 is banking, financial services and insurance sector; which came in at 22%. The average annual attrition in the sector is still high, at around 30-35%. In private banks, it’s <a href="https://www.cnbctv18.com/business/companies/rbi-closely-watching-high-attrition-at-some-private-banks-says-shaktikanta-das-18207931.htm">much more pronounced</a> at 40-45%. While private sector banks saw their wage bill go up by 23%, in PSU banks, the growth was at 20%. Financial services, however, saw its wage bill go up by 29%. Wage bill growth <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sector </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q3 FY24 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q3 FY23 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IT </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">22% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BFSI </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">22% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">19% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Metals &amp; Mining </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Energy </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">12% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Consumer services </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">14% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">24% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Auto </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">14% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">9% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Durables </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">14% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FMCG </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">12% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Industrials </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">11% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Power </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cement </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Real estate </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">12% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">32% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Pharmaceuticals </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">9% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Chemicals </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8% </td></tr></tbody><tbody></tbody></table>Source: Capitaline, Nuvama Research Dwindling EBIDTA growth The Nuvama report also says that in the third quarter, BSE500’s revenue growth remained subdued at 6-7%, similar to what was seen in the first half of FY24. The earnings before interest tax depreciation and amortization (EBIDTA) growth on other hand, dwindled to 10% from 20% seen in the first half. “This is mainly due to fading input price tailwinds and operating de-leverage. PAT growth, however, held up in high teens. All in all, chinks are developing in profit momentum with EBITDA slowing sharply as margin tailwinds fade while demand fails to recover,” Nuvama said. Even as the aggregate profit growth held up to 16% YoY in Q3, a weak revenue growth does not spell good news for corporate employees who are hoping for a chunky wage hike. “Given a weak top line, wage bill growth is likely to remain subdued going ahead as well, potentially weighing on urban consumption,” says Nuvama.

India Inc’s wage bill growth halves in Q3, close to decadal lows

America's biggest private-equity firms are screwing over college students

<ul class="summary-list"><li>Ackman called on the government for a "highly dilutive" Silicon Valley Bank bailout if the private sector doesn't step up.</li><li>The risk of the bank failing could have a domino effect on the rest of the banking sector, he said.</li></ul>Billionaire investor Bill Ackman says the US government should consider a "highly dilutive" bailout of Silicon Valley Bank amid jitters about its financial position.The bank's failure "could destroy an important long-term driver of the economy as VC-backed companies rely on SVB for loans and holding their operating cash," Ackman said in a series of tweets on Thursday. "If private capital can't provide a solution, a highly dilutive gov't preferred bailout should be considered," he said.Ackman, the founder and CEO of hedge fund Pershing Square Capital Management, said a bailout for the bank should protect depositors rather than equity holders or its management. "We should not reward poor risk management or protect shareholders from risks they knowingly assumed," he said.He further said that "the risk of failure and deposit losses here is that the next, least well-capitalized bank faces a run and fails and the dominoes continue to fall. That is why gov't intervention should be considered." Ackman's tweets had been viewed 1.2 million times in their first five hours online.On Thursday, the SVB Financial Group-owned bank's share price tanked by over 60% to $106.04 after it <a href="https://d18rn0p25nwr6d.cloudfront.net/CIK-0000719739/eede72d3-1cc6-45ee-89cf-3dc4f59469ad.pdf" target="_blank" rel="noopener">said it was facing a $1.8 billion loss</a> due to a $21 billion firesale of its bond portfolio. To cover losses, SVB wants to raise $2.25 billion by selling stock and issuing related securities.The bank's in damage-control mode now. Greg Becker, the CEO of Silicon Valley Bank, told clients to "stay calm" at a conference call on Thursday, <a href="https://www.bloomberg.com/news/articles/2023-03-09/svb-ceo-becker-asks-silicon-valley-bank-clients-to-stay-calm" target="_blank" rel="noopener">Bloomberg</a> reported, citing a person familiar with the matter.The events <a href="https://www.businessinsider.com/svb-silicon-valley-bank-startups-worry-run-pull-accounts-2023-3">spurred concerns</a> among tech VCs and founders about Silicon Valley Bank's financial stability. Some notable <a href="https://www.businessinsider.com/founders-call-for-calm-silicon-valley-banks-stock-price-plummets-2023-3">VC firms advised their portfolio companies</a> to withdraw their funds, which in turn, increased the risk of a <a href="https://www.nasdaq.com/glossary/b/bank-run-(bank-panic)" target="_blank" rel="noopener">bank run.</a> In the worst-case scenario, this could leave the bank with too little cash for its operations. <a href="https://markets.businessinsider.com/stocks/sivb-stock">SVB Financial Group</a> shares extended losses on after-hours trade, falling 22% to $82.50 apiece. The stock is down 54% so far this year.Silicon Valley Bank did not immediately respond to Insider's request for comment sent outside regular business hours.

