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New Delhi: Shares of <keyword id="20599931" type="General" weightage="100" keywordseo="NTPC-Green-Energy" source="keywords">NTPC Green Energy</keyword> Ltd, the <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword> arm of <keyword id="19903558" type="General" weightage="20" keywordseo="NTPC" source="keywords" meta.keywordsubtype="org" meta.entityname="NTPC" meta.hostid="261" meta.entityid="NTPC">NTPC</keyword>, listed with a premium of over 3 per cent against the issue price of Rs 108 on Wednesday. The stock made its debut at Rs 111.60, up 3.33 per cent from the issue price on the BSE. Later, it climbed 12.40 per cent to Rs 121.40. At the NSE, it listed at Rs 111.50, up 3.24 per cent. The company's market valuation stood at Rs 1,02,211.38 crore during the morning trade. Shares of NTPC climbed nearly 2 per cent to Rs 368.80 on the BSE. The <keyword id="19913114" type="General" weightage="20" keywordseo="initial-public-offering" source="keywords">initial public offering</keyword> of NTPC Green Energy Ltd got subscribed 2.40 times on the closing day of the share sale on Friday. The Rs 10,000-crore share sale had a price band of Rs 102-108 per share. Proceeds from the <keyword id="19898327" type="General" weightage="20" keywordseo="IPO" source="keywords">IPO</keyword>, about Rs 7,500 crore at the upper band, will be used to repay or prepay part or all of its subsidiary NTPC Renewable Energy Ltd's (NREL) outstanding loans, and a portion will be utilised for general corporate purposes. NTPC Green Energy is a 'Maharatna' central public sector enterprise with a renewable energy portfolio, including solar and wind power assets.

NTPC Green Energy shares debut with over 3% premium

<ul class="summary-list"><li>Russia almost tripled its defense spending to finance its invasion of Ukraine.</li><li>Defense firms are busy — but high inflation and interest rates past 20% have left them struggling.</li></ul>In Russia's defense sector, demand is surging — but its companies are struggling all the same.The Kremlin is seeking ever more weapons for its attack on Ukraine.But sky-high interest rates are leaving companies struggling to turn a profit, a prominent CEO recently said.Sergei Chemezov, CEO of the defense conglomerate Rostec, sounded the alarm in an address to Russian senators in late October.He <a target="_blank" class="" href="https://www.rbc.ru/economics/23/10/2024/6718c36a9a79476b774f1989">said</a> "record" interest rates were "eating up" the profit from its orders.<h2 id="f760578d-7185-4150-bf09-fde6f3d70c06">Debt trap</h2>He said clients tended to pay 30%-40% of an order's value in advance, leaving the firm to borrow the rest.That debt, he said, was so expensive that it canceled out any profit on the work."If we continue to work like this, then most of our enterprises will go bankrupt," he said.A few days after he spoke, Russia's central bank <a target="_blank" class="" href="https://www.businessinsider.com/russian-central-bank-raises-key-interest-rate-to-21-2024-10">hiked its main interest rate further still</a>, from 19% to 21%.Rostec is not alone in its predicament, economic analysts told Business Insider.Rising interest rates and export bans were eroding Russian defense companies' profits across the board, they said, making the Russian state the only guarantor of revenues.<h2 id="b9ad0c28-486e-4588-b4c2-4b027ca1e40d">Sustaining the war machine</h2>Since launching a full-scale invasion of Ukraine about two and a half years ago, the Kremlin has taken a slew of measures to keep its defense sector pumping out tanks, ammunition, drones, and missiles.It restructured its economy to prioritize the war, imposed export bans, tapped its national wealth fund, and strengthened trade with non-Western countries.Its defense budget soared, from $59 billion in 2022 to $109 billion in 2023.It's heading for an <a target="_blank" class="" href="https://www.sipri.org/media/newsletter/2023-december">estimated $140 billion</a> in 2024, with a draft budget forecasting $145 billion for 2025.That figure would represent 6.3% of Russian GDP, the highest share since Soviet times.That spending has consequences, said Roman Sheremeta, an associate professor of economics at the Weatherhead School of Management at Case Western Reserve University."The government pumped enormous sums of money to support the war efforts," he told Business Insider. "And the Russian reserves have been almost depleted."The liquid assets of Russia's national wealth fund dropped by almost half, from 8.9 trillion rubles (about $91 billion) before the war to 5 trillion rubles (about $51 billion) at the end of last year, Bloomberg <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-01-17/war-in-ukraine-drains-nearly-half-of-accessible-russian-reserves">reported</a> in January, citing Finance Ministry data."The Kremlin cannot afford defense companies to go bankrupt," Sheremeta said.