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<ul><li><keyword id="19912297" type="General" weightage="100" keywordseo="Nvidia" source="keywords" meta.keywordsubtype="org" meta.entityname="Nvidia" meta.hostid="261" meta.entityid="Nvidia">Nvidia</keyword> wants to partner with <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> to develop new <keyword id="20830356" type="General" weightage="20" keywordseo="AI-chip" source="keywords">AI chip</keyword></li><li>The discussions are in prelim stage</li><li>Nvidia hasn't announced anything officially</li></ul> When it comes to AI, Nvidia is one of the frontrunners in the race. In the last few months, we have heard ample reports about how much Nvidia's AI chips are in demand. Now, latest reports say that the tech giant is looking forward to partner with India and use its huge talent pool to develop a new AI chip. According to a report in ET, Nvidia is looking to forge a partnership with India to create a new semiconductor chip tailored to the nation’s technological needs. As per the report, this initiative was discussed earlier this year between <keyword id="19979316" type="General" weightage="20" keywordseo="Jensen-Huang" source="keywords">Jensen Huang</keyword>, Nvidia’s CEO, and Indian Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="Narendra-Modi" source="keywords">Narendra Modi</keyword>. The collaboration aims to blend India’s robust semiconductor design skills with Nvidia’s cutting-edge technology to meet the increasing demands of the Indian tech market. <div type="Article" hostid="261" msid="113902265" title="Nvidia’s ChatRTX could be your alternative to ChatGPT for reading long documents, and it doesn’t need an internet connection" mstype="2" mssubtype="0"></div> As Nvidia’s graphics processing unit (GPU) chips continue to play a crucial role in the AI revolution, the company’s valuation has skyrocketed, now standing as the second most valuable company globally. Ashwini Vaishnaw, India’s union minister for electronics and IT, confirmed that discussions are underway, although they remain in the early stages. He told ET, “Yes, we are discussing with Nvidia the development of an AI chip; discussions are at a preliminary stage.” Meanwhile, Nvidia has not said anything yet. With around 19% of the world’s chip designers based in India—many working for renowned global firms—Nvidia is reportedly eager to leverage this rich talent pool. The partnership would focus on developing chips that cater to specific requirements within India, including AI-driven solutions for government initiatives, enhancements in infrastructure, and support for startups. Meanwhile, <keyword id="20553835" type="General" weightage="20" keywordseo="huang" source="keywords">Huang</keyword> is scheduled to visit India soon, marking his annual trip, during which he hopes to deepen ties with the nation. <div type="Article" hostid="261" msid="114040583" title="I talked to an AI-powered NPC thanks to Nvidia! True to her character, she surprised me with her princess attitude" mstype="2" mssubtype="0"></div> The report added that the envisioned chip would be specifically tailored for Indian applications, potentially enhancing systems like the Kavach security initiative for Indian Railways. This collaboration aims to provide the government, startups, and various businesses with a chip that supports diverse applications in line with India’s AI mission. Currently, the government is working on details such as cost, benefits, and use cases related to this co-development effort. If this chip collaboration materialises, Nvidia plans to design the core components in partnership with firms like Arm or AMD, while Indian entities, including the <keyword id="20051560" type="General" weightage="20" keywordseo="centre-for-development-of-advanced-computing" source="keywords">Centre for Development of Advanced Computing</keyword> (C-DAC) and private firms, would handle the customisation of the top 10-20% of the chip design, the ET report added.

Nvidia eyes partnership with India to develop a new AI chip, all you need to know

Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword> urged CEOs of US majors to take advantage of India's growth story as the country is making all efforts to become the third largest economy of the world in his third term. India is currently the fifth largest economy of the world after the US, China, Germany and Japan with a GDP of around USD 3.9 trillion. India has been the fastest growing large economies of the world with GDP growth rate of over 7 per cent for the last three consecutive years. Addressing CEOs of the large US tech firms on Sunday, Modi said India will make every effort to become the third largest economy in the world in his third term (2024-29). Companies should take advantage of India's growth story for collaboration and innovation by co-developing, co-designing, and co-producing in India for the world, harnessing the opportunities from the country's economic and technological growth, he said. Assuring the business leaders of India's deep commitment to the protection of intellectual property and to fostering tech innovation, Modi highlighted the economic transformation happening in the country, particularly in electronics and information technology manufacturing and semiconductors. Modi asserted that his government was committed to making India a "global hub of <keyword id="20073013" type="General" weightage="20" keywordseo="semiconductor-manufacturing" source="keywords">semiconductor manufacturing</keyword>". The meeting took place at the Lotte <keyword id="19904497" type="General" weightage="20" keywordseo="New-York" source="keywords">New York</keyword> Palace Hotel on Sunday during the second leg of Modi's three-day US visit. It saw the participation of CEOs of 15 major US-based firms working on cutting-edge technologies such as AI, quantum computing and semiconductors. "Had a fruitful roundtable with tech CEOs in New York, discussing aspects relating to technology, innovation and more. Also highlighted the strides made by India in this field. I am glad to see immense optimism towards India," Modi said in a post on X. During the conference, Modi said technology collaboration and efforts such as the Initiative on Critical and Emerging Technologies (ICET) lie at the core of the India-US Comprehensive Global Strategic Partnership, according to a Ministry of External Affairs press release. Organised by the Massachusetts Institute of Technology (MIT) School of Engineering, the CEOs of top US tech firms, including Google CEO Sundar Pichai, Adobe CEO Shantanu Narayena, Accenture CEO Julie Sweet and NVIDIA CEO Jensen Huang attended the meeting. Others who participated in the roundtable included AMD CEO Lisa Su, HP Inc. CEO Enrique Lores, IBM CEO Arvind Krishna, Dr Noubar Afeyan, Chairman of Moderna, and Verizon CEO Hans Vestberg. Modi also talked about India's BIO E3 (biotechnology for environment, economy and employment) policy to develop the country into a biotech powerhouse and on the topic of AI, noted that India's policy is to promote AI for all, underpinned by its ethical and responsible use. The CEOs appreciated India's growing prominence as a global technology hub, driven by its innovation-friendly policies and flourishing market opportunities. They also expressed strong interest in investing and collaborating with India, agreeing that investing in startups would be a synergistic opportunity to innovate and develop newer technologies in the country. Others who attended the conference included Biogen Inc CEO Chris Viehbacher, CEO of Bristol Myers Squibb, Chris Boerner, Eli Lilly and Company CEO David A. Ricks, LAM Research CEO Tim Archer, GlobalFoundries CEO Thomas Caulfield, and the CEO of Kyndryl, Martin Schroeter. "Further cementing technology and business connect. PM @narendramodi interacted with the top tech leaders and CEOs of USA, in a Roundtable hosted by the Massachusetts Institute of Technology School of Engineering, in New York today. PM emphasised India's growth prospects and discussed initiatives to foster collaborations and innovation across diverse sectors," the official account of the MEA said in a post on X. The prime minister had a separate meeting with Krishna P Singh, CEO of Holtec International, which is into nuclear and solar power generation. They discussed Holtec's plan for expanding manufacturing in India and advancing energy cooperation, PMO India said in a post on X. Earlier on Sunday, Modi addressed the <keyword id="20115166" type="General" weightage="20" keywordseo="Indian-diaspora" source="keywords">Indian diaspora</keyword> at the packed Nassau Veterans Coliseum on Long Island in New York. He also held bilateral meetings with world leaders at the sidelines of the UN General Assembly session here. Modi reached New York on Saturday after attending the Quad Leaders' Summit hosted by President Joe Biden in Wilmington, Delaware. <div type="Article" hostid="261" msid="113516805" title="Why is Indian Prime Minister Narendra Modi visiting the US this weekend?" mstype="2" mssubtype="0"></div>

PM Modi invites US CEOs to take a 'byte' out of India's growing technology sector

