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India-Mauritius 3rd Joint Committee Meeting 2022; Signs 2 Cooperation MoUs to Boost MSME Sector
On August 25, 2022, the 3rd Joint Committee Meeting (JCM) 2022 between the Ministry of Micro, Small and Medium Enterprises (MSME), Government of India (GoI), and the Ministry of Business, Enterprises and Cooperatives, Republic of Mauritius for cooperation in the field of MSMEs was held in New Delhi, Delhi.
- During the visit of the Mauritius delegation, two Memorandums of Understanding (MoUs) on Cooperation to boost MSME sector were also signed.
Union Minister Narayan Rane, Ministry of MSME, GoI, led the Indian delegation, while Soomilduth Bholah, Union Minister of Industrial Development, Small and Medium Enterprises (SMEs) and Cooperatives, Republic of Mauritius, led the Mauritian team.
The Two MoUs on Cooperation to Strengthen the MSME Sector
First MoU: It was signed on August 23, 2022, in Ahmedabad, Gujarat, between SME Mauritius Ltd. and the Entrepreneurship Development Institute of India (EDII)-Ahmedabad.
Second MoU: It was signed on August 24, 2022, in New Delhi, Delhi, between SME Mauritius Ltd and the National Institute for Micro, Small and Medium Enterprises (ni-msme), an institute under the Ministry of MSME.
i. During the meeting, India and Mauritius examined their current relations in the field of MSMEs and held discussions about prospective areas for future collaboration.
ii.The following topics were discussed: Best practises and experiences in the development of the MSME sector; organizing physical or virtual exhibitions/fairs; technological cooperation; fostering B2B (business to business) collaborations/tie ups through B2B meets; entrepreneurship development and training programmes; and collaboration in diverse sectors such as aromatherapy, food processing, and eco-friendly enterprises.
iii. India and Mauritius’s bilateral trade in goods grew from USD 690.02 million in 2019–20 to USD 786.72 million in 2021–2022.
iv.India and Mauritius signed the Comprehensive Economic Cooperation and Partnership Agreement (CECPA) in February 2021, making it India’s first trade agreement with an African country.
- The agreement covers trade in goods, rules of origin, Trade in services, Technical Barriers to Trade (TBT), Sanitary and Phytosanitary (SPS) measures, dispute settlement, movement of natural persons, telecom, financial services, customs procedures and cooperation in other areas.
About Republic of Mauritius:
Prime Minister – Pravind Kumar Jugnauth
Capital – Port Louis
Currency – Mauritius Rupee (MUR)
Cabinet approves Amendment to Export Policy for Wheat or Meslin Flour; Amends the Legal Metrology (Packaged Commodities) Rules 2011 i.On August 25, 2022, the Cabinet Committee on Economic Affairs (CCEA) chaired by the Prime Minister (PM) Narendra Modi has approved the proposal for amendment of policy of exemption for Wheat or Meslin Flour (Harmonized System(HS) Code 1101) from export restrictions/ ban.
ii.The reason behind amendment is to enable restriction on the export of Wheat Flour in order to curb rising prices of wheat flour and ensure food security of the most vulnerable sections of the society.
iii.The Department of Consumer Affairs (DCA) under Ministry of Consumer Affairs, Food & Public Distribution exempted the garment or hosiery industry selling garment or hosiery items in loose or open by amending the Legal Metrology (Packaged Commodities) Rules, 2011 with Legal Metrology (Packaged Commodities) (Third Amendment) Rules, 2022.
About Ministry of Consumer Affairs, Food & Public Distribution (MoCA, F&PD):
Union Minister– Piyush Goyal (Constituency- Rajya Sabha, Maharashtra)
Ministers of State (MoS)– Ashwini Kumar Choubey (Constituency- Buxar, Bihar); Sadhvi Niranjan Jyoti (Constituency- Fatehpur, Uttar Pradesh)
>> Read Full News
MoEF&CC notifies Battery Waste Management Rules, 2022
i.On August 24, 2022, the Ministry of Environment, Forest and Climate Change (MoEF&CC) issued Battery Waste Management Rules, 2022 by replacing Batteries (Management and Handling) Rules, 2001 to ensure environmentally sound management of waste batteries.
ii.The rules cover all types of batteries, viz. Electric Vehicle batteries, portable batteries, automotive batteries and industrial batteries.
iii.The rules function based on the concept of Extended Producer Responsibility (EPR) where the producers (including importers) of batteries are responsible for collection and recycling/refurbishment of waste batteries and use of recovered materials from wastes into new batteries.
iv.On the Principle of Polluter Pays, environmental compensation will be imposed for non-fulfilment of EPR targets, responsibilities and obligations by respective State Pollution Control Board.