<h2 id="86664911-b4d8-4aec-ad9a-8c27b113bb7b">A 'death spiral'</h2>While huge defense expenditures have contributed to economic growth in Russia and <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-ukraine-war-moscow-military-spending-currency-inflation-budget-2024-9">averted a recession</a>, they also fueled inflation.When it hiked the key interest rate to 21%, Russia's central bank said its mission was to tame inflation.In September, Russia's annual inflation rate rose to 8.6%, far above its 4% target.Sheremeta described the situation as a "death spiral," where war spending begets more inflation, which requires more war spending."What is even worse for those companies," he said of the defense firms, "is that they cannot export due to sanctions and sell their weapons for US dollars or Euros."Daniel Treisman, a professor of political science at the University of California, Los Angeles, and a research associate of the National Bureau of Economic Research, said Russia could end up with hyperinflation."As the budget deficit rises in the face of military costs, the need to cover part of it by printing money will drive prices ever higher, and the Central Bank will have to hike interest rates further to slow them," he said.<h2 id="2a236608-2617-4e7e-8687-d480f19dea32">A crisis point — but not yet</h2>The experts BI spoke to both said Russia could sustain its spending for a year or more before a crisis point.Some see even more runway.Iikka Korhonen, the head of research at the Bank of Finland Institute for Emerging Economies, said defense companies won't be allowed to go bankrupt, and would instead be restructured or bailed out.Russia has done that before, saving indebted defense firms in 2016 during an earlier financial crisis.If that doesn't fix the problem, "other sectors will be cut" to keep defense firms going, Korhonen said.Julian Cooper, Professor Emeritus at the Centre for Russian and East European Studies of the University of Birmingham, made similar remarks."If some defense companies cannot fulfill their obligations, the Kremlin can simply nationalize them," Sheremeta said.Konstantin Sonin, a professor at the University of Chicago Harris School of Public Policy, forecast a dark economic future ahead for Russia due in part to "borrowing" funds from the future.In an <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-ukraine-war-outlook-moscow-sanctions-west-firms-uchicago-2024-10">op-ed</a> for Project Syndicate earlier this month, Sonin wrote that massive investment in military production at the expense of key public spending programs may strengthen Putin's hand in the short term."But it sets a time bomb under longer-term economic development," he wrote."Whenever the Ukraine war ends and Russia returns to international trade (beyond raw materials), all the nationalizations of recent years will come back to haunt it," he wrote.

Russia's defense sector is running on overdrive — but firms are warning of bankruptcy

<keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>'s <keyword id="19938893" type="General" weightage="20" keywordseo="defence-exports" source="keywords">defence exports</keyword> have surged from Rs 15 billion in 2017 to Rs 210 billion in 2024, registering a CAGR of 46 per cent, highlighted a report on 'Defence Conference 3.0' by Antique Stock Broking. The report stated that the <keyword id="20861069" type="General" weightage="20" keywordseo="global-shift" source="keywords">global shift</keyword> towards a China+1 strategy and the impact of the <keyword id="20016971" type="General" weightage="20" keywordseo="Russia-Ukraine-war" source="keywords">Russia-Ukraine war</keyword> offer India additional opportunities to fill supply chain gaps, potentially boosting its share in the <keyword id="23046732" type="General" weightage="20" keywordseo="global-defence-industry" source="keywords">global defence industry</keyword>. The report noted that the country's long-term goal is to become a global defence manufacturing hub is driven by Defence Public Sector Undertakings (DPSUs), private enterprises, start-ups, and MSMEs. "Indian defence exports have grown multi-fold from INR 15 bn in 2017 to INR 210 bn in 2024 at a CAGR of 46%. The China + 1 strategy and the Russia-Ukraine war provides an additional opportunity for India to fill the gap created in the supply chain and hence increase its contribution to the global defence industry," the report read. The report added that to achieve this target a