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Australian High Commissioner to <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>, <keyword id="20307863" type="General" weightage="20" keywordseo="philip-green" source="keywords">Philip Green</keyword> OAM, on Wednesday, expressed Canberra's willingness to collaborate with New Delhi in the <keyword id="20242397" type="General" weightage="20" keywordseo="space-sector" source="keywords">space sector</keyword> and added that both nations are going ahead with the three collaborative space projects and signing the first Memorandum of Understanding (MoU) today. While speaking to ANI, Philip Green expressed <keyword id="19895799" type="General" weightage="20" keywordseo="Australia" source="keywords">Australia</keyword>'s interest in partnering with India in its <keyword id="19929542" type="General" weightage="20" keywordseo="space-exploration" source="keywords">space exploration</keyword> endeavours, adding that the Australian government has pledged a USD 18 million grant for <keyword id="22187831" type="General" weightage="20" keywordseo="joint-India-Australia-space-projects" source="keywords">joint India-Australia space projects</keyword>. "Here today we are saying that we are keen to be partners for India in its space journey. We're already strategic and quad partners with India and we want to do more with space and my government is backing it," said Philip Green. Today we're signing the first MOU of three that has been settled as a result of an USD 18 million dollar grant for my government specifically, for India-Australia space collaborations," he added. Further, the Australian envoy said they are excited about the <keyword id="20535850" type="General" weightage="20" keywordseo="Indian-space-sector" source="keywords">Indian space sector</keyword> and believe its different and complementary skills can benefit each other. "We're very excited about the Indian space sector and we're particularly excited about the fact that Australia has different and complementary skills," the Australian envoy said to ANI. "We're a very big continent with very few numbers of people, which means we have very dark skies. We have great abilities in terms of space tracking," he added. Congratulating PM Modi for his victory in the 2024 general elections, Philip Green said that Australia is looking to work even more closely in the future. He also disclosed during the interview that there could be high-level visits by Australia and India to galvanise the already strong partnership. "We congratulate Modi and his government on re-election. We look forward to working even more closely as we go forward. There are three powerful drivers in our bilateral relationship, our new strategic alignment, the very strong complementarity between our economies and what we call the human bridge, the more than a million people of Indian origin who now make Australia their home," said Philip Green. "We're planning visits I'm not going to announce them to you today, but I can assure you there will be high-level visits by Australia and India to galvanise what is already a strong partnership," he added On April 30, "the Australian Government announced funding for three collaborative space projects that will strengthen the space economy for the two partner nations," said the <keyword id="22187832" type="General" weightage="20" keywordseo="Australian-Space-Agency" source="keywords" meta.keywordsubtype="org" meta.entityname="Australian Space Agency" meta.hostid="261" meta.entityid="Australian Space Agency">Australian Space Agency</keyword> in an official statement. "The projects will receive a total of A$18 million (Rs 98 crore) as part of the International Space Investment India (ISI) Projects program," the statement added. Each project will include a number of Australian and Indian partners, who will help address climate change, boost manufacturing, and advance artificial intelligence, among other objectives.

"Keen to be partners with India in its space journey": Australian envoy on space collaboration projects

