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| Jan 01, 1970 | Daily Report |
| RISING BHARAT | News Count (102266) | |
21831. PM announces Rs 1,000-cr 'Startup India Seed Fund'
Make in India / Atmanirbhar
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Central Government Schemes to manufacture in BHARAT
English
India
The Economic Times
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- The summit marked the fifth anniversary of the Startup India initiative launched by Modi on this day in 2016.
- Prime Minister Narendra Modi on Saturday announced the launch of Rs 1,000-crore 'Startup India Seed Fund' to support startups and help budding entrepreneurs pursue innovative ideas. Addressing the 'Prarambh: Startup India International Summit', Modi exuded confidence that the growth of startups will help in generating jobs and improving lives of people in the region.
- "In order to provide initial capital for startups, the nation is launching a Rs 1,000 crore Startup India Seed Fund. This will help in setting up new startups and promote their growth," the Prime Minister said.
21832. Cabinet approves ₹5,282-cr investment for 850 MW Ratle project on Chenab river
Make in India / Atmanirbhar
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Investment in Bharat by Bhartiya companies
English
Jammu and Kashmir
Mint
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- The Union Cabinet approved a ₹5281.94 crore investment for 850 megawatt (MW) Ratle hydropower project on Chenab river in Jammu and Kashmir.
- This comes in the backdrop of India’ plan to expedite strategically important hydropower projects in the union territory post its reorganization, as the National Democratic Alliance government plans to fully utilize its share of water under the Indus Waters Treaty of 1960. Chenab flows from India into Pakistan.
- This comes in the backdrop of India’ plan to expedite strategically important hydropower projects in the union territory post its reorganization, as the National Democratic Alliance government plans to fully utilize its share of water under the Indus Waters Treaty of 1960. Chenab flows from India into Pakistan.t
21833. World Bank plans $100-mn guarantee scheme for solar rooftop projects
Make in India / Atmanirbhar
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Investment in Bharat by companies of other countries
English
India
Mint
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- The World Bank plans to introduce a $100-million credit guarantee scheme to boost India’s rooftop solar programme. An investment of ₹4.7 trillion has been made in India’s renewable energy space in the last six years, with an expected ₹1 trillion investment opportunity annually till 2030.
- The World Bank scheme, along with State Bank of India (SBI) and the MSME ministry to accelerate adoption of rooftop solar units, will help MSMEs access credit of around $1 billion.
- “The World Bank is collaborating with SBI to implement a $648 million financing and technical assistance programme for solar rooftops. Through the programme, concessional debt financing is provided for commercial and industrial consumers including MSMEs," a World Bank spokesperson said in an emailed response.
21834. Modi urges Swedish cos to invest in India
Make in India / Atmanirbhar
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Investment in Bharat by companies of other countries
English
India
Mint
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- India and Sweden can deepen ties with increased collaboration in smart cities, e-mobility, smart grids, PM Modi said A joint statement issued after a virtual summit between Modi and his Swedish counterpart Stefan Lofven said that Modi had invited Swedish defence firms to participate in the Make in India programme, especially in the two defence production corridors in Tamil Nadu and Uttar Pradesh.
- Secretary West in the Indian foreign ministry Vikas Swarup said New Delhi was aware of Swedish company SAAB offering to move its Gripen fighter aircraft production line to India. SAAB has made this offer against the backdrop of India putting out a tender for the acquisition of 114 fighter aircraft for the Indian Air Force.
- The prime minister also identified climate change as a priority for both the countries together on.
21835. RBI Restricts Investment in NBFCs from FATF Non-Compliant Jurisdictions
Make in India / Atmanirbhar
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Investment in Bharat by companies of other countries
English
India
LEXOLOGY
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- The Reserve Bank of India (RBI) issued a circular on 12 February 2021 (Circular) to impose restrictions on investments in non-banking finance companies (NBFC) by investors from Financial Action Task Force (FATF) non-compliant jurisdictions.
- New investors from or through FATF non-compliant Jurisdictions will be prohibited from directly or indirectly acquiring ‘significant influence’ in the existing investee NBFC as well as companies seeking Certification of Registration. The term ‘significant influence’ is defined as having more than 20% of the actual and potential voting power. This consequentially prohibits new investors from FATF non-compliant jurisdictions from acquiring more than 20% of the voting rights in NBFCs.