The Budget 2024-2025 announcement by Union Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> saw productivity and resilience in <keyword id="19931887" type="General" weightage="20" keywordseo="agriculture" source="keywords">agriculture</keyword> being prioritised above all else. With a desire to turn focus on <keyword id="19934969" type="General" weightage="20" keywordseo="farmers" source="keywords">farmers</keyword>, or Annadatas, ₹1.52 lakh crore has been allocated for agriculture and its allied sectors. This is quite an increase from the Interim Budget announcement of ₹1.27 lakh crore in February 2024. It is being speculated that this substantial focus on the agricultural sector stems from the BJP's vote share dipping in semi-urban and rural areas during the recent Lok Sabha elections. In fact, when Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword> returned for a third term in office, the first file he signed was for the release of the 17th instalment of the PM <keyword id="22000840" type="General" weightage="20" keywordseo="kisan-nidhi" source="keywords">Kisan Nidhi</keyword> scheme, ET reported. However, the government's commitment to transforming agriculture and potentially the lives of Indian farmers could lead to the agricultural sector growing at 3.7% in the current fiscal, compared to 1.4% last year, as per the CII. <h2>Key initiatives in agriculture</h2>Transforming Agriculture Research The government is set to conduct a comprehensive review of the agricultural research framework, with an emphasis on enhancing productivity and developing climate-resilient crop varieties. Funding will be allocated on a challenge basis, including to private sector initiatives. This research will be overseen by domain experts from both governmental and non-governmental organizations. Release of New Varieties A total of 109 new high-yielding and climate-resilient varieties of 32 field and horticulture crops will be introduced for farmers to cultivate. Promoting Natural Farming In the next two years, the government plans to transition one crore farmers to natural farming practices, supported by certification and branding efforts. This initiative will be carried out through scientific institutions and willing <keyword id="20030597" type="General" weightage="20" keywordseo="gram-panchayats" source="keywords">gram panchayats</keyword>, with 10,000 bio-input resource centers to be established based on need. Missions for Pulses and Oilseeds To achieve self-sufficiency in pulses and oilseeds, the government will strengthen their production, storage, and marketing. As outlined in the interim budget, a strategy is being implemented to attain 'atmanirbharta' (self-reliance) for oilseeds like mustard, groundnut, sesame, soybean, and sunflower. <div type="Article" hostid="261" msid="111930255" title="Economic Survey calls for urgent agricultural reforms; cites growth hurdles" mstype="2" mssubtype="0"></div>Vegetable Production &amp; Supply Chains Large-scale clusters for vegetable production will be developed near major consumption centers. The government will support Farmer-Producer Organizations, cooperatives, and startups to streamline the vegetable supply chain, including collection, storage, and marketing. Digital Public Infrastructure for Agriculture Building on the success of a pilot project, the government, in partnership with states, will facilitate the implementation of Digital Public Infrastructure (DPI) for agriculture over the next three years. This year, a digital crop survey for Kharif crops will be conducted in 400 districts, integrating details of six crore farmers and their lands into registries. Additionally, Jan Samarth-based Kisan Credit Cards will be issued in five states. Shrimp Production &amp; Export Financial support will be provided to establish a network of Nucleus Breeding Centres for shrimp broodstocks. NABARD will facilitate financing for shrimp farming, processing, and export. National Cooperation Policy A new National Cooperation Policy will be introduced to promote systematic and comprehensive development of the cooperative sector. This policy aims to fast-track rural economic growth and create large-scale employment opportunities. <h2>Budget allocation highlights</h2><ul><li>PM-Kisan Samman Nidhi: Will be retaining its allocation of ₹60,000 crore to provide direct financial assistance to 11.8 crore small and marginal farmers.</li><li>Pradhan Mantri Fasal Bima Yojana: Allocated funds to provide crop insurance to four crore farmers, protecting them from adverse weather conditions.</li><li>e-NAM Expansion: Integration of 1,361 mandis into the e-NAM platform to enhance market efficiency and transparency, benefiting 1.8 crore farmers with an expected trading volume of ₹3 lakh crore.</li></ul><h2>Government committed to Polavaram irrigation project in Andhra Pradesh</h2>The Finance Minister said that the government is fully committed to financing and expeditiously completing the Polavaram irrigation project, which is considered a lifeline for Andhra Pradesh and its farmers. <h2>Future directions</h2>The government aims to increase public and private investment in post-harvest infrastructure and supply chains, promoting aggregation, modern storage, and efficient processing to reduce losses and improve food security. Additionally, the dairy and fisheries sectors will see significant development, with initiatives to boost productivity and exports, contributing to a sustainable and prosperous agricultural ecosystem. <div type="Article" hostid="261" msid="111951205" title="Budget 2024-25: Changes to tax slabs, increased standard deduction and other changes to direct taxation" mstype="2" mssubtype="0"></div>

What does Union Budget 2024-2025 have in store for farmers and the agricultural sector?