About Ministry of Environment, Forest and Climate Change (MoEFCC):
Union Minister– Bhupender Yadav (Rajya Sabha – Rajasthan)
Minister of State (MoS)– Ashwini Kumar Choubey (Constituency- Buxar, Bihar)
>> Read Full News
J&K – first to establish Atal Tinkering Labs in partnership with NITI Aayog
The Union Territory (UT) of Jammu and Kashmir (J&K) became the first amongst States/UTs to establish an Atal Tinkering Lab (ATL) in partnership with the government think tank NITI (National Institution for Transforming India) Aayog.
- NITI Aayog will replicate the J&K model of Atal Tinkering Lab to all parts of India on a 50:50 cost-sharing basis.
The aim is to encourage young minds in the field, and challenge students to become producers of products themselves instead of consumers
i.To foster entrepreneurship and innovation, Atal Innovation Mission, NITI Aayog established over 10000 ATLs across India so far enabling more than 3 Million students between Grade VI to Grade XII to acquire a problem-solving, tinkering and innovative mindset.
ii.A Memorandum of Understanding (MoU) was signed between AIM and J&K to provide Rs 10 lakh each to establish ATLs in UT. One ATL cost Rs 20 Lakh provided by AIM.
- Under the MoU with a 50:50 cost-sharing basis, 500 ATL will be established within 2 years.
- The AIM will establish around 500 labs in J&K schools in the coming years to promote an innovative and creative mindset among J&K students.
- It is planned that 250 ATL in the Jammu region and 250 in the Kashmir region will be constructed under AIM.
iii.J&K will integrate the ATL with some of the schemes of the Department of Education.
About Atal Innovation Mission (AIM):
i.It is the flagship initiative of the government to promote a culture of innovation and entrepreneurship in India. It was set up in 2016 under NITI Aayog.
ii.The initiatives of the AIM are:
- Atal Tinkering Labs
- Atal Incubation Centres
- Atal New India Challenge
- Mentor of Change Program
- Atal Community Innovation Center
- Aatmanirbhar Bharat Atal Research & Innovation for Small Enterprises (ARISE)
- Vernacular innovation program
Mission Director-Chintan Vaishnav
About Atal Tinkering Labs (ATLs):
- It is established at schools across India under the Atal Innovation Mission (AIM) of the NITI Ayog, with a vision to “cultivate one million children in India as neoteric innovators”.
- ATL was started with an aim to build 10,000 labs and the target was achieved in July 2022.
RailTel & CloudExtel partnered to launch India’s first shared RAN solution for Congested LocationRailTel Corporation of India Limited (RailTel), a “Mini Ratna (Category-I)” Central Public Sector Enterprise (CPSE) under the Ministry of Railways, and CloudExtel, a Full Stack Network as a Service (NaaS) Provider, partnered together to launch India’s first shared Radio Access Network (RAN) solution for congested locations to have better network usage.
The Pilot project of this RAN solution had successful results with the partnership of Bharti Airtel, Vodafone Idea, Nokia, and the Telecom Infra Project (TIP)’s NaaS Solutions Group, with support from the Railways, at Mumbai Central railway station.
i.The Outcomes of the pilot project increased 5 times in average user speed mobile data from 3 Mbps to 15 Mbps for the phone network of Bharti Airtel and Vodafone Idea. The data consumption have jumped up by 20%.
ii.The Shared RAN solution undertakes the solution for the consumers of highly populated and congested areas, to have a better mobile data usage experience.
iii. RAN solution serves the passengers and telecom operators by reducing the clutter of infrastructure and energy consumption in railway stations.
iv.As an initial phase of this project, the extension of this technology will be focused at more Railway Stations in Mumbai, since it has more crowded and congested areas than others.
v.The reason for introducing a shared RAN solution is to have a speed performance even in congested locations or the data will be hampered even after releasing 5G.
i.Chairman and Managing Director of RailTel – Aruna Singh
ii.Co-Founder and Chief Executive Officer of CloudExtel- Kunal Bajaj
Telangana’s Industries Minister KTR unveils theme of 20th Edition of BioAsia 2023, Hyderabad
Kalvakuntla Taraka Rama Rao(KTR) Telangana’s Cabinet Minister for Industries & Commerce unveiled the theme of 20th edition of BioAsia 2023 “Advancing for ONE: Shaping the next generation of humanized healthcare”.