well-developed domestic ecosystem is crucial as lower import content in products accelerates approvals by reducing international conflicts. The report added that the Ministry of Defence has taken key initiatives to attract Indian private players and global Original Equipment Manufacturers (OEMs) include establishing aerospace parks and defence corridors, fast-tracking project approvals, and enhancing development and testing facilities. Highlighting the potential in India's Maintenance, Repair, and Overhaul (MRO) segment the report explained that it holds a significant potential for global aerospace companies due to its technical expertise and cost-competitive solutions. "India provides a huge opportunity in the <keyword id="23046733" type="General" weightage="20" keywordseo="MRO-segment" source="keywords">MRO segment</keyword> for global aerospace leaders given the expertise the country provides as well as the cost efficiency solutions compared to its global competitors" the report added. India aims to increase domestic defence turnover to Rs 3 lac crore by 2029, Rs 500 billion targeted for exports. This growth will help reduce the Government of India's import bill as India remains the world's largest importer of defence equipment. Under the Atmanirbhar Bharat initiative of the government, 75 per cent of the defence capital outlay is now reserved for domestic players, up from 49 per cent in FY21. Given the geopolitical challenges and modernisation needs of its Armed Forces, the report added that India plans to invest Rs 8.3 lac crore in domestic procurement, offering substantial business opportunities for local companies. "India intends to place orders worth INR 8.3 trn through domestic procurement and thus it presents a massive business opportunity for local players" it added. As per the Ministry of Defence, India's defence manufacturing sector has witnessed an increase of 16.8 per cent in the fiscal year 2023-24. This significant increase marks the highest-ever growth in the country's defence production value. The total value of defence production reached Rs 1,26,887 crore this year, up from the previous year's figures.

India's defence exports surge to Rs 210 billion after global shift towards China+1, Russia-Ukraine war: Report

India's economic engine is roaring, and the job market reflects that optimism. The latest <keyword id="20613906" type="General" weightage="20" keywordseo="Economic-Survey" source="keywords">Economic Survey</keyword> 2023-2024 paints a picture of a growing economy brimming with opportunities, but also cautions of potential roadblocks on the road to success. <h2>Cause for celebration</h2>The good news is plentiful, if the recent Economic Survey tabled by <keyword id="20426375" type="General" weightage="20" keywordseo="Union-Finance-Minister-Nirmala-Sitharaman" source="keywords" meta.keywordsubtype="org" meta.entityname="Union Finance Minister Nirmala Sitharaman" meta.hostid="261" meta.entityid="Union Finance Minister Nirmala Sitharaman">Union Finance Minister Nirmala Sitharaman</keyword> is to be believed. The <keyword id="20054242" type="General" weightage="20" keywordseo="unemployment-rate" source="keywords">unemployment rate</keyword> has dipped to an impressive 3.2% in 2022-23, signifying a more vibrant job market. Increased participation of young people and women in the workforce presents a golden opportunity to leverage India's demographic dividend and achieve greater gender equality. Additionally, a surge in net payroll additions under the Employees' Provident Fund Organisation (EPFO) indicates a healthy rise in formal jobs, offering much-needed security for workers. The government's "Skill India" initiative is gaining traction, with a significant rise in the number of people undergoing skill development programs, the Economic Survey highlighted. This is crucial, as India's burgeoning tech scene, with its skyrocketing number of startups, is creating a wealth of new opportunities that demand a skilled workforce. <div type="Article" hostid="261" msid="111920956" title="FM Nirmala Sitharaman tables Economic Survey 2023-24 in Lok Sabha" mstype="2" mssubtype="0"></div> <h2>Challenges on the horizon </h2>However, amidst the optimism, there are challenges to navigate. While <keyword id="107950" type="General" weightage="20" keywordseo="artificial-intelligence" source="Orion">Artificial Intelligence</keyword> (AI) promises to revolutionise industries, it also poses a threat to some existing jobs. The Economic Survey emphasises the need to use technology for collective benefit, advocating against over-reliance on automation. Another significant hurdle is the widening <keyword id="21466653" type="General" weightage="20" keywordseo="skills-gap" source="keywords">skills