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

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

Watching the <keyword id="19915128" type="General" weightage="20" keywordseo="Chandrayaan-3" source="keywords">Chandrayaan-3</keyword> lander complete its soft-landing on the far side of the Moon was undoubtedly one of the most proud moments for all Indians in 2023. And yet, we tend to forget that this was an achievement that was somehow completed with a budget less than that of some Bollywood movies. Thanks to monumental achievements such as Chandrayaan and Aditya-L1, in addition to increased government support and a surge in private sector involvement, India’s <keyword id="20242397" type="General" weightage="20" keywordseo="space-sector" source="keywords">space sector</keyword> has been rapidly evolving. However, a defining theme of all the past successful missions in the space sector for <keyword id="19915124" type="General" weightage="20" keywordseo="ISRO" source="keywords" meta.keywordsubtype="org" meta.entityname="ISRO" meta.hostid="261" meta.entityid="ISRO">ISRO</keyword> has been its ability to achieve them in the most economical way possible, often at one-tenth of the cost compared to its western counterparts. Now, as more funds flow in from both public and private routes, India’s space sector is at the precipice of a unmatched growth phase. With another hike in the pipeline for the space sector, the <keyword id="19955368" type="General" weightage="20" keywordseo="Budget-2024" source="keywords">Budget 2024</keyword> is poised to further boost India’s position in the <keyword id="22469635" type="General" weightage="20" keywordseo="global-space-race" source="keywords">global space race</keyword> by enhancing funding, providing incentives, and fostering international collaborations. <h2>How does India’s space budget compare to other countries?</h2>As per the interim budget announcement, India’s space budget for 2024-25 will stand at around Rs 13,042.75 crores, a 4% increase from the previous year’s Rs 12,545 crore. To truly contextualise this, let’s compare it with other leading space-faring nations. <div type="Article" hostid="261" msid="111827903" title="Union Budget 2024 for Railways: Expectations focused on improving passenger safety, experience, infrastructure" mstype="2" mssubtype="0"></div>The USA, through <keyword id="19935155" type="General" weightage="20" keywordseo="NASA" source="keywords" meta.keywordsubtype="org" meta.entityname="NASA" meta.hostid="261" meta.entityid="NASA">NASA</keyword>, allocated about Rs 2,12,000 crores ($25.4 billion) in 2023, focusing on the Artemis program, <keyword id="20999262" type="General" weightage="20" keywordseo="Mars-exploration" source="keywords">Mars exploration</keyword>, and advanced satellite technologies, as per the The Planetary Society. China’s space program received approximately Rs 1,18,000 crores ($11 billion), supporting lunar missions, Mars exploration, and building its own space station, as per media reports. Meanwhile, The European Space Agency (ESA) had a budget of around Rs 63,700 crores ($7.6 billion) last year to fund a range of scientific missions, Earth observation, and international collaborations. While India's budget remains categorically minuscule in comparison, it prioritises cost-effective missions and innovative technologies, often achieving impressive results with fewer resources. However, many are concerned how this financial constraint could affect infrastructure development, cause delays in critical projects like <keyword id="6797456" type="General" weightage="20" keywordseo="gaganyaan" source="Orion">Gaganyaan</keyword>, and restrict the private sector's growth and innovation. Furthermore, it may also limit India's influence in global space governance and international collaborations, at a time when most countries seem to be set on a race to transform themselves into a space-faring society. <h2>Upcoming missions and international collaborations</h2>While space spending can be useful for many quality of life aspects — such as agriculture and climate preparedness — it is often the major space missions that steal the spotlight. Key projects in the 2024 budget include the Gaganyaan mission, which aims to send Indian astronauts into space. Additionally, the Mars Orbiter Mission 2 (<keyword id="20475168" type="General" weightage="20" keywordseo="mangalyaan" source="keywords">Mangalyaan</keyword> 2) is slated for a 2024 launch, which — if successful — could mark a significant step in India's interplanetary exploration prowess. <div type="Article" hostid="261" msid="111689743" title="Union Budget 2024: A handy FAQ guide to decode the upcoming budget" mstype="2" mssubtype="0"></div>International collaborations are also a significant cornerstone of India’s space strategy. The NASA-ISRO Synthetic Aperture Radar (NISAR) mission, scheduled for 2024, exemplifies such partnerships. This mission will provide critical data for understanding Earth’s changing ecosystems, ice mass, and natural hazards. International collaborations are crucial because they help a great deal with enhancing technical expertise and shared resources. As such, joint ventures like NISAR and partnerships with other space agencies help India stay competitive globally. Another significant collaboration is with the United States, where an Indian astronaut will be sent to the International Space Station (ISS) by the end of 2024. <h2>Indian leadership in space tech</h2>The budget may be low, but India’s space spirit is certainly not weak. Despite limited resources, India has demonstrated strengths in many aspects of space technologies. For instance, the Indian Space Research Organisation (ISRO) is known for its reliable and cost-effective launch vehicles, like the PSLV and GSLV, which have successfully placed numerous satellites into orbit. In a tremendous feat, the PSLV-C37 successfully launched 104 satellites in a single flight in September 2023! <div type="Article" hostid="261" msid="111688482" title="Budget A-Z, for the GenZ: A fun and handy guide for major terms around upcoming Union Budget" mstype="2" mssubtype="0"></div>India also excels in manufacturing satellites for communication, weather monitoring, and Earth observation. The upcoming deployment of 50 AI-powered GEOINT satellites will enhance national security and surveillance. With the right investments, India could lead globally in low-cost space missions and innovative satellite technologies. <h2>Long-term visions for India’s space program</h2>The long-term vision for India's space program, as outlined in the Budget, includes establishing a dedicated space station by 2035 and increasing the country’s share in the global space economy. <div type="Article" hostid="261" msid="111807009" title="Despite pandemic and growing health scares, India’s budget share for healthcare continues to decline" mstype="2" mssubtype="0"></div>The Indian government aims to capture nearly 10% of the global space market by 2030, up from its current 2-3% share. This ambition aligns with broader geopolitical and economic goals, positioning India as a key player in space exploration and satellite services. Budget 2024 will be crucial for strengthening India’s position in the global space race. As the country gears up for upcoming missions and technological advancements, the global space community will be closely watching India's progress.

