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Union Finance Minister <keyword id="19916618" type="General" weightage="100" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> highlighted India's significant progress in electrification, <keyword id="23692737" type="General" weightage="20" keywordseo="water-accessibility" source="keywords">water accessibility</keyword>, and <keyword id="20879840" type="General" weightage="20" keywordseo="economic-empowerment" source="keywords">economic empowerment</keyword> during a fireside chat with John J Hamre, President and CEO of the Center for Strategic and International Studies (CSIS), in Washington, DC. Highlighting the progress made in <keyword id="23003732" type="General" weightage="20" keywordseo="rural-electrification" source="keywords">rural electrification</keyword>, <keyword id="19916494" type="General" weightage="20" keywordseo="sitharaman" source="keywords">Sitharaman</keyword> highlighted that every village in India now has access to electricity. She noted that in 2014, many villages across India, including those near state capitals, lacked even basic infrastructure for electrification. She said "I don't think any village in India is unelectrified today. Households have received the connections. So, if I remember the situation in 2014, there were still many villages in many parts of India, some even very close to the state capital, provincial headquarters, without even a pole to receive the electric wires. Now, all that has been overcome. Houses have got their electricity." The Finance Minister also discussed the <keyword id="19971121" type="General" weightage="20" keywordseo="Jal-Jeevan-Mission" source="keywords">Jal Jeevan Mission</keyword>, a program initiated by Prime Minister Narendra Modi to provide tap water connections to every household. She explained, "Earlier, one tap water connection was provided to a village, from where everyone would take water to their home. But under the 'Jal Jeevan Mission,' each and every house gets a tap water connection." Sitharaman emphasized the positive impact of this initiative on health, sanitation, and convenience for millions of Indian families. Turning to the economic empowerment of <keyword id="20101496" type="General" weightage="20" keywordseo="municipalities" source="keywords">municipalities</keyword> and urban centers, Sitharaman noted that these local governments are receiving increased autonomy and financial support. She explained that municipalities receive a portion of taxes collected by the central government, along with additional funds based on the Finance Commission's recommendations. "Over and above, today, we are enhancing their capacities to raise resources from the market. Municipalities are a very powerful instrument of economic development and they, on their own, are raising a lot of resources," she added. Sitharaman also expressed confidence in India's economic growth and its appeal to <keyword id="20632552" type="General" weightage="20" keywordseo="global-investors" source="keywords">global investors</keyword>. "The policies are working, reforms are happening, and they shall continue to happen," she stated, adding that "greater liberalisation of the economy will be there and, in a way, we are accessing newer markets and speaking about the <keyword id="19948184" type="General" weightage="20" keywordseo="Indian-economy" source="keywords">Indian economy</keyword> in more avenues and platforms that will attract more investors." With ongoing reforms and increased global engagement, Sitharaman noted, India is solidifying its position as a significant player on the world stage, expanding its economic reach and inviting foreign investment.

No village in India left without access to electricity, claims FM Nirmala Sitharaman

