Shri Piyush Goyal inaugurates Invest India’s Singapore Office

Union Minister of Commerce & Industry, Shri Piyush Goyal today inaugurated Invest India’s new office in Singapore. Today’s office inauguration comes after India’s Hon’ble Prime Minister Shri Narendra Modi announced setting up of an Invest India office in Singapore during his visit to the country on September 4th and 5th, 2024. The Singapore Office is Invest India’s first overseas office. This significant move reinforces India’s commitment to deepening investment partnerships and making it easier for global investors to engage with India. The Singapore office will serve as a dedicated point of contact for companies from the region looking to invest in India, fostering collaboration across sectors.

Speaking at the event, Minister Goyal emphasised, “Singapore is a key strategic partner for India, and this office marks a new chapter in our efforts to strengthen economic cooperation with Singapore and the broader ASEAN region. We plan to open more overseas Invest India offices in the coming months with an aim to provide global investors seamless access to India’s dynamic and growing economy.”

Godfrey Phillips India Limited’s Journey through the years

Godfrey Phillips India Limited, a flagship company of Modi Enterprises – KK Modi Group, is one of the largest FMCG companies in India. GPI’s commitment to quality is unwavering.

Along with a strong primary portfolio, GPI also have a strong confectionery portfolio with Funda and have unique offerings for international markets. These are a testament to relentless pursuit of excellence and passion for innovation.

GPI’S Guldhar plant in Ghaziabad, Uttar Pradesh has been proving its consistent track record in performance excellence with multiple accolades to its name. Year on year, for over a decade, Rabale and Guldhar plants have been receiving the highest in category WINNER award in the areas of Environment Management, Health and Safety, etc. from Greentech Foundation.

 

Godfrey Phillips India’s Rabale factory in Maharashtra has also been recognized for its remarkable environmental practices by the Greentech Foundation and by a cross section of reputed stakeholders, including the Vasundhara Awards by the Government of Maharashtra, INSSAN, IRIM for Manufacturing Competitiveness. Rabale unit has bagged the Greentech ‘Quality and Innovation’ Award for two successive years.

Godfrey Phillips seeks RBI nod on bonus issue to non-resident shareholders

Godfrey Phillips India Ltd on Friday announced that its board of directors has discussed issuing bonus shares.

However, the company has decided to seek clarification and approval from the Reserve Bank of India (RBI) before proceeding with the issuance, particularly for non-resident shareholders, including those under Foreign Direct Investment (FDI) and Foreign Portfolio Investment (FPI).

Given the company’s involvement in manufacturing cigarettes and other tobacco products, where FDI is currently prohibited, the board recognised the need for regulatory clearance.

The decision to issue bonus shares will be revisited once the necessary approvals from the RBI are obtained. Godfrey Phillips India said a subsequent board meeting will be convened to finalise and implement the issuance of bonus shares.

“In view of the above, the board decided that on receipt of the necessary clarification/approval from RBI, a board meeting will be subsequently convened to approve the issuance of Bonus Shares and undertake necessary steps to implement the decision thereafter,” it said.

The company’s revenue from operations increased 12% to ₹1,158.2 crore compared to ₹1,034.1 crore in the corresponding period of the preceding fiscal.

At the operating level, EBITDA was up 3.5% to ₹248.3 crore in the first quarter of this fiscal over ₹239.8 crore in the year-ago period. The EBITDA margin stood at 21.4% in the reporting quarter compared to 23.2% in the corresponding period in the previous fiscal.

FSSAI sign MoU with Brazil’s Ministry of Agriculture and Livestock in the area of food safety

The Food Safety and Standards Authority of India (FSSAI) signed an MoU with the Ministry of Agriculture and Livestock (MAPA) of Brazil on the sidelines of Global Food Regulators Summit, 2024, at Bharat Mandapam, New Delhi, yesterday. 

The MoU starts a new phase of cooperation aimed at improving food safety through joint projects and technical collaboration. It was signed by Mr. Carlos Henrique Baqueta Fávaro, Agriculture and Livestock Minister, Brazil and counter signed by Shri G. Kamala Vardhana Rao, CEO of FSSAI.

Shri G. Kamala Vardhana Rao said, “Signing this MoU demonstrates our dedication to food safety and signifies a major advancement in our ongoing efforts to enhance international collaboration in food safety.  We are eager to work with MAPA to achieve our common goals and enhance food safety in both countries.”

The representative from the Ministry of Agriculture and Livestock of Brazil added “The signing of the MoU marks a milestone in the bilateral relations between the two countries in the field of food safety, allowing for technical cooperation and exchange of experience and knowledge with the aim of strengthening the institutional collaboration and pursuing joint initiatives.”

Both FSSAI and MAPA are committed to fostering a mutually beneficial and productive partnership.