President Droupadi Murmu, on Friday visited an exhibition to showcase space technologies and achievements, at Bharat Mandapam, on the maiden <keyword id="22301946" type="General" weightage="100" keywordseo="National-Space-Day" source="keywords">National Space Day</keyword>. Union Minister Dr Jitendra Singh and <keyword id="19915124" type="General" weightage="20" keywordseo="ISRO" source="keywords" meta.keywordsubtype="org" meta.entityname="ISRO" meta.hostid="153" meta.entityid="ISRO">ISRO</keyword> Chairman S Somanath were also present. <keyword id="19939985" type="General" weightage="20" keywordseo="President-Murmu" source="keywords">President Murmu</keyword> extended her greetings on the occasion of the first National Space Day and welcomed the decision to celebrate Space Day on the day <keyword id="19990220" type="General" weightage="20" keywordseo="Chandrayaan" source="keywords">Chandrayaan</keyword> landed on the <keyword id="19899207" type="General" weightage="20" keywordseo="moon" source="keywords">Moon</keyword>. "It was a glorious moment for all the Indians when ISRO's Chandrayaan landed on the moon. I saw the live telecast of that moment, I was so proud that day like other Indians. To celebrate National Space Day on this occasion is a commendable step. I congratulate all of you on the first National Space Day. ISRO has achieved many feats since its inception". She also expressed her happiness with the student's participation in the event "Happy to see students' participation in this event." Highlighting the significance of <keyword id="19929542" type="General" weightage="20" keywordseo="space-exploration" source="keywords">space exploration</keyword>, she added "Space exploration has extended human's ability and help complete the imagination of humankind. Space exploration is exciting and challenging at the same time. Health, transportation, environment, energy, security and information technology are benefitted due to the growth in the <keyword id="20242397" type="General" weightage="20" keywordseo="space-sector" source="keywords">space sector</keyword>". The president termed the growth of the ISRO as extraordinary, "The growth of <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>'s space sector is extraordinary, be it Mangalyan mission that was accomplished through minimum resources or launching more than 100 satellites at a time. we have achieved many such feats". She also praised the introduction of private players in the space sector in the country, "Introducing of the private sector in Indian has led to the formation of many <keyword id="22829456" type="General" weightage="20" keywordseo="space-start-ups" source="keywords">space start-ups</keyword> in India. This has allowed the youths of India to explore the space sector". Expressing her happiness about ISRO's plan to make <keyword id="20793131" type="General" weightage="20" keywordseo="space-mission" source="keywords">space mission</keyword> debris-free she said "I am happy that India is moving towards making India's space mission debris-free by 2030". India celebrated its first-ever National Space Day on Friday on the theme "Touching Lives While Touching the Moon: India's Space Saga". On 23 August 2023, India achieved a historic milestone when the Chandrayaan-3 lander completed a soft landing on the moon. This remarkable accomplishment made India the 4th country to accomplish this feat and the 1st to land on the lunar South Pole. In recognition of this achievement, Prime Minister Narendra Modi has declared August 23 as National Space Day.

"A glorious moment for all Indians when Chandrayaan landed on moon" says President Murmu on National Space Day