Billionaire investor Bill Ackman calls on the US government to consider a bailout of Silicon Valley Bank if private investors won't step up

Chennai, Indian private sector players wanting to provide communication service within and outside India using a space-based asset are liable for damages caused to other space objects in outer space and its environment, states the Draft Space Based Communication Policy of India-2020 (Spacecom Policy-2020) and draft Norms, Guidelines and Procedures for implementation of Spacecom Policy-2020 (Spacecom NGP-2020). According to the drafts released by the Department of Space (DOS), private players can provide communication services using space based assets within and outside India. As regards any damages that may occur to other space objects in the outer space the private service providers are liable for financial damages and they have to take care of that by providing financial guarantee or insurance cover. The extent of financial guarantee or the insurance cover will be determined by the Indian authorising/licensing body taking into account the risks involved in nature and operations of that space object in outer space. The DOS has called for comments on the draft policy by 4.11.2020. According to the draft Spacecom Policy-2020 any communication service within the Indian territory from space can be carried out only with an authorised space asset. Only Indian entities are eligible for obtaining space asset authorisation. As per the draft policy, any Indian entity can seek authorisation for use of space asset for communication within Indian territory. This authorisation addresses use of Indian orbital resource, non-Indian orbital resource, use of owned or leased space asset. The draft policy also proposes to allow Indian companies to establish ground system within Indian territory for monitoring and controlling space asset. While use of outer space for peaceful purposes is governed by the UN treaties and international conventions, use of orbital resources is governed by radio regulations of the specialised UN agency, the International Telecommunication Union (ITU). Government of India as member of such UN bodies has responsibilities and obligations towards use of outer space as a common province of humanity. Towards meeting this responsibility and obligation, it is essential that Government of India has the knowledge and provisions of having control on the activities with respect to any communication involving space objects from its territory and defines the roles and responsibilities for each of the stakeholders. This necessitates that the use of space based communication in any frequency of electromagnetic spectrum, to or from Indian territory, be permitted through a process of authorisation. Under the provisions of Spacecom Policy-2020, Indian entities can establish and operate satellite systems to provide capacity for communication services with authorisations. Indian entities can undertake design, development and realisation of satellites and associated communication systems. They can establish satellite system through their own built satellite or procured satellite. The Indian companies can establish telemetry, tracking and command (TT&amp;C) earth stations and satellite control centre (SCC) in or outside India. They can offer the capacity to commercial and societal communications within India as well as outside India. They can also supply their systems and solutions to international markets. Indian entities can avail Indian as well as non-Indian orbital resources to establish their space based systems for communication services over India and outside India. Indian orbital resources can be availed from designated public sector undertaking under DOS on commercial basis subject to availability. The authorised Indian entities can directly offer their capacities to customers. As per the proposed policy use of Non-Indian orbital resources shall be permitted subject to an appropriate arrangement by which such orbital resources are eventually brought under Indian administration, through Indian ITU filing. "The authorization requires a satisfactory commitment by the applicant through an appropriate arrangement with the concerned foreign administration which has the priority for the use of the proposed orbital resources. In case of a leased space asset, apart from the applicant, the operator of such asset shall also agree and commit for the arrangement of bringing the orbital resources eventually under Indian administration," the draft policy notes. The Spacecom Policy-2020 states that the Government of India shall: #Adopt measures to monitor and authorise use of space assets for communication to or from Indian territory. #Ensure protection of space assets already put in place and adopt measures to bring in more space assets under the administrative control for enhancing ability to utilize space based communication for national needs. #Promote increased participation of commercial Indian industry to provide space based communications both within the country and outside. #Concentrate on realisation of space based communication systems for addressing the requirements that cannot be effectively, affordably and reliably satisfied by commercial Indian industry either because of national security concerns or economic factors. #Provide a timely and responsive regulatory environment for the commercial Indian industry to establish and operate space based communication systems. It is an opportune time to enable commercial communication activities to be carried out by non-governmental Indian entities to not only meet Indian requirements but also enable them to become significant players in global space communication arena, the draft policy notes. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/twitter-ceo-is-facing-fire-from-india-after-a-map-showed-jammu-and-kashmir-as-part-of-china/articleshow/78805315.cms">Twitter CEO is facing fire from India after a map showed Jammu and Kashmir as part of China</a> <a href="https://www.businessinsider.in/careers/news/hcl-tech-is-bringing-employees-back-to-offices-weekly-once-to-start-with/articleshow/78802219.cms">EXCLUSIVE: HCL Tech is bringing employees back to offices — once a week to begin with</a> <a href="https://www.businessinsider.in/business/corporates/news/kumar-mangalam-birla-says-cement-industry-is-recovering-and-analysts-find-evidence-of-it-outside-ultratech-too/articleshow/78791281.cms">EXCLUSIVE: Billionaire Kumar Mangalam Birla is surprised by the rebound in infrastructure and construction in India</a>

