Kodak TV to invest Rs 500 crore to set up plant in Hapur

Kodak TV India plans to invest over Rs 500 crore (US$ 70.93 million) in the next three years to set up a fully automated television manufacturing plant in Hapur, Uttar Pradesh.

Super Plastronics Pvt Ltd (SPPL), the brand licensee in India for Kodak TV, said the first phase of the plant would be operational by the end of 2021. This move is expected to help the company increase the local value addition and disrupt the affordable smart TV market in India, it added.

It intends to use this manufacturing plant for developing and testing Android TV products within India and reduce dependency on imports from other countries, SPPL said in a statement.

The company further added, “It will make an investment of more than Rs 500 crore (US$ 70.93 million) over the next three years in a fully automated TV manufacturing plant in Hapur, UP to provide a thrust to its Make in India commitment and leverage its Android certification."

"With this investment, we are planning to increase our manufacturing capacity to one million units in the new unit. All our future projects will be developed and tested in India in partnership with Google. With this new plant we will generate more than 2000 jobs," SSPL founder and CEO Mr Avneet Singh Marwah said.

The local value addition in TV manufacturing will go up to 50-60 per cent, he added.

"Currently, the Indian TV industry imports most of the raw materials and has a value addition of only 10-12 per cent. However, with this investment and Partnership with Google.... Kodak TV aims to increase value addition to 50-60 per cent," said Mr Marwah.

He added that the new plant and R&D centre will help manufacture technology-driven products and introduce more manufacturing lines aligned to Make in India.

"The certified Android TV manufacturing plant with complete backward integration and R&D centre will be operational by 2021.

"With a capacity to produce a million TV sets annually, the new facility will be equipped with two fully automated, AI-enabled manufacturing lines to facilitate near-contactless production," the company said.

SPPL is also a brand licensee for French electronics brand Thomson.

In June 2020, the company had announced its plan to invest Rs 1,000 crore (US$ 141.86 million) over the next five years to expand its manufacturing capacity and strengthen its presence in the consumer electronics and appliances segment.

Currently, SPPL has three manufacturing plants, located in Noida, Una, and Jammu.

Wiserfunding enters Indian market, to provide lending solutions for SME sector

Wiserfunding, the UK-based fintech firm, entered Indian market, and will tie-up with banks and NBFCs to provide credit risk assessment solutions for targeted lending to SME sector.

It introduced its Artificial Intelligence (AI) backed cloud-based credit risk assessment tool targeted for small and medium enterprises (SMEs), as existing models in lending sector are not specific to the SMEs, largely non-technology based and have low prediction accuracy, it added.

"The London headquartered fintech aims to invest USD 3–5 million (about ₹37 crore) over the next three years to tailor credit risk models specifically towards Indian SMEs to reach an accuracy level above 80 per cent," Wiserfunding said.

It added, "The company plans to partner with 3-4 banks and 8-10 NBFCs in India and cover 8.5 million Indian SMEs through its models by end of the financial year".

It is expected that the investment will also be towards creating technology to connect to various public and private databases to source all inputs to fully automate its models as it already does in Europe.

Professor Edward Altman, one of the pioneers of credit risk analytics since the late 1960s and the inventor of the famous Z-score is the co-founder and supporter of the fintech firm.

Wiserfunding is using a new SME Z-score that is based on AI and provide accurate, reliable, and unbiased credit risk assessment tools to assess the credit quality of SMEs using financial history.

Publicly available structured and unstructured data such as corporate governance, management experience and macroeconomic indicators for lending assessment are also used by the firm, the statement said.

According to the firm, its model is unique as it provides geographical and sectoral segmentation to maximise prediction power and is tailored specifically for SMEs.

"Typical to any economic shock, bank lending is expected to reduce for SMEs, making it more difficult for them to survive. It will be important to have a reliable and accurate assessment of businesses' viability, and technology will be central to such analysis," said Mr Altman.

He added that the Indian banks and financial institutions will see a considerable benefit in using a more independent and unbiased risk assessment platform with the entry of AI-powered models.

“Wiserfunding aims to target bank and non-bank lenders, investors, funds, insurance companies and SMEs”, said Ms Avantika Goel, its India country head.