New Delhi: Prime Minister Narendra Modi will inaugurate the 8th edition of the International Telecommunication Union - World Telecommunication Standardization Assembly (<keyword id="23549707" type="General" weightage="20" keywordseo="ITU-WTSA" source="keywords">ITU-WTSA</keyword>) at <keyword id="19950568" type="General" weightage="20" keywordseo="Bharat-Mandapam" source="keywords">Bharat Mandapam</keyword> here in the national capital today. This is the first time the ITU-WTSA will be hosted in India and the Asia-Pacific. Prime Minister will also inaugurate the 8th edition of the <keyword id="21058244" type="General" weightage="100" keywordseo="India-Mobile-Congress" source="keywords" meta.keywordsubtype="org" meta.entityname="India Mobile Congress" meta.hostid="261" meta.entityid="India Mobile Congress">India Mobile Congress</keyword> (IMC), with the theme, "The future is now." Prime Minister Modi took to X to announce both events, saying, "At 10 AM tomorrow, 15th October, the International Telecommunication Union - World Telecommunication Standardisation Assembly and the India Mobile Congress 2024 will be inaugurated. These forums are important ones, bringing together leading stakeholders from across the sector." Aa per a statement by the Prime Minister's Office (PMO), the event will be facilitating interactions with various industry leaders, policy-makers and tech experts from over one ninety countries. It is a pivotal global event that will bring together more than 3,000 industry leaders, policy-makers and tech experts from over 190 countries, representing telecom, digital, and ICT sectors. The ITU-WTSA event will also facilitate discussion on the standards set for new age technologies such as 6G, AI, IoT, Big Data, cybersecurity, etc. "Hosting this event in India will provide the country an opportunity to play a key role in shaping the global telecom agenda and to set the course for future technologies. Indian startups and research institutions are set to gain critical insights into developing Intellectual Property Rights and Standard Essential Patents," the PMO said. India Mobile Congress 2024 will be showcasing the telecom ecosystem, with leading telecom companies highlighting advancements in Quantum technology and Circular Economy along with spotlight on 6G, 5G use-case showcase, cloud &amp; edge computing, IoT, semiconductors, cybersecurity, green tech, satcom and electronics manufacturing. India Mobile Congress is Asia's largest <keyword id="21099140" type="General" weightage="20" keywordseo="digital-technology" source="keywords">digital technology</keyword> forum, and has become a well-known platform across the globe for showcasing innovative solutions, services and state-of-the-art use cases for industry, government, academics, start-ups and other key stakeholders in the technology and telecom ecosystem. The IMC will feature over 400 exhibitors, 900 startups, with participation from over 120 countries. The event also aims to showcase more than 900 technology use case scenarios, host more than 100 sessions and discussion with over 600 global and Indian speakers.

PM Modi to inaugurate 8th ITU's telecom standard meet, India Mobile Congress in Delhi today

Prime Minister Narendra <keyword id="19899684" type="General" weightage="20" keywordseo="Modi" source="keywords">Modi</keyword> on Friday said the government is making necessary <keyword id="20861068" type="General" weightage="20" keywordseo="policy-changes" source="keywords">policy changes</keyword>, like removal of <keyword id="20279287" type="General" weightage="20" keywordseo="Angel-Tax" source="keywords">Angel Tax</keyword>, to promote the <keyword id="19945816" type="General" weightage="100" keywordseo="fintech" source="keywords">fintech</keyword> sector, even as he asked the <keyword id="19962476" type="General" weightage="20" keywordseo="regulators" source="keywords">regulators</keyword> to take additional measures to check cyber frauds which can have a crippling impact on startups. Lauding the fintechs for democratising <keyword id="19976433" type="General" weightage="20" keywordseo="financial-services" source="keywords">financial services</keyword>, Modi said the sector, which has attracted USD 31-billion investment in the last 10 years, has played a key role in denting the parallel economy. The Prime Minister was addressing the Global Fintech Fest (GFF) 2024, jointly organised by the Payments Council of India, the National Payments Corporation of India and the Fintech Convergence Council. He said the domestic economy and the capital market are in a celebratory mood at a time when the nation is also going through a festive period. Modi underlined that the government is making all necessary changes on the policy level to assist the fintech sector and gave examples of doing away with Angel Tax, allocating Rs 1 lakh crore to encourage research and innovation in the country and implementing the Digital Personal Data Protection Act. Broadly, fintech refers to entities utilising technologies for providing financial services. Expressing the need to put an end to <keyword id="19901142" type="General" weightage="20" keywordseo="cyber-fraud" source="keywords">cyber fraud</keyword>, he urged the regulators to take major initiatives to boost digital literacy. It is equally important to ensure cyber fraud does not come in the way of the growth of fintech and startups in the country, Modi said. In his speech, the Prime Minister also cautioned about the dangers of a parallel economy for the world. Fintech, he said, has played an impactful role in denting such a system and credited the emergence of transparency. He said that digital technology has introduced transparency in India and gave the example of the implementation of Direct Benefit Transfer used in hundreds of government schemes that has prevented leakages in the system. "Today, people can see the benefits of aligning with the formal banking system," he said. Modi further said the trinity of Jan Dhan, Aadhaar and Mobile have broken down the mentality of 'Cash is King' and made way for approximately half of the <keyword id="20004116" type="General" weightage="20" keywordseo="digital-transactions" source="keywords">digital transactions</keyword> in the world taking place in India. "India's <keyword id="19900911" type="General" weightage="20" keywordseo="upi" source="keywords">UPI</keyword> has become a major example of fintech in the world," he said, adding that it has enabled 24X7 banking services in every village and city in all weather conditions. Underlining the role of fintech in democratising financial services, the Prime Minister gave examples of readily available loans, credit cards, investments and insurance. He said that fintech has made access to credit easy and inclusive, and gave the example of PM SVANidhi scheme that has enabled street vendors to avail collateral-free loans and further expand their business with the help of digital transactions. "Sustainable <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword> is India's priority today," he said and emphasised that the government is creating robust, transparent and efficient systems to strengthen financial markets with advanced technologies and regulatory frameworks. About 800 speakers, including policymakers, regulators, senior bankers, industry captains, and academicians, from India and other countries are participating in the fest.

