The Government’s thrust on capex and sustained momentum in private investment has boosted capital formation growth. Gross Fixed Capital Formation increased by 9 per cent in real terms in 2023-24.
MIRABILIA BUSINESS MAGAZINE
Atal Innovation Mission and World Intellectual Property Organization sign a Letter of Intent towards building joint innovation programs in global south
A high-level delegation from World Intellectual Property Organization (WIPO) comprising of Mr. Sherif Saadallah, Executive Director, WIPO Academy and Ms. Altaye Tedla, Head WIPO Academy visited NITI Aayog for signing of a Joint Letter of Intent (JLoI) between Atal Innovation Mission (AIM) and WIPO. The JLoI is aimed at building programs for Innovation, Entrepreneurship & Intellectual Property (IP) for countries in the Global South.
Shri Dharmendra Pradhan, Cabinet Minister for Education and Skill Development and Entrepreneurship in the Government of India graced the occasion with his presence. From NITI Aayog the dignitaries present included Shri Suman Bery, Vice Chairperson, NITI Aayog, Dr. V.K. Saraswat, Member NITI Aayog, and Dr. Chintan Vaishnav, Mission Director, Atal Innovation Mission.
Shri Dharmendra Pradhan Cabinet Minister for Education and Skill Development and Entrepreneurship, Government of India said “I am very pleased to see that India’s innovation ecosystem is going global. Innovation is India’s strength. This pathbreaking partnership between AIM and WIPO will take the best of India’s innovation models to countries that are on similar development trajectories, and will enhance understanding and awareness about IPR right from the school-level and unlock the innovation potential of the world as well as foster inclusive and sustainable economic growth.
Mr. Sherif Saadallah, Executive Director, WIPO Academy during his address said – “Intellectual property (IP) is a powerful catalyst for innovation and creativity, essential for addressing development of youth and achieving the Sustainable Development Goals. Our focus on youth is an integral part of our work to build a more inclusive global IP ecosystem, and our partnership with Atal Innovation Mission demonstrates WIPO’s commitment to ensure youth’s participation in innovation and creativity so that IP ecosystems are utilized by a wider demographic, fostering a more innovative and creative global economy.”
Last year, Mr. Daren Tang, Director General, WIPO had visited the AIM ecosystem and advocated for Atal Tinkering Labs (ATL) and Atal Incubation Centers (AIC) to be a good template for innovation and entrepreneurship through South-South cooperation. His observations prompted WIPO to invite Dr. Chintan Vaishnav, Mission Director AIM to showcase these flagship initiatives earlier this year in front of the member nations at the Committee on Development and Intellectual Property (CDIP) at the WIPO headquarters in Geneva, Switzerland. The agreement signed today has transpired from these conversations.
Speaking at the occasion, Shri Suman Bery Vice Chairperson, NITI Aayog said “WIPO’s recognition of India’s entrepreneurship development model is a proud moment for India and NITI Aayog which hosts the Mission. This deepens an already productive relationship between NITI Aayog and WIPO on national competitiveness”
As one of the specialized agency of the United Nations, WIPO is the nodal institution that releases the Global Innovation Index (GII) annually. As per the GII 2023 report, India had retained the 40th position of 132 economies featured in the GII ranking. As per WIPO Report 2022, India has experienced sixth straight year of growth in patent filing, posting the highest growth of 31.6% globally. Importantly, a substantial increase in resident filings was the main driver of growth overall in 2022.
Dr. V.K. Saraswat, Member NITI Aayog in his address underlined that, “In the last few years, India has made huge strides in its entrepreneurial journey in line with our international aspirations in this domain. This partnership between AIM and WIPO would help position India as a global leader in innovation, leveraging our vast talent pool and dynamic market to attract international investments. This partnership can be a game changer in fostering a culture of IP-led Innovation and hence safeguarding the future of our nation’s technological advancements.”
Shri Vinay Mohan Kwatra appointed as the next Ambassador of India to the United States of America
Shri Vinay Mohan Kwatra has been appointed as the next Ambassador of India to the United States of America.He is expected to take up the assignment shortly.
Introducing the World’s First Consent-Based Data-Sharing Framework Built on Open Standards: The Affinidi Iota Framework
Affinidi, a Singapore-based data and identity management company, launched the Affinidi Iota Framework built on open standards at the WeAreDevelopers World Congress, Berlin, Germany. This innovative framework establishes a new way for individuals to share data by prioritising explicit consent, empowering individuals to selectively share specific data points with a clear understanding of their intended use.