<ul class="summary-list"><li>Rolls-Royce is in talks with potential customers for its nuclear reactors, per the Financial Times.</li><li>Rolls-Royce has been working on so-called micronuclear reactors for over three years.</li></ul>Rolls-Royce is in early-stage talks with potential customers for its compact nuclear reactors, which are designed to power data centers on Earth and one day to be sent into space, the <a target="_blank" class="" href="https://www.ft.com/content/50ccf53b-132e-46d3-86eb-83abd33264b0">Financial Times reported</a>. The so-called microreactors have a much smaller power output than traditional small modular reactors but are more transportable due to their smaller size. Jake Thompson, the company's director of novel nuclear and special projects, told the FT the reactor could provide energy solutions for data centers, mining, and remote communities. A spokesperson for Rolls-Royce confirmed to Business Insider that it is in early-stage talks with potential customers. Big Tech companies — including Google, Amazon, and Microsoft — have expressed interest in <a target="_blank" class="" href="https://www.businessinsider.com/google-nuclear-power-ai-data-centers-2024-10">nuclear power to meet</a> AI's high energy demands. Rolls-Royce believes the growing international interest in nuclear power will increase the demand for microreactors for both Earthbound and space applications, the FT reported. Thompson told the FT that Rolls-Royce's focus has been on building a reactor that is "really small, small enough so you could load it onto a rocket and send it into space."The company has been working on the technology for over three years, first collaborating with the UK Space Agency in 2021 to study how nuclear power could support space exploration.In July 2024, Rolls-Royce was awarded funding from the agency's National Space Innovation Programme, or NSIP, for space nuclear power. The company<a target="_blank" class="" href="https://www.rolls-royce.com/media/press-releases/2024/22-07-2024-rolls-royce-awarded-national-space-innovation-programme-funding-for-space-nuclear-power.aspx"> said in a statement at the time </a><a target="_blank" href="https://www.rolls-royce.com/media/press-releases/2024/22-07-2024-rolls-royce-awarded-national-space-innovation-programme-funding-for-space-nuclear-power.aspx">that the £4.8m</a> award from NSIP would help to advance the development and demonstration of key technologies in the space nuclear microreactor market.The company said the NSIP's project had a total cost of £9.1 million ($11.5 million) and aimed to progress the microreactor's "overall technology readiness level."

Rolls-Royce is in talks to use its compact nuclear reactors to power data centers and space missions

SpaceX mission to include first commercial space walk

India's journey through space missions and milestones

<ul class="summary-list"><li>SpaceX launched its mission to rescue the two Starliner astronauts — but it didn't go entirely according to plan.</li><li>The company's Falcon 9 rocket has been grounded after a booster landed in the wrong place.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/spacex-elon-musk">SpaceX's</a> workhorse rocket has been grounded for the third time in three months after malfunctioning during a mission to rescue two astronauts stuck in space.The Crew-9 mission <a target="_blank" class="" href="https://www.businessinsider.com/spacex-launches-half-empty-dragon-spaceship-boeing-astronaut-crew-return-2024-9">successfully reached the International Space Station on Sunday</a> as it prepares to bring home the <a target="_blank" class="" href="https://www.businessinsider.com/boeing-nasa-starliner-astronauts-stuck-in-space-2024-6">astronauts left stranded by Boeing's Starliner</a> — but the launch didn't go entirely to plan.In a post on X on Sunday, SpaceX wrote that its Falcon 9 rocket's second-stage booster experienced an "off-nominal deorbit burn" that caused it to land outside the targeted area.SpaceX said it would resume launches once it had got to the bottom of the issue, with the Federal Aviation Administration (FAA) requesting an investigation. The regulator said no public injuries or property damage had occurred due to the landing.It's the third time SpaceX's reusable rocket has been grounded in the last three months.The Falcon 9 was grounded in July after a mishap with the booster caused a batch of Starlink satellites to burn up in orbit. This was the company's first mission failure in more than seven years.The rocket was also briefly grounded by the FAA in August after failing an attempt to land back on Earth. The issues come as <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-spacex-beef-with-regulators-over-starship-launch-delay-2024-9">SpaceX and Musk clash with the FAA</a> over the regulator's investigations into the company and the pace at which it is green-lighting rocket launches.SpaceX slammed the FAA in September after the fifth launch of its Starship rocket was delayed by two months, with Elon Musk claiming that humanity will "never get to Mars if this continues."Musk also accused the regulator of playing favorites, arguing it should <a target="_blank" class="" href="https://www.businessinsider.com/faa-chief-boeing-and-spacex-should-be-treated-the-same-2024-9">punish Boeing over the issues with its Starliner spacecraft</a> rather than fine SpaceX for "trivia."The Crew-9 mission traveled to the ISS half-empty as it <a target="_blank" class="" href="https://www.businessinsider.com/spacex-launches-half-empty-dragon-spaceship-boeing-astronaut-crew-return-2024-9">prepared to bring home the two astronauts left stranded on the space station</a> by Boeing's Starliner.NASA astronauts Butch Wilmore and Suni Williams were due to return home aboard Starliner several months ago, but glitches with Boeing's spacecraft on its maiden crewed flight <a target="_blank" class="" href="https://www.businessinsider.com/how-stranded-astronauts-return-nasa-boeing-starliner-spacex-crew-dragon-2024-8">led NASA to decide to send it home empty</a>.SpaceX stepped in, and will now bring the two astronauts back to Earth aboard the Crew Dragon spacecraft in February at the earliest.SpaceX won its contract to supply the ISS at the same time as Boeing but has <a target="_blank" class="" href="https://www.businessinsider.com/starliner-stuck-space-threatens-boeing-plans-rival-elon-musk-spacex-2024-8">raced ahead of its rival in the space race</a>.Musk has <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-too-many-non-technical-managers-starliner-boeing-2024-5">frequently taunted Boeing over the issues with the aerospace giant's space program</a>, saying the company had too many "non-technical managers."SpaceX did not respond to a request for comment, sent outside normal working hours.

