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

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

Chennai, June 25 (IANS) The proposed Indian National Space Promotion and Authorisation Centre (IN-SPACe), part of space sector reforms aimed at bringing in private sector participation, will be a separate vertical under the Department of Space (DOS), said ISRO Chairman K.Sivan on Thursday. The Indian Space Research Organisation (ISRO) chief also said a new Navigation Policy is also being proposed. Suitable changes in Remote Sensing Data Policy as well as SATCOM policy are also on the anvil as a part of aligning them to an open and inclusive space sector. In an online address from Bengaluru, Sivan said the IN-SPACe as a separate vertical for permitting and regulating the activities of private industry in the space sector. He said IN-SPACe will have its own directorates for technical, legal, safety and security, monitoring as well as activities promotion for assessing the private sector's needs and further coordination of the activities. As to its structure Sivan said IN-SPACe will have a board and will have representatives from industry, academia and the government. On Wednesday the Union Cabinet under the Chairmanship of Prime Minister Narendra Modi gave its nod for the setting up of IN-SPACe to promote private sector participation in the space sector while making ISRO to focus on research and development (R&amp;D) of new technologies, exploration missions and human spaceflight programme. According to the government, IN-SPACe will also provide a level playing field for private companies to use Indian space infrastructure. The entry of the private sector in the space sector in a bigger way will create large job opportunities and prevent brain drain, the government said. Sivan said the major reform measure is to enable the private sector including academia to carry out end-to-end space activities viz, building of rockets and satellites, owning satellites, providing launch services and providing space based services on a commercial basis. Till now ISRO was the end-to-end player in the Indian space sector. With the government's decision to open up the space sector, the private sector can now play a larger role than being a component supplier, Sivan said. Sivan also said ISRO will also share its technological expertise with the private parties. According to Sivan, there was a need for a mechanism to allow the private sector taking into account the safety, security and also provide the ease of doing business. He said private sector players will apply to IN-SPACe and the latter will process the application and its decision is binding on ISRO. While it will take about 3-6 months for IN-SPACe to be in place, the private sector can send their applications to DOS. As regards NewSpace India Ltd (NSIL), a public sector unit under DOS, Sivan said its role is being re-defined to transform the approach of supply driven model to demand driven model for space based services. Sivan said NSIL will be strengthened and empowered to off-load operational activities of ISRO in the areas of launch vehicle and satellite production, launch services as well as space based services. The NSIL will execute these activities through industry consortiums. Sivan said this move will allow ISRO to allocate more time and resources for R&amp;D endeavours. The ISRO will continue to carry out its present activities with greater emphasis on development of advanced technology, missions and capacity building besides supporting private endeavours in space sector. --IANS vj/in