India's Draft Space Communications Policy puts liability for damage to outer space objects on private sector players

<ul><li>The Indian Space Research Organisation (ISRO) budget is expected to increase by 35% in the coming year. </li><li>The influx of funds will also help bolster the activities of the private sector. </li><li>Just as ISRO is looking into more launches in the coming years, start-ups are also gearing up to enter the satellite launch market. </li></ul>The Indian Space Research Organisation (<a href="https://www.businessinsider.in/science/space/news/isros-nsil-completes-second-successful-launch-using-pslv-rockets/articleshow/72474132.cms">ISRO</a>) is expected to bolster ahead despite the <a href="https://www.businessinsider.in/chandrayaan-2-fails-in-the-final-seconds-of-descent-to-moons-south-pole/articleshow/71018196.cms">failed landing</a> of Chandrayaan 2 earlier this year. The agency’s budget is expected to increase by 35%, not only bolstering its own capabilities, but also facilitating the private sector. “We expect a steady increase in ISRO budget which can help even private sector players like SOIL in the longer run,” said ICICI Securities on its outlook for 2020. A budget, which <a href="https://www.businessinsider.in/indian-government-approves-10-billion-budget-for-two-of-its-space-programs/articleshow/64492363.cms">hit ₹10 billion</a> in 2018. ISRO budget has a multiplier effect on the economy where the benefits of working on rockets and satellites spill over to the private sector. Solar Industries India, for example, has invested ₹175 million in Sky Root — a start-up working to build small rockets. <div type="Article" hostid="261" msid="70375311" title="ISRO’s commercial operations clock in over ₹60 billion in revenue but leaves private players out of the equation" mstype="2" mssubtype="0"></div>