- The BioAsia 2023, a life sciences and health technology event, hosted by the Government of Telangana will be held from February 24-26, 2023 in Hyderabad (Telangana).
The BioAsia 2023 event will feature a start-up showcase where more than 100 selected health-tech entrepreneurs across the world will present their solutions to urgent medical problems.
AAI Signs MoU with Sweden to Facilitate Smart and Sustainable Aviation Technology Collaboration
The Airports Authority of India (AAI) and Sweden’s LFV Air Navigation Services(LUFTFARTSVERKET) inked a Memorandum of Understanding (MoU) for collaboration in aviation technology at the Corporate Headquarters of AAI in New Delhi, Delhi.
- The objective of this initiative is to support India’s efforts to build an efficient, secure, safe, and sustainable sector.
- The MoU was signed by M. Suresh, Member (Air Navigation Services), AAI and Magnus Corell, Deputy Director General, LFV Sweden.
i.The partnership unites two air navigation service providers—India and Sweden—who have a track record of developing and operationalizing the next generation of sustainable aviation technology —to explore innovative aviation solutions.
ii.This MoU will open the door for bilateral exchange of aviation expertise and technology between the two nations.
Prime Minister – Magdalena Andersson
Capital – Stockholm
>> Read Full News
Union Minister Tomar inaugurated the Indo- Israel (CoE) for Vegetables
The Union Minister of Agriculture and Farmers Welfare, Narendra Singh Tomar laid the foundation stone for the Indo-Israel Centre of Excellence (CoE) for Vegetables in Chandauli, Uttar Pradesh(UP) through video conferencing.
The CoE will be established with an investment of Rs 13.67 crore and act as demonstration and training centres for the latest technologies in the field of horticulture and serve as a source of planting material for fruits and vegetables in protected cultivation.
- The technology for the Centre is provided by Israeli experts under the India-Israel Action Plan (IIAP) with funds for building infrastructure for demonstration purposes from MIDH.
- The 2 nurseries had been upgraded by incorporating latest techniques with an investment of Rs 2 crores.
BANKING & FINANCE
HDFC ERGO Launches India’s First Electric Vehicles Ecosystem – ‘All Things EV’HDFC ERGO General Insurance Company Limited, a leading private sector general insurance company, has launched ‘All Things EV,’ India’s first one-stop-solution portal that provides all the required information related to Electric Vehicles (EVs).
- This launch is in line with the Government of India’s (GoIs) initiative for Electric Mobility.
As a part of this initiative, a dedicated platform has been developed for the existing and prospective EV ecosystem users, which holds end-to-end information.
- This platform is accessible by all Indians who have either purchased EVs or are planning to buy EV or to make an earning out of the EV space.
i.For existing EV users, this initiative is helpful by providing information about nearby charging stations, locations of charging stations and also the route for intercity commute & maintenance of their EVs.
- It also has a roadmap with features like slot booking at charging stations, roadside assistance, RTO services & creation of an EV community.
ii.The potential EV buyers benefit by getting information on all the EV options available in India along with the cost of ownership and subsidies offered by different state governments.
iii.People willing to use the EV space for business like setting up of charging stations can also make use of the available information about options of charging units including the associated cost and profitability metrics.
About HDFC ERGO General Insurance Company Limited:
HDFC ERGO General Insurance Company Limited is a joint venture between HDFC Limited and ERGO International AG, the primary insurance entity of Munich Re Group.
MD & CEO – Ritesh Kumar
Headquarters – Mumbai, Maharashtra
SIDBI Collaborates with Tata Power’s TPRMG to Support Green Entrepreneurs
The Small Industries Development Bank of India (SIDBI) has partnered with TP Renewable Microgrid Ltd., (TPRMG), a wholly-owned subsidiary of Tata Power, to develop an innovative programme that will establish 1,000 green energy enterprises across India.
