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IIT Kanpur and ICICI Bank Forge Partnership to Boost Startup Innovation in India

Leave a Comment / By / Education Community

In a significant development, the Indian Institute of Technology (IIT) Kanpur has entered into a Memorandum of Understanding (MOU) with ICICI Bank to extend comprehensive support to startups. This strategic collaboration is aimed at fostering collaborative initiatives between IIT Kanpur and ICICI Bank, with the primary goal of empowering startups and innovators at the Startup Incubation and Innovation Centre (SIIC) at IIT Kanpur by equipping them with essential tools and knowledge. The official announcement hails this partnership as a pivotal step forward in advancing India’s entrepreneurial ecosystem, underscoring the critical role of partnerships in driving economic growth and nurturing innovation. Both IIT Kanpur and ICICI Bank are deeply committed to providing comprehensive assistance to early-stage ventures, underscoring their dedication to nurturing India’s vibrant startup community. This collaboration will primarily focus on supporting incubatees by enhancing their understanding of foreign trade policies. It will involve organizing workshops and seminars to enable students to effectively engage in international markets. Additionally, the two institutions will work together to host events for startups, thus creating a more expansive ecosystem for innovation and entrepreneurship that extends beyond financial services. ICICI Bank will also play a pivotal role in simplifying the complexities associated with pre and post-transaction compliance, ensuring that innovators, incubatees, and students at IIT Kanpur have a seamless experience when interacting with Private Equity (PE) and Venture Capital (VC) support. This includes streamlining the verification and submission of regulatory documents through digital channels, making the process more accessible and enhancing access to vital financial resources for emerging entrepreneurs within the IIT Kanpur ecosystem.

NITI Aayog’s Special Campaign 2.0: Clearing Pending Matters and Boosting Cleanliness

Leave a Comment / By / Governance Community

NITI Aayog has launched Special Campaign 2.0 to address pending matters and promote cleanliness. This initiative, inspired by Mahatma Gandhi’s vision of a clean India, began in October 2021 and has continued into 2022 and 2023. Special Campaign 2.0, which runs from November 2022 to August 2023, aims to ensure the prompt resolution of public grievances, references from Members of Parliament, state governments, inter-ministerial consultations, and parliamentary assurances by ministries and departments. The campaign is led by NITI Aayog, along with its associated offices, including the Development Monitoring & Evaluation Office (DMEO) and Atal Innovation Mission (AIM) in NITI Bhawan, as well as the National Institute of Labour Economics Research and Development (NILERD) in Narela, New Delhi. It focuses on addressing public grievances, parliamentary assurances, PMO references, and emphasizes record management, cleanliness both indoors and outdoors, and the disposal of office scrap to create more space within NITI Aayog. During this campaign, significant progress has been made in resolving public grievances, parliamentary assurances, and PMO references. Additionally, a substantial number of files have been reviewed and cleared, freeing up valuable space, and generating revenue through the disposal of office scrap. Over 75% of the designated physical files have been reviewed, and approximately 95% of public grievances and appeals have been addressed. Moreover, redundant scrap materials and obsolete items have been identified for disposal.