 Companies like Walchandnagar Industries, Godrej Space and L&amp;T are already working with ISRO to manufacture rocket sub-systems. And, many more are just waiting on the sidelines to come into the fold. Shifting towards the private sector In the future, ISRO disclosed plans of moving the entire development of its Polar Satellite Vehicle Launchers (PSLVs) to the private sector. “We will be fully supporting this activity; we will invest and create this capability,” <a href="https://www.thehindubusinessline.com/news/science/isro-ready-to-support-private-rocket-launching-companies/article29331986.ece#">S Somnath</a>, director of the Vikram Sarabhai Space Center told reporters. And, since ISRO has shown an interest in private participation — the industry has responded in kind, A Rajarajan, Director of the Satish Dhawan Space Center told <a href="https://www.business-standard.com/article/current-affairs/private-firms-keen-on-working-with-isro-for-manufacturing-rockets-official-119121601306_1.html">Business Standard</a>. This is not just for manufacturing different parts of a rocket which are then assembled at ISRO — but also for high energy material, like propellants, high explosives and others. Over the next 6 to 9 years, ISRO — along with its revamped commercial arm <a href="https://www.businessinsider.in/union-budget-2019-isros-new-commerical-arm-is-new-space-india-limited/articleshow/70086097.cms">New Space India Limited</a> — has planned 15,000 launches. A big part of which involves smaller but more frequent launches of satellites using the Small Satellite Launch Vehicle (<a href="https://www.businessinsider.in/isros-new-company-just-made-its-first-sale-to-an-american-firm-to-come-aboard-a-rocket-that-doesnt-exist-yet/articleshow/70588829.cms">SSLV</a>). <div type="Article" hostid="261" msid="70086097" title="India forms a new space company to sell ISRO’s space technology products" mstype="2" mssubtype="0"></div>

 ISRO isn’t the only one looking to edge into the satellite launch market which is — expected to grow to a $30 billion by 2026. Start-ups also want a piece of the pie. Companies like Agnikul Cosmos, Skyroot, and Bellatrix are already attempting to build small rockets. The potential of the <keyword id="7803428" type="UNKNOWN" weightage="20" keywordseo="Space-Activities-Bill">Space Activities Bill</keyword> Private companies can’t actually launch a satellite into space until the <a href="https://www.businessinsider.in/india-space-activities-bill-addresses-damage-in-outer-space/articleshow/69960212.cms">Space Activities Bill</a> becomes a law. The pending piece of legislation would allow India’s private sector to participate in the satellite launch market. It would regulate all ‘<a href="http://prsindia.org/sites/default/files/bill_files/Draft%20Space%20Activities%20Bill%202017.pdf">commercial space activity</a>’ — any space activity which generates or is capable of generating revenue or profit — with licenses. Since licenses act as a barrier to entry into the market, the bill has been <a href="https://www.orfonline.org/expert-speak/the-space-activities-bill-does-it-deliver-50019/">criticized</a> for not clarifying the eligibility criteria to apply for such a licence and how long it would take to process one. It is yet to be tabled in Parliament and has to be passed through both houses before it becomes a law. See also: <a href="https://www.businessinsider.in/science/space/news/isros-nsil-completes-second-successful-launch-using-pslv-rockets/articleshow/72474132.cms">ISRO's newly formed commercial arm completes second successful launch in less than a month</a> <a href="https://www.businessinsider.in/science/space/news/isro-has-its-hands-full-with-13-launches-and-the-launch-of-its-new-rocket-before-march/articleshow/72253562.cms">ISRO has its 'hands full' with 13 launches and the test of its new rocket before March</a> <a href="https://www.businessinsider.in/isros-new-company-just-made-its-first-sale-to-an-american-firm-to-come-aboard-a-rocket-that-doesnt-exist-yet/articleshow/70588829.cms">ISRO’s new company just made its first sale to an American firm to come aboard a rocket that doesn’t exist yet</a>