Budget 2024: How will budget affect India’s position in the global space race?

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

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

Both <keyword id="20204377" type="General" weightage="20" keywordseo="indices" source="keywords">indices</keyword>, <keyword id="19896381" type="General" weightage="20" keywordseo="Nifty" source="keywords">Nifty</keyword> and <keyword id="19896382" type="General" weightage="20" keywordseo="Sensex" source="keywords">Sensex</keyword> opened the day in red. As of 9:30 am, Nifty was down by 0.05% trading at 24,420.30 points, while Sensex was down by 0.15% and was trading at 80,254.37 points as of 9:30 am. All broad market indices opened the day in the green, except for Nifty 50, 100, 200, 500, and midcap and smallcap 50 opened in red. India VIX was up by 1.17%. Amidst sectoral indices, Bank, auto, metal, financial services, PSU, and <keyword id="61519" type="General" weightage="20" keywordseo="Private-banks" source="Orion">private banks</keyword> opened the day in the red. Continuing its momentum from yesterday, <keyword id="6912" type="General" weightage="20" keywordseo="Maruti" source="Orion">Maruti</keyword> opened the day in green and was up by 1.66%. Grasim, Divis Labs, Eicher Motors, and Britannia were the top gainers in early trade this morning. On the other hand, Mahindra and Mahindra, JSW Steel, Axis Bank, Dr. Reddy, and Kotak Bank were among the leading laggards. As Mr. Aditya Gaggar, Director of Progressive Shares, notes, "A strong rally in the auto counters helped the index end on trade at another record level of 24,433 yesterday. The index has breached its previous high convincingly by forming a big green candle and opening the door for further rallying towards the 24,520–24,600 zone. At the same time, 24,340 will be considered strong immediate support. BankNifty oscillates in a well-maintained range of 52,260–52,720; a breakout on either side is a must (mostly on the higher side, considering the strong uptrend). The auto segment ended its consolidation of over 2 weeks with a strong breakout indicating the resumption of its uptrend". "Post the strong breakout, follow-up buying was witnessed in the <keyword id="20421583" type="General" weightage="20" keywordseo="FMCG-segment" source="keywords">FMCG segment</keyword> which boosted our confidence to remain bullish on the sector (ITC is on the verge of a major breakout). Sugar counters regained their momentum and some of them have already given a strong breakout (Andhra Sugar and Dalmia Sugar) and some are at the cusp of a major breakout (Balrampur Chini and Renuka Sugar). We continue to remain positive in the <keyword id="20350923" type="General" weightage="20" keywordseo="Pharma-space" source="keywords">pharma space</keyword>", he continued. Shrikant Chouhan, Head of Equity Research, Kotak Securities noted that among sectors, the auto index gained over 2% while intraday profit booking was witnessed in select IT, oil, and gas stocks. "Currently, 24,300/80,000 would act as a key support zone for trend-following traders. We believe, that as long as the market is trading above it, the bullish sentiment will likely continue. On the higher side, 24,500 -24,600/80,500-80,800 would be the immediate resistance zones for day traders", he said.