gap</keyword>. The rapid transformation of the <keyword id="20001119" type="General" weightage="20" keywordseo="services-sector" source="keywords">services sector</keyword>, marked by the rise of domestic service delivery powered by technology (think online food delivery and home automation) and the diversification of India's services exports beyond traditional sectors like IT, demands a workforce equipped with specialised skills. Areas like Blockchain, Machine Learning, <keyword id="19906883" type="General" weightage="20" keywordseo="cybersecurity" source="keywords">Cybersecurity</keyword>, <keyword id="19960489" type="General" weightage="20" keywordseo="cloud-computing" source="keywords">Cloud Computing</keyword>, and Web and Mobile Development are becoming increasingly important. Outdated regulations, particularly those related to land use and restrictions on women's working hours, are further hindering job creation and female labour force participation. Deregulation in these areas is crucial to unlock India's full growth potential, according to the Economic Survey. The report also highlights the need for industry to take the lead in fostering innovation and skill development. Collaboration with academia and revamped vocational education programs are key to bridge the current skill gap. <div type="Article" hostid="261" msid="111922453" title="AI casts huge pall of uncertainty over impact on workers across skill levels: Economic Survey" mstype="2" mssubtype="0"></div> <h2>Opportunities beyond tech</h2>The Economic Survey identifies promising sectors with the potential to create a significant number of jobs: <ul><li>Agro-processing: This sector can be a major job generator, especially in rural areas.</li><li>Care Economy: The growing demand for elder care and childcare services presents an opportunity for skilled professionals.</li><li>Tourism: While AI might moderate India's services export growth, the report emphasises the importance of the <keyword id="20260982" type="General" weightage="20" keywordseo="tourism-sector" source="keywords">tourism sector</keyword>, which is relatively less skill-dependent, for employment generation. To capitalise on this opportunity, public policy should focus on enhancing the tourism sector's infrastructure and services.</li></ul><h2>Upskilling for the future</h2>India's job market is on an exciting trajectory. But addressing the skills gap, adapting to technological advancements and promoting innovation is crucial. By upskilling the workforce through government and industry collaboration, India can become a high-value partner in areas like cybersecurity and enterprise management. <div type="Article" hostid="261" msid="111923191" title="Economic Survey 2024 – industries grow by 9.5%, fueling economic growth to 8.2%" mstype="2" mssubtype="0"></div>

Economic Survey 2023-2024 highlights emerging job trends in AI, Cybersecurity, 3D Printing and Web Development

<ul class="summary-list"><li>The growing partisan divide in Silicon Valley is playing out in messy, public social media battles.</li><li>Insults have grown personal, a new trend in a sector that usually bickers in private.</li></ul>In a LinkedIn post from late July, <a target="_blank" href="https://www.linkedin.com/pulse/why-im-speaking-up-a16zs-endorsement-rob-day-lwohe/?trackingId=az319BZiTwWYFSxMvCf5PA%3D%3D%C2%A0">venture capitalist Rob Day</a> reminded his followers that "we as longtime investors tend not to criticize each other."During this election cycle, at least, that's no longer the case. Some of Silicon Valley's biggest names are now waging partisan battles for all the internet to see.Day was reacting to famed investors <a target="_blank" href="https://www.businessinsider.com/donald-trump-vcs-in-silicon-valley-2024-7">Marc Andreessen and Ben Horowitz</a>, who declared their support for former President Donald Trump in a nearly 90-minute podcast episode, and the resulting dispute that played out mostly on social media.Though Silicon Valley, nestled in the deep-blue Bay Area, has long been considered a liberal bastion, Andreessen and Horowitz are part of a rightward tilt among some of tech's biggest names. They're joined by <a target="_blank" class="" href="https://www.businessinsider.com/tesla-ceo-elon-musk">Tesla CEO Elon Musk</a>, venture capitalist David Sacks, and PayPal cofounder Peter Thiel, among others."I think the divide is new, but the principles on which it's built are not," said Fred Turner, a communications professor at Stanford University who recently co-authored the book "Seeing Silicon Valley: Life Inside a Fraying America."Turner said that many successful tech companies are based on a