Global Leaders Convene in New Delhi for 18th G20 Summit

Leave a Comment / By / Governance Community

The 18th G20 Summit, hosted by India, kicked off today in the national capital, New Delhi, with more than 30 heads of state, top officials from the European Union, and invited guest countries in attendance. The two-day summit is being held at the newly inaugurated Bharat Mandapam, and it promises to address critical global challenges under the theme “Vasudhaiva Kutumbakam” or “One Earth · One Family · One Future.” The summit commenced with world leaders arriving at the venue, Bharat Mandapam, from 9.30 am onwards. The first session of the G20 Summit, titled ‘One Earth,’ took place at around 10.30 am. This session is dedicated to accelerating climate action, focusing on increased mitigation efforts and strengthening the global net zero emission agenda as soon as possible. The theme underscores the interconnectedness of all life forms on Earth, emphasizing the value of human, animal, plant, and microorganism life. In the evening, a dinner hosted by the President of India, Droupadi Murmu, was scheduled to bring together foreign delegates, parliamentarians, and ministers, along with former senior leaders of the nation. Key leaders attending the event include US President Joe Biden, British Prime Minister Rishi Sunak, Saudi Crown Prince Mohammed Bin Salman, Canadian Prime Minister Justin Trudeau, and Japanese Prime Minister Fumio Kishida. However, notably absent from the summit are Chinese President Xi Jinping and Russian President Vladimir Putin. China will be represented by Chinese Premier Li Qiang, while Russian Foreign Minister Sergey Lavrov will represent Russia. This marks India’s first time hosting the G20 Summit, with extensive preparations showcasing India’s tradition and strength. During its presidency, India has focused on various critical issues, including inclusive growth, digital innovation, climate resilience, and equitable global health access. India seeks to achieve the dual objectives of adding the African Union as a member of the G20 and resolving disagreements related to a joint statement concerning the conflict in Ukraine. The participating countries in the G20 Summit include Nigeria, Argentina, Italy, the African Union (represented by Comros), South Africa, Bangladesh, the United Kingdom, Japan, Saudi Arabia, the Republic of Korea, Egypt, Australia, the United States, Canada, China, the United Arab Emirates, Brazil, Indonesia, Turkey, Spain, Germany, France, Mauritius, the European Union, and Singapore. A warm welcome was extended to world leaders upon their arrival in Delhi, with Prime Minister Narendra Modi expressing confidence that the summit would chart a new path toward human-centric and inclusive development. Leaders who have arrived in the national capital for the G20 Summit include US President Joe Biden, UK Prime Minister Rishi Sunak, Bangladesh Prime Minister Sheikh Hasina, Italian Prime Minister Giorgia Meloni, Argentina President Alberto Fernandez, and Japan Prime Minister Fumio Kishida. The leaders were welcomed with traditional dance performances. Other distinguished attendees include Chinese Premier Li Qiang, UN Secretary-General Antonio Guterres, Oman Deputy Prime Minister Asaad bin Tariq bin Taimur, Russian Foreign Minister Sergey Lavrov, South Korean President Yoon Suk Yeol, Egypt President El-Sisi, UAE President Mohammed bin Zayed Al Nahyan, Australian Prime Minister Anthony Albanese, Canadian Prime Minister Justin Trudeau, Turkish President Recep Tayyip Erdogan, Indonesian President Joko Widodo, Singapore Prime Minister Lee Hsien Loong, and Brazilian President Luiz Inacio Lula da Silva. Additionally, African Union Chairperson Azali Assoumani, United Nations Secretary-General Antonio Guterres, International Monetary Fund (IMF) Managing Director Kristalina Georgieva, Mauritius Prime Minister Pravind Kumar Jugnauth, Organisation for Economic Cooperation and Development (OECD) Secretary-General Mathias Cormann, World Trade Organization (WTO) Director-General Ngozi Okonjo-Iweala, and European Commission President Ursula von der Leyen have also arrived in Delhi to participate in the summit. The 18th G20 Summit holds the promise of fostering collaborative solutions for the benefit of the global population and contributing to overall global well-being in a rapidly changing world.

PM Modi Highlights India’s Inclusive Tech Initiatives and Global Impact

Leave a Comment / By / Governance Community

In an interview with a news agency, Prime Minister Modi discussed how India’s digital public infrastructure is promoting social inclusion and democratizing technology. He emphasized that India’s efforts have gained global recognition and are paving the way for a broader global movement. Prime Minister Modi highlighted the success of the CoWIN initiative, which facilitated the world’s largest vaccine drive, providing over 200 crore free doses. The platform, CoWIN, was even made open source for other countries to adopt. Referring to the UPI initiative, Modi noted that digital transactions are empowering businesses of all sizes, from street vendors to major banks, and contributing to financial inclusion. He praised India’s Digital Public Infrastructure for its role in delivering public services during the pandemic, citing the Jan Dhan-Aadhar-Mobile (JAM) Trinity’s effectiveness in ensuring financial inclusion and benefit transfers. Modi also mentioned the ONDC e-commerce initiative, which is seen as a significant step in democratizing digital platforms and creating a level playing field. He discussed the adoption of India’s digital public infrastructure by the G20 forum, which has established principles for a secure digital economy and laid the foundation for the One Future Alliance to coordinate global efforts in this regard. Prime Minister Modi highlighted the Ayushman Bharat Digital Mission’s impact on healthcare service delivery and India’s commitment to global health through the G20’s Global Digital Health Initiative. He stressed India’s approach of using technology to promote inclusion and equality, turning it into a force for good. Modi also addressed the government’s efforts to enhance cybersecurity, acknowledging the challenges posed by technology in combating illicit financial activities and terrorism. The Prime Minister celebrated India’s achievements across various domains, including the space sector, startups, sports, and education, expressing optimism about India’s economic prospects in the near future. This interview provides valuable insights into India’s efforts to leverage technology for social inclusion and global cooperation. Interview link: https://www.pmindia.gov.in/en/news_updates/ptis-exclusive-interview-with-prime-minister-narendra-modi/