- The initiative aims to empower rural entrepreneurs and promote sustainable entrepreneurship models throughout India.
i.According to the pact, after entrepreneurs complete a capacity-building programme organized by TPRMG, SIDBI will provide them a “Go REsponsive, ENterprise incentive (GREENi)”.
ii.Through this partnership, rural enterprises will have access to a sustainable energy ecosystem and will be included in India’s commitment to the widespread usage of renewable energy.
iii. This new program will enhance the Ease of Doing Business in India’s rural areas while also enabling low-carbon futures for rural entrepreneurs and economies.
About Small Industries Development Bank of India (SIDBI):
Chairman & Managing Director (CMD) – Sivasubramanian Ramann
Establishment – 1990
>> Read Full News
SBI to extend Indian Visa Application Centres for two more years in Bangladesh
On 24th August, State Bank of India (SBI) Bangladesh Country Head of Organisation, Amit Kumar and Dr Binoy George, Deputy High Commissioner of India in Bangladesh inked the agreement to re-engage the agent for managing Indian Visa Application Centres (IVAC) in Bangladesh for another 2 years, at a ceremony organised at IVAC at Jamuna Future Park, Dhaka, Bangladesh.
- IVAC will start a few additional services soon which includes online form filling and submission of forms, slot booking and launching of a mobile app.
- Another agreement signed at IVAC Dhaka was a Priority Lounge.
- SBI has been running the Indian Visa Application Centres in Bangladesh from December 2005.
- Eventually, SBI opened many IVACs across the country, now it manages 15 IVACs in Bangladesh.
RBI imposes Rs 2.33 crore Monetary Penalty on Spandana Sphoorty Financial Limited
The Reserve Bank of India (RBI) has imposed a Monetary Penalty of Rs 2.33 crore on Spandana Sphoorty Financial Limited, Hyderabad-based finance firm for non-compliance with certain provisions and failed to attach to credit pricing guidelines for Non-Banking Financial Company- Micro Finance Institutions (NBFC-MFIs).
- The penalty has been imposed under the provisions of the Reserve Bank of India Act, 1934.
On 8th August 2022, RBI imposed monetary penalties on 9 entities which include 8 cooperative banks and one NBFC(Spandana Sphoorty Financial Limited).
The 8 banks are: Goa State Co-operative Bank Ltd.(Panaji, Goa); Chhattisgarh Rajya Sahakari Bank Maryadit (Raipur, Chhattisgarh); Mehsana Urban Co-operative Bank Ltd.(Mehsana, Gujarat); Indapur Urban Cooperative Bank Ltd. (Indapur, Maharashtra); Warud Urban Co-operative Bank Ltd. (Warud, Maharashtra); Jila Sahakari Kendriya Bank Maryadit, Chhindwara, Madhya Pradesh(MP)); Yavatmal Urban Co-operative Bank Limited (Yavatmal, Maharashtra); and Garha Co-operative Bank Limited(Guna, MP).
ECONOMY & BUSINESS
Mamaearth’s parent company Honasa Consumer tops Practus Hurun India PE Performers 2022
Mamaearth’s parent company Honasa Consumer Private Limited (HCPL) has topped the Practus Hurun India PE Performers 2022, list of best-performing companies for 2020-21 released by the Practus (earlier MyCFO) and Hurun India.
- HCPL leads the ranking with an average growth of 491 percent followed by Encube Ethicals, an integrated pharmaceutical company, with a growth of 343 percent and Ecom Express, a technology enabled logistics solutions provider, with a growth of 283 percent in 2nd & 3rd position respectively.
This is the 1st edition of Practus Hurun India PE Performers 2022 report that ranks India’s best-performing Private Equity (PE)-backed companies.
i.The report is an attempt to highlight companies that have demonstrated growth in financial performance and also investors who have backed these high performers.
ii.Of the 125 companies in India that received single round funding of more than USD 25 million in calendar year(CY) 2021, Hurun Research Institute shortlisted 21 companies that fit the performance and funding criteria.
