GeM records 136 percent quarter-on-quarter growth over last year’s Gross Merchandise Value

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Government e Marketplace (GeM) has clocked a Gross Merchandise Value (GMV) of ₹1,24,761 Lakh crore at the end of first quarter (Q1).

In Q1, FY 24-25 services segment has been the prime mover clocking a GMV of more than ₹80,500 crore representing a growth of 330% over corresponding period in FY 23-24.

Procurement by Central Ministries including CPSEs surpassed ₹1 Lakh crore milestone in this period with Ministries of Coal, Defence and Petroleum & Gas emerging as the top procurers in this quarter. Of this ₹1 Lakh crore GMV, CPSEs share accounted for more than ₹ 91,000 Crore.

“In Q1 FY 23-24, procurement by Central Government bodies stood at ₹42,500 Crore.

Carrying forward its vision of reaching out to the last mile sellers and with an aim to further simplify public procurement, GeM is planning to roll out ‘GeM SAHAYAK’ program which aims at creating a PAN INDIA network of 6-7000 trained and certified accredited trainers who would then offer their services to potential and existing GeM Sellers in navigating on GeM and enhancing business opportunities. Buyers too will benefit from the services of these SAHAYAKS in terms of creation of bids and other value-added services.

Another major initiative taken by GeM to facilitate Ease of Doing Business on GeM is the drastic reduction in quantum of Transaction charges leviable on Sellers.

GeM launched its signature initiative called “The Aabhar Collection” as part of its #Vocalforlocal outlet store marketplace. 

“Launch of Aabhar collection marks an important milestone in enhancing visibility of indigenous arts & crafts and showcasing the rich tapestry of Indian heritage and culture and providing empowerment of our underserved seller groups through the network of Central and State Handicraft and handloom emporiums” highlighted Shri Prashant Kumar Singh, CEO-GeM.

Continuing into this fiscal year, awareness, out-reach and capacity-building initiatives were further strengthened and GeM entered into MoUs with Dalit Indian Chamber of Commerce & Industry (DICCI), Assam Startup Nest and North Eastern Development Finance Corporation Limited (NEDFi) and have also conducted more than 320 training sessions for Buyers and Sellers across the country. GeM’s recently-launched interactive & multilingual training courses also witnessed remarkable user registration with 1,172 Buyers and 3,393 Sellers enrolled in the courses within just four months since its launch.

To maintain its pole position in the public procurement space, GeM is all set to deploy its generative AI-based chatbot called “GeMAI” in the coming quarter.

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Department of Fisheries to organise Fisheries Summer Meet 2024 on 12th July 2024 at Madurai, Tamil Nadu

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India is the 2nd largest fish producing country with around 8% share in global fish production. Globally, India also stands 2nd in aquaculture production, is one of the top shrimp producing and exporting nations and 3rd largest capture fisheries producer.

The aforesaid achievements are a cumulative effect of several transformational initiatives for holistic development of fisheries and aquaculture sector. Recognizing the immense potential of the fisheries and aquaculture sector and for focused and holistic development, Govt of India (GoI) approved the highest ever investments in fisheries and aquaculture sector. 

The total investment of Rs 38,572 crore investment includes financial assistance for impactful projects and initiatives through Department of Fisheries (DoF), GoI schemes namely the Blue Revolution Scheme (Rs. 5,000 crore), Fisheries and Aquaculture Infrastructure Development Fund (FIDF, Rs. 7,522 crore), Pradhan Mantri Matsya Sampada Yojana (PMMSY, Rs. 20,050 crore) and a sub-scheme under PMMSY – Pradhan Mantri Matsya Samridhi Sah Yojana (PM-MKSSY, Rs 6000 crore) approved in Feb 2024.

To foster consultation with States/UTs, exhibit the contributions made by fish farmers, entrepreneurs and fishermen for the development of the fisheries and aquaculture sector and raise awareness about various DoF (GoI) initiatives, ‘Fisheries Summer Meet 2024’ is being organised on 12th July 2024 at Madurai, Tamil Nadu.

The Fisheries Summer Meet 2024 is being organized by DoF (GoI) under the leadership of Union Minister of Fisheries, Animal Husbandry and Dairying Shri Rajiv Ranjan Singh alias Lalan Singh along with the gracious presence of Ministers of State for Fisheries, Animal Husbandry and Dairying Prof. S.P Singh Baghel & Shri George Kurian and Minister of Fisheries, Govt of Tamil Nadu Shri Anitha R. Radhakrishnan. The meet will also see distinguished presence of State Fisheries ministers from various states/UTs and other key delegates.  

