NVIDIA Launches NIM Microservices for Generative AI in Japan, Taiwan

by Latest Updates

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.

INDIAN NAVY SIGNS MoU WITH BEML LTD.

by Latest Updates

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+”

by Latest Updates

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.”

Chief Minister inaugurates Sri City Progress Celebrations

by Latest Updates

The Hon’ble Chief Minister of Andhra Pradesh, Mr. N. Chandrababu Naidu, graced the Progress Celebrations-2024 in Sri City, a thriving industrial hub, marking a significant milestone in its development. Upon his arrival at the helipad, the Chief Minister was warmly received by Dr. Venkateswar, District Collector of Tirupati, Mr. L. Subbarayadu, Superintendent of Police, Tirupati, along with Mr. C. Sriniraju, Chairman, and Mr. Ravindra Sannareddy, Founder Managing Director of Sri City,

The Chief Minister participated in a vibrant ceremony, laying the foundation stone for eight new companies and inaugurating 16 manufacturing units. He also witnessed the signing of Memoranda of Understanding (MoUs) between Sri City and five more companies, signalling a commitment to further growth. These new ventures represent a total investment of Rs. 1570 crore and are expected to create over 8,500 new jobs in the region.

He further inaugurated the newly built fire-station and laid the foundation for the new Hi-Tech Police Station, bolstering infrastructure and safety within the industrial hub.

During an interactive session with industry leaders, Mr. Naidu commended Mr. C. Sriniraju, and Mr. Ravindra Sannareddy for their vision and dedication in transforming an underdeveloped region into a global model for industrial development. “Sri City has emerged as one of the finest examples of industrial development in the country and beyond, a fact of which I am immensely proud,” he stated. He highlighted Sri City’s cooler climate and active greenery initiatives.

The Chief Minister reaffirmed his government’s commitment to supporting investors, focusing on enhancing both the ease and speed of doing business, and reducing costs. He announced that fire renewals for industries will now be required every five years, not annually, and promised timely payment of pending incentives, infrastructure improvements, and lower water and power tariffs.

Industries Minister Mr. T.G. Bharath announced that government is working on a new industrial policy making it easier, faster, and more affordable to invest in the state.

Expressing his heartfelt gratitude to the Chief Minister, Mr. Ravindra Sannareddy stated, “Sri City has crossed another significant milestone, marking a pivotal moment in its continued development. He added, “Under your dynamic leadership and forward-thinking industrial policy, Andhra Pradesh will continue as the preferred destination for global investments.”

The event was attended by numerous dignitaries, including Home Minister Mrs. V. Anitha, MLA Satyavedu Mr. Koneti Adimulam, and MLA Sullurupeta Dr. N. Vijayashree. Top government officials, including Mr. C. Dwaraka Tirumala Rao, IPS, DGP, Madireddi Pratap, IPS, DG, Fire Services, Dr. Yuvaraj, IAS, Secretary, Industries Department, Dr. Shemushi, IPS, DIG Anathapuram, Mr. M. Abhishikth Kishore, IAS, MD, APIIC, Dr. Ch. Sridhar, Director of Industries and other senior State Government officials, were also present.

CBDT issues clarification in respect of Income-tax clearance certificate (ITCC)

by Latest Updates

Section 230 (1A) of the Income-tax Act, 1961(the ‘Act’) relates to obtaining of a tax clearance certificate, in certain circumstances,by persons domiciled in India. The said provision, as it stands, came on the statute through the Finance Act, 2003 w.e.f. 1.6.2003. The Finance (No.2) Act, 2024 has made only an amendment in Section 230(1A) of the Act, vide which, reference of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (the ‘Black Money Act’) has been inserted in the said Section. This insertion has been made to also cover the liabilities under the Black Money Act in the same manner as the liabilities under the Income-tax Act,1961 and other Acts dealing with direct taxes for the purpose of Section 230(1A) of the Income-tax Act,1961.

There appears to be a mis-information about the said amendment emanating from incorrect interpretation of the amendment. It is being erroneously reported that all Indian citizens must obtain income-tax clearance certificate (ITCC) before leaving the country. This position is factually incorrect.

As per section 230 of the Act, every person is not required to obtain a tax clearance certificate. Only certain persons, in respect of whom circumstances exist which make it necessary to obtain a tax clearance certificate,are required to obtain the said certificate. This position has been in the statute since 2003 and remains unchanged even with the amendments vide Finance (No. 2) Act, 2024.

 In this context, the CBDT, vide its Instruction No. 1/2004, dated 05.02.2004, has specified that the tax clearance certificate under Section 230(1A) of the Act, may be required to be obtained by persons domiciled in India only in the following circumstances:

  1. where the person is involved in serious financial irregularities and his presence is necessary in investigation of cases under the Income-tax Act or the Wealth-tax Act and it is likely that a tax demand will be raised against him, or
  2. where the person has direct tax arrears exceeding Rs. 10 lakh outstanding against him which have not been stayed by any authority.