ISRO outlook 2020: Indian private sector eyes $30 billion space launch pie

<ul class="summary-list"><li>The charter companies, aircraft management firms, and ground operations and maintenance companies that comprise the private jet industry <a href="https://www.businessinsider.com/private-jet-firms-buying-new-planes-hiring-pilots-during-downturn-2020-8">have recovered more thoroughly and swiftly</a> than commercial <keyword id="44023" type="ORGANIZATION" weightage="60" keywordseo="airlines">airlines</keyword>. </li><li>Some of these companies accessed funds from two or even three buckets of federal aid. </li><li>The industry is made up of about 1,900 companies and employs about 1.2 million people. Yet out of the $2 trillion <keyword id="9073299" type="UNKNOWN" weightage="60" keywordseo="cares-act">CARES act</keyword>, it scooped up a disproportionate $666 million.</li><li>Thirty-six private jet companies have received $7,538,300 in Economic Injury Disaster Loans from the <keyword id="6359222" type="UNKNOWN" weightage="60" keywordseo="Small-Business">Small Business</keyword> Administration and at least 95 private jet firms got Paycheck Protection Program loans, totaling between $64.3 million and $149.9 million.</li></ul>The impact of an ongoing pandemic best fought by a population of shut-ins has devastated the travel industry: Airlines are hunkering down for a years-long recovery. Planemakers have slashed production plans. Cruise companies are all but shuttered, and hotels are doing everything they can to attract guests. One pocket of the travel business, though, has handled the turbulence surprisingly well: the private jet industry. The charter companies, fractional ownership organizations, aircraft management firms, and ground operations and maintenance companies that cater to elite air travelers have been hit less severely, and <a href="https://www.businessinsider.com/private-jet-firms-buying-new-planes-hiring-pilots-during-downturn-2020-8">have recovered more thoroughly and swiftly</a>, than commercial airlines. That's partly because private aviation was able to successfully market itself as a safer way to travel, essentially allowing well-heeled access to vacation homes and quarantine hideaways without the risks associated with commercial air travel. But during the spring months when the pain was real, when even the rich and famous stayed terrestrial, the industry enjoyed unusually helpful government largesse. By virtue of their hybrid nature — they're both airlines and small businesses — some of these companies accessed funds from two or even three buckets of federal aid. And while more than 100,000 small businesses failed for a lack of aid and major airlines are already begging for a fresh round of relief. The private aviation industry is made up of about 1,900 companies — including everything from charter services with dozens of jets to sightseeing operations with just a single propeller plane — which employs about 1.2 million people, yet out of the $2 trillion CARES act, it scooped up a disproportionate $666 million."The Trump administration's priorities are hurting those who need help the most and helping the already wealthy and well-connected," said Kyle Herrig, president of Accountable.US, a watchdog group that produced a report on how private jet operators have received federal aid. "They have abandoned struggling small businesses and slashed aid for workers while allowing the booming private jet industry — including many Trump donors — to triple-dip in taxpayer money."<h2>CARES Act funding hasn't done enough to support small businesses — or, some would argue, major airlines.</h2>When Congress passed the CARES Act in late March, it included $58 billion for airlines, half under a Payroll Support Program (PSP) and half as low-interest operational loans. A separate bit of the law made small businesses eligible for fully forgivable loans of up to $10 million through the Paycheck Protection Program (PPP), as well as facilitated loans of up to $2 million through the Economic Injury Disaster Loan (EIDL) program. <div type="image" title="american airlines" height="1520" width="2026" msid="77823250" hostid="261"></div>Even though airlines like American have received as much as $5.8 billion in PSP aid, it has not been enough to cover their entire payroll, leading airlines to encourage workers to take unpaid leaves and early retirements, according to Sara Nelson, president of the Association of Flight Attendants. Now, as restrictions on furloughs and layoffs expire, airlines are preparing to layoff tens of thousands of workers."Did the Payroll Support