The key highlights will be a fisheries exhibition, State / UT wise discussions by Ministers, virtual inauguration of Fisheries’ Projects and interaction with fishermen/fisherwomen, distribution of KCC to beneficiaries and PMMSY achievement award letters to beneficiaries, felicitation of Open Network for Digital Commerce (ONDC) on boarded Fish Farmer Producer Organization (FFPOs) among others.

DRDO sanctions seven new projects to the private sector under Technology Development Fund scheme

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Providing impetus to Aatmanirbharta, Defence Research & Development Organisation (DRDO) has awarded seven new projects to industries under the Technology Development Fund scheme for various requirements of the Armed Forces and aerospace & defence sectors. These project sanctions are a testimony to the continuing endeavour of DRDO in nurturing Industries, especially MSMEs & start-ups, in defence and aerospace domains. The indigenous development of these technologies will strengthen the military industrial ecosystem. The details of the sanctioned projects are given below:

1.Indigenous Scenario and Sensor Simulation Toolkit

The project involves development of an indigenous toolkit for simulator training of pilots in realistic scenarios. This will help in full mission planning and large force engagement. The project has been awarded to start-up, Oxygen 2 Innovation Pvt Ltd, Noida.

2.Underwater Launched Unmanned Aerial Vehicle

The project relates to a versatile marine battlefield accessories which can be deployed in multiple combat roles. The objective is Intelligence, Surveillance and Reconnaissance (ISR) and Maritime Domain Awareness (MDA). The project has been awarded to Sagar Defence Engineering Pvt Ltd Pune.

3.Long-range Remotely Operated Vehicles for Detection & Neutralisation

The vehicles are dual-use systems that will enable detection, classification, localisation & neutralisation of underwater objects while keeping the key assets away from the suspected operational area. The project has been awarded to a start-up, IROV Technologies Pvt Limited, Kochi.

4.Development of Ice Detection Sensor for Aircraft

The project aims to develop detecting icing condition inflight, caused by super cooled water droplets that freezes after their impact against the aircraft external surfaces and is utilised by the aircraft for turning on the aircraft Anti-icing mechanism. It has been awarded to Craftlogic Labs Pvt Ltd, Bengaluru.

5.Development of Radar Signal Processor with Active Antenna Array Simulator

The project will enable deployment of multiple target system for test and evaluation of multiple short range aerial weapon system. It serves as the basic building block for larger radar systems. The project has been sanctioned to Data Pattern (India) Limited, Chennai.

6.Development of Indian Regional Navigation Satellite System-based Timing Acquisition & Dissemination System

The project has been sanctioned to Accord Software & Systems Pvt Ltd, Bengaluru. It aims to enable indigenisation of timing acquisition and dissemination system, use of Indian Constellation for acquiring time & development of customised and flexible timing system as per range requirements.

7.Development of Graphene Based Smart & E-textiles for Multifunctional Wearable Applications

The start-up, Alohatech Private Limited, Coimbatore has been sanctioned the project. It will develop a conductive yarn and fabric-making processes using graphene nanomaterials and conductive inks. The outcome will be advanced nanocomposite materials-based E-textiles utilising the inherent advantages for practical clothing applications.

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Indegene Announces Strategic Collaboration with Microsoft to Help Life Sciences Companies Scale Up Generative AI Adoption and Accelerate Business Impact

by Latest UpdatesToday's Fables

Princeton, NJ, and Bengaluru, KA, July 11, 2024: Indegene today announced a strategic collaboration with Microsoft to empower global life sciences companies to scale up the adoption of purpose-built, enterprise-grade Generative AI (GenAI) services, thereby driving faster innovation at scale.

Indegene and Microsoft have committed to developing resources in highly specialized and skilled medical and technology tools to co-innovate generative AI services and workflows across commercial, medical, regulatory, and clinical functions.

“GenAI presents a once-in-a-decade opportunity for life sciences companies to modernize business processes and reimagine the effectiveness and efficiency of their operations throughout the value chain. Using GenAI, we’re closely working with many of our clients to solve specific business problems, with nearly 50 real-world use cases already in an advanced pilot stage”, said Tarun Mathur, CTO, Indegene. “As we double down on efforts to strengthen our innovation prowess, we will keep exploring opportunities for greater collaboration with key technology providers. We remain focused on helping our clients harness the potential of GenAI with targeted solutions to address some of their most pressing operational challenges and make their business future-ready.”