Further, a person can be asked to obtain a tax clearance certificate only after recording the reasons for the same and after taking approval from the Principal Chief Commissioner of Income-tax or Chief Commissioner of Income-tax.

In view thereof, it is reiterated that the ITCC under Section 230(1A) of the Act, is needed by residents domiciled in India, only in rare cases, such as (a) where a person is involved in serious financial irregularities or (b) where a tax demand of more than  Rs.  10 lakh is pending which is not stayed by any authority.

Shri Ashok Kumar Singh takes over the charge of Director General, ESIC

by Latest Updates

Shri Ashok Kumar Singh, IAS took over the charge of Director General of Employees’ State Insurance Corporation (ESIC) under Ministry of Labour & Employment, Govt. of India at its Headquarters in New Delhi.

Shri Ashok Kumar Singh is an IAS Officer of 1999 batch of Kerala cadre. Earlier, he has worked as a Principal Secretary, Water Resources Department, Govt. of Kerala. He has got vast experience of governance and management of District and State level organisations.

At the centre level, he has served as the Executive Director in the National Mission for Clean Ganga, as Joint Secretary in Ministry of Defence and as Director in Ministry of Finance in the Govt. of India also.

Shri Singh, holds an M. Phil from National Defence College, New Delhi and is a Graduate in Mechanical Engineering from IIT, Kanpur.

India Australia RISE Accelerator calls for Start-ups and MSMEs in Climate Smart Agritech

by Latest Updates

The Atal Innovation Mission – in partnership with CSIRO, Australia – is inviting applications from start-ups and MSMEs from India and Australia for the Climate Smart Agritech cohort of the India Australia Rapid Innovation and Start-up Expansion (RISE) Accelerator – a program designed to support businesses aiming for international expansion between the two countries. This marks a significant milestone in fostering innovations that address India and Australia’s most pressing shared challenges in the agriculture sector.

Commencing in October 2024, the Climate Smart Agritech cohort of the RISE Accelerator will focus on start-ups and MSMEs with technologies and solutions that enhance agricultural productivity and resilience in the face of growing climate variability, resource scarcity and food insecurity.

The program is particularly interested in start-ups and MSMEs with solutions that prioritise farmer needs, priorities, and on-farm practices.      

The RISE Accelerator program – launched in 2023 – has been instrumental in supporting start-ups and MSMEs in validating, adapting, and piloting their technologies for new markets. With the introduction of the Climate Smart Agritech cohort, the focus is now on agritech start-ups and MSMEs with solutions that enhance agricultural productivity and resilience in the face of growing environmental challenges.

Tamara Ogilvie, Program Director, CSIRO said, “India and Australia share common agricultural challenges, but the scale and diversity of our farming operations are unique. This cohort will enable participants to achieve product-market fit in diverse markets, and rapidly scale their solutions to meet global demands”

Over the course of the nine months of the accelerator program, the selected start-ups and MSMEs will benefit from a blend of self-paced online learning and in-person sessions, including immersion weeks in both India and Australia. These sessions will offer deep market insights, one-on-one coaching, and mentorship from subject matter experts and industry professionals. The program is designed to facilitate connections with potential partners and customers, boosting the chances of success in new markets.

The program will also involve field trials and technology pilot in the latter half.

Highlighting the importance of the program, Pramit Dash, Program Lead, AIM stated, “by fostering innovation and providing a platform for start-ups to scale their solutions, the RISE Accelerator program not only addresses the immediate challenges in the agriculture sector but also ensures that farmers can access and adopt resilient practices tailored to their specific needs”

The program’s latest round seeks novel solutions to tackle critical agricultural challenges, including boosting productivity, reducing emissions and optimising natural resource use.

Applications for the RISE Accelerator close on 15 September 2024. 

There is no charge for start-ups / SMEs to participate in the program, with a number of opportunities to travel between Australia and India. Selected start-ups / SMEs may also be eligible for up to INR 45 lakhs in non-equity grant.

SAIL declares financial result for Q1 FY’25

by Latest Updates

Steel Authority of India Limited (SAIL) has declared its financial results today for the quarter ending 30th June, 2024.During Q1 FY’25, the Company’s EBITDA grew by more than 15% over the corresponding period last year (CPLY), indicating its steady core performance. However, revenue from operations was affected by a decline in Net Sales Realization (NSR) in the domestic steel market due to cheap imports. The profit for Q1 FY’25 was impacted by lower NSR and adjustments related to exceptional items.

Shri Amarendu Prakash, Chairman, SAIL, commented on the Q1 performance stating, “Domestic steel consumption continues to grow steadily, driven by both traditional and emerging sectors. Additionally, ongoing Government investments in the infrastructure sector, as announced in the recent budget, are expected to bolster growth. With a positive outlook for the domestic steel sector, SAIL is focused on increasing its production volumes. The challenges posed by cheaper imports are anticipated to be addressed appropriately in the future”.