Removed Angel Tax, taking policy measures to promote fintech sector: PM Modi

As Indian startups face turbulence in the global funding winter, experts on Monday said they need to reserve cash, create a long-term goal and adopt a culture of customer feedback to survive in 2023. On the occasion of the 'National Startup Day', envisioned by Prime Minister <keyword id="6354477" type="General" weightage="80" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword> last year, industry experts said that the founders must continuously monitor the trends which are happening in the world. Indian startups fired more than 18,000 employees in 2022 amid a funding winter and macroeconomic uncertainty. "Investing in R&amp;D can be one of the finest ways to actually tackle disruption. Make sure that as a business, you keep some of your profits or your balance sheet reserves for investing into R&amp;D to actually learn more," Dr Ritesh Malik, Director, <keyword id="6365866" type="General" weightage="50" keywordseo="alliance" source="Orion">Alliance</keyword> for <keyword id="2947744" type="General" weightage="50" keywordseo="digital-india-foundation" source="Orion">Digital India Foundation</keyword>, or <keyword id="1429787" type="General" weightage="50" keywordseo="adif" source="Orion">ADIF</keyword>, told IANS. "If you feel that there is a platform like Instagram where the go-to-market strategy is more efficient, start learning Instagram and start promoting your products there," he added. According to <keyword id="6061635" type="General" weightage="80" keywordseo="tejas-khoday" source="Orion">Tejas Khoday</keyword>, Co-Founder and CEO of trading platform FYERS, this year is special as India has emerged to be the third largest startup ecosystem in the world. "While the past year was turbulent with IPOs of several well-known startups not doing too well, the ongoing funding winter and related layoffs, in the long run, all this will be a blip on the radar," he said. That said, this will help the ecosystem to mature and hopefully and we will see startups achieve a better balance between scale and profitability in 2023, Khoday noted. While interacting with over 150 startups, <keyword id="2238662" type="General" weightage="50" keywordseo="pm-modi" source="Orion">PM Modi</keyword> last year announced the commemoration of National Startup Day on January 16 every year. The Department for Promotion of Industry and Internal Trade and the <keyword id="6416832" type="General" weightage="50" keywordseo="ministry-of-commerce-and-industry" source="Orion">Ministry of Commerce and Industry</keyword> marked an entire week as <keyword id="16072714" type="General" weightage="50" keywordseo="national-startup-week" source="Orion">National Startup Week</keyword>, from January 10 to 16. According to Malik, startups must hear back from their customers. "The more you hear from your customers, the more you will be able to understand their changing needs. And the more your product becomes dynamic and you constantly change that product to the whims and fantasies of the customer," he noted. <keyword id="3337958" type="General" weightage="80" keywordseo="ravish-naresh" source="Orion">Ravish Naresh</keyword>, CEO and Co-founder of Khatabook, said that there is a stronger acknowledgment of Indian startups' role in solving core problems of emerging economies to bridge the socio-economic gaps. "This year, our primary aim is to turn profitable and scale up the digital lending offerings to meet the unmet credit demand of Indian MSME businesses. We are optimistic about the Indian economy and its opportunities for the startup ecosystem," he said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/logistics-startup-locad-raises-11-million-in-series-a-funding-led-by-reefknot-investments/articleshow/97020396.cms">Logistics startup Locad raises $11 million in Series A funding led by Reefknot Investments</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/foreign-investors-pull-out-15000-crore-from-stocks-in-the-first-two-weeks-of-2023/articleshow/97019987.cms">Foreign investors pull out ₹15,000 crore from stocks in the first two weeks of 2023</a>