Another setback for Elon Musk's SpaceX after mishap with NASA rescue mission 

<ul class="summary-list"><li>Saudi Arabia's Public Investment Fund, led by Crown Prince Mohammed Salman, is going global.</li><li>The sovereign wealth fund is investing in everything from Uber and Blackstone to Heathrow and LIV Golf.</li></ul>In the months before <a target="_blank" class="" href="https://www.businessinsider.com/saudi-arabia-crown-prince-mohammed-bin-salman-mbs-2023-10">Mohammed bin Salman</a> celebrated his 30th birthday nearly a decade ago, the yet-to-be anointed Crown Prince of Saudi Arabia was gifted a vital key to unlocking the kingdom's future: full purview of its Public Investment Fund.Back in 2015, MBS became chairman of the sovereign wealth fund established in 1971 by a former king at a time when it was ready to be transformed. A slow-moving cog of the state no more, PIF was ready to become an investment juggernaut with global presence.It's a task the fast-rising royal hasn't shied away from. PIF, officially led by governor Yasir Al-Rumayyan, has been stepping up its mission to invest in high-profile assets globally in recent years to help fulfill its mission of reducing Saudi Arabia's economic dependence on oil.That mission, a fundamental part of <a target="_blank" class="" href="https://www.businessinsider.com/vision-2030-saudi-arabia-plan-future-proof-oil-economy-2023-8">an ambitious program called Vision 2030</a> that MBS is in charge of, depends in part on how successful the PIF is in generating returns from its big bets overseas — and leveraging those bets to build hot new industries at home."MBS' personal ambition is very much to make Saudi Arabia a highly visible and internationally respected post-oil economy," Steffen Hertog, associate professor at the London School of Economics, told Business Insider. "The PIF is by far his most important vehicle in this endeavor."But as PIF spreads its wings, it is becoming increasingly unclear as to just how successful it stands to be beyond the Gulf.<h2 id="ab7cae77-96ba-4c12-be58-1085931cd388">Saudi Arabia goes global</h2><div type="image" title="Prince Mohammed bin Salman in front of a black background." height="320" width="640" msid="112575436" hostid="261" sizebytes="15426"></div>A look at the <a target="_blank" class="" href="https://www.pif.gov.sa/en/our-investments/our-portfolio/#ourportfolio_e=0">PIF's portfolio</a> presents a show reel of some of the most prolific names in global business.In the tech sector, it has <a target="_blank" href="https://www.businessinsider.com/how-investment-in-uber-brought-saudi-prince-to-silicon-valley-2020-9">pumped $3.5 billion into Uber</a>, poured $45 billion into SoftBank's Vision Fund, taken a 60% stake in <a target="_blank" href="https://www.businessinsider.com/tesla">Tesla</a> rival Lucid, and become majority owner of augmented reality startup Magic Leap.Beyond that, it has pumped <a target="_blank" class="" href="https://www.businessinsider.com/saudi-arabia-public-investment-fund-pif-sports-influence-pga-liv-2023-6">billions of dollars into LIV Golf</a>, led a $415 million takeover of Newcastle United, backed up a Blackstone infrastructure fund with $20 billion and invested in Carnival, the world's biggest cruise operator. In June, PIF expanded its stake in London's Heathrow Airport.Figures published in July by <a target="_blank" href="https://globalswf.com/reports/2024gsr#market-update-1h-2024-1">GlobalSWF</a>, a data firm tracking sovereign-wealth-fund activity, found that PIF deployed more capital in the first half of 2024 than all other state-owned investors, which