Union Minister For Coal and Mines Holds an Interactive Session with Industry Leaders and Addresses the National Seminar on Challenges and Opportunities in The Mines and Minerals Sector

by Latest Updates

Minister for Coal and Mines Shri G. Kishan Reddy today addressed the national seminar on challenges and opportunities in the mines and minerals sector organized by the Mining, Geological, Metallurgical Institute of India, today in New Delhi. The seminar was attended by several key dignitaries including Shri V.L. Kantha Rao, Secretary Ministry of Mines and other senior officers from the Ministry of coal and Ministry of Mines along with a spectrum of coal and mines stakeholders from Government.

Shri G. Kishan Reddy also engaged in a constructive discussion with CEOs from both private and public sector companies involved in the mining and exploration industries. During the interaction, industry representatives presented the challenges they face, along with valuable suggestions and recommendations.

The Minister assured that all raised issues and proposed policy suggestions would be thoroughly reviewed and deliberated by the Ministry, with prompt actions to follow. Shri Reddy expressed gratitude to the participants for their active involvement and encouraged ongoing feedback. He emphasized that such interactions are crucial for good governance and demonstrate the industry’s dynamic nature and the importance of strong coordination with Government efforts.

Addressing the gathering of distinguished industry leaders, Shri G. Kishan Reddy stated that India’s vast natural resources will prove to be pivotal to the nation’s journey towards Viksit Bharat – 2047 and attaining Atmanirbharta in the letter and spirit. He added that under the leadership of the Prime Minister Shri Narendra Modi, the Government has brought about a paradigm change in the coal and minerals sector, making it transparent and competitive. He further stated that and detailed the Government’s extensive efforts over the past decade to harness this potential through initiatives such as introduction of commercial auction regime for coal and mineral blocks, encouraging private sector partnership etc.

Minister further stated that Critical Minerals have emerged as drivers of modern economy and the Government of India has ensured that the country taps into this global opportunity through the launch of the National Critical Minerals Mission.

Minister also emphasised on the importance of private sector partnership and called on the industry leaders to become part of this unfolding growth story of India. He said that the Government has undertaken several measures to enhance ease of doing business to encourage their participation and also mitigate the risks associated. He stated that initiatives such as reimbursement of 50% exploration expenditure for Exploration License and Composite licence holders encourages greater participation.

Shri G. Kishan Reddy also deliberated in detail on the steps being taken by the Government reduce import reliance in coal and measures to augment domestic coal producing capacity of the country. Shri Reddy also discussed initiatives such as “Mission Coking Coal,” aiming to produce 140 million tonnes of coking coal by 2030, and efforts to boost sustainable mining practices through the National Mineral Policy 2019 and advanced technologies. He added that, Coal India’s focus on improving existing washeries and setting up new ones is important for reducing the import burden and meeting domestic demand. Initiatives such as Mission Coking Coal and focus on enhancing washeries capacity of India, will usher in a change in the coal ecosystem of India.

On the minerals front, Shri Reddy acknowledged the capital-intensive nature of minerals exploration and highlighted the need for greater research, scientific enquiry and collaborations to enhance our capacities.

In line with the sustainable mining objective, Shri Reddy highlighted the promotion of underground mining, with a target of achieving 100 million tonnes by 2029-30. Additionally, several measures are being adopted to advance clean fuel technologies, including coal gasification, extraction of Coal Bed Methane (CBM) gases, exploration of coal-to-hydrogen processes, and Carbon Capture and Storage (CCS).

In closing, Shri G Kishan Reddy called for industry representatives to collaborate with the Government in advancing technology and innovation in the mining sector. “I am confident that today’s conference will foster a thorough discussion on the challenges and solutions for a sustainable mining sector. The private sector’s innovation and risk-taking will be pivotal in making India the third-largest economy in the near future,” he added.

The seminar provided a platform for robust discussions and exchanged ideas on the future of India’s mining and minerals sector, reinforcing the Government’s commitment to both industrial growth and sustainable development.

Union Minister Shri Manohar Lal reviews urban development schemes and the power sector scenario of Assam with CM Shri Himanta Biswa Sarma

by EnergyLatest Updates

Union Minister of Housing and Urban Affairs and Minister of Power, Shri Manohar Lal, held a meeting with Chief Minister of Assam, Shri Himanta Biswa Sarma in New Delhi today.

The discussions between the Union Minister and the CM covered topics related to power and Urban development sector.Union Minister Shri Manohar Lal noted the progress of smart metering and loss reduction works under RDSS in the State of Assam and appreciated the efforts of the State.

Chief Minister, Assam, requested for approval of Smart Distribution project for the city of Guwahati. He also requested for consideration of the request of the State on the pending issue of the scheme RAPDRP. Union Minister of Power assured for all the support and cooperation.

CM, Assam also requested for providing necessary grants for setting up the School of Planning and Architecture in Assam. He also put forward issues related to release of funds under AMRUT schemes for 100% saturation in 43 Urban Local Bodies as well as Sewage Treatment Plants in 3 AMRUT cities.