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Madhya Pradesh Published by the Embassy of India, Vienna Year 10. Issue 95. August 2020 Focus Sector: Media & Entertainment www.imdb.com Embassy of India, Vienna, Austria. Confederation of Indian Industry (CII)- Virtual Business Platform more information on: www.mycii.in Invest India-Business Immunity Platform Invest India Business Immunity Platform is 100% operational and actively keeping corporates across the world informed of the daily developments on all fronts in matters relating to the management of COVID-19. more information on: www.investindia.gov.in/bip INDIA NEWSLETTER . 1 Embassy of India, Vienna, Austria. NEWS FLASH 1 According to 700 MWe (Megawatt electric) time compared to 314 days ASSOCHAM, India's spices at its plant in Tapi district earlier. export increased by 23 per based completely on cent to Rs 2,690 crore (US$ indigenous technology. 11 Indian Railways handed 359 million) in June 2020 over 10 Broad Gauge (BG) from Rs 2,190 crore (US$ 6 The Indian direct locomotives to Bangladesh, 292 million) in the same under grant assistance from the selling industry has recorded month last year. Government of India. sales of US$ 2.47 billion in 2019, improving its rank to India's e-commerce 2 15th from 19th a year before. 12 NITI Aayog’s Atal business is expected to Innovation Mission (AIM), has grow at a compound annual launched AIM iCREST – an growth rate (CAGR) of 27 7 Artificial Intelligence Incubator Capabilities per cent to reach US$ 99 (AI) is expected to boost enhancement program for a billion by 2024. India's annual growth rate by Robust Ecosystem focused on 1.3 per cent by 2035: NITI creating high performing Start- 3 As on July 17, 2020, Aayog. ups. This is launched in total kharif crops were sown partnership with Bill & Melinda Gates Foundation and on 691.86 lakh hectares The Indian online against 570.86 lakh 8 Wadhwani Foundation. hectares during the grocery market is estimated corresponding period last to exceed sales of about Rs 13 The electric vehicle (EV) 22,500 crore (US$ 3.19 year, an of increase of market is estimated to be a Rs billion) in 2020, witnessing a 21.20 per cent in area 50,000 crore (US$ 7.09 billion) coverage compared to last significant 76 per cent jump opportunity in India by 2025. year in the country. over the previous year. 14 India's spices export The Tamil Nadu 4 9 The export of coir and increased by 23 per cent to Rs Government has signed coir products from India 2,690 crore (US$ 359 million) in eight new Memorandum of registered an all-time high June 2020 from Rs 2,190 crore Understanding (MoUs) for record and reached Rs (US$ 292 million) in the same new investments worth Rs 2,757.90 crore (US$ 391.25 month last year. 10,399 crore (US$ 1.48 million) in 2019-20. billion). It is estimated that these projects will create 15 Mobile Application of PM 13,507 jobs across the state 10 Around 1.10 crore Street Vendor’s AtmaNirbhar in solar cells, data centres Nidhi (PM SVANidhi) has been houses were completed and industrial parks. launched to provide user under Pradhan Mantri Awaas friendly digital interface for Yojana-Gramin (PMAY-G) lending institutions and their The Nuclear Power 5 with an increased pace of field functionaries for sourcing Corporation of India Limited work reflected in the NIPFP and processing loan (NPCIL) has achieved study, which indicated 114 applications of street vendors criticality of a third unit of days as average completion under the scheme. INDIA NEWSLETTER . 2 Embassy of India, Vienna, Austria. SDGs represent the aspirations of the global community and also a valiant effort to push the frontiers of development. It is now universally acknowledged that the SDGs represent an elaborate agenda for the Governments, that necessitates achieving progress simultaneously across social, economic and environmental pillars. The inter-connectedness among these goals renders SDGs as planning, implementation and a monitoring challenge. Specifically, SDGs impose an extraordinary demand on the national statistical systems to generate and analyse an unprecedented amount of data and more so on issues that are complex and evolving. India, with the world’s 17 per cent of the population, holds the key to global SDG achievement. To access the report and for more information kindly visit: SDG INDIA NEWS ARTICLES Wiserfunding enters "The London headquartered Altman, one of the pioneers of Indian market, to provide fintech aims to invest USD 3–5 credit risk analytics since the late million (about ₹37 crore) over 1960s and the inventor of the lending solutions for SME the next three years to tailor famous Z-score. sector: Livemint credit risk models specifically towards Indian SMEs to reach ------------------------------------- The new SME Z-score by an accuracy level above 80%," Wiserfunding uses AI to provide The UK-based fintech firm Wiserfunding