Dr. Virendra Kumar presides over signing of 72 MoUs between DEPwD with various startups and private organizations across multiple disability sectors to bring tangible benefits to Divyangjans

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As part of the ongoing efforts of the Department of Empowerment of In today’s era of technological advancement, numerous initiatives and cutting-edge products are being developed in the private sector to enhance the lives of persons with disabilities and foster an inclusive society. In April and May 2024, the department organized six Purple Talks sessions/workshops. Purple Talks focused on engaging with Indian start-ups, companies, academic institutions, and organizations that have developed innovative, technology-based products and programmes to empower persons with disabilities. 

Over 100 organizations participated, presenting their products, innovations, and technologies in areas such as physical disabilities, intellectual disabilities, visual impairments, hearing impairments, education and skill development, and employment and entrepreneurship for persons with disabilities. Consequently, national institutions and CRCs were instructed to sign MoUs with these start-ups and organizations to expand the department’s scope and meet the needs of persons with disabilities.

Persons with Disabilities (DEPwD) to empower persons with disabilities socially, educationally and economically, various National Institutions and Composite Regional Centres (CRCs) under the department signed 72 MoUs with private institutions and start-ups. Union Minister of Social Justice and Empowerment, Dr. Virendra Kumar presided over the ceremony as Chief Guest, in New Delhi today. Minister of State in the Ministry, Shri B.L. Verma, also graced the occasion with his esteemed presence.

On this occasion, Dr. Virendra Kumar stated that under Prime Minister Shri Narendra Modi’s leadership over the past decade, the DEPwD has consistently played a significant role in the social, economic, and educational empowerment of persons with disabilities. He noted that under Prime Minister’s vision of a self-reliant India, many institutions are manufacturing useful devices within the country at low costs to make the lives of persons with disabilities easier. In addition to governmental efforts, the cooperation of various social organizations is crucial for the empowerment and employment of persons with disabilities. They are an essential part of our society and need our continuous efforts. Effective collaboration between the government and various organizations is vital in this endeavor. The work done by the organizations present here in the field of disability is highly commendable. Our government and department have always been keen to work with organizations that strive for positive change and create an inclusive environment, he emphasized.

Addressing the programme, Minister of State Shri B.L. Verma, highlighted that the MoUs signed today demonstrate our commitment to persons with disabilities. He stated that the persons with disabilities possess immense potential, the only thing they only need are opportunities. Their indomitable will to work serves as an inspiration to the general public. The MoUs signed today by the national institutions and CRCs with various organizations will provide them with this platform.

Secretary (DEPwD) Shri Rajesh Aggarwal remarked that there is a significant shift in society’s perspective towards persons with disabilities. Many private institutions present at this event have been working extensively to provide employment to persons with disabilities, which is a commendable initiative towards positive change. He noted that while the government is creating excellent policies, it is also helping to scale up efforts in collaboration with private organizations.

The MoUs will promote the creation of innovative, technology-based products aimed at empowering families of persons with disabilities, raising awareness about disabilities, preventing and treating clubfoot, and building the capacity of trainers and teachers. Various companies and start-ups from across the country, including Zomato, IIT Madras, EnAble India, Neo Motion, Cure India, Assam Rifles, and Radio Udaan, participated in the program. The event was attended by senior officials of the Ministry, Directors of national institutions, and representatives from participating companies

VENDOR DEVELOPMENT PROGRAMMES FOR MSMEs

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The detail of State wise beneficiaries (Total 9,474 MSMEs) through the Vendor Development Programme (VDP) organized by the Development Institutions (DIs) during 2019-2023.

Vendor Development Programme is organized to facilitate market linkages for effective implementation of Public Procurement Policy. It benefits MSMEs in their GeM registration and detailed understanding of Public Procurement with CPSEs. During 2019-23, 7509 Micro Units, 1807 Small Units and 158 Medium Units participated in Vendor Development Programmes organized by MSME-Development and Facilitation Office’s (DFOs) in collaboration with CPSEs and other Government Departments.

Vendor Development Programmes through effective implementation of Public Procurement Policy has expanded the business of MSMEs. Ministry of MSME has notified the implementation of the Public Procurement Policy for Micro and Small Enterprises order, 2012 from 1st April, 2012 with the objective of promoting the growth and development of MSEs by improving their market access and linkages. This policy provides the following benefits to MSEs by the CPSUs:

(i)   Purchase Preference: Policy mandates 25% annual procurement from Micro and Small Enterprises (MSEs) by Central Ministries/ Departments/ Central Public Sector Undertakings (CPSUs), including 4% from MSEs owned by SC/ST and 3% from MSEs owned by Women entrepreneurs.

(ii) Price match-making facility: If the L1 price by a non-MSE is the lowest, participating MSEs quoting a price within a band of L1+15% will be allowed to bring down their price to match L1 price. Such MSEs are allowed to supply at least 25% of total tendered value. In case there is more than one such MSE, the supply will be shared proportionately (to tendered quantity). In case the tender item is non-splitable or non-divisible, an MSE quoting a price within the price band L1+15% may be awarded full or complete supply of total tendered value, if it matches the L1 price.

(iii)    Exemption from Earnest Money Deposit: MSEs are exempted from payment of earnest money deposit.

(iv)    Other Benefits: To reduce the transaction cost of doing business, MSEs are facilitated by providing them tender sets free of cost and adopting e-procurement to bring in transparency in tendering process.

The benefits listed at (i) to (iv) above are available only to Micro and Small Enterprises.

This information was given by Minister of State for Ministry of Micro, Small & Medium Enterprises, Sushri Shobha Karandlaje in a written reply in Rajya Sabha today.

Airbus A321XLR receives EASA type certification

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The Airbus A321XLR powered by CFM LEAP-1A engines has received its Type Certification from the European Union Aviation Safety Agency (EASA), preparing the way for the entry-into-service of the new aircraft at the end of the summer. The Type Certificate was handed over by Florian Guillermet, Executive Director of EASA to Isabelle Bloy, A321XLR Chief Engineer. Certification of the Pratt & Whitney engine version is slated for later in 2024.

“Here comes the A321XLR, a differentiated product that brings new value to the market, expanding the possibilities for our airline customers and passengers. With its long range, the A321XLR enables a host of new direct routes, offering natural growth opportunities to our customers and the travelling public. It provides airlines with the efficiency of commonality inside the A320/A321 product range and its versatile cabin a range of service possibilities that are just unique. It is quintessential Airbus!”, says Christian Scherer, CEO of the Commercial Aircraft business of Airbus. “With the certification, we have reached a key milestone. The next step is to prepare the aircraft for its first commercial missions with customers worldwide. We look forward to working with XLR customers to support the integration of the aircraft in their fleets.”

The A321XLR sits side by side with widebodies in an airline’s fleet. It introduces the flexibility to add capacity, to open new routes, or even to continue operating existing ones when demand is variable. All while burning 30% less fuel per seat than previous generation competitor aircraft, and at roughly half the trip cost of modern widebodies. The A321XLR’s new Airspace cabin will provide passengers long haul comfort in all classes.

The first A321XLR completed its maiden flight in June 2022. This was followed by an extensive test programme involving three test aircraft. So far more than 500 Airbus A321XLRs have been ordered.

Atal Innovation Mission and World Intellectual Property Organization sign a Letter of Intent towards building joint innovation programs in global south

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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.”

 

Paytm Earnings release for the Quarter Ending June’24

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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

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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.”

 

 

 

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IREDA to Invest Rs. 290 Crore in Nepal 900 MW Hydro Projects

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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

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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.