Program save jobs and keep people on payroll? Yes. So on balance, the program worked," Nelson told Business Insider. "I don't mean to say it worked perfectly, but it saved jobs.""It was never funded to cover more than six months," Nelson added. "At the time, everyone hoped we'd be in a different place by now. We're not, so there needs to be an extension. A lot can change in six more months."Meanwhile, the two programs set up to help small businesses were <a href="https://www.businessinsider.com/chaotic-launch-cares-ppp-federal-loan-program-for-small-businesses-2020-4">quickly overwhelmed by applications</a>, and exhausted their funds within two weeks. By May 11, about 100,000 small businesses had collapsed, <a href="https://www.washingtonpost.com/business/2020/05/12/small-business-used-define-americas-economy-pandemic-could-end-that-forever/">according to a study</a> by researchers at University of Illinois, Harvard Business School, Harvard University and the University of Chicago.<h2>A bunch of companies that were considered 'airlines' also landed small business grants and loans.</h2>Although the Payroll Support Program seems written with large passenger airlines and cargo operators in mind, some 320 smaller carriers and private aviation firms have received about $935 million of the total $25 billion allocated, according to Treasury numbers. (The vast majority went to the 15 biggest commercial airlines.) Some of those were companies like<a href="http://www.berylair.com/scenicflights"> Beryl Air</a>, an Alaskan sightseeing company which operates a single float plane and received just $2,149 in PSP funds. More than half were private jet charter companies, which together received $508,645,759 in payroll support. That makes sense: Many of these companies employ just a few dozen people and, despite their wealthy clientele, operate on thin margins.But that's not all they got. Because many smaller private jet companies also fit the standard definition of a small business, they were eligible to receive funds under the programs meant for places like restaurants and hardware stores. Thirty-six private jet companies have received $7,538,300 in Economic Injury Disaster Loans from the Small Business Administration. At least 95 private jet firms got Paycheck Protection Program loans, totaling between $64.3 million and $149.9 million (loan recipients were approved for minimum and maximum loan amounts; the Small Business Administration has not disclosed specific amounts.) Each of those companies also received grants through the airline-focused Payroll Support Program, according to data compiled by Accountable.US.Between these three programs, 170 private jet firms received about $666 million, according to Accountable.US. Those firms also benefited from federal excise and fuel tax waivers as part of the relief bill.Delaware-based Dumont Aviation Group, for example, received nearly $2 million in PSP grants, up to $5 million in forgivable PPP loans, and $500,000 in EIDL loans, for a total of nearly $7.5 million. (Dumont did not respond to a request for comment.)<div type="image" title="Gulfstream G550 private jet" height="1666" width="2500" msid="77823257" hostid="261"></div>"Only the Trump administration would find three separate ways to bail out high flying private jet companies while 25% of Americans face food insecurity and unemployment tops 10%," said Kyle Herrig, the Accountable.US president. "This is an industry that can charge clients $25,000 or more for a single flight – this government aid should've gone to support truly small businesses and the communities they serve."<h2>The reality is more complicated for small private aviation firms.</h2>Scorn on the private jet industry is easy to understand, especially as small businesses collapse, unemployment assistance slows, and record numbers of Americans remain jobless. Before the CARES Act was passed, Dean Baker, senior economist at the Center for Economic Policy, <a href="https://www.cnbc.com/2020/03/29/private-jet-companies-could-get-billions-in-aid-from-coronavirus-bailout.html">told CNBC</a>, "Putting up public money to support an industry that serves the rich would be hard to justify. It's absurd."But private aviation connotes more than extravagance.While the rich and famous make up some of the industry's clientele — especially for leisure travel — a large share of private aviation business comes from more restrained businesses using it to access hard-to-reach or far-flung sites.Classic examples include a regional manager for an automaker visiting several car dealerships across a few states, or manufacturing