collectively invested close to $100 billion in the six-month period.According to LSE's Hertog, PIF's attraction to high-profile brands isn't just about making itself more visible to the West. "These for the most part are corporates active in sectors that the PIF and MBS see as key for Saudi Arabia's domestic economic diversification."To make these deals happen, the kingdom has been busy doing a lot of courting.In February, it backed a two-day conference in Miami, where the likes of Blackstone leader Stephen Schwarzman and Donald Trump's son-in-law Jared Kushner were <a target="_blank" class="" href="https://fii-institute.org/wp-content/uploads/2023/12/02.22_FII-PRIORITY-Miami-2nd-Edition-Program.pdf">billed as speakers.</a> In October, the kingdom will be prepared for the global elite to descend on capital city Riyadh for its "<a target="_blank" class="" href="https://www.businessinsider.com/saudi-business-conference-davos-in-desert-costs-15000-attend-2023-9">Davos in the desert</a>" investment conference.<div type="image" title="Prince Mohammed bin Salman in front of a black background." height="320" width="640" msid="112575436" hostid="261" sizebytes="15426"></div>The event, which has previously attracted the likes of JP Morgan and BlackRock CEOs <a target="_blank" class="" href="https://www.businessinsider.com/jamie-dimon-career">Jamie Dimon</a> and <a target="_blank" class="" href="https://www.businessinsider.com/blackrock-ceo-larry-fink-net-worth-career-history">Larry Fink</a>, has proven controversial in the past. <a target="_blank" class="" href="https://www.businessinsider.com/biden-mbs-responsible-for-jamal-khashoggi-murder-2022-7">MBS's alleged role</a> in the murder of journalist Jamal Khashoggi in 2018, which he denies having involvement in, gave some dealmakers pause for thought.That said, the world's corporate elite appear to be looking past the incident as time passes — something the Saudis seem to be aware of. This year's theme, <a target="_blank" href="https://fii-institute.org/conference/fii8/">"Infinite Horizons,"</a> offers a nod to the global scope it has in mind for its future.For global companies, fund managers, and bankers, Saudi Arabia's wealth has been a big draw at a critical time. While other investors have exercised caution in the face of a higher interest rate environment, the kingdom has kept its money flowing.That's partly because the fund has set a target of $2 trillion in assets under management by the end of the decade, and is racing against the clock to meet the deadline for its ambitious Vision 2030 program.Saudi Arabia also finds itself l<a target="_blank" class="" href="https://www.businessinsider.com/saudi-arabia-vs-uae-middle-east-economic-power-supremacy-dubai-2023-9">ocked in a tense rivalry with other economic powerhouses</a> in the region such as the United Arab Emirates, where funds such as Mubadala and <a target="_blank" class="" href="https://www.businessinsider.com/satya-nadella-microsoft-ai-kingpin-g42-openai-china-2024-4">G42 have been busy securing their own big international deals</a>. Bragging rights are on the table.