Top 3 Performing Investee companies:
Note: Ranked based on their weighted average growth in revenues, Earnings before interest, taxes, depreciation, and amortization (EBITDA) and operating cash flow.
|Rank||Company||weighted average performance growth||Key investors|
|1||HCPL(Mamaearth)||491 percent||Sequoia Capital India; Sofina Ventures|
|2||Encube Ethicals||343 percent||Quadria Capital|
|3||Ecom Express||283 percent||CDC Group; Partners Group|
About Honasa Consumer Private Limited (HCPL) – Mamaearth:
Co-founders– Ghazal Alagh & Varun Alagh
Established in– 2016
Headquarters– Gurugram, Haryana
SJVN Signs Agreement for Power Transmission of Luhri Hydro Project Stage-1
Satluj Jal Vidyut Nigam (SJVN) Limited has signed an agreement with Kalpataru Power Transmission Limited for construction of 220 KV Direct Current (D/C) single zebra transmission line for 210 MW Luhri Hydro Electric Project (HEP) Stage-1.
- The contract agreement was signed by Salil Shamshery Executive Director, Electrical Contracts, SJVN and Prabina Kumar Mohanty, Vice President, Projects of Gujarat based Kalpataru Power Transmission Ltd.
- Senior officials from SJVN and Kalpataru Power Transmission Limited were also present on the occasion.
i.The HEP project covers Shimla, Mandi and Kullu districts of Himachal Pradesh and will be connected with 220/400 kV gas insulated switchgear pooling at Nanj in Mandi district through inter-state transmission system (ISTS) network for power transmission.
ii.The agreement envisages an expenditure of Rs 71.18 Crore and includes end to end delivery of commissioned transmission line by August 2024.
iii.Luhri HEP Stage-1 is designed to generate 758 Micro Units(MUs) energy per annum, transmitted through the ISTS network line.
About Satluj Jal Vidyut Nigam (SJVN) Limited:
i.SJVN Limited currently generates around 42,000 MW which is functional in all energy sectors such as hydro, thermal, renewable sources including diversified power transmission and trading.
ii.SJVN Limited aims to be a 5000 MW company by 2023, 25000 MW company by 2030 and 50000 MW company by 2040.
Chairman and Managing Director (MD) – Nand Lal Sharma
Headquarters – Shimla, Himachal Pradesh
APPOINTMENTS & RESIGNATIONS
Dr Samir V Kamat appointed as DRDO Chairman & Secretary Department of Defence R&D
The Ministry of Defence (MoD) appointed Dr Samir V Kamat as the new Chairman of the Defence Research and Development Organisation (DRDO) and Secretary of the Department of Defence Research and Development (R&D).
The Appointments Committee of the Cabinet (ACC) has approved the appointment of Kamat from the date of his assumption of charge till he attains 60 years of age or until further notice.
- He succeeded Dr G Satheesh Reddy who will take charge as Scientific Advisor to Raksha Mantri (Defence Minister).
- Prior to this appointment, Dr Samir V Kamat was serving as the Director General – Naval Systems & Materials (NS&M) at DRDO with effect from 1st July 2017.
About Dr. Samir V Kamat:
i.He joined DRDO at Defence Metallurgical Research Laboratory (DMRL), Hyderabad, as Scientist ‘C’ in 1989.
ii.He also served as Chairman of Defence Technology Vision-2050 Materials Committee and Member of Aeronautics Research and Development Board (AR&DB) Structures Panel, Department of Science and Technology’s, SERB (Science and Engineering Research Board) Materials and Mining Panel; Committee on National Strategy for Rare Earths, National Security Council and National Task Force on Wind Energy, Planning Commission. He is currently, a member of the Editorial Board of Defence Science Journal.
iii.He is a Fellow of the Indian National Academy of Engineering (INAE) and Institution of Engineers India (IEI), a Life member of the Indian Institute of Metals, Materials Research Society of India, Magnetics Society of India, Society for Failure Analysis (and Chairman of the Hyderabad Chapter) and Indian Society for Structural Integrity.
About Defence Research and Development Organisation (DRDO):
Chairman- Dr Samir V Kamat
Headquarters-New Delhi, Delhi
Sourav Ganguly has appointed as First Brand Ambassador of DreamSetGo
On 25th August, 2022, a premium sports and travel platform, DreamSetGo (DSG) announced that the former Indian cricketer “Maharaja of Cricket” Sourav Chandidas Ganguly was appointed as its first brand ambassador.
i.Ganguly has also become the “Supercaptain” for the company DreamSetGo.
ii.Gangulywill help us reach fans across the country who have unparalleled love and contribution to sports, and to promote DSG’s ability to create unique and memorable experiences.
iii.The key partnerships of DSG are with Manchester City, Chelsea FC, ICC Travel and Tours, AO Travel, F1 Experiences, etc.