India’s Chandrayaan-3 Moon Landing: A Bold Leap Towards Lunar Exploration

Leave a Comment / By / Governance Community

In just a few hours, India’s Chandrayaan-3 is set to attempt a historic soft landing on the moon’s southern pole. If successful, India will join an elite group of countries, including the US, China, and the former Soviet Union, in achieving this remarkable feat. The critical moment for the mission lies in the final 15 to 20 minutes, during which the Vikram lander, carrying the rover Pragyan, will gently touch down. The excitement surrounding this lunar touchdown is palpable, with celebrations and prayers being held in anticipation. The Indian Space Research Organisation (ISRO) will broadcast the landing live on its website, while DD National TV will begin its live coverage at 5:27 PM. The Chandrayaan-3 mission embarked on its journey from Sriharikota on July 14. The descent of the Vikram lander towards the lunar surface begins at a rapid velocity of 1.68 km per second. It then undergoes a deceleration process, but it’s still almost parallel to the moon’s surface. This phase, known as the rough braking phase, lasts for approximately 11 minutes. The critical transition to a vertical position relative to the moon’s surface marks the start of the fine braking phase. Any slight error in this delicate descent process could lead to a crash or damage to the spacecraft. A soft landing, in essence, involves a spacecraft descending and landing on the moon’s surface in a controlled manner without causing substantial harm to either the craft itself or its scientific instruments. However, there are significant challenges associated with achieving a soft landing, including overcoming high speeds and executing a precisely controlled descent. Chandrayaan-3 faces the daunting task of navigating these hurdles as it aims to make history on the lunar surface.

Unemployment rate rises in India, declines in the US

Leave a Comment / By / Human Resource Community

Data from the Centre for Monitoring Indian Economy (CMIE) show that in August, with a two million decline in employment, India’s unemployment rate increased to a one-year high of 8.3%. On the other hand, since late last year, the number of open positions in the US has surprisingly surpassed 11 million. Therefore, employment growth has exceeded all forecasts, and the unemployment rate has decreased by 3.5%. In India, there were 397 million people employed in July, with a 6.8% unemployment rate. The unemployment rates in metropolitan areas are often greater than those in rural areas, hovering around 8% and 7%, respectively. However, in August, India’s urban unemployment rate increased to 9.6% while the country’s rural unemployment rate increased to 7.7%. In rural India, the employment rate dropped from 37.6 percent in July to 37.3 percent in August. Unpredictable rains that have an impact on sowing are to blame for this decline. In the US, employers recruited more people than anticipated in July, resulting in a decrease in the unemployment rate to 3.5%. This has caused people to think that the recession has been averted. About 398,000 new jobs were generated in June. Given the tight labour market, the US private sector added about 132,000 jobs in August, indicating that there has been growth, albeit slowly.

OTT video market in India likely to reach $7 billion by 2027

Leave a Comment / By / Media Entertainment & Art Community

According to a media report on Monday, the over-the-top (OTT) streaming video market in India is predicted to reach $7 billion by 2027. The OTT streaming video business in India is currently in its second growth phase, with total revenues expected to reach $3 billion in 2022, according to Livemint, quoting a report published by Media Partners Asia (MPA). New, affluent local players are vying for market dominance in India, lead by Viacom18, which has recently raised new capital and is supported by Reliance, Bodhi Tree, and Paramount. The report stated that established firms like Sony and Zee are going to unite to build a powerful online video and television sector. According to MPA data, India had 97 million OTT subscribers by the end of March. With revenues of more than Rs 17,000 crore in 2021, it is one of the OTT markets with the fastest growth. Subscriptions made up almost Rs 5,200 crore of this total. SonyLIV is now a significant player in this sector thanks to its comeback. Globally dominant companies and freshly capitalised indigenous players are anticipated to face increasing competition in the Indian market. However, telcos’ market presence, together with the advertising video-on-demand (AVoD) sector and low-average revenue per user (ARPU), large volume subscription video-on-demand (SVoD) services, continues to be crucial. Online video revenue in Total Asia Pacific will increase by 16% year on year (YoY) in 2022 to reach $49.2 billion, predicts MPA in its report titled Asia Pacific Online Video & Broadband Distribution 2022. UGC (user-generated) AVoD will contribute 37%, premium AVoD will contribute 13%, and SVoD will contribute 50%. China, the largest market in Asia Pacific, will produce $11.2 billion of revenue in 2022, accounting for 48% of the region’s online video revenue. 20 online video platforms will account for 67% of all APAC online video revenues, according to MPA’s analysis.