Alok Lall, Chief Operating Officer, Microsoft India & South Asia, said, “Generative AI is profoundly shaping every industry, including life sciences, by offering unprecedented avenues for healthcare technology advancements. According to a Microsoft-commissioned study conducted by IDCi, a staggering 79% of healthcare organizations have now embraced AI. This demonstrates that the tangible business value of this transformation is indisputable. By seamlessly integrating Indegene’s domain knowledge with Microsoft Azure OpenAI Service and Microsoft Copilot, we stand at the forefront of advancing generative AI within the life sciences sector. This collaborative effort empowers life sciences companies to fully harness AI’s capabilities, fostering innovation and scalability within the industry.”

Some of the key use cases the strategic collaboration focuses on in the first phase, include:

1.Content Super App: Using Azure OpenAI Service, the modular content value chain simplifies content creation and tagging for life sciences companies. This integrated approach offers a holistic view of the content value chain, enabling greater velocity, personalized content, and adoption of new conversation form factors. It also streamlines creative and video transformation while effectively engaging healthcare professionals (HCPs), patients and payers

2.Future-ready medical content value chain: Generative AI capabilities are revolutionizing the medical content value chain. From sourcing content from relevant literature articles to authoring core documents such as Clinical Study Reports (CSRs) and Protocols, Indegene’s solutions accelerate authoring processes and help ensure compliance across clinical and regulatory domains

3.Data Management and Analytics for Clinical Trials: Using Microsoft Fabric, Indegene’s solutions enhance the process of data ingestion and refinement, facilitate effortless reporting, and guarantee governance. This leads to proficient analytics, adherence to compliance, and nimbleness in business operations. It revolutionizes the way sales users work and provides a competitive advantage in the marketplace

Indegene counts 20 of the world’s top 20 biopharma companies among its clients. The company brings a practitioner’s perspective to enable organizations to become AI-powered companies. With patients and their health outcomes being the key, Indegene powers clients’ ambition with a practitioner’s expertise in leveraging GenAI, at scale. “With a focus on the right use cases, a responsible and compliant approach to scaling up, and shared learnings, we put generative AI to work for our clients”, added Tarun.

To develop a future-ready workforce, Indegene has also instituted the ‘GenAI @ Work’ initiative, where all its 5,000+ employees will be trained on various facets of GenAI to enhance automation and productivity, allowing its employees to focus on higher-value tasks. As part of this initiative, Indegene has deployed Microsoft Copilot in several of its core business processes and has already started seeing significant productivity improvements.

About Indegene

Indegene Limited (BSE: 544172, NSE: INDGN) is a digital-first, life sciences commercialization company. It helps biopharmaceutical, emerging biotech, and medical device companies develop products, get them to the market, and grow their impact through the life cycle in a more effective, efficient, and modern way. Indegene brings together healthcare domain expertise, fit-for-purpose technology, and an agile operating model to provide a diverse range of solutions. These aim to deliver, amongst other outcomes, a personalized, scalable, and omnichannel experience for patients and physicians. It’s what drives Indegene’s team and their purpose to enable healthcare organizations to be future-ready

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Prime Minister receives Russia’s highest State Award

by Latest UpdatesToday's Fables

​In a special ceremony in St. Andrew Hall in the Kremlin, President of the Russian Federation, H.E. Mr. Vladimir Putin conferred Russia’s highest national award “The Order of St. Andrew the Apostle” on Prime Minister Shri Narendra Modi for his contribution to fostering India-Russia ties. The award was announced in 2019.

While accepting the award, Prime Minister dedicated it to the people of India and to the traditional bonds of friendship between India and Russia. He further stated that the recognition illuminates the Special and Privileged Strategic Partnership between the two countries.

This award was instituted over 300 years ago. Prime Minister Shri Narendra Modi is the first Indian leader to be conferred with this award.

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SAR Televenture Limited announces Composite Equity Issue of Rs 450 crore

by EconomyLatest Updates

Mumbai (Maharashtra) [India], July 9: SAR Televenture Limited (NSE Symbol: SARTELE) announces Composite Equity Issue of Rs 450 crore. The Composite Issue comprises Rights Issue aggregating up to Rs 300 crore and FPO aggregating up to Rs 150 crore (The “Total Offer Size”).

The proposal for fundraising of an amount up to Rs 450 crore through issuance of equity shares through Composite Issue was approved at the meeting of the Board of Directors of the Company held on 20th January 2024.