technocratic ideology in which one expert exerts almost singular dominance: "The deep story, I think, is the way in which success in technocratic enterprise can seem to people on the outside to be models for political life."As disagreements swirl about regulation, AI safety, and crypto crackdowns, Silicon Valley's darlings are becoming more invested in — and vocal about — politics overall. Musk exemplifies this transformation. He said in 2015 that he tried to avoid getting involved in Washington but is now <a target="_blank" href="https://www.businessinsider.com/elon-musk-explains-why-hes-voting-republican-party-2024-7">supporting Trump's campaign with his words and his wallet</a>.This shift has ignited public spats for all to witness.<h2 id="b0d49e81-a60c-485b-b667-1c76148576ed">Debates that used to be held in private are now public</h2>Silicon Valley used to air its dirty laundry in private, if at all, rather than in lengthy threads on X."I think that there's conversations in public among circles that normally have those in private, but I'm not a part of that," Leslie Feinzaig, a venture capitalist who <a target="_blank" href="https://www.businessinsider.com/silicon-valley-leaders-support-harris-musk-andreessen-support-trump-2024-7">founded the group VCsForKamala</a>, told Business Insider. In part, she formed the organization in response to her sector's rightward shift and the resulting fallout.Many in <a target="_blank" href="https://www.businessinsider.com/silicon-valley-billionaires-investors-kamala-harris-mark-cuban-reid-hoffman-2024-8">Silicon Valley</a>, such as LinkedIn cofounder Reid Hoffman and Box CEO Aaron Levie, have <a target="_blank" href="https://www.businessinsider.com/election-business-leaders-billionaires-backing-kamala-harris-president-2024-7">aligned themselves against Trump</a>. Some have even joined VCsForKamala, but not all of them share Feinzaig's commitment to staying out of public spats.Hoffman and Sacks, both members of the so-called PayPal mafia who once worked side-by-side, are now publicly feuding over politics.Sacks shared on June 6 a 23-paragraph post on X endorsing Trump and announcing a fundraising event for the former president. Hoffman <a target="_blank" href="https://www.businessinsider.com/linkedin-cofounder-reid-hoffman-david-sacks-wrong-about-trump-2024-6">wasted no time responding</a> with a lengthy social media post of his own, in which he said that Sacks "got it wrong on just about every count."Hoffman attacked Sacks' multi-part argument and didn't mince words: "In tech, we call this 'being wrong.'"That was only the beginning.<h2 id="f5c34bea-8c54-4685-bbfc-6972e273c138">A new tone to Silicon Valley political discourse</h2>The public disputes intensified after Andreessen and Horowitz released <a target="_blank" href="https://www.businessinsider.com/marc-andreessens-endorsement-donald-trump-tech-industry-silicon-valley-2024-7">their podcast episode</a> on July 16.Disagreements again spilled onto X when venture capitalist Roger McNamee shared an article titled, "The Moral Bankruptcy of Marc Andreessen and Ben Horowitz.""Really Roger? We've known each other for 25 years, you invested in my company, you have my cell #, and your very first idea when we disagree is to attack me in a tweet? Good to know I guess," Horowitz responded.A day later, the insults got more personal.Paul Graham, the computer scientist and founder of venture capital firm Y Combinator, asked in <a target="_blank" class="" href="https://www.bloomberg.com/news/newsletters/2024-07-30/tech-vcs-publicly-fighting-over-trump-support-in-presidential-election?utm_medium=social&amp;utm_campaign=socialflow-organic&amp;utm_content=businessweek&amp;cmpid=socialflow-twitter-businessweek&amp;utm_source=twitter">a now-deleted post</a> whether Sacks is "the most evil person in Silicon Valley."Sacks didn't roll over. In an X post of his own, he called Graham "a bully and maybe something much worse."Other tech figures, including <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-sues-openai-sam-altman-again-why-2024-8">OpenAI CEO Sam Altman</a>, began to take sides, throwing their weight behind either Graham or Sacks and drawing even more attention to the public fight.Then, on July 31, David Marcus, the former president of PayPal, decided that it was his turn to post a <a target="_blank" href="https://x.com/davidmarcus/status/1818700003810197698">detailed open letter on X</a>. He explained why he's endorsing Trump, saying that he "broke free" from old mental frameworks and that he has undergone "a gradual political 180."Levie, the Box CEO, responded: "Lots of fair feedback here that I hope the democrats listen to." Earlier that day, Levie had posted