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| Jan 01, 1970 | Daily Report |
| RISING BHARAT | News Count (102770) | |
21931. 44 companies given FDI approvals for joint production of defence items with foreign companies: Naik
Make in India / Atmanirbhar
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Investment in Bharat by companies of other countries
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India
Outlook
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- A total of 44 Indian companies, including public sector units, have got approvals related to foreign direct investment (FDI) till now for joint production of defence items with foreign companies, said Minister of State for Defence Shripad Naik on Monday. "So far, FDI inflows of about Rs 4191 crore have been reported by the companies operating in defence and aerospace sector in the country," Naik said in a written reply to a question in Rajya Sabha.
- As on date, FDI approvals have been given to 44 companies -- including DPSUs -- for joint ventures or co-production of various defence items, he stated.
- These items include fixed-wing aircrafts, aerospace and aero structures components, simulator, unmanned aerial systems, optical goods and optical instruments, radar systems, mortars and tactically protected vehicles, he added. On September 17 last year, the government had permitted FDI in defence production up to 74 per cent under automatic route.
21932. Bootstrapped with Rs 80K, Bengaluru-based WedMeBae plans weddings of all sizes and budgets
Innovation and startups, ISRO/Defense/Water infrastructure/EV and other sectors
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Startups in Bharat
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India
Your Story
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- Founded in 2017, WedMeBae expanded its geographical presence by starting a new office in Lucknow last year.
- Adarsh Shukla, Founder of Bengaluru-based WedMeBae says “ WedmeBae differentiates itself as being the wedding planner irrespective of the scale and size the clients demand.”
- Bengaluru-based WedMeBae has organised over 30 weddings in only three years and soon plans to expand to other geographies.
21933. China raises India’s ban on apps, FDI curbs at WTO
Make in India / Atmanirbhar
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Investment in Bharat by companies of other countries
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India
Mint
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- China has raised the issue of Indian curbs on cross-border foreign investments and the ban on 200 Chinese apps at the World Trade Organization (WTO).
- China expressed “deep concern" over the restrictions on opportunistic takeover of Indian companies after the outbreak of the covid pandemic, terming them to be inconsistent with multilateral trade rules and cautioning that they may affect business interests on both sides.
- India’s 7th Trade Policy Review report was released in January at the WTO, but the minutes of the discussions were made public only last week.
21934. Friends Turn Recycled Plastic into Furniture, Decor; Earn Rs 1 Crore in Revenue/Year
Innovation and startups, ISRO/Defense/Water infrastructure/EV and other sectors
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Startups in Bharat
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India
Your Story
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- With an initial investment of Rs 5 lakh each in April 2017, Madhur with three of his friends — Roshan Pidiyar, Bhushan Boob and Ashish Modak, established Recycle Bell Private Limited, a waste management company.
- During the initial days, the friends used to collect dry waste from different waste generators, including ragpickers, industries, shops, etc. The waste is then taken to a material recovery facility and segregated into 100 types of recyclable products.
- Later, in 2018, the four friends decided to make their own product from recycled plastic. After a year-long research, in October 2019, they launched their brand Econiture. The brand sells furniture and home decor, which is completely made from 100% recycled plastic.
21935. Fashion with a cause: Chennai’s Cause Wear sells pre-loved clothes to raise funds for social causes
Innovation and startups, ISRO/Defense/Water infrastructure/EV and other sectors
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Startups in Bharat
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India
Your Story
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- Operational on Instagram and Facebook, The Cause Wear enables people to buy pre-loved clothes. Proceeds from the sales are directed towards empowering women and transgender communities, and to facilitate education.
- From celebrities and influencers to professionals and students, everyone is conscious about where they are spending their money and the environmental impact of lifestyle decisions. The road ahead is clear: minimalism and clean fashion.
- In 2018-end, Shreya saw great potential in one of her friend’s NGOs and the work it did. “But the only thing holding them back was shortage of funds and inconsistent resources,” she says.