New navigation policy on anvil, IN-SPACe to be separate vertical: ISRO chief

Chennai, <keyword id="116095" type="COMPANY" weightage="20" keywordseo="Indian-Space-Research-Organisation">Indian Space Research Organisation</keyword> Chairman K Sivan on Saturday said the space agency was developing '<keyword id="9090354" type="COMPANY" weightage="20" keywordseo="green-propulsion">green propulsion</keyword>' for its <keyword id="10498627" type="UNKNOWN" weightage="20" keywordseo="ambitious-human-space-flight-mission">ambitious human space flight mission</keyword>, 'Gaganyaan'. He also said it may be adopted for use in every stage of a rocket. He was speaking at the 16th convocation of SRM Institute of Science and Technology, near here. Sivan, also the Secretary, <keyword id="245720" type="COMPANY" weightage="20" keywordseo="Department-of-Space">Department of Space</keyword>, advised the new graduates to take up 'calculated risk' in their life as it may safeguard them from 'absolute failure'. "As India continues to focus on economic growth, it needs to ensure that environmental damage is limited by adopting green technologies. ISRO has made space grade lithium-ion batteries and this technology is useful for mass adoption of electric vehicle", he noted. On the green propellant, Sivan said, "Even in the rocket propulsion, ISRO is developing green propulsion for its human space flight mission. In future, all the propulsion stages may adopt green propulsion," he said. According to ISRO, <keyword id="622933" type="COMPANY" weightage="20" keywordseo="Polar-Satellite-Launch-Vehicle">polar satellite launch vehicle</keyword> (PSLV) a trusted workhorse of the space scientists -- is a four stage rocket filled with fuel which pushes the rocket to ensure that the satellite it carries is placed in the intended orbit. GSLV or a geo-stationery launch vehicle (GSLV) is a three stage rocket with a cryogenic upper stage. The Bengaluru-headquartered space agency had planned to launch its maiden human space flight mission 'Gaganyaan' by December 2021. But early this month, ISRO indicated that it is likely to be delayed by one year due to the impact of COVID-19 pandemic. Addressing students through virtual platform, the ISRO chief encouraged them to take up calculated risk as it would safeguard them from 'absolute failure.' "You may fail, but each failure would provide a valuable lesson. I can say with great confidence that India's space programme has been built on spectacular failures and each failure has resulted in improvements in our system", he said. Asking the students to innovate, Sivan said, innovation was not just having great idea on paper. "Innovation comes with a high risk of failure. You may be called crazy. Initial outcome of innovation may be imperfect. You must realize that you are not failing means you are not trying anything hard", he said. Referring to the space sector reforms announced by the Centre in June, he said, "the government has already announced space sector reforms for greater participation of non- governmental entities in space activity". "Our next PSLV (polar satellite launch vehicle) launch will have satellite from start-up agencies which will be the first product of this reform." he said. On the SRM Satellite 'SRMSAT' launched by ISRO in 2011, he said it was in 'healthy condition' and urged the university to come forward and make use of the space sector reform as announced by <keyword id="1576501" type="COMPANY" weightage="20" keywordseo="The-Government-of-India">the government of India</keyword>. "ISRO is very much open to you all. I request SRM to come forward with their innovative idea of making space activities as required by the Government of India. I am sure that SRM will do this work", he said. The Digital India initiative by the Centre was a key area to leverage and ISRO has already initiated reforms to make digital assets available easily to industry as well as for startups for making innovative applications in navigation, earth observation as well as disaster management, he said. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-mrs-bectors-ril-bharti-airtel-vodafone-idea-ilfs-interglobe-aviation-future-group-deepak-nitrite-jubilant-foodworks-and-others/articleshow/79933826.cms">Top stocks to watch – Mrs Bectors, RIL, Bharti Airtel, Vodafone Idea, IL&amp;FS, InterGlobe Aviation, Future Group, Deepak Nitrite, Jubilant FoodWorks, and others</a> <a href="https://www.businessinsider.in/stock-market/news/there-are-one-of-only-17-indian-companies-out-of-500-that-aced-the-du-pont-test/articleshow/79911627.cms">There are one of only 17 Indian companies out of 500 that aced the Du Pont test</a> <a href="https://www.businessinsider.in/business/corporates/news/wipro-buyback-offer-details-and-700-million-metro-ag-deal-drives-share-price/articleshow/79911875.cms">Wipro offers 10% more to buy back shares and signs a $700 million deal with Metro AG – everything that’s driving the IT services stock higher today</a>

ISRO developing green propulsion for human space mission 'Gaganyaan', says Chairman K Sivan

NewSpace India Limited (<keyword id="7835598" type="General" weightage="20" keywordseo="nsil" source="Orion">NSIL</keyword>) launched GSAT-24 in its first "demand-driven" communication satellite mission post space sector reforms, leasing the entire capacity on board to Direct-to-Home (DTH) service provider <keyword id="13033014" type="General" weightage="20" keywordseo="tata-play" source="Orion">Tata Play</keyword>. Built by Indian Space Research Organisation for NSIL, the satellite was successfully placed into geostationary orbit by the Ariane 5 rocket, operated by French company Arianespace, from Kourou in French Guiana (South America) on Thursday. GSAT-24 is a 24-Ku band communication satellite weighing 4180 kg with pan-India coverage for meeting DTH application needs. NSIL, incorporated in March 2019, is a Central Public Sector Enterprise (CPSE), under Department of Space (DOS) and is the commercial arm of ISRO. As part of "space reforms" announced by the Government in June 2020, NSIL was mandated to undertake operational satellite missions on a "demand driven" model, wherein it has the responsibility to build, launch, own &amp; operate satellites and provide services to its committed customer. The entire satellite capacity on-board GSAT-24 will be leased to its committed customer Tata Play, the DTH business of Tata Group, for meeting their DTH application needs. The Ariane 5 has successfully placed two satellites into geostationary orbit: MEASAT-3d for the Malaysian operator MEASAT, and GSAT-24, Arianespace said after launching them on-board Ariane-V VA257 flight from the Guiana Space Centre, Europe's spaceport in Kourou. GSAT-24 is configured on ISRO's proven I-3k Bus with a mission life of 15 years. "'Demand-driven' mode basically means when a satellite is launched, one will know who the end customers are going to be and what's the kind of utilisation and commitment so that you have very effective utilisation of this satellite capacity once it goes into orbit", an NSIL official explained. "Earlier, the mode was more supply driven, with capacity being leased after the launch with largely no firm commitment by customers before hand", the official noted. "The entire mission is fully funded by NSIL -- satellite, launch, launch campaign, insurance, transportation, in-orbit maintenance and support. Once the satellite is up in orbit, this will be fully owned and operated by NSIL," NSIL Chairman and Managing Director Radhakrishnan Durairaj told PTI. "So, we will be the satellite operator for this particular satellite," he said. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/apple-has-dropped-the-second-developer-beta-update-for-ios-16-with-revamped-message-filtering/articleshow/92404124.cms">Apple has dropped the second developer beta update for iOS 16 with revamped message filtering</a> <a href="https://www.businessinsider.in/business/news/half-of-the-earnings-of-indian-companies-ceos-at-risk/articleshow/92403167.cms">CEOs are paid more now but half of the earnings are 'at risk'</a>