The statement added that the company has been operating globally across 38 countries and its solution has been adopted by more than 40 bank and non-bank lenders and investors across the world.

Union Minister of State for Tourism Shri Prahlad Singh Patel virtually inaugurates world class 'Thenzawl Golf Resort' project implemented in Mizoram under the Swadesh Darshan Scheme

Union Minister of State for Culture and Tourism (Independent charge) Shri Prahlad Singh Patel virtually inaugurated the “Thenzawl Golf Resort” Project implemented under the Swadesh Darshan Scheme of Ministry of Tourism, Government of India in the presence of Tourism Minister of Mizoram Mr Robert Romawia Royte and Commissioner and Secretary for Tourism Department of Government of Mizoram Ms Esther Lal Ruatkimi in New Delhi today.

The Project was sanctioned under the Integrated Development of New Eco Tourism under Swadesh Darshan- North East Circuit at Thenzawl and South Zone, District Serchhip and Reiek, Mizoram with a sanctioned amount of Rs 92.25 crore (US$ 13.09 million) out of which an amount of Rs 64.48 crore (US$ 9.15 million) was sanctioned for various components at Thenzawl including the Golf Course.

Golf tourism in India particularly, has a strong potential since the climatic condition is more favourable here as compared to most countries. The picturesque landscapes of the country and exceptional hospitality services too, add to the enhanced experience of golf tourism in India. Today India boasts of more than 230 golf courses in all. The Ministry of Tourism, Government of India endeavours to work as a catalyst and active supporter for the development of Golf Tourism in the country. India has several golf courses of international standards and golf events held in India also attract domestic and international tourists. To tap the growing interest in golf tourism, the Ministry of Tourism is creating a comprehensive and coordinated framework for promoting golf tourism in India as a niche tourism product for attracting both International and domestic tourists.

The Golf Course at Thenzawl is designed by Graham Cooke and Associates, one of the top-ranked Canada based Golf Course architectural firm. The total site area is 105 acres and the play area is 75 acres - 18 Hole Golf Course with Sharing Fairway and automated sprinkler irrigation system by Rain Bird, USA. It is designed to have facilities of international standards. There are 30 Eco-Log Huts, Cafeteria, Open Air Food Court, Reception area and Waiting Lounge etc, all constructed with Siberian Pinewood and fully furnished with world class furniture and fixtures.

The competitive advantage of Thenzawl Golf Course is that it will provide quality golfing experience and international facilities at a fair price.

Union Minister of Agriculture & Farmers' Welfare Shri Narendra Singh Tomar launches the Sahakar Cooptube NCDC Channel

Union Minister of Agriculture & Farmers’ Welfare Shri Narendra Singh Tomar today launched the Sahakar Cooptube NCDC Channel, a new initiative by National Cooperative Development Corporation (NCDC). Speaking on the occasion, Shri Narendra Singh Tomar said that the Ministry of Agriculture and Farmers’ Welfare is in the forefront of operationalizing different aspects of Atma Nirbhar Bharat call given by Prime Minister Shri Narendra Modi. Cooperatives have a major role in the country in realizing the Prime Minister’s dreams. Shri Tomar also launched guidance videos produced by NCDC on ‘Formation and Registration of a Cooperative’ for eighteen different states in Hindi and regional languages.

Shri Tomar said that the Union Government under Atma Nirbhar Bharat has recently announced a series of transformative measures and sector specific financial packages to help agriculture. The initiatives are steps towards One Nation One Market with the objective for India to become food factory of the world. The gamut of exhaustive reforms and measures are intended to strengthen all activities and services in agriculture, horticulture and allied sectors through creation and development of agriculture infrastructure, micro food enterprises, value chains and logistics for fishery and animal husbandry, medicinal and herbal plants, bee keeping and Operation Green. Significant legislative amendments have been made to create conducive environment for agriculture.

Appreciating the efforts of NCDC, the Minister said that a key strategy in the ecosystem is to facilitate involvement of youth in cooperatives. Formation of new cooperatives is a prerequisite for bringing new life and dedication in the realm of cooperative movement. The guidance videos in different languages covering 18 States would also strengthen and deepen the major initiatives of our Government to promote and form 10,000 FPOs. NCDC has a major role in formation of FPOs in cooperative mode. More states would be added to the collection of guidance videos on NCDC Sahakar Cooptube Channel in due course of time.