- The jurisdictions on the FATF blacklist include Iran and North Korea, and the ones on the grey list include Albania, Barbados, Botswana, Cambodia, Ghana, Jamaica, Mauritius, Myanmar, Nicaragua, Pakistan, Panama, Syria, Uganda, Yemen, and Zimbabwe.
21836. Apple aims to make iPhone 12 in India, shift up to 10% manufacturing capacity out of China: Report
Make in India / Atmanirbhar
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Investment in Bharat by companies of other countries
English
India
The Economic Times
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- iPhone-maker Apple is planning to commence iPhone 12 manufacturing in India and in the process, shift 7-10% of the manufacturing capacity of the device in India, according to a Business Standard report.
- It should be noted that Apple already manufactures the iPhone SE, iPhone XR, and iPhone 11 in India through its contract partners and the latest move could potentially lower the cost of the iPhone 12 which retails at a starting price of Rs 69,990 for the base model in India.
- ET had first reported that Apple is working on deepening its manufacturing capabilities in India by increasing local sourcing of components for iPhones besides bringing its partners to kick off local production of iPads, Airpods,MacBooks.
21837. Nearly 6,000 compliance norms identified at state, central level: DPIIT Secy
Make in India / Atmanirbhar
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Investment in Bharat by Bhartiya companies
English
India
Your Story
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- As many as 6,000 compliance norms have been identified so far at state and central level and the work is going on to reduce these barriers to further promote ease of doing business for the industry.
- The exercise is divided into two phases - March 31 and August 15, 2021. In phase 1, work is underway for reducing regulatory burden across six areas including renewal of licences; inspections to be assigned randomly; returns/filings to be standardised and digitisation and simplification of all manual records or procedures.
- Mohapatra said that as per data, maximum compliance burdens are in five ministries - commerce and industry; finance; health; corporate affairs; and mines. Of the 6,000 burdens, 1,500-2,000 are at central level and the remaining at state level.
21838. Chinese phone maker Vivo to open 100 exclusive stores in India this year
Make in India / Atmanirbhar
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Investment in Bharat by companies of other countries
English
China
Business Standard
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- Chinese smartphone brand Vivo said it is all set to open nearly 100 exclusive stores across India this year.
- Currently, the smartphone maker has 550 retails stores across the country and by the end of this year, it aims to cross the 650-mark, according to Nipun Marya, Director Brand Strategy, Vivo India.
- "Apart from new products, we are focusing on marketing investment. We are back as title sponsor of the Indian Premier League (IPL)," he noted.
21839. Return of ZebPay: how the crypto trading startup is making the most of India’s bitcoin boom
Innovation and startups, ISRO/Defense/Water infrastructure/EV and other sectors
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Startups in Bharat
English
India
Your Story
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- ZebPay claims that two-thirds of crypto owners in India bought their first Bitcoin on its platform. We couldn’t independently verify the claim, but there’s no denying that ZebPay is among India’s oldest crypto trading platforms and a popular name in the world of digital currencies.
- “Bitcoin was born during the 2008 economic crisis so people could store wealth in a decentralised manner. Similarly, investors today want to keep their money safe from inflation, and make it easily accessible. All these factors have led to the boom in crypto trading post COVID-19.”
- Rahul says, “ZebPay has been fully compliant on KYC and other laws. We are as legitimate as any other financial service provider. We didn’t want to fight unfriendly regulators. So, we were the first crypto exchange to shut down operations [in 2018, after the RBI ban]. Early in 2020, we decided to restart because we believe in India, and believe in Bitcoin.”
21840. Pivot and persist: How Nanoclean went from battling air pollution to taking the fight to COVID-19
Innovation and startups, ISRO/Defense/Water infrastructure/EV and other sectors
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Startups in Bharat
English
India
Your Story
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- Launched in 2017, Delhi-based startup Nanoclean began its journey by manufacturing nasal filters to tackle air pollution. Pivoting to face masks seemed a natural progression amidst COVID-19 and the startup has now garnered a government grant of Rs 1.3 crore.
- In 2017, it won the Startup National Award conferred by the President of India. The startup also has multiple grants on its name from the Government of India, including the Department of Science and Technology, and a joint grant with IIT-Delhi from the Ministry of Human Resource Development.
- The startup sold more than five lakh face masks, called nano masks, across the world only in February and there has been no looking back. The company, which gained attention for its nose filters, gradually started supplying masks to hospitals and frontline workers and started working with the government directly.