plants spread out across a region. Of the nearly<a href="https://www.bts.gov/content/number-us-airportsa"> 5,000 public airports in the US</a>, only about 500 serve commercial flights. Where a work trip could take a week flying between commercial airports, renting cars, and driving out to destinations, it could only take a day or two using a chartered plane.Nearly 2,000 private aircraft operators are certified by the FAA to charter flights, ranging from major charter operations like Jet Linx and fractional owner companies like NetJets, to helicopter couriers and sightseeing companies, to outfits with a single propeller plane taxiing passengers between remote rural areas and airports frequented by small regional airlines. The private aviation industry creates 1.2 million jobs and generates $77 billion in income,<a href="https://www.cnbc.com/2020/03/29/private-jet-companies-could-get-billions-in-aid-from-coronavirus-bailout.html"> according to industry lobbyists</a>.The majority of these companies have just a few dozen employees, most of them specialized and certified as pilots, flight attendants, maintenance technicians, dispatchers, and the like. Although passengers pay a lot for flights, private aviation firms often operate with relatively slim margins thanks to fixed capital and operational expenses.And the pandemic didn't leave them be. <div type="image" title="Private plane interior jet" height="1499" width="1999" msid="77823263" hostid="261"></div>"In April we did see a 75 percent drop in business," Nick Tarascio, CEO of New York-based Ventura Air Services — one of the companies that received funds through all three available programs — said in an email to Business Insider. "This was not for us alone, this was the experience across the private aviation sector."As business slowed in April and initial PPP funds were delayed, Ventura furloughed 10 of its 45 employees. Once PPP and PSP funding came in, Tarascio said, the company rehired all of them.Meg Bianco, president of an Ohio-based company that also received funds through all three programs, said that her 165-employee company likely would have collapsed without the emergency funding. (Bianco spoke with Business Insider on the condition that her company's name not be printed in the context of discussing business troubles.) The company's maintenance, repair, and operational services work dropped by 40%. Business for its ground operations unit plunged as much as 90%."We would have had to shut down our ground operations division without the help," Bianco said of the Payroll Support Program and SBA loans. "Margins were so slim, we wouldn't have had a choice." <h2>The outlook for private aviation is growing even stronger. Commercial airlines and small businesses, however, are preparing for a difficult few years.</h2>Six months into the pandemic's seizure of the United States, the outlook for the commercial aviation sector remains bleak. Analysts don't expect demand to fully recover until 2024. Small businesses overall — and especially restaurants — face a similarly grim situation. According to<a href="https://www.mckinsey.com/industries/public-and-social-sector/our-insights/us-small-business-recovery-after-the-covid-19-crisis#"> McKinsey</a>, it will likely take at least five years for affected sectors to recover from the pandemic. Between 1.4 million and 2.1 million US small businesses could close permanently.The private jet business, however, is approaching cruising altitude. Through membership programs, package sales, fractional ownership, and other schemes, demand for private aviation is continuing to grow as the wealthy find ways to travel while limiting their exposure to COVID-19.By the end of June, traffic for private jet operators was up to 78% of the previous year's numbers, while commercial airlines were closer to 25%, according to the<a href="https://www.nytimes.com/2020/07/30/travel/private-jets-coronavirus.html"> New York Times</a>. Over the July 4 weekend, private jet demand actually increased 5% over 2019 levels.For the private jet industry, a heavy helping of federal aid worked exactly as intended. Companies facing downturns were able to survive the immediate and devastating impact of the pandemic, and now find themselves strongly positioned as their unique industry sees a boom in demand."Many who once thought of ownership as a luxury, now see jet ownership as a necessity for protecting health and getting to places that they need to get to safely and efficiently," said Tarascio, the Ventura Air CEO. He predicts strong growth ahead, and is in the process of acquiring three more planes.