The Rights Issue will comprise 1,50,00,000 fully paid up Equity Shares of Rs 2 each at an issue price of Rs 200 per Rights share (including a premium of Rs 198 per Rights Share). The Rights Issue will open on Monday, July 15th, 2024 and close on Monday, July 22nd, 2024. (The “Rights Issue and Offer Period”)

Existing shareholders will get 1 (one) Rights share for 1 (one) equity share held as on the record date Tuesday, July 09th, 2024 for the purpose of date determining the equity shareholder’s entitled to receive the Rights Entitlement in the Rights Issue (“Eligible Equity Shareholders for Rights Issue”)

SAR Televenture’s Further Public Offer (FPO), set between Rs 200 to Rs 210 per equity share, signifies its confidence in market positioning and growth prospects. 

The Company proposes to utilize the Net proceeds towards (i) funding the setting up of Fiber-to-the-Home (FTTH) network solutions for 3,00,000 Home Passes estimated to be Rs 273 crore; (ii) Setting up of an additional 1000 number of 4G/5G telecom towers estimated to be Rs 42.50 crore; (iii) Incremental working capital requirement of our Company estimated to be Rs 30 crore and balance amount towards General Corporate purposes to be utilized in FY 2025. (The “Objects of the Offer”)

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Central Consumer Protection Authority directs ‘Yatra’ an online Travel Platform to refund booking amount to consumers affected due to Covid-19 lockdown

by Latest Updates

t came to the notice of the Central Consumer Protection Authority (CCPA) through National Consumer Helpline (1915-toll free number) that many grievances were lodged relating to non-refund of cancelled air tickets on account of COVID-19 lock down wherein the consumers had alleged that the travel agencies informed them that refunds have not been received from the airlines etc.

The Apex Court in its decision in Pravasi Legal Cell vs Union of India (W.P.(C)D.No.10966 of 2020) dated 01.10.2020 had directed that:

“If the tickets have been booked during the lockdown period through a travel agent for a travel within the lockdown period, in all such cases full refund shall be given by the airlines immediately. On such refund, the amount shall be passed on immediately by the agent to the passengers”.

In light of the above, the CCPA initiated suo-moto action against Yatra regarding non refund of airline tickets cancelled due to Covid-19 lockdown.

Show Cause Notice vide dated 09.03.2021 was sent to this travel company regarding pendency of refunds of bookings which got affected in Covid-19. In pursuant to that CCPA conducted several hearings of the Company and closely monitor the progress of refunds made to the consumers.

From July 8, 2021, to June 25, 2024, the CCPA conducted several hearings to address these issues. As a result of these efforts, Yatra Online Limited has made significant progress in reducing the total number of pending refund bookings. In 2021, there were 36,276 pending bookings amounting to ₹26,25,82,484. As of June 21, 2024, this number has been significantly reduced to 4,837 bookings, amounting to ₹2,52,87,098. Yatra has refunded approx 87% amount to consumers and further endeavor to refund approx 13% amount to consumers in order to ensure that all pending refunds are processed promptly and efficiently by airlines.

In 2021, there were total 5,771 bookings pertaining to airlines pending for refunds amounting to ₹9,60,14,463. By 2024, Yatra has reduced the pendency of airlines to 98 bookings with an outstanding amount of ₹31,79,069. CCPA vide order dated 27.06.2024 directed 22 remaining airlines of Yatra to expeditiously refund ₹31,79,069 to consumers.

During the proceedings held before CCPA, several other travel platforms like MakeMyTrip, EaseMyTrip, ClearTrip, Ixigo and Thomas Cook have refunded the entire amount to Consumers whose tickets got affected due to Covid-19 lockdown.

To further facilitate timely processing of refunds to consumers, CCPA issued an order on 27.06.2024 wherein it directed Yatra to set up dedicated arrangements at the National Consumer Helpline (NCH). Specifically, Yatra is required to allocate five exclusive seats at NCH for making calls to the remaining 4,837 passengers informing them that their pending refunds due to COVID-19 lockdown-related flight cancellations will be processed. The costs incurred for engaging these five dedicated personnel will be fully covered by Yatra with payments made directly to the agency managed by NCH.

The CCPA’s order reinforces the importance of timely refunds and Yatra is directed to adhering to this directive to ensure complete resolution for all pending bookings.

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L&T wins (Significant*) Order for Part Construction of Two Fleet Support Ships

by Today's Fables

Precision Engineering & Systems business vertical of Larsen & Toubro has won a prestigious order for part construction of two Fleet Support Ships (FSS) from M/s Hindustan Shipyard Limited (HSL), with Indian Navy being the end user of the vessels.

Indian Navy had signed a contract with HSL for design and construction of five FSS for the Navy in August 2023.

FSS are specialised naval vessels, which provide logistics and material support to the naval task force at sea. With more than 220 meter in length and approximately 45,000 tonne displacement, FSS would be amongst the largest vessels in the Indian Naval Fleet.