Cabinet approves health coverage to all senior citizens of the age 70 years and above

Cabinet approves health coverage to all senior citizens of the age 70 years and above irrespective of income under Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB PM-JAY)

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has approved the health coverage to all the senior citizens aged 70 years and above irrespective of income under the flagship scheme Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (ABPMJAY)

This aims to benefit approximately 4.5 Crore families with six (6) crore senior citizens with 5 Lakh rupees free health insurance cover on a family basis.

With this approval, all senior citizens of the age 70 years and above irrespective of their socio- economic status would be eligible to avail the benefits of AB PM-JAY. The eligible senior citizens would be issued a new distinct card under ABPMJAY. The senior citizens of the age 70 years and above belonging to families already covered under AB PM-JAY will get an additional top-up cover upto ₹5 lakh per year for themselves (which they do not have to share with the other members of the family who are below the age of 70 years).

All other senior citizens of the age 70 years and above will get a cover upto ₹5 lakh per year on a family basis. Senior citizens of the age 70 years and above who are already availing benefits of other public health insurance schemes such as Central Government Health Scheme (CGHS), Ex-Servicemen Contributory Health Scheme (ECHS), Ayushman Central Armed Police Force (CAPF) may either choose their existing scheme or opt for AB PMJAY. It has been clarified that senior citizens of 70 years and above who are under private health insurance policies or Employees’ State Insurance scheme will be eligible to avail benefits under AB PM-JAY.



AB PM-JAY is the world’s largest publicly funded health assurance scheme which provides health cover of Rs. 5 lakh per family per year for secondary and tertiary care hospitalization to 55 crore individuals corresponding to 12.34 crore families. All members of the eligible families irrespective of age are covered under the scheme. The scheme has covered 7.37 Crore hospital admissions including 49 percent women beneficiaries. The public has benefited to the extent of over Rs. 1 Lakh crore under the scheme.

The expansion of cover to senior citizens of the age of 70 years and above was earlier announced by Hon’ble Prime Minister Shri Narendra Modi in April 2024.

Union Home Minister and Minister of Cooperation Shri Amit Shah will attend the 54th Foundation Day celebrations of BPR&D

Union Home Minister and Minister of Cooperation Shri Amit Shah will attend the 54th Foundation Day celebrations of BPR&D as Chief Guest on Wednesday, 28th August, 2024 in New Delhi

On the occasion, the Home Minister will deliver the Dr. Anand Swaroop Gupta Memorial Lecture on “New Criminal Law – Citizen Centric Reforms.” Shri Amit Shah will also honour the recipients of the President’s Medal for Distinguished Service (PSM) and President’s Medal for Meritorious Service (MSM) for the years 2023 and 2024. During the function, the Home Minister will also release a special edition of the Bureau’s publication “Indian Police Journal” on new criminal laws.

Under the leadership of Prime Minister Shri Narendra Modi and guidance of Union Home Minister Shri Amit Shah, BPR&D is committed to transform the Indian Police Forces into SMART forces to successfully meet the challenges of policing as well as internal security by equipping them with the necessary intellectual, physical and organizational resources.

Since its inception in the year 1970, BPR&D has been serving as the think tank of the Indian Police to foster excellence in policing in Research and Development. The focus of the institute is to develop policies and procedures for police and correctional services, explore ushering technologies for enhanced service delivery to the citizens, capacity building of law enforcement agencies, promote cooperation and coordination between states and central police organizations.

The inauguration ceremony will be attended by Union Home Secretary Shri Govind Mohan, Director General of Central Armed Police Forces (CAPFs), Heads of central police organizations as well as senior officials of Home Ministry and other departments.

NVIDIA Launches NIM Microservices for Generative AI in Japan, Taiwan

NVIDIA Launches NIM Microservices for Generative AI in Japan, Taiwan

Nations around the world are pursuing sovereign AI to produce artificial intelligence using their own computing infrastructure, data, workforce and business networks to ensure AI systems align with local values, laws and interests.

In support of these efforts, NVIDIA announced the availability of four new NVIDIA NIM microservices that enable developers to more easily build and deploy high-performing generative AI applications.

The microservices support popular community models tailored to meet regional needs. They enhance user interactions through accurate understanding and improved responses based on local languages and cultural heritage.

In the Asia-Pacific region alone, generative AI software revenue is expected to reach $48 billion by 2030 — up from $5 billion this year, according to ABI Research.

Llama-3-Swallow-70B, trained on Japanese data, and Llama-3-Taiwan-70B, trained on Mandarin data, are regional language models that provide a deeper understanding of local laws, regulations and other customs.

Training a large language model (LLM) on regional languages enhances the effectiveness of its outputs by ensuring more accurate and nuanced communication, as it better understands and reflects cultural and linguistic subtleties.