In the traditional digital landscape, individuals often share sensitive data with third parties without transparency or control, leaving their data vulnerable to misuse, unauthorised access, and data breaches. A Twilio report shows that 60% of Asia Pacific consumers demand consent and communication on data use, while a PwC study reveals a trust gap, with only 30% of consumers trusting businesses. Existing solutions exacerbate these issues by collecting vast amounts of individuals’ data (essential/non-essential) and transferring it to back-end databases, burdening developers with managing large volumes of data and associated risks.
Affinidi’s Iota Framework disrupts this outdated model, pioneering a new era of data privacy and security. The Affinidi Iota Framework enables developers to request essential data points directly from individuals, with explicit consent, eliminating the need to collect and store non-essential information. This approach ensures individuals maintain control over their data, reducing storage burdens, and minimising risks associated with data collection and potential misuse. Affinidi equips developers with dev-friendly templates and robust tools, streamlining the setup of data-sharing processes. With our easy-to-use SDK, developers can navigate the complexities of identity, privacy, and security, building innovative solutions in just minutes.
The Affinidi Iota Framework revolutionises data exchange between businesses and individuals by adhering to strict consent-first principles, providing businesses with richer, more accurate data that enhances personalisation, and fosters market innovation and competitiveness. Roopesh Shah, Co-Founder and CTO of Gro Club, India’s first and largest bicycle subscription model that recently adopted Affinidi’s solution for seamless integration, shared, “We began with Affinidi Login to simplify access to individual data through a one-click onboarding process. But with the introduction of the Affinidi Iota Framework, we are thrilled to advance beyond efficient customer onboarding, laying the groundwork for a future where every interaction is precisely tailored to individual preferences based on accurate and consented data.”
Paytm Earnings release for the Quarter Ending June’24
Paytm is India’s leading mobile payments and financial services distribution company. Pioneer of the mobile QR payments revolution in India, Paytm builds technologies that help small businesses with payments and commerce.
In Q1 FY 2025, the company reported a revenue of ₹1,502 Cr and EBITDA before ESOP of ₹(545) Cr.
Financial Highlights:
Operating revenue of ₹1,502 Cr
Contribution profit of ₹755 Cr (margin of 50%)
EBITDA before ESOP of ₹(545) Cr
EBITDA of ₹(792) Cr
Continued focus on cost reduction, employee cost has declined by 9% QoQ
Revenue and profitability is expected to improve, driven by growth in operating parameters such as GMV, an expanding merchant base, recovery in loan distribution business and continued focus on cost optimization
Strong balance sheet with ₹8,108 Cr of cash on books; also holding stock
acquisition rights in PayPay Corporation (5.4% stake, once exercised)
1. Payments Services:
Revenue from Payment services was ₹900 Cr
Net payment margin was ₹383 Cr, GMV of ₹4.3 Lakh Cr
Merchant subscriber base for devices has reached 1.09 Cr as of June 2024
2. Financial Services: Revenue from financial services was ₹280 Cr
3. Marketing Services: Revenue from marketing services was ₹321 Cr
Inaugural Address & Fireside Chat with Governor, Shri Shaktikanta Das at FE Modern BFSI SUMMIT 2024
Inaugural Address & Fireside Chat with Governor, Shri Shaktikanta Das at FE Modern BFSI SUMMIT 2024.
Watch RBI governor at FE’s BFSI summit.
During the BFSI Summit 2024, Ajay Parimal remarked, “Our country has a very weak bond market. India’s corporate bond market is significantly smaller compared to other countries, with corporate debt comprising just 16% of GDP.”
IREDA to Invest Rs. 290 Crore in Nepal 900 MW Hydro Projects
Indian Renewable Energy Development Agency Limited (IREDA) has decided to invest in a 900 MW Hydroelectric power project in Nepal. Approximately Rs. 290 Crore investment will secure IREDA ,up to 10% shareholding in GMR Upper Karnali Hydro Power Limited, Nepal and Karnali Transmission Company Pvt. Ltd., Nepal.
This strategic move, in collaboration with SJVN Limited, aims to support the setting up of the 900 MW Upper Karnali Hydro-Electric Power Project in Nepal. The project will proceed subject to approval from the Government of India and other regulatory authorities. The Board of Directors of IREDA in its meeting held yesterday gave in-principle approval for this equity investment.
Shri Pradip Kumar Das, Chairman & Managing Director, IREDA, said, “This strategic investment aligns with our commitment to expanding renewable energy infrastructure and fostering international collaboration in the sector.