<h2 id="daf6e7aa-7788-42a8-84dd-cb066c69057e">Risky high-stakes game</h2><div type="image" title="Prince Mohammed bin Salman in front of a black background." height="320" width="640" msid="112575436" hostid="261" sizebytes="15426"></div>However, while the Saudis prepare to continue flashing their cash abroad, the PIF faces some risks.For one, the fund has had to learn the hard reality of going big, as a number of its high-profile investments overseas have struggled financially. Earlier this month, for instance, <a target="_blank" class="" href="https://www.businessinsider.com/middle-east-funds-racing-rescue-investments-saudi-arabia-pif-mubadala-2024-8">PIF had to plug a funding gap for Lucid</a> by pumping in an extra $1.5 billion.The electric vehicle maker first <a target="_blank" href="https://lucidmotors.com/fr-ca/media-room/lucid-motors-executes-us1bn-investment-agreement-public-investment-fund-saudi-arabia">raised more than $1 billion from the Saudis in 2018</a> after <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-blames-saudi-investor-backpedaling-taking-tesla-private-trial-2023-1">PIF's talks with Elon Musk to take Tesla private fell through</a>, but has struggled with a high burn rate and waning demand for EVs.PIF has also had to backstop another company. According to filings released in the UK this month, the fund has put $750 million into Magic Leap since the start of 2023, as it struggling to take its immersive reality headsets mainstream.For Hertog, though companies like Lucid have "fallen on hard times" — and other bets from PIF on the likes of the <a target="_blank" class="" href="https://www.businessinsider.com/inside-softbank-vision-funds-awful-year-former-employees-rival-vcs-2022-12">SoftBank Vision Fund</a> have "indeed not done well" — it is still too early to say how the overall performance will turn out. The fund did swing to an annual profit in 2023 following an $11 billion loss the previous year, Bloomberg reported, though many bets are still in their early days."There are inherent risks in investing in new sectors so what matters is not individual failures but the performance of the whole portfolio," Hertog said.PIF's tanglings with political figures are also raising concerns. Donald Trump's son-in-law Kushner, who started private equity firm Affinity Partners in 2021, <a target="_blank" class="" href="https://www.businessinsider.com/jared-kushner-private-equity-firm-funding-from-saudi-arabia-report-2022-4">received a $2 billion commitment from PIF</a> for its debut fund, with that commitment now facing an investigation by Senate Finance Committee chair Sen. Ron Wyden.<div type="image" title="Prince Mohammed bin Salman in front of a black background." height="320" width="640" msid="112575436" hostid="261" sizebytes="15426"></div>In <a target="_blank" class="" href="https://www.finance.senate.gov/chairmans-news/wyden-probes-kushner-firm-payments-from-gulf-states-potential-fara-loophole">a letter published in June</a>, the senator raised concerns that PIF and other Middle Eastern funds were "using payments to Affinity executives as a means to influence Kushner and other politically powerful individuals."For Abdullah Alaoudh, a director at the Middle East Democracy Center, it seems clear that buying "a lot of influence" — or "whitewashing" as he puts it — is a key part of the fund's dealmaking overseas. If potential partners can gloss over some of its more controversial activities, such as <a target="_blank" class="" href="https://www.businessinsider.com/biden-investigation-us-military-aid-saudi-arabia-massacre-migrants-yemen-2023-9">the Kingdom's war in Yemen</a>, it'll have an easier time seeing deals through.As Hertog notes, it's worth remembering that PIF's main priority remains its domestic portfolio. "While some domestic investments have been pruned, the fund's main ambition is domestic diversification," he said.Still, Saudi Arabia seems intent on making its mark on the global stage through the PIF. The world will be keeping watch.The PIF did not immediately respond to a request for comment from BI.