In line with GoI’s vision of “Aatmanirbhar Bharat”, these first-of-its kind vessels to be built in domestic Yards, will be concurrently constructed by both HHL and L&T shipyards to meet the challenging delivery timelines. This collaborative approach in shipbuilding will serve as a cornerstone for achieving strategic national objectives of rapidly enhancing the Indian Naval Fleet, while driving economic activity and technological advancement in India’s maritime domain.

In little over a decade from the receipt of L&T’s first defence shipbuilding order in March 2010, L&T has in-house designed, constructed and delivered more than 70 defence vessels exemplifying its ‘Make in India’ capabilities, with the remarkable achievement of delivering most of these vessels either ahead or on schedule.

L&T will construct the two Fleet Support Ships at its greenfield shipyard at Kattupalli, near Chennai on the east coast of India. It is India’s most modern shipyard, designed in-house and built to globally benchmarked technological practices.

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Azentio announces global market leadership across 3 categories in the 2024 IBSi Sales League Table

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SINGAPORE, July 9, 2024 – Azentio Software (“Azentio“) – a leading end-to-end software company specializing in the BFSI sector, has today announced its acknowledgement as global market leader across 3 categories by IBS Intelligence in the IBSi Sales League Table (SLT) 2024. Leading the way in the Islamic Digital, Islamic Lending – Retail and Document Management categories, Azentio also secured #2 Leadership Club spots in an additional 6 categories including Wealth Management – Investment & Fund Management, Islamic – Universal Banking Core, Islamic – Risk Management, Regional Leaders – Middle East, Domestic Leaders – India, and Global Leadership – Product Breadth.

The Azentio Accolades

With a track record of over two decades, the IBSi SLT showcases the sales performance of banking technology suppliers, objectively ranking products across 20 categories. The SLT has received a consistent level of interest and participation with 50+ technology suppliers submitting 2,100+ deals spanning 151 countries.

While IBSi SLT recognizes technology vendors’ sales performance across hundreds of system selection engagements carried out across the globe, the SLT Leadership Club identifies the prominent systems that have made their mark across various categories of systems as well as geographies.

Commenting on Azentio’s achievement, Nikhil Gokhale, Director – Research & Digital Properties at IBS Intelligence, said, “I congratulate Azentio on their remarkable achievement of winning in 7 categories at the SLT 2024 awards. Along with which they also won the ‘Product Breadth’ category with submissions across 10 system types. This recognition is a testament to Azentio’s dedication to innovation and excellence in the banking technology industry. Their success in these categories showcases their ability to deliver cutting-edge solutions that empower financial institutions and drive digital transformation.”

Emma Foley, CMO at Azentio, commented, “We are delighted that Azentio has once again achieved top ranking in the IBSi Sales League Table across multiple categories, demonstrating our continued commitment to delivering cutting-edge technology to our customers. Our built-for-purpose banking products are created and developed specifically with the needs of our regions in mind, allowing us to focus our innovation efforts fully on developments and advancements which will deliver tangible benefits to our customers. This focus, I believe, positions us ideally as the vendor of choice for banks and financial institutions looking to modernise through world class technology with regional purpose.”

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L&T Enhances its Renewables Portfolio: Finalises (Mega*) Orders for Solar Plants in the Middle East

by EnergyLatest Updates

The Renewables arm of Larsen & Toubro (L&T) has finalised mega orders with a leading developer in the Middle East to build two Gigawatt scale Solar PV plants. The plants will have a cumulative capacity of 3.5 GW. 

The scope of the orders also includes grid interconnections encompassing pooling substations and overhead transmission lines. Detailed engineering and initial construction work are expected to commence shortly.

 

Last month, L&T announced having won a solar-cum-storage plant order in India. Now, with the fresh mega orders from the Middle East, L&T’s renewables portfolio is poised to reach 22 GWp (Gigawatt Peak) cumulative capacity, comprising solar and wind generation projects already commissioned and those in the making.

Mr T Madhava Das, Whole-time Director & Sr Executive Vice President (Utilities) – L&T, said: “The successive order wins stand testimony to our proven engineering and project management capabilities to meet the requirements in terms of plant performance, workforce mobilisation, safety, quality and timeline. We cherish this level of customer trust”. 

Commenting on the mega orders, Mr S N Subrahmanyan, Chairman & Managing Director – L&T, said: “The Middle East is far ahead in creating sustainable energy infrastructure and in providing a smart lifestyle. These orders are welcome additions to our green portfolio, as we build the company of the future with next-generation technologies”