separately on X that he saw a legitimate shift in Silicon Valley toward Harris, who had just become the presumptive nominee after President Joe Biden dropped out of the race. Leaders saw her, he said, as "a more stable, pro tech, pro business President" compared to Trump.Despite Levie's apparent interest in listening and speaking across the partisan divide, <a target="_blank" href="https://x.com/levie/status/1818666165650309252">Joe Lonsdale, the cofounder of Palantir</a>, shot back that the argument was "silly" and called Harris anti-business."VCs went from very few pro-Trump to about half!" Lonsdale said. Levie replied, and other tech leaders chimed in on the drawn-out thread.While some of the back-and-forth is taking place on more organized forums and in more careful language — Hoffman, for example, <a target="_blank" href="https://www.businessinsider.com/reid-hoffman-linkedin-business-leaders-who-support-trump-2024-6">published an op-ed in The Economist</a> — most of it is playing out in the messy, typo-ridden, impulsive world of social media."I just felt like in our industry the conversation had turned very mudsling-y, and that's not at all anything I want to be a part of," Feinzaig, who organized VCsForKamala, said of the recent trend.Feinzaig said she doesn't think Silicon Valley is turning conservative, but rather that people have nuanced views and that conservative voices have recently become more comfortable speaking out.<h2 id="7fae0b99-bbbf-434c-865e-d0d54b5bb2be">Money simmers beneath the partisan divide</h2>Turner, the Stanford professor, attributes some of the shift to purely monetary incentives."These leaders are about making money," he said. "If the political winds shift right in Washington, it can behoove tech leaders to shift to the right as well."The relationship, he said, does not only go in one direction, as politicians are well attuned to the vast wealth nestled in Northern California."Money, money, money makes the world go round!" he said, quoting the musical "Cabaret." "It just does. Politicians need money in amounts that, for some Silicon Valley leaders like Elon Musk, are actually trivial. I think that that's something that's really important to remember."Already, that money is talking. Andreessen and Horowitz announced that they're giving millions to Trump. Reed Hastings, the cofounder of Netflix, <a target="_blank" href="https://www.businessinsider.com/reed-hastings-all-in-on-kamala-harris-7-million-donation-2024-7">donated $7 million to a PAC</a> affiliated with Harris.

Silicon Valley's political divide is now public — and petty

<keyword id="19956758" type="General" weightage="20" keywordseo="finance-minister" source="keywords">Finance Minister</keyword> <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> on Tuesday announced a <keyword id="20274081" type="General" weightage="20" keywordseo="credit-guarantee-scheme" source="keywords">credit guarantee scheme</keyword> for facilitating <keyword id="22087606" type="General" weightage="20" keywordseo="term-loans" source="keywords">term loans</keyword> for <keyword id="19910977" type="General" weightage="20" keywordseo="MSMEs" source="keywords">MSMEs</keyword> to purchase machinery and equipment without collateral or third-party guarantee. In her Budget speech in the Lok Sabha, she said the Budget provides special attention to micro, small &amp; medium enterprises (MSMEs) and manufacturing, particularly labour-intensive units. "We have formulated a package, covering financing, <keyword id="20961204" type="General" weightage="20" keywordseo="regulatory-changes" source="keywords">regulatory changes</keyword> and technology support for MSMEs to help them grow and also compete globally, as mentioned in the interim budget," she said. The credit guarantee scheme for MSMEs in manufacturing will operate on the pooling of credit risks of such entities. "A separately constituted self-financing guarantee fund will provide, to each applicant, guarantee cover up to Rs 100 crore, while the loan amount may be larger," the minister announced in the Budget. The borrower will have to provide an upfront guarantee fee and an annual guarantee fee on the reduced loan balance. She also announced a new mechanism for facilitating the continuation of bank credit to MSMEs during their stress period. Sitharaman said that while being in the 'special mention account' (SMA) stage for reasons beyond their control, MSMEs need credit to continue their business and avoid getting into the NPA stage. "Credit availability will be supported through a guarantee from a government-promoted fund," she added. In another move to help MSMEs, the minister announced a new assessment model for credit to the sector. She