About Sourav Ganguly:
i.Ganguly, a left-handed batsman, was a highly productive One Day International (ODI) batsman and most successful Indian Test captain, winning 21 test matches out of 49.
ii.He belongs to Kolkata, West Bengal and he is also called as “Dada”. He is the 39th and current President of the Board of Control for Cricket in India (BCCI).
iii. He retired from international cricket after playing his Test against Australia in 2008.
Note: Founder and Chief Business officer of DreamSetGo, Monish Shah.
AICF appoints Vipnesh Bharadwaj as Interim Secretary following Delhi HC order
The All India Chess Federation (AICF) appointed Vipnesh Bharadwaj as its interim Secretary after the Delhi High Court (HC) reiterated its order of removing former Chief Bharat Singh Chauhan.
- On 2 June 2022, the Delhi HC passed an order and unseated Bharat Singh Chauhan.
- On 7 June 2022, the Supreme Court overruled the HC’s decision and reinstated Bharat Singh Chauhan in his post till 15 August 2022 keeping in mind the 44th Chess Olympiad which was held in Mamallapuram, Chennai, Tamil Nadu from 28 July to 9 August 2022.
ACQUISITIONS & MERGERS
HDFC Bank to pick around 10 pc stake in Go Digit Life Insurance
HDFC Bank Limited is set to invest between Rs 49.9 crore to Rs 69.9 crore to pick up around 9.994% (~10%) stake in Go Digit Life Insurance Limited owned by promoters of (Initial Public Offering) IPO-bound Go Digit General Insurance.
On 24 August 2022, HDFC Bank has entered into an indicative and non-binding term sheet with Go Digit Life worth amounts between Rs 49.9 crore to Rs 69.9 crore, in two tranches (by subscribing to equity shares of the company) for an equity stake of up to 9.944% of the paid-up equity share capital Go Digit Life.
i.The deal is subject to the execution of a definitive agreement whose terms and conditions are to be mutually agreed upon, and fulfillment of other terms and conditions.
ii.Backed by Prem Watsa-led Fairfax Group and Kamesh Goyal, Go Digit Life has applied for a certificate of registration from the IRDAI (Insurance Regulatory and Development Authority of India) to set up a life insurance business.
i.In December 2021, IRDAI directed Go Digit General Insurance to discontinue a product offering life insurance benefits and to withdraw all advertisements for the product.
ii.In August 2022 a show-cause notice was issued by IRDAI as deficiencies were observed in complying with the provisions of the Insurance Act 1938.
About HDFC Bank Limited:
Chairman- Atanu Chakraborty
Headquarters- Mumbai, Maharashtra
SCIENCE & TECHNOLOGY
AirAsia India- the 1st Airline in India to use AI-powered CAE Rise™ Training System
AirAsia India (AAI) and Canadian Aviation Electronics Limited (CAE) announced their collaboration to merge the CAE Rise™ training system with the airline’s simulator training program.
AirAsia India is the first airline in India to adopt a data-driven training program using CAE Rise™.
- The collaboration between AAI and CAE has worked together since 2014 on pilot training at CAE network training centres.
- The training system provides the real-time data during training sessions which enable them to assess a pilot’s technical performances with the given insights.
CII signs MoU with Nagaland Government to Unleash Entrepreneurial Talents
The Confederation of Indian Industry (CII) signed a Memorandum of Understanding (MoU) with the Nagaland Government to collaborate and unleash the potential of entrepreneurial talents in Nagaland. The MoU was signed at the Nagaland CSR (Corporate Social Responsibility) & Investment Conclave 2022 in Kohima, Nagaland.
- The conclave was held from 22nd to 23rd August 2022 under the theme “Partnerships for strengthening sustainable development”.
- CII organizes startup pitch sessions as part of the Nagaland CSR and Investment Summit to connect startups with potential investors from across India.
The inaugural session of the Conclave was attended by Nirmala Sitharaman, Union Minister Ministry of Finance, Neiphiu Rio, Chief Minister (CM) of Nagaland, Neiba Kronu, Minister of Planning & Coordination, Land Revenue & Parliamentary Affairs, Nagaland and R Dinesh, President Designate of CII.