The 900 MW project is a significant step towards harnessing Hydropower potential in Nepal, contributing to regional energy security and sustainable development.”
GMR and the Nepal Electricity Authority, Government of Nepal, are the existing shareholders in M/s. GMR Upper Karnali Hydro Power Limited, Nepal. The inclusion of IREDA and SJVN Limited in the project underscores a strong regional collaboration aimed at enhancing renewable energy capacity and ensuring energy independence
Khelo India Rising Talent Identification (KIRTI) Program to get Fresh Boost from Union Minister Dr. Mansukh Mandaviya
As the Paris Olympics draws near, the Government’s ambitious Khelo India Rising Talent Identification (KIRTI) program is set to get a fresh boost under the leadership of the Union Minister for Youth Affairs & Sports and Labour & Employment, Dr. Mansukh Mandaviya. He will inaugurate the Phase 2 of the initiative in New Delhi tomorrow. Earlier, the first phase of KIRTI was launched in Chandigarh on March 12 this year.
Dr Mandaviya will lay emphasis on the project that aims to achieve 20 Lakh assessment in the FY 2024-25 by onboarding all states and treating the district as a unit of assessment. This is also in line with Hon’ble Prime Minister Shri Narendra Modi’s vision to take sports to every child in the country through mass participation and ultimately achieve excellence through Khelo India’s structured pyramidal programmes.
In the first phase of KIRTI, out of 3,62,683 registrations across 70 centres, close to 51,000 assessments in 28 states and Union Territories have been made. Maharashtra and Haryana, two states which have always done well in Khelo India meets, have had the maximum number of assessments – 9168 and 4820 — respectively. Assam is third with 4703 assessments.
Evaluation of aspiring athletes has happened in 11 disciplines – Archery, Athletics, Badminton, Boxing, Football, Hockey, Kabaddi, Kho-Kho, Volleyball, Weightlifting and Wrestling. Maximum assessments have happened in athletics (13804) and football (13483).
KIRTI aims to conduct 20 lakh assessments across the country throughout the year to identify talent through notified Talent Assessment Centres. A scouting and assessment programme of this scale is a first in India and comes at a time when the nation wants to become a top 10 sports nation in the world by 2036 and among the top five by 2047.
KIRTI’s athlete-centric programme is conspicuous by its transparent selection methodology based on Information Technology. Data analytics based on Artificial Intelligence are being used to predict the sporting acumen of an aspiring athlete.
About KIRTI Program:
KIRTI (Khelo India Rising Talent Identification) has been envisioned to develop an integrated talent identification architecture based on modern ICT tools and global best practices. It aims to streamline the whole process of grassroots talent identification on a single platform.
The roots of the project KIRTI are based on an athlete-centric approach wherein at every step the process of Talent Identification has been made more broad-based and accessible.
Project KIRTI with its decentralized and pocket-based talent identification approach will help in achieving the twin objectives of the Khelo India Scheme i.e. excellence in sports, and mass participation in sports.
GDP growth forecast at 7.0 per cent; CPI inflation projected at 4.5 per cent for 2024-25: FICCI Economic Outlook Survey
The latest round of FICCI’s Economic Outlook Survey puts forth an annual median GDP growth forecast for the year 2024-25 at 7.0 per cent.The median growth forecast for agriculture and allied activities has been put at 3.7 per cent for 2024-25. This marks an improvement vis-à-vis growth of about 1.4 per cent reported in the year 2023-24. Ebbing El Nino effect with expectation of a normal southwest monsoon are likely to bode well for agricultural production. Industry and services sector, on the other hand, are anticipated to grow by 6.7 per cent and 7.4 per cent respectively in the current fiscal year.
The present round of FICCI’s Economic Outlook Survey was conducted in the month of July 2024 and drew responses from leading economists representing industry, banking and financial services sector. The economists were requested to share their forecast for key macro-economic variables for the year 2024-25 and for Q1 (April-June) and Q2 (July-September) FY25.
According to the survey results, median GDP growth is estimated at 6.8 per cent and 7.2 per cent in Q1 2024-25 and Q2 2024-25 respectively.
Further, the median forecast for CPI based inflation has been put at 4.5 per cent for 2023-24, with a minimum and maximum range of 4.4 per cent and 5.0 per cent respectively. While food prices remain sticky with inflation inching up in cereals, fruits and milk, the survey participants expect easing of prices in second quarter with kharif output reaching the market.