21936. Turtlemint Closes $46Mn Series D Round With Jungle Ventures Coming On Board
Make in India / Atmanirbhar
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Investment in Bharat by companies of other countries
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India
Inc42
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- Turtlemint is the latest Indian insurance tech start up space to bag funding from foreign investors after insurance FDI rules were relaxed last month.
- Mumbai-based online insurtech startup Turtlemint has raised fresh capital from Singapore-based venture capital firm Jungle Ventures and closed its Series D financing round.
- With the latest cash infusion from Jungle Ventures, Turtlemint’s Series D has seen a total fundraise of $46Mn, according to a company statement. The latest Series D financing round takes the total fundraise by Turtlemint to $69 Mn.
21937. Alia Bhatt on starting her entrepreneurial journey with sustainable kidswear brand Ed-a-Mamma
Innovation and startups, ISRO/Defense/Water infrastructure/EV and other sectors
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Startups in Bharat
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India
Your Story
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- In a conversation with YourStory, actor, investor, philanthropist, and now a startup founder, Alia Bhatt speaks about starting a conscious clothing line for children.
- “I wanted to start my own label. When you become semi-successful, you start looking back to see if you can start something of your own. I was interested in clothes and fashion, and when I looked deeper, I realised there was no dearth of clothes or fashion labels for people in the age group of 25 to 45 years. The competition, in fact, is high.”
- It was from there the team came up with the idea of Ed-a-mamma. The brand’s first offering is a conscious clothing line, which will be turned into stories and later made into a video series.
21938. Bordering nation FDIs: Final call with ministries
Make in India / Atmanirbhar
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Investment in Bharat by govt of other countries
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India
Indian Express
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- Ministries are to take the final call on whether to approve pending foreign direct investment (FDI) proposals from land bordering countries like China, clarified Department for Promotion of Industry and Internal Trade (DPIIT) Secretary Guruprasad Mohapatra on Tuesday.
- An inter-ministerial committee formed to scrutinise these proposals does not decide on approvals to these FDI proposals, for which government approval was made mandatory in April 2020.
- An inter-ministerial committee formed to scrutinise these proposals does not decide on approvals to these FDI proposals, for which government approval was made mandatory in April 2020. The committee’s role was to “monitor” these proposals, the issues associated with them and the progress on their approvals, according to Mohapatra.
21939. This startup has made salary advances easy - benefitting both employees and employers
Innovation and startups, ISRO/Defense/Water infrastructure/EV and other sectors
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Startups in Bharat
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India
Your Story
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- Gurugram-based Valyu.ai was started by Rashoo Kame and Gaurav Kumar this year in July. The startup has already onboarded one million employees across India, and is looking at disbursing salary or amount worth Rs 500 crore in FY21.
- Valyu is a B2B company which ties up with an enterprise and provides its employees with an interface to ask for their salaries in advance. The whole process is completed in minutes and no paperwork or credit history is required. This is where Valyu’s business model lies too.
- “Employees are allowed to withdraw a large percentage of their unpaid but accrued earnings straight into their salary account whenever they need it, and these advances are given to the employees within minutes sans any cumbersome paperwork, CIBIL score check or financial background check. At the end of the month, the corporates pay the settlement (this is a disbursed amount with extra charges) amount to Valyu.ai and employees get their balance salaries,” explains Rashoo.
21940. Foreigners Can Now Own Insurance Companies In India; FDI Limit Raised To 74%
Make in India / Atmanirbhar
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Investment in Bharat by companies of other countries
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India
Trak.in
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- Just over a month after unveiling of the Union Budget 2021-22, a proposal to amend Insurance Act, 1938 has been approved. FDI which was earlier capped at 49% will now be raised to a 74% limit.
- Increasing the FDI limit in the insurance sector will boost availability of capital and encourage competitiveness, transparency and efficiency in the sector.
- This comes as a welcome move since it has been forecasted that insurance companies might require Rs15,000 crores of capital in the next 3 years, a figure that would be attainable with higher FDI limits.