said. accurate, reliable and unbiased Wiserfunding said it has entered credit risk assessment tools to Indian market, and will tie-up with "The company plans to partner banks and NBFCs to provide credit assess the credit quality of SMEs with 3-4 banks and 8-10 NBFCs using financial history. It also risk assessment solutions for in India and cover 8.5 million uses publicly available structured targeted lending to SME sector. Indian SMEs through its models and unstructured data such as by end of the financial year," it corporate governance, Wiserfunding has launched its added. Artificial Intelligence (AI) backed management experience & cloud-based credit risk assessment The investment will also be macroeconomic indicators for tool targeted for small and medium towards creating technology to lending assessment, the enterprises (SMEs), it said in a connect to various public and statement said. release. private databases to source all inputs to fully automate its Wiserfunding said its model is The existing models in lending models as it already does in unique as it provides sector are not specific to the SMEs, Europe. geographical and sectoral largely non-technology based and segmentation to maximise have low prediction accuracy, it The fintech firm is backed and prediction power and is tailored added. co-founded by Professor Edward specifically for SMEs. INDIA NEWSLETTER . 3 Embassy of India, Vienna, Austria. "Typical to any economic shock, The management strategy of firm, the online education provider bank lending is expected to reduce COVID-19 also focuses on would become the second-most for SMEs, making it more difficult early detection and isolation of valuable startup after Alibaba for them to survive. It will be cases with seamless patient Group Holding-backed financial important to have a reliable and management and prioritising payments brand, Paytm. accurate assessment of care of the high-risk population businesses' viability, and using field health care workers Paytm was valued at $16 billion technology will be central to such leading to increase in late last year after it raised its $1 analysis," said Altman. recoveries across the country. billion Series G round. Byju's raised India has seen more than a fresh round of funding from Bond, He said Indian banks and financial 40,574 patients recovered in institutions will definitely see a the last 24 hours. This takes a global technology investment significant benefit in using a more the total recoveries to firm, at a valuation of $10.5 billion, independent and unbiased risk 11,86,203 and Recovery Rate in June this year. Earlier in assessment platform with the entry to 65.77 per cent amongst January, Tiger Global had invested of AI-powered models COVID-19 patients. $200 million in the company, valuing the ed-tech platform then at Wiserfunding aims to target bank With improving daily recovery nearly $8 billion. and non-bank lenders, investors, number, the gap between the funds, insurance companies and recovered cases & the active Byju's - The Learning App is the SMEs, its India country head cases has increased to more common brand name for Think and Avantika Goel said. than 6 lakh. Presently, it is Learn Private Limited, an 6,06,846. This means the educational technology and online The company has been operating actual active case load is tutoring firm founded in 2011 by globally across 38 countries and its 5,79,357 and all are under Byju Raveendran at Bangalore. solution has been adopted by more medical supervision. than 40 bank and non-bank lenders The company has 42 million and investors across the world, it Ministry of Health and Family registered users and 3 million paid added. Welfare has issued Revised subscribers. Students are spending Guidelines for International 71 minutes on the app daily and the DCGI approves Phase II Arrivals in supersession of the annual renewal rates are 85 per +III trials of Oxford Guidelines issued on the cent. subject dated 24th May 2020. University vaccine by They will be operational from It also tripled its revenue from Rs Serum Institute, Pune: 00.01 Hrs, 8th August 2020. 520 crore to Rs 1,480 crore in IBEF For further details: FY18-19, and turned profitable on a full-year basis. The company ------------------------------------ https://www.mohfw.gov.in/pdf/ expects to double its revenue to Rs The Drugs Controller General of RevisedguidelinesforInternation 3,000 crore in the current financial India (DCGI) has given approval to alArrivals02082020.pdf Serum Institute of India, Pune to year. conduct Phase II+III clinical trials of Byju's to raise nearly Oxford University-Astra Zeneca JSW Steel plans to COVID-19 vaccine (COVISHIELD) $400 million, become in India. This will hasten the second-most valued increase capacity of development of the COVID-19 startup in India: crude steel to 27 million vaccine.
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