On RBI’s policy action, economists were of the view that a cut in the repo rate is expected only in the latter half of the current fiscal year as RBI is expected to continue with its cautious approach keeping a close watch on the inflation trajectory. Policy repo rate is forecasted to moderate to 6.0 per cent by the end of the fiscal year 2024-25 (March 2025).
Given the Union Budget 2024-25 will be announced next week, the participating economists were asked to share their expectations from the first major public policy announcement of the new government. The economists anticipated continuity in policy and further momentum in reforms already being undertaken by the government.
On the subject of fiscal management and expenditure, the participating economists mentioned that the government has done a deft job on the fiscal side. It is expected that such prudence will continue as it is important to ensure macro-economic stability. According to economists, government has an opportunity to leverage additional resources from robust tax collections and Reserve Bank of India’s dividend transfer. This fiscal headroom could be used to increase the spend on social sector schemes especially to support the rural economy. On capital expenditure, it was pointed out that the target could be increased but not much deviation was expected from Rs 11.1 trillion figure that was indicated in the interim budget for FY2025.
The survey participants indicated that the focus of the forthcoming budget could be on the following key priorities.
- Taxation reforms: The surveyed economists expected some reforms on the taxation side aimed at stimulating economic growth. Potential revisions in tax rates to boost disposable income and stimulate consumption, particularly for lower income brackets, is anticipated. Further, it was suggested that enhancing limits under Section 80C and similar provisions could encourage long-term savings and investment. Simplification of capital gains tax regime and a framework guiding towards streamlining of GST slabs are also expected.
- Employment generation and skill development: The participating economists indicated that the forthcoming budget is expected to introduce comprehensive measures to boost employment and enhance workforce capabilities. Announcement of an Employment-Linked Incentive Scheme, introduction of an urban counterpart of MGNREGA, increased investments in labour skilling programs and soft infrastructure, and implementation of targeted policies and support systems to increase female labour force participation were some of suggestions highlighted by the surveyed economists.
- Innovation: The Interim Budget announced earlier this year displayed a clear intention towards encouraging innovation and this is expected to continue. The participants expected further details and modalities on the R&D and innovation fund announced in Interim Budget for its effective utilization.
- Sustainable Development: The budget is expected to maintain focus on sustainable development. Incentives for electric vehicles (EVs) and green hydrogen production and energy transition support were the key asks from the participants.
- Agriculture: The agricultural sector is expected to receive much greater attention in the upcoming budget. The economists proposed creation of reform-linked incentives for states to implement agricultural reforms and improve efficiency; increased support for developing weather-resistant crops and implementing adaptive measures against climate effects; measures to improve storage infrastructure; and establishment of a price forecasting mechanism for non-MSP crops to strengthen the agri-supply chain are the other suggestions / expectations shared by the participants.
- Manufacturing: The budget is also expected to keep the focus on creating a more conducive environment for industrial growth. Review of PLI Scheme to include more labour-intensive sectors and component manufacturing; creation of large SEZ-like clusters with liberal land and labour laws in the domestic tariff area; expediting labour law reforms to increase flexibility and competitiveness – were some of the key expectations.
- Housing: Introduction of interest subvention for middle-class housing schemes, potentially administered through agencies like the Housing and Urban Development Corporation Ltd (HUDCO) was a suggestion that came from some of the survey participants.
- MSMEs: Continuation of support for Micro, Small, and Medium Enterprises remains critical. The MSMEs need to grow in scale and size. Leveraging Account Aggregator framework for MSME lending and extended NPA Classification Period (increase from 90 to 180 days to provide financial breathing room) were two key suggestions made for the sector by the surveyed economists.
- Education and healthcare: Increased government spending on health and education sectors to build robust social infrastructure and support long-term economic growth were also listed as a priority by the economists.
Forests continue to capture carbon despite challenges
The world’s forests have absorbed more than 100 billion tonnes of carbon dioxide over the past three decades, but they need more protection, according to a new study.
Professors Oliver Phillips and Simon Lewis from the School of Geography contributed to the tropical component of the global study, which assessed how the most carbon-rich, species-rich forests have responded to climate change and other threats since 1990.
The study, entitled “The enduring world forest carbon sink,” is published in Nature.
It combined long-term ground measurements with remote sensing data to measure the volume of carbon dioxide absorbed by forests across the world.
The results showed that forests have absorbed more than 100 billion tonnes of carbon dioxide over the past 30 years, nearly half of the carbon dioxide emissions from burning fossil fuels over the same period.
Forests remain an essential part of climate change mitigation. However, they are facing threats from deforestation and wildfires. This study makes recommendations for their protection and restoration.