Stock Market Today: Maruti, Grasim, and Eicher Motors take lead in early trade

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

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

Paris [France], March 30 (ANI): Director General of the <keyword id="20681418" type="General" weightage="20" keywordseo="european-space-agency" source="keywords">European Space Agency</keyword> (<keyword id="191401" type="General" weightage="20" keywordseo="ESA" source="Orion">ESA</keyword>), <keyword id="21132866" type="General" weightage="20" keywordseo="josef-aschbacher" source="keywords">Josef Aschbacher</keyword>, has heaped praise on the <keyword id="19915130" type="General" weightage="20" keywordseo="indian-space-research-organisation" source="keywords">Indian Space Research Organisation</keyword> (<keyword id="6358064" type="General" weightage="100" keywordseo="ISRO" source="Orion">ISRO</keyword>) for its recent successful launches and said that India's accomplishments in space and especially in lunar exploration is 'astonishing'. Aschbacher posted an appreciation post on X, after ESA hosted its 323rd Council meeting in Paris which was attended by the ISRO Chairman, S Somanath. ESA Member States met in Paris, France, for the 323rd session of the ESA Council on March 26 and 27, 2024. The European scientist also underscored that the significance of strengthening ties and deepening cooperation with international partners cannot be underestimated. "What India is accomplishing in space - especially in Lunar exploration - is astonishing. We hosted ISRO's Chairman, Dr. S. Somanath at ESA Council today. It was a milestone occasion for Delegates to learn more about current and future plans for ESA-ISRO cooperation," he posted on X. "The strategic importance of strengthening ties and deepening cooperation with international partners cannot be underestimated," he added. <div type="twitter" handle="AschbacherJosef" handlename="AschbacherJosef" favoritecount="0" retweetcount="0" id="1773071288686264521"></div> Additionally, Astronaut <keyword id="20326710" type="General" weightage="20" keywordseo="thomas-pesquet" source="keywords">Thomas Pesquet</keyword> also shared about meeting with the ISRO chairman and the ESA Director and said that they witnessed enthusiastic exchanges between the two leaders. "Very proud to welcome ISRO chairman Shri. S. Somanath at ESA HQ in Paris yesterday, with our director Josef Aschbacher. Enthusiastic exchanges between the two men, and abounding cooperation opportunities between the two organisations. Let's co-travel to space together!" he posted on X. <div type="twitter" handle="Thom_astro" handlename="Thom_astro" favoritecount="0" retweetcount="0" id="1773399899498803577"></div> In a stellar display of prowess, India soared to new heights in 2023 with the successful soft landing of <keyword id="8011274" type="General" weightage="20" keywordseo="Chandrayaan-3" source="Orion">Chandrayaan-3</keyword> on the South Pole of the Moon and the launch of <keyword id="5998804" type="General" weightage="20" keywordseo="Aditya-L1" source="Orion">Aditya-L1</keyword>, India's first solar mission. These milestones not only secured India's standing in the global space economy but also fueled the engines for the private space sector in India. On August 23, 2023, the Chandrayaan-3 mission created history with the successful soft landing on Moon's surface. India is now the first nation to reach near the Moon's unexplored South Pole and ranks amongst the top four nations to carry out a soft landing on the lunar surface. Chandrayaan-3 is India's third lunar mission and the second attempt to land softly on the moon's surface. It's part of the Chandrayaan program, a series of missions developed by the Indian Space Research Organisation (ISRO) to explore the moon. The mission consists of a Vikram lunar lander, a Pragyan lunar rover, and a propulsion module that carries the spacecraft from Earth orbit to lunar orbit. Additionally, in a major milestone, India placed its first dedicated solar mission, the Aditya-L1 spacecraft, in the Halo orbit. The country went gaga over this historic achievement, especially since this mission came at the back of India's moon landing, the Chandrayaan-3 mission. Aditya-L1 reached Lagrange Point L1 which is about 1.5 million km from earth. The PSLV-C57.1 rocket carrying the Aditya-L1 orbiter lifted off successfully from the Satish Dhawan Space Centre in Sriharikota, Andhra Pradesh, in September.

