India is among a handful of countries with advanced capabilities in the space sector. With these reforms, the sector will receive new energy and dynamism, to help the country leapfrog to the next stages of space activities.

This will not only result in an accelerated growth of this sector but will enable Indian Industry to be an important player in global space economy. With this, there is an opportunity for large-scale employment in the technology sector and India becoming a Global technology powerhouse.

Key Benefits:
Space sector can play a major catalytic role in the technological advancement and expansion of our Industrial base. The proposed reforms will enhance the socio-economic use of space assets and activities, including through improved access to space assets, data and facilities.

The newly created Indian National Space Promotion and Authorization Centre (IN-SPACe) will provide a level playing field for private companies to use Indian space infrastructure. It will also hand-hold, promote and guide the private industries in space activities through encouraging policies and a friendly regulatory environment.

The Public Sector Enterprise ‘New Space India Limited (NSIL)’ will endeavour to re-orient space activities from a ‘supply driven’ model to a ‘demand driven’ model, thereby ensuring optimum utilization of our space assets.

These reforms will allow ISRO to focus more on research and development activities, new technologies, exploration missions and human spaceflight programme. Some of the planetary exploration missions will also be opened up to private sector through an ‘announcement of opportunity’ mechanism.

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On the sectoral front, the  BSE Auto index led the fall, followed by Realty, Bankex, and consumer discretionary stocks.Sectors which bucked the trend include power, consumer durable, and metals.

Foreign portfolio investors (FPis) should consider the option of structuring themselves as companies rather than trusts to avoid paying the increased surcharge announced in Budget 2019, Finance Minister Nirmala Sitharaman said, in a discussion on the Finance Bill in the Parliament on July 18.

FPIs registered as trusts will have to pay the new tax surcharge, Sitharaman said, dashing hopes that the government may tweak relevant portions of the Finance Bill to ring-fence FPIs from the effects of the “super-rich” tax.

So far in July, foreign investors have pulled out more than Rs 5,000 crore from the cash segment of the Indian equity market.

The broader market has been under pressure throughout this week. On Friday, more than 300 stocks touched their fresh 52-week low including names like Eicher Motors, Maruti Suzuki, HEG, M&M, TVS Motor, Hindustan Zinc, GAIL India, Yes Bank among others.

Weak monsoon progress

Till July 19, cumulative rainfall was 15.8 percent below normal levels and the weekly rainfall 19.8 percent below normal. On a regional cumulative basis, spatial distribution has been deficient across India.

Out of the 36 sub-divisions across India, till date, 18 have received deficient rainfall, 16 have received normal rainfall, three have received excess rainfall, and one received scanty rainfall, said a Kotak Institutional Equities report.

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