Nations worldwide — from Singapore, the United Arab Emirates, South Korea and Sweden to France, Italy and India — are investing in sovereign AI infrastructure.

The new NIM microservices allow businesses, government agencies and universities to host native LLMs in their own environments, enabling developers to build advanced copilots, chatbots and AI assistants.

High-Tech Highways: India Uses NVIDIA Accelerated Computing to Ease Tollbooth Traffic

India is home to the globe’s second-largest road network, spanning nearly 4 million miles, and has over a thousand tollbooths, most of them run manually.

Traditional booths like these, wherever in the world they’re deployed, can contribute to massive traffic delays, long commute times and serious road congestion.

To help automate tollbooths across India, Calsoft, an Indian-American technology company, helped implement a broad range of NVIDIA technologies integrated with the country’s dominant payment system, known as the unified payments interface, or UPI, for a client.

Manual tollbooths demand more time and labor compared to automated ones. However, automating India’s toll systems faces an extra complication: the diverse range of license plates.

India’s non-standardized plates pose a significant challenge to the accuracy of automatic number plate recognition (ANPR) systems. Any implementation would need to address these plate variations, which include divergent color, sizing, font styles and placement upon vehicles, as well as many different languages.

The solution Calsoft helped build automatically reads passing vehicle plates and charges the associated driver’s UPI account. This approach reduces the need for manual toll collection and is a massive step toward addressing traffic in the region.

Automation in Action

As part of a pilot program, this solution has been deployed in several leading metropolitan cities. The solution provides about 95% accuracy in its ability to read plates through the use of an ANPR pipeline that detects and classifies the plates as they roll through tollbooths.

NVIDIA’s technology has been crucial in this effort, according to Vipin Shankar, senior vice president of technology at Calsoft. “Particularly challenging was night-time detection,” he said. “Another challenge was model accuracy improvement on pixel distortions due to environmental impacts like fog, heavy rains, reflections due to bright sunshine, dusty winds and more.”

The solution uses NVIDIA Metropolis to track and detect vehicles throughout the process. Metropolis is an application framework, a set of developer tools and a partner ecosystem that brings visual data and AI together to improve operational efficiency and safety across a range of industries.

Calsoft engineers used NVIDIA Triton Inference Server software to deploy and manage their AI models. The team also used the NVIDIA DeepStream software development kit to build a real-time streaming platform. This was key for processing and analyzing data streams efficiently, incorporating advanced capabilities such as real-time object detection and classification.

Calsoft uses NVIDIA hardware, including NVIDIA Jetson edge AI modules and NVIDIA A100 Tensor Core GPUs in its AI solutions. Calsoft’s tollbooth solution is also scalable, meaning it’s designed to accommodate future growth and expansion needs, and can better ensure sustained performance and adaptability as traffic conditions evolve.

INDIAN NAVY SIGNS MoU WITH BEML LTD.

In a major push towards indigenisation of critical Marine Engineering equipment of the Indian Navy. BEML Ltd., a ‘Schedule A’ company under the Ministry of Defence and one of India’s leading Defence and Heavy Engineering manufacturers has signed a Memorandum of Understanding (MoU) with the Indian Navy.

The MoU was concluded at the Naval Headquarters at New Delhi between Rear Admiral K Srinivas, ACOM(D&R), Indian Navy and Shri Ajit Kumar Srivastav, Director of Defence, BEML. This initiative is a pivotal step in enhancing bilateral cooperation for indigenous design, development, manufacture, testing and product support of critical Marine Engineering equipment and systems.

Aligned with the Government of India’s Aatmanirbhar Bharat initiative, the partnership aims to strengthen self-reliance in defence production and reduce dependence on foreign OEMs.

Prime Minister Shri Narendra Modi congratulates RBI Governor Shri Shaktikanta Das on being rated “A+”

The Prime Minister, Shri Narendra Modi today congratulated RBI Governor Shri Shaktikanta Das on being rated “A+”, for the second time in a row, in Global Finance Central Banker Report Cards 2024.

The Central Banker Report Cards, published annually by Global Finance since 1994, grade the central bank governors of nearly 100 key countries, territories and districts, as well as the European Union, the Eastern Caribbean Central Bank, the Bank of Central African States and the Central Bank of West African States.

Grades are based on an “A+” to “F” scale for success in areas such as inflation control, economic growth goals, currency stability and interest rate management. (“A” represents an excellent performance, down through “F” for outright failure.)

“Central bankers have waged war against inflation over the past few years, wielding their primary weapon: higher interest rates. Now, countries around the world are witnessing the tangible results of these efforts, as inflation has dropped significantly,” said Global Finance founder and editorial director Joseph Giarraputo. “Global Finance’s annual Central Banker Report Cards honor those bank leaders whose strategies outperformed their peers through originality, creativity and tenacity.”