European Space Agency Director praises ISRO, calls India's accomplishments in space "astonishing"

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

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

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

President Murmu voices concern over increasing space debris

<ul><li>PE inflows into real estate fell by 20% in the first half of 2023, as compared to last year. </li><li><keyword id="6363605" type="General" weightage="80" keywordseo="knight-frank" source="Orion">Knight Frank</keyword> predicts a rebound in the second half, which will help 2023 to see 5.3% growth. </li><li>The office sector took away over a lion’s share of the investments H1 2023, at $1.7 billion. </li></ul>Private equity investors in India’s real estate sector have taken a measured approach in the first half of 2023. The inflows slipped by 20% in the period as compared to the year before, as per a report by Knight Frank. This in spite of strong economic growth seen in India in the last few quarters and high long-term confidence among global investors. "We have witnessed a decline in the volume of investments over the past year due to the economic challenges faced worldwide, leading some large economies to take drastic fiscal and monetary policy measures. This has further caused investors to re-evaluate their strategies, at least in the short-term,” said Shishir Baijal, chairman &amp; managing director of Knight Frank. The consultancy says that the moderation in growth is limited considering the prevailing global concerns. It also expects a rebound in the second half of the year. Overall, <keyword id="189346" type="General" weightage="20" keywordseo="pe-investments" source="Orion">PE investments</keyword> in the Indian real estate sector are estimated to touch $5.6 billion in 2023, a 5.3% YoY growth, Knight Frank predicts. Offices rule the PE sector The office sector took away over a lion’s share of the investment pie — at 68%. This was followed by warehousing which accounted for 21% of the investments, while the residential sector received the lowest part of the share, at 11%. “The India office sector continues to attract investors, particularly for ready income-yielding assets. Looking ahead, the office sector is expected to remain a favourite among investors, as it is likely to maintain its momentum in the short to mid-term," said Baijal. PE investments into real estate sector in H12023 <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></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;">Asset class </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;">PE investments </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;">% of funds received </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;">No of PE deals </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;">Office </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;">$1,750 mn </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;">68% </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;">Warehousing </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;">$555 mn </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;">21% </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></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;">Residential </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;">$277 mn </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;">5 </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;">Total </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;">$2,582 mn </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;"> </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></tr></tbody></table>Source: Knight Frank “The market demand for Grade A office space, particularly flexible office spaces, is witnessing a notable surge. The supply of Grade A office space is still lower than the existing demand, further contributing to the attractiveness of this market,” Amal Mishra, co-founder, Urban Vault, a Bengaluru based managed co-working space provider. Mumbai received the highest investments accounting for 48%, NCR stood second at 32% and Bengaluru at 13%. The region of investors also shifted drastically as nearly 75% of investments came from Asian countries in H1 2023. In the same period last year, 86% of investments came from Canada and the US. SEE ALSO <a href="https://www.businessinsider.in/business/news/over-a-100-mn-indians-have-tried-products-pushed-by-influencers-and-its-growing/articleshow/101331878.cms">Over a 100 mn Indians have tried products pushed by influencers and its growing</a> <a href="https://www.businessinsider.in/india/news/a-million-streams-every-3-minutes-but-only-5-of-ott-audio-users-pay-for-it/articleshow/101313692.cms">A million streams every 3 minutes, but only 5% of OTT audio users pay for it</a>

Real estate sector sees private equity investments slip 20% in first half of 2023