Indian startups need to conserve cash & listen to customers, say experts

New Delhi, The current Information Technology (IT) Act, 2000 has several limitations, including the lack of comprehensive provisions on user rights, trust and safety. The proposed <keyword id="13582784" type="General" weightage="20" keywordseo="Digital-India-Act" source="Orion">Digital India Act</keyword> (<keyword id="986" type="General" weightage="80" keywordseo="dia" source="Orion">DIA</keyword>) will give a much-needed thrust to the current regulatory landscape in India to tame Big Tech and empower millions of citizens, the government has emphasized. The country needs Global Standard Cyber Laws to act as a catalyst and enabler for the $1 trillion <keyword id="50691" type="General" weightage="100" keywordseo="digital" source="Orion">digital</keyword> economy, according to <keyword id="205969" type="General" weightage="50" keywordseo="rajeev-chandrasekhar" source="Orion">Rajeev Chandrasekhar</keyword>, Minister of State for Electronics and IT. This is how the DIA will become a game-changer once it comes into practice. According to Chandrasekhar, only 5.5 million Indians were on the Internet and today, 850 million citizens are connected on the web, making the country the "largest digitally connected democracy". In his presentation to various stakeholders this week, the minister said that from one type of Internet intermediary in the year 2000 to multiple types of intermediaries today (e-commerce, digital media, social media, AI, OTT, gaming etc.), we are facing new complex forms of user harms -- catfishing, doxxing, cyber stalking, cyber trolling, gaslighting and phishing, etc. The proliferation of hate speech, disinformation and fake news are other serious concerns that the old IT regime cannot address. Hence, there is an urgent need for DIA rules which will "manage the complexities of the Internet and rapid expansion of the types of intermediaries". "The new digital law should be evolvable and consistent with changing market trends, disruption in technologies, development in international jurisprudence and global standards for qualitative service/products delivery framework," Chandrasekhar mentioned. Emphasizing the need for an open Internet, the minister said that it should offer Choice, Competition, Online Diversity, Fair Market Access, and Ease of Doing Business and Ease of Compliance for Startups. The proposed DIA will offer adjudicatory and appellate mechanisms for accountable and responsive digital operators; updated intermediary framework; obligations on significant digital operators through classification/ mandates; algorithmic transparency and periodic risk assessments by digital entities. The DIA will have a core Team in the IT Ministry (MeitY) -- Minister of State (MoS) IT, Additional Secretary, GC Cyberlaw, ASG, an outside legal expert and an industry expert. There will be a comparative study of all relevant global laws pertaining to the Internet and technology in other countries for the draft Digital bill. "There will be consultations with experts, general public, industry, media, academia, student community, Internet governance forums and consumer forums for the DIA," according to the minister. The aim is to fulfill Prime Minister <keyword id="6354477" type="General" weightage="50" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword>'s 'Digital India Goals 2026' and create a $1 trillion digital economy by 2025-26. "India will be a significant trusted player in the global value chains for digital products, devices, platforms and solutions," said Chandrasekhar. The draft Digital Personal Data Protection Bill would be among the initiatives under the broad DIA -- the others being National Data Governance Policy, amendments in the Indian Penal Code (IPC) related to cyber crimes and DIA rules. "The Indian laws should be able to handle the rapid expansion of social media intermediaries," said the minister. SEE ALSO: <a href="https://www.businessinsider.in/business/news/pristyn-care-has-reportedly-fired-300-employees/articleshow/98514449.cms">Health-tech startup Pristyn Care has reportedly fired 300 employees in the last two months</a> <a href="https://www.businessinsider.in/science/health/news/you-are-not-safe-from-air-pollution-anywhere-in-the-world-finds-a-new-study/articleshow/98471370.cms">You are not safe from air pollution anywhere in the world, finds a new study</a> <a href="https://www.businessinsider.in/business/auto/news/wedding-bells-ring-in-16-rise-in-february-auto-sales-2-wheeler-sales-yet-to-hit-pre-pandemic-levels-fada/articleshow/98443213.cms">Wedding bells ring in 16% rise in February auto sales, 2 wheeler sales yet to hit pre-pandemic levels: FADA</a>

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