NCDC as an apex level statutory institution under the Ministry of Agriculture & Farmers’ Welfare has achieved tremendous success with cumulative financial assistance to cooperatives to the tune of Rs 1,54,000 crore (US$ 21.85 billion). Beginning with meagre disbursement of Rs 2.36 crore (US$ 0.33 million) in 1963, NCDC disbursed around Rs 28,000 crore (US$ 3.97 billion) during 2019-20. NCDC has made an unprecedented progress in the last six years. It has achieved 83 per cent of the cumulative financial assistance calculated since 1963, during these last six years alone.

Cooperatives in India have come a long way and have proven their success in improving the condition of farmers and economic development. Largely as association of small and marginal farmers and rural poor, the cooperatives have acquired a huge network of over 8.50 lakh organizations and 290 million members. They have substantially contributed in raising the income of their members and achieving rural prosperity. Cooperatives lend strength to farmers to minimize risks in agriculture and allied sector and act as a shield against exploitation.

Top 8 Indian cities to add 10 million sq ft data centre space in next 2-3 years: Report

According to an ANAROCK Property Consultants report, it is expected that top 8 Indian cities will add around 10 million sq ft data center space in the next 2-3 years aided by data localization norms and the massive digital push initiated by the COVID-19 pandemic.

At present, data centres in India’s top 8 cities occupy 7.5 million sq ft space and the key cities leading demand for data centres include Mumbai, Chennai, Bengaluru, and Hyderabad, among others. It is expected that the demand will increase post pandemic for this segment fetching annual rental yield of 10-14 per cent.

“The pandemic has been a massive catalyst for digital adoption across the spectrum. Work-from-home (WFH) compulsions, online education, video-based medical consultations, a huge increase in e-commerce and business-related video conferencing and webinars are increasing the demand for data centres,” said Mr Shobhit Agarwal, Managing Director and CEO, ANAROCK Capital.

“Immediately after India went into a lockdown mode due to COVID-19, there was a 25-35 per cent increase in data centre capacity usage as companies began to overhaul their digital infrastructure to deal with the new work environment. Furthermore, the government’s move to make data localization mandatory ensures a promising future for data centres in the country,” Mr Agarwal said.

Investment plans for building data centres in India over the next decade and more are introduced by the leading corporate entities like Adani Group, Hiranandani Group and Salarpuria Sattva.

According to the industry estimates, the data centre outsourcing market in India is worth more than US$ 2 billion and is projected to grow at 25 per cent CAGR to reach US$ 5 billion by FY2023-24. In fact, data centres are emerging as an alternative real estate asset class with huge potential, and leading real estate developers are zeroing in on this opportunity to reap superior returns from early investments

Jubilant Generics launches remdesivir under 'JUBI-R' brand

Jubilant Generics Ltd, the Noida-based pharmaceutical firm, launched the COVID-19 drug Remdesivir under the ‘JUBI-R’ brand at Rs 4,700 (US$ 66.67) per vial in the Indian market.

It is estimated that the subsidiary of Jubilant Life Sciences Ltd will make the drug available to more than 1,000 hospitals providing COVID-19 treatment in India through its distribution network. It will also offer a 24-hour helpline to enhance access to the drug during the pandemic.

Jubilant Bhartia Foundation, the Jubilant Group’s non-profit organization, also plans to launch programmes to give increased access to the drug for patients below the poverty line and to frontline paramedical staff.

“We have launched the product at affordable prices and strive to make it available in sufficient quantities to meet high demand for the drug in the Indian market and in other countries," said Mr Shyam S. Bhartia, chairman and managing director, and Mr Hari S. Bhartia, co-chairman of Jubilant Pharma Ltd, in a statement.

The company added that the entire treatment will cost around Rs 28,200 (US$ 400.05) as the treatment requires six vials of the drug.

Pharma major Gilead Sciences Inc., the innovator of remdesivir, had signed a pact with Jubilant Life for licensing the generic of its novel drug and for its sale in 127 low- and middle-income countries, including India.

The licence was given on a royalty-free basis till an alternative drug is discovered, or till the World Health Organization declares the end of its ‘Public Health Emergency of International Concern’ for the drug. The freedom to the companies is also given to price their products.