Private jet companies scored a pile of federal aid meant for airlines and small businesses, boosting the industry as other sectors collapsed

<ul><li><keyword id="153327" type="COMPANY" weightage="20" keywordseo="Antrix-Corporation">Antrix Corporation</keyword>, the commercial arm of the Indian Space Research Organisation (ISRO), has brought in a total of ₹62.98 billion in revenue. </li><li>The government plans to expand to commercial viability of its Departments of Space (DoS) by forming the <keyword id="7832818" type="UNKNOWN" weightage="20" keywordseo="new-space-india-limited">New Space India Limited</keyword> (NSIL).</li><li>Private players are still left out of the loop until the ‘<keyword id="7803428" type="UNKNOWN" weightage="20" keywordseo="Space-Activities-Bill">Space Activities Bill</keyword>’ is tabled in Parliament and passed by its members.</li></ul>The Indian Space Research Organisation’s (ISRO) arm of commercial operations, the Antrix Corporation, clocked in ₹62.98 billion (₹6,289 crore) in revenue from launching 239 satellites over the last three years. And, this might only increase in the future. The government already announced that they plan on increasing the commercial viability of the Department of Space (DoS) by replacing Antrix with <a href="https://www.businessinsider.in/union-budget-2019-isros-new-commerical-arm-is-new-space-india-limited/articleshow/70086097.cms">New Space India Limited (NSIL)</a>. NSIL will be set up to meet the ever increasing demands of the Indian space programme. It will also help commercially exploit the global space market, according to Jitendra Singh from the Prime Minister’s Office. Keeping costs low ISRO has an edge over its competition as it keeps its launch costs as low as possible — something that Elon Musk’s SpaceX is also trying to accomplish by employing reusable rockets. ISRO charges approximately $3 million per satellite launch where as SpaceX’s cost are still at around $60 million. In comparison, United Launch Alliance — which mostly launches satellites for the US government and the National Aeronautics and Space Administration (NASA) — charges upward of $100 million. But, <a href="https://www.businessinsider.in/india-low-cost-chandrayaan-and-mars-missions-come-at-a-price/articleshow/70226652.cms">keeping costs low comes with its own price.</a> Most of India’s missions, like Mangalyaan and the upcoming Gaganyaan, are technology demonstrators rather than long-term voyages which collect data. Private participation The market for space launches is getting increasingly competitive with private players entering the field globally. In India, only the public sector is allowed to launch rockets into space. Private participation, so far, has been limited to building components and technologies for ISRO, on a small scale. The Indian government is currently mulling over the <a href="https://www.businessinsider.in/india-space-activities-bill-addresses-damage-in-outer-space/articleshow/69960212.cms">‘Space Activities Bill’</a> to align its liability in outer space with international standards. Once the bill comes into place, it will allow private players to launch rockets with a government license. “ISRO, competent as it is, cannot be the only warden of India’s space ambitions and necessities. This role should be extended to the private sector just as other countries are doing,” according to Chaitanya Giri, a fellow with the space and ocean studies programme at Gateway House — the Indian council on global relations. (With IANS inputs) See also: <a href="https://www.businessinsider.in/india-low-cost-chandrayaan-and-mars-missions-come-at-a-price/articleshow/70226652.cms">India’s low cost space missions come at a price</a> <a href="https://www.businessinsider.in/union-budget-2019-isros-new-commerical-arm-is-new-space-india-limited/articleshow/70086097.cms">India forms a new space company to sell ISRO’s space technology products</a> <a href="https://www.businessinsider.in/india-space-activities-bill-addresses-damage-in-outer-space/articleshow/69960212.cms">India’s new ‘Space Activities Bill’ will fix the liability for damage caused in outer space</a>

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Spend money on skilling, says Mohandas Pai on Karnataka bill seeking job reservations for Kannadigas

ANI

India Inc’s wage bill growth halves in Q3, close to decadal lows

Katya Naidu

America's biggest private-equity firms are screwing over college students

James Rodriguez

Billionaire investor Bill Ackman calls on the US government to consider a bailout of Silicon Valley Bank if private investors won't step up

Huileng Tan

India's Draft Space Communications Policy puts liability for damage to outer space objects on private sector players

IANS

ISRO outlook 2020: Indian private sector eyes $30 billion space launch pie

Prabhjote Gill

Private jet companies scored a pile of federal aid meant for airlines and small businesses, boosting the industry as other sectors collapsed

David Slotnick

ISRO’s commercial operations clock in over ₹60 billion in revenue but leaves private players out of the equation

Prabhjote Gill

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