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

FM cuts customs duty on minerals critical for energy transition

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

AI could slow BPO sector growth: Chief Economic Advisor Nageshwaran

<ul><li>RIL, TCS, HDFC Bank retain top spots as <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>’s most valuable companies.</li><li>India’s 500 most valuable companies have a cumulative value of ₹231 lakh crore, as per a Burgundy <keyword id="20553117" type="General" weightage="20" keywordseo="hurun" source="keywords">Hurun</keyword> report.</li><li>Suzlon Energy, Jindal Stainless and JSW Infrastructure saw triple digit growth in value in the last one year. </li></ul>Reliance Industries, TCS and HDFC Bank retained their ranks as India’s most valuable companies respectively in the 2023 <keyword id="20554332" type="General" weightage="20" keywordseo="burgundy-private-hurun" source="keywords">Burgundy Private Hurun</keyword> India 500, released on Monday. The combined value of the top 10 companies remained unchanged in the last one year, at ₹73.3 lakh crore. However, the picture wasn't as rosy for the startup ecosystem. The top 10 had a mixed year, five of them seeing a robust double double digit growth in value, two of them saw single-digit growth, and three of them shed around 10% of their value. L&amp;T’s value went up by 41%, HDFC Bank’s value swelled by 35% due the merger with its parent, and ITC too saw its value swell by 24%. Notable exits &amp; big comebacks Startups, however, had a bad year with Swiggy shedding 26% of its value, Dream11’s value went down by 9.8%, and Razorpay by 8.5%. Meanwhile, in the listed space, while most new-age companies like Policybazaar, Delhivery, Zomato Paytm, saw their valuations go up, Nykaa remained an outlier as it shed 26.8% of its value. Byju’s and Pharmeasy exited the list which has a new cut off rate of ₹6,700 crore. “Startup funding and valuation continued their downward trajectory. Startups in the list cumulatively lost ₹4 lakh crore led by <keyword id="19914048" type="General" weightage="20" keywordseo="byjus" source="keywords">Byjus</keyword>, Dealshare, and Pharmeasy; which failed to make it to the list this year,” Hurun said. The unlisted universe had yet another disappointment. India’s most valuable unlisted company and Covid-19 vaccine maker Serum Institute of India saw its value decrease by 13% to ₹1.9 lakh crore. There have been many comeback stories as well amongst the top 500 companies. Suzlon Energy registered one of the highest value growth this year, as its value swelled by a remarkable 436%. Jindal Stainless’ value went up by 395% and JSW Infrastructure by 310%. “It indicates a rise in renewable energy and infrastructure development. For instance, INOX Wind, which was on the path to insolvency in 2017, registered a 450% growth in value and stormed into 2023 Burgundy Private <keyword id="20554331" type="General" weightage="20" keywordseo="hurun-india" source="keywords">Hurun India</keyword> 500,” said Anas Rahman Junaid, MD and chief researcher, of Hurun India. But, 61 new companies made their debut to the list, led by industrial products with 16 new entrants, followed by financial services with 10 new entrants. Apart from Inox Wind, freshly listed R R Kabel and Welspun Corp were the notable unlisted entrants including unicorn Incred Finance, and Bengaluru-based gaming startup Gameskraft. Jio Financial Services which recently demerged from RIL is the 28th most valuable company. Top 10 of 2023 Burgundy Private Hurun India 500 <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;">Rank </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;">Company </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;">Value </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;">Change </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;">1 </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;">Reliance Industries </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;">₹15,64,663 cr </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;">-9.3% </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;">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;">Tata Consultancy 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;">₹12,36,229 cr </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;">5.8% </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;">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;">HDFC Bank </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;">₹11,25,975 cr </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;">35.1% </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;">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;">ICICI Bank </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;">₹6,47,716 cr </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;">2.3% </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;">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;">Infosys </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;">₹5,71,529 cr </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;">-11.7% </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;">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;">Bharti Airtel </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;">₹5,55,531 cr </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;">13.5% </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;">7 </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;">ITC </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;">₹5,36,811 cr </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;">24.2% </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;">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;">Larsen &amp; Toubro </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;">₹4,02,197 cr </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;">41.5% </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;">9 </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;">HCL Technologies </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;">₹3,43,211 cr </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;">21.5% </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;">10 </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;">Kotak Mahindra Bank </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;">₹3,41,352 cr </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;">-9.6% </td></tr></tbody><tbody></tbody></table> 500 companies’ combined value remained flat since 2021 India’s 500 most valuable companies, which includes listed as well as unlisted companies, have a cumulative value of ₹231 lakh crore ($2.8 trillion). They went up from ₹212 lakh crore from June last year, but remained flat since 2021, the report says. “The 2023 Burgundy Private Hurun India 500 list is a strong confirmation of the Indian economy's solid performance in all sectors. The increase in new entrants from industrial goods shows India's rising manufacturing growth,” said Junaid. The combined value of the listed and unlisted companies which made it to the 2023 Burgundy Private Hurun India 500, is more than the combined GDP of Saudi Arabia, Switzerland and Singapore, the report said. “The 2023 Burgundy Private Hurun India 500 companies represent India’s economically strongest businesses. The reason is self-explanatory as these companies have a total value of $2.8 trillion, which is almost 90% of India’s current GDP, i.e. they are the backbone of India’s economy. Together, these 500 companies had combined sales of ₹79 lakh crore and employed 7 million staff, which is more than the working population of Switzerland,” Junaid said. The cut off for companies to enter the list went up by 13% to ₹6,700 crore.

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