On 20 July 2020, Jubilant received approval from the Drug Controller General of India to manufacture and market the antiviral drug for restricted emergency use in India for the treatment of severe COVID-19 patients. ‘JUBI-R’ will require to be administered intravenously in a hospital setting under the supervision of a medical practitioner, it added.

India crosses a milestone, conducts more than 2 crore COVID tests

In a landmark achievement, India has tested 2,02,02,858 COVID-19 samples so far. This is pursuant to the key strategy followed by State/UT governments under the guidance of Centre for management of COVID-19 to “Test aggressively, Track efficiently and Isolate and Treat promptly". Effective implementation of this approach has led to ramping up the testing capacity across the country and facilitated widespread COVID testing of people.

With 3,81,027 samples tested in the last 24 hours, the number of Test Per Million (TPM) has increased to 14640. Currently, the testing per million for India is 14640. While the country's TPM has demonstrated a steady upward trend indicating the growing testing network, 24 States and UTs have reported higher testing per million than the national average.

 

The testing lab network in the country is continuously strengthened with 1348 labs in the country; 914 labs in the government sector and 434 private labs.  These include:

•           Real-Time RT PCR based testing labs: 686 (Govt: 418 + Private: 268)

•           TrueNat based testing labs: 556 (Govt: 465 + Private: 91)

•           CBNAAT based testing labs: 106 (Govt: 31 + Private: 75)

 

For all authentic & updated information on COVID-19 related technical issues, guidelines & advisories please regularly visit: https://www.mohfw.gov.in/ and @MoHFW_INDIA.

Technical queries related to COVID-19 may be sent to technicalquery.covid19@gov.in and other queries on ncov2019@gov.in and @CovidIndiaSeva .

In case of any queries on COVID-19, please call at the Ministry of Health & Family Welfare helpline no.: +91-11-23978046 or 1075 (Toll-free). List of helpline numbers of States/UTs on COVID-19 is also available at https://www.mohfw.gov.in/pdf/coronvavirushelplinenumber.pdf .

DCGI approves Phase II+III trials of Oxford University vaccine by Serum Institute, Pune

The Drugs Controller General of India (DCGI) has given approval to Serum Institute of India, Pune to conduct Phase II+III clinical trials of Oxford University-Astra Zeneca COVID-19 vaccine (COVISHIELD) in India. This will hasten the development of the COVID-19 vaccine.

India continues to improve the Case Fatality Rate (CFR), and maintain its global position of having one of the lowest COVID fatalities rates. With a further fall, the current CFR touched 2.11 per cent today. This is the outcome of the well-conceived and effectively implemented strategy of "Test, Track and Treat" which has guided the COVID management in the country.

The management strategy of COVID-19 also focuses on early detection and isolation of cases with seamless patient management and prioritising care of the high-risk population using field health care workers leading to increase in recoveries across the country. India has seen more than 40,574 patients recovered in the last 24 hours. This takes the total recoveries to 11,86,203 and Recovery Rate to 65.77 per cent amongst COVID-19 patients.

With improving daily recovery number, the gap between the recovered cases & the active cases has increased to more than 6 lakh. Presently, it is 6,06,846. This means the actual active case load is 5,79,357 and all are under medical supervision.

Ministry of Health and Family Welfare has issued Revised Guidelines for International Arrivals in supersession of the Guidelines issued on the subject dated 24th May 2020. They will be operational from 00.01 Hrs, 8th August 2020. For further details:

https://www.mohfw.gov.in/pdf/RevisedguidelinesforInternationalArrivals02082020.pdf

For all authentic and updated information on COVID-19 related technical issues, guidelines and advisories please regularly visit: https://www.mohfw.gov.in/ and @MoHFW_INDIA.

Technical queries related to COVID-19 may be sent to technicalquery.covid19@gov.in and other queries on ncov2019@gov.in and @CovidIndiaSeva.

In case of any queries on COVID-19, please call at the Ministry of Health & Family Welfare helpline no.: +91-11-23978046 or 1075 (Toll-free). List of helpline numbers of States/UTs on COVID-19 is also available at https://www.mohfw.gov.in/pdf/coronvavirushelplinenumber.pdf .