What is in the MoU?
i.Under the agreement, the CII will establish startup cohorts and conduct capacity-building programmes for Nagaland Government officials, financial institutions & banks in Nagaland, incubators, and academic innovation cells for engaging with startups.
ii.CII proposed to onboard 500 candidates in the 1st batch & grow to 1000 candidates in subsequent batches.
iii.The Indian Navy will be facilitated to partner with entrepreneurs and startups in Nagaland to provide support for innovation and indigenization initiatives.
- A training school will be set up in Nagaland, facilitated by the CII Institute of Logistics will mobilize candidates from Nagaland for various roles in the logistics sector.
iv.A Model Career Centre (MCC) will also be set up in partnership with the Nagaland Government.
Festivals –Ngada Festival, Hega Festival
Dance Forms- Naga War Dance, Zeliang Dance
TN Government Launches State Level Credit Guarantee Scheme to Help MSMEs
M.K. Stalin, Chief Minister (CM) of Tamil Nadu (TN), introduced several initiatives for Micro, Small, and Medium-sized Enterprises (MSMEs) at the Regional MSME Meet in Tirupur, TN. The initiatives are:
- Tamil Nadu Credit Guarantee Scheme (TNCGS)
- Tamil Nadu Trade Receivables Discounting System (TN TReDS)
- Renaming of M-TIPB as FaMe-TN (Facilitating MSMEs of Tamil Nadu)
- Virtual Inauguration of Tamil Nadu Coir Business Development Corporation in Coimbatore, TN
i.The TNCGS will collaborate with the Credit Guarantee Trust for Micro and Small Enterprises (CGTMSE) of the Government of India (GoI) to provide a 90% guarantee on qualified loans up to Rs. 40 lakh.
ii.TN TReDS is an Enterprise Resource Planning (ERP) platform that will tackle issues with late payments for supplies made to larger enterprises.
iii. Mr. Stalin renamed the MSME Trade and Investment Promotion Bureau (M-TIPB) as “FaMe TN” during the event.
About Tamil Nadu (TN):
Governor – Ravindra Narayana Ravi
Dance Forms – Theru Koothu; Paambu Attam
>> Read Full News
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Current Affairs Today (AffairsCloud Today)
|S.no||Current Affairs 27 August 2022|
|1||India-Mauritius 3rd Joint Committee Meeting 2022; Signs 2 Cooperation MoUs to Boost MSME Sector|
|2||Cabinet approves Amendment to Export Policy for Wheat or Meslin Flour; Amends the Legal Metrology (Packaged Commodities) Rules 2011|
|3||MoEF&CC notifies Battery Waste Management Rules, 2022|
|4||J&K – first to establish Atal Tinkering Labs in partnership with NITI Aayog|
|5||RailTel & CloudExtel partnered to launch India’s first shared RAN solution for Congested Location|
|6||Telangana’s Industries Minister KTR unveils theme of 20th Edition of BioAsia 2023, Hyderabad|
|7||AAI Signs MoU with Sweden to Facilitate Smart and Sustainable Aviation Technology Collaboration|
|8||Union Minister Tomar inaugurated the Indo- Israel (CoE) for Vegetables|
|9||HDFC ERGO Launches India’s First Electric Vehicles Ecosystem – ‘All Things EV’|
|10||SIDBI Collaborates with Tata Power’s TPRMG to Support Green Entrepreneurs|
|11||SBI to extend Indian Visa Application Centres for two more years in Bangladesh|
|12||RBI imposes Rs 2.33 crore Monetary Penalty on Spandana Sphoorty Financial Limited|
|13||Mamaearth’s parent company Honasa Consumer tops Practus Hurun India PE Performers 2022|
|14||SJVN Signs Agreement for Power Transmission of Luhri Hydro Project Stage-1|
|15||Dr Samir V Kamat appointed as DRDO Chairman & Secretary Department of Defence R&D|
|16||Sourav Ganguly has appointed as First Brand Ambassador of DreamSetGo|
|17||AICF appoints Vipnesh Bharadwaj as Interim Secretary following Delhi HC order|
|18||HDFC Bank to pick around 10 pc stake in Go Digit Life Insurance|
|19||AirAsia India- the 1st Airline in India to use AI-powered CAE Rise™ Training System|
|20||CII signs MoU with Nagaland Government to Unleash Entrepreneurial Talents|
|21||TN Government Launches State Level Credit Guarantee Scheme to Help MSMEs|