Saudi Arabia is on a high-stakes mission to buy the world 

<keyword id="19915124" type="General" weightage="20" keywordseo="ISRO" source="keywords">ISRO</keyword> has targeted to <keyword id="19997100" type="General" weightage="20" keywordseo="launch" source="keywords">launch</keyword> the first mission of the ambitious <keyword id="19945102" type="General" weightage="100" keywordseo="Gaganyaan" source="keywords">Gaganyaan</keyword> project by December, a top official said here on Friday. Currently, some of the rocket hardware for the human <keyword id="41531" type="General" weightage="20" keywordseo="space" source="Orion">space</keyword> programme has reached the <keyword id="20021373" type="General" weightage="20" keywordseo="Satish-Dhawan-Space-Centre" source="keywords">Satish Dhawan Space Centre</keyword> here and the integration of the crew module was going on at the <keyword id="20054184" type="General" weightage="20" keywordseo="Vikram-Sarabhai-Space-Centre" source="keywords">Vikram Sarabhai Space Centre</keyword>, Trivandrum, ISRO Chairman <keyword id="19929547" type="General" weightage="20" keywordseo="s-somanath" source="keywords">S Somanath</keyword> said. "Today, we are working on the first mission of the Gaganyaan called G1. The first unmanned mission. The status today is the rocket, the S200 stage, the L1, C32 stage are all at Satish Dhawan Space Centre," he said. He said the Crew Module integration was going on at VSSC Trivandrum while Crew Escape hardware was also ready. "So, we have to complete with full wiring and testing should be done. Our target is by November the whole system will reach here, possibly by December launch will happen," he said, responding to a query. Somanath was talking to reporters after successfully launching the third and final developmental flight of the Small Satellite Launch Vehicle that placed the Earth Observation Satellite into orbit earlier in the day. The success of the third and final developmental flight would pave the way for launch of commercial missions using the smallest vehicle by ISRO's commercial arm <keyword id="20038721" type="General" weightage="20" keywordseo="NewSpace-India-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="NewSpace India Ltd" meta.hostid="261" meta.entityid="NewSpace India Ltd">NewSpace India Ltd</keyword> (NSIL). Today's successful mission of <keyword id="21471593" type="General" weightage="20" keywordseo="SSLV" source="keywords">SSLV</keyword> allows industry to forge a partnership with ISRO for placing satellites into Low Earth Orbit. Besides, it would also allow a company to gain knowledge on rockets, launch vehicles, and satellites in the Small Satellite Launch Vehicle missions. To a query about the requirement for industries to partner with the ISRO for taking up commercial launch of SSLV missions, Somanath said a day-long meeting was recently held with the industry. "I am hoping that the first technology transfer will happen in India between ISRO and industry. The Request for Interest (RFI) was released and as a single (entity) or as consortia, a company can show interest on the technology transfer (from ISRO) and what were the expectations from ISRO and how to qualify for such missions," he said. From the interactions held with the industry it emerged there was a huge amount of interest for them to learn about space, he added. "We told them it will be a huge challenge for anyone to learn rocketry from scratch. It is not just transferring technology, we are transferring the knowledge on how things are done (at ISRO). It is not the drawings alone, it is the knowledge behind those drawings we transfer to industry," according to Somanath, also the Secretary, Department of Space. Through the industry partnerships, ISRO would teach them on how to build a rocket, he said and added that the industry should qualify as per the criteria put forth by ISRO. The company should possess manufacturing capabilities, manufacturing facilities and financial strengths of a company would be assessed, he said. "We will add weightage and marks based on the performance of the company and based on that the companies will be shortlisted and a contract would be given to them after the companies which have to pay a technology transfer fee," he said. Some of the unique features of SSLVs are -- it provides low-cost access to Space, offers low turn-around time and flexibility in accommodating multiple satellites, 'launch on demand' feasibility and SSLV missions demand minimal launch infrastructure.

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No village in India left without access to electricity, claims FM Nirmala Sitharaman

ANI

Rolls-Royce is in talks to use its compact nuclear reactors to power data centers and space missions

Beatrice Nolan

SpaceX mission to include first commercial space walk

Business Insider

India's journey through space missions and milestones

Kapil Yadav

Another setback for Elon Musk's SpaceX after mishap with NASA rescue mission

Tom Carter

Saudi Arabia is on a high-stakes mission to buy the world

Hasan Chowdhury

ISRO targets first Gaganyaan mission launch by December: Chairman

PTI

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