MoD releases draft Defence Production and Export Promotion Policy 2020

In order to provide impetus to self-reliance in defence manufacturing, multiple announcements were made under ‘Atmanirbhar Bharat Package’. In implementing such framework and to position India amongst the leading countries of the world in defence and aerospace sectors, Ministry of Defence (MoD) has formulated a draft Defence Production and Export Promotion Policy 2020 (DPEPP 2020). The DPEPP 2020 is envisaged as overarching guiding document of MoD to provide a focused, structured, and significant thrust to defence production capabilities of the country for self-reliance and exports.

The policy has laid out following goals and objectives:

• To achieve a turnover of Rs 1,75,000 crores (US$ 25 billion) including export of Rs 35,000 crore (US$ 5 billion) in Aerospace and Defence goods and services by 2025.
• To develop a dynamic, robust, and competitive Defence industry, including Aerospace and Naval Shipbuilding industry to cater to the needs of Armed forces with quality products.
• To reduce dependence on imports and take forward "Make in India" initiatives through domestic design and development.
• To promote export of defence products and become part of the global defence value chains.
• To create an environment that encourages R&D, rewards innovation, creates Indian IP ownership and promotes a robust and self-reliant defence industry.

The Policy brings out multiple strategies under the following focus areas:

• Procurement Reforms
• Indigenization & Support to MSMEs/Startups
• Optimize Resource Allocation
• Investment Promotion, FDI & Ease of Doing Business
• Innovation and R&D
• DPSUs and OFB
• Quality Assurance & Testing Infrastructure
• Export Promotion

 

The draft DPEPP 2020 can be accessed at https://ddpmod.gov.in/dpepp and https://www.makeinindiadefence.gov.in/admin/webroot/writereaddata/upload/recentactivity/Draft_DPEPP_03.08.2020.pdf for public consultation and seeking inputs/comments from the stakeholders. Based on the comments received, the policy would be promulgated by the MoD.

Inputs/comments on the draft DPEPP 2020 is solicited latest by August 17, 2020 to the email id dirpnc-ddp@nic.in.

Bank accounts opened under Pradhan Mantri Jan Dhan Yojana crosses 40-crore mark

Under the Government’s flagship financial inclusion drive Pradhan Mantri Jan Dhan Yojana (PMJDY), which was launched about six years ago by the Modi-government, more than 40 crore bank accounts have been opened so far.

According to the latest data, there are 40.05 crore beneficiaries of this scheme and deposits in Jan Dhan bank accounts are more than Rs 1.30 lakh crore (US$ 18.44 billion).

As per the Department of Financial Services tweet, "Another milestone achieved under world's largest financial inclusion initiative, PMJDY: Total accounts opened under the scheme crosses 40 crore mark. Committed to take financial inclusion to the last mile!".

This achievement comes just ahead of the sixth anniversary of PMJDY launch. The scheme was launched on August 28, 2014 with an aim to provide universal access to banking facilities to the people in the country.

Under PMJDY, accounts opened are Basic Savings Bank Deposit (BSBD) accounts with additional features of RuPay debit card and overdraft. These accounts do not require to maintain minimum balance in BSBD accounts.

The Government has also increased the accident insurance cover to Rs 2 lakh (US$ 2,837.28), from Rs 1 lakh (US$ 1,418.64) for new accounts opened after August 28, 2018, in order to enhance the scheme. Moreover, the overdraft limit facility was also doubled to Rs 10,000 (US$ 141.86).

The focus was also shifted on accounts from "every household" to "every unbanked adult".

Women holds over 50 per cent of the Jan Dhan account and receives Rs 1,500 (US$ 21.27) per account in three equal monthly instalments by the government as part of Pradhan Mantri Garib Kalyan Yojana to support the poor during the COVID-19 crisis.

On March 26, 2020, the Government announced an ex-gratia payment of Rs 500 (US$ 7.09) to be credited to women Jan Dhan account holders for three months starting from April.

The aim of PMJDY is to guarantee access to various financial services like availability of basic savings bank account, access to need based credit, remittances facility, insurance and pension to weaker sections and low-income groups.

The PMJDY also envisages channelling all government benefits to the beneficiary accounts and pushing the Direct Benefit Transfer (DBT) scheme of the central government.