Tata Play rents the entire capacity of the newly launched GSAT-24 satellite

The Indian Space Research Organisation (<keyword id="6358064" type="General" weightage="20" keywordseo="isro" source="Orion">ISRO</keyword>) is chalking out the crucial tasks to be done in 2022 and the steps to be taken to increase the number of satellite launches and its manufacturing, said a top official. He also said the regulator for private space sector players Indian National Space Promotion and Authorisation Centre (INSPACe) having Ahmedabad as the headquarters has started hiring people for the top posts from ISRO. "ISRO is looking at the important tasks that can be done this year and the steps to be taken to increase the number of launches and also to increase satellite manufacturing," S.Somanath, Chairman ISRO and Secretary, Department of Space told IANS. According to him, the space agency will look at increasing the space missions with its rockets - Polar Satellite Launch Vehicle (PSLV), Geosynchronous Satellite Launch Vehicle (GSLV), upcoming Small Satellite Launch Vehicle (SSLV). Most of the launches get bunched in the second half of the year and ISRO is looking at expanding it. The Indian space agency has to launch OCEANSAT-3, INS-2B, ANAND- by PSLV-C53 and Micro SAT by the newly developed small rocket Small Satellite Launch Vehicle (SSLV) in May. Further, the launch of four ton communication satellite GSAT-24 is also scheduled during the first quarter of this year using Ariane 5 rocket owned by Arianespace. The space agency is also looking at the government policy to increase the manufacturing of satellites. It is said the government has put ISRO on hold from manufacturing satellites without signing up the users upfront. According to Somanath, the industry feedback on the various draft policies issued for the private and public sector players has been received and the final policies will be announced. Questioned about the Space Activities Bill, he said the Bill is being drafted incorporating INSPACe as the earlier Bill was drafted before the announcement of space sector reforms and the regulator for the private players. The Space Activities Bill is being drafted incorporating INSPACe. The earlier Bill did not have INSPACe. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/itc-paytm-zomato-among-stocks-to-watch-on-march-16/slidelist/90249211.cms">ITC, Paytm, Zomato among stocks to watch on March 16</a> <a href="https://www.businessinsider.in/science/health/india-logs-2876-new-covid-19-infections-and-98-fatalities-in-last-24-hours/articleshow/90252569.cms" data-type="tilCustomLink">India logs 2,876 new COVID-19 infections and 98 fatalities in last 24 hours</a> <a href="https://www.businessinsider.in/politics/world/news/russias-reliance-on-humanitarian-corridors-in-ukraine-comes-from-its-playbook-in-syria-experts-say/articleshow/90245670.cms" data-type="tilCustomLink">Russia's reliance on 'humanitarian corridors' in Ukraine comes from its playbook in Syria, experts say</a>

ISRO to chalk out plans to increase number of launches, satellite manufacturing

Markets InsiderIan Winer, the head of equities at Wedbush Securities, is making a bold call: buy retail stocks. Many investors may be fearful of stocks in the space after a rough start to 2017. The <a href="http://markets.businessinsider.com/etfs/SPDR-S&amp;P-Retail-ETF">XRT SPDR S&amp;P Retail ETF</a> fell 14% from December 2016 to April of this year."The consumer discretionary group, while still subject to "headline risk" around a border tax, feels like it has bottomed to me and is going to make a slow grind move up 5% to 10% from these levels," Winer told Business Insider.Winer says institutional investors have been pulling money out of the <a href="http://markets.businessinsider.com/etfs/SPDR-S&amp;P-Retail-ETF">XRT ETF</a> as a source of funds to put money to work in more promising sectors of the economy. Additionally, most of the buying in the last few weeks has been traders covering their short positions. However, Winer believes he has seen real institutional demand for stocks in the retail sector over the past few days.While Winer said the Border Adjustment Tax or "BAT Tax" is the most prolific risk to retail, he does not think that the tax will come to fruition. He said:Winer thinks the BAT Tax is unlikely because of the real and immediate effects it would have on the American people."89k Americans have been laid off in the General Merchandise Stores since October, which is more than all of the people employed in the coal industry," Winer said. "1 out of every 10 Americans works in retail."On the auto retail front, there have been fears surrounding the concept of "peak auto," that US auto and with it, auto parts sales, are about to level off and decline. Winer said he thinks that auto parts retailers will thrive in the next three to six months because he said, sentiment surrounding the sector has reached, "near-term max bearishness."Many investors have been counting out brick-and-mortar retail on account of Amazon. While Winer said the devastating effects <a href="http://markets.businessinsider.com/stock/amzn-Quote">Amazon</a> has on brick-and-mortar retail are real, there are plenty of opportunities to buy stocks Amazon can't beat such as, <a href="http://markets.businessinsider.com/stock/bc-Quote">Brunswick Corporation</a> because, <a href="http://markets.businessinsider.com/stock/amzn-Quote">Amazon</a> isn't selling recreational watercraft anytime soon.Winer believes that while there is little growth in the retail sector at the moment, there is still money to be made at these low levels and that investors should buy the space as a value play."To be clear, I am not saying the coast is clear for all of retail forever," Winer concluded. "I am saying that the pendulum has swung so far against this space that I see a continuation of this move off the lows and an opportunity to make some money."Winer's favorite retail stocks to buy right now are:<ul><li><a href="http://markets.businessinsider.com/stock/AAP-Quote">Advance Auto Parts</a></li><li><a href="http://markets.businessinsider.com/stock/BURL-Quote">Burlington Stores</a></li><li><a href="http://markets.businessinsider.com/stock/w-Quote">Wayfair</a></li><li><a href="http://markets.businessinsider.com/stock/bc-Quote">Brunswick Corporation</a></li><li><a href="http://markets.businessinsider.com/stock/DKS-Quote">Dicks Sporting Goods</a></li></ul> <h3>NOW WATCH: <a href="http://www.businessinsider.com/united-airlines-plane-video-incident-twitter-reactions-2017-4">People on Twitter are roasting United Airlines after a passenger was forcibly dragged off a plane</a></h3> Please enable Javascript to watch this video

A Wall Street trader is calling the bottom in retail

Chennai, June 25 (IANS) The proposed Indian National Space Promotion and Authorisation Centre (IN-SPACe) could be turned into the sectoral regulator once necessary legal structure are there, according to K. Sivan, Secretary of the Department of Space (DoS) and Chairman of the Indian Space Research Organisation (ISRO). On Wednesday the Union Cabinet, chaired by Prime Minister Narendra Modi, gave its nod for opening up the space sector and for setting up of IN-SPACe to promote private sector's participation. The IN-SPACe will also ensure a level-playing field for private firms to use Indian space infrastructure. It will hand hold, promote and guide the private industries in space activities through encouraging policies and a friendly regulatory environment. Speaking to IANS, Sivan said, "We are on the job of getting ready the Space Activities Bill. It will define the space activities, liabilities and other aspects." According to Sivan, a new navigation policy is also being proposed. Suitable changes in the remote sensing data policy as well as SATCOM policy are on the anvil to align them to an open and inclusive space sector. Pointing out the role envisaged for IN-SPACe and the demand for a sectoral regulator, when queried whether the proposed body could be converted into the space sector regulator, Sivan said, "IN-SPACe could be turned into a regulatory body when the necessary laws and regulations are in place." Speaking to IANS earlier, Narayan Prasad, Chief Operating Officer, satsearch said, "The best is to establish an independent regulator -- Space Regulatory Authority of India (SRAI) -- which will create a level-playing field for many of the emerging players." Establishing an independent regulator could allow a systematic review and reforms on a continuous basis rather than one-off announcements, Prasad said. According to Sivan, IN-SPACe will have its own directorates for technical, legal, safety and security, monitoring as well as activities promotion for assessing the private sector's needs and coordination of the activities. IN-SPACe would have a board and representatives from industry, academia and the government, Sivan said. "Initially, IN-SPACe will be manned by people from the existing space setup. Later, people from outside will be taken in. It will have its funds from the budgetary allocations for the DoS. The new body may not need big financial allocations," Sivan said. No estimataion on the private investment the sector will attract after the opening-up has been done. "We will have an industry meet with the private sector in two weeks. Then we may get an estimate on investment potential," he said. Stressing that the ISRO's importance will not diminish with the entry of IN-SPACe, Sivan said all the existing centres - manufacturing, services, rocket launch centres - would continue to be with the ISRO. "The ISRO will be involved in research and development in advanced technologies, human space missions. It will also share its technological expertise with the private parties. The proposed new body will not disturb the existing ones. It will be another autonomous body," Sivan said. On the impact of Covid-19 on the ISRO launch missions, Sivan said, "All our missions were affected. The actual impact will have to be studied once the situation improves. The private industries manufacturing items for the ISRO were not functioning due to the lockdown. Our own officials were not able to travel." --IANS vj/pcj

IN-SPACe could be sectoral regulator once laws are in place: Sivan

Focusing on reviving private <keyword id="6362476" type="ORGANIZATION" weightage="100" keywordseo="investments">investments</keyword>, <keyword id="6355261" type="POSITION" weightage="100" keywordseo="Finance-minister">Finance Minister</keyword> <keyword id="42575" type="PERSON" weightage="100" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> is inviting foreign players to invest in the infrastructure space. He exuded confidence that the stuck reform measures like <keyword id="6354679" type="ORGANIZATION" weightage="100" keywordseo="GST">GST</keyword> would go through as the numbers in the Upper House will change favourably soon. 

	No reform proposal has actually got stuck for long so far despite India being a 'noisy democracy', he said. 
 

	Jaitley was speaking at a breakfast session on 'India -- The next growth engine of the world', organised by industry body CII and consultancy BCG here on the sidelines of the WEF Annual Meeting. 
 

	"We have a very noisy democracy... But I am finding that there are more people who want to support the growth and the others are very minuscule minority... Any economy needs multiple engines of growth," he said. 
 

	"In the past we had fewer such engines and we need a few more. Public investment is one that we are doing. We are concentrating on infrastructure and for the first time in history we have been able to rationalise the subsidies," the Finance Minister added. 
 

	According to him, people are eventually going to pay for the goods and services they want to buy and for the weaker sections technology would be used to ensure that the benefits reach the right target group. 
 

	Noting that a series of reform measures are pending, Jaitley said some of these become symbol of whether India would be able to cross this obstacle or not. 
 

	"India is a noisy democracy but I am sure that we would be able to get all of them through. Some measures have got delayed but none of them have actually hit a complete road block," he added. 
 

	In days to come India will have to focus on reviving private investments, Jaitley said, adding, "we are asking people from all over the world to become partners in India's infrastructure growth story". 
 

	"I have always said the current rate of 7-7.5 per cent is not our real potential and we have potential to add 1-1.5 per cent. There is still head space that we have and I am sure we would be able to reach that," he said. 
 

	On GST, Jaitley said the good news is that all states are on board and all political parties, except one, are also on board. 
 

	"The paradox is that the party which drafted GST is not on board. But then the numbers in Rajya Sabha are going to favourably change soon and I am hopeful that the GST would be through," he added. 
 

	Emphasising that the reform process has a key role for states, the Finance Minister said: "We used to talk about cooperative federalism but I am happy to see now that states are competing with each other to attract investments. 
 

	"Most of the states that grow will actually add to the country's growth rate." 
 

	He added: "We, of course, have our own challenges. There are 55 per cent people in agriculture and that sector has not enough for these many people. The sector itself needs to be strengthened and then we had two bad monsoons. 
 

	"We were expecting to grow over 8 per cent, but inadequate monsoons not only led to agriculture production falling but the consumption power of rural economy also got hit." 
 

	Stressing that opening up the economy completely is another area of focus, Jaitley said, Railways was one of the touch-me-not sectors, operated entirely by the government. 

	"In railway infrastructure, we have allowed private sector participation and the next they are going to raise funds through bonds etc. Next, we are going to modernise the train stations and these are the causes that have been welcomed by the country." 
 

	On Defence, he said it was "completely closed although most of the purchases were from outside the country. We have opened up that sector and a lot of activities are happening there". 

	Further, Jaitley said: "We are conscious of the fact that the government alone cannot do everything. We are bringing weaker sections to the formal banking sector to help them become entrepreneur." 
 

	Another area was image of India on tax issues and the things have changed on that front and nobody now talks about that, he noted.

	 
	 
	(Image credits: indiatimes)

You Searched For "space sector reforms" and got 8 results

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

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ISRO developing green propulsion for human space mission 'Gaganyaan', says Chairman K Sivan

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Tata Play rents the entire capacity of the newly launched GSAT-24 satellite

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ISRO to chalk out plans to increase number of launches, satellite manufacturing

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A Wall Street trader is calling the bottom in retail

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IN-SPACe could be sectoral regulator once laws are in place: Sivan

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FM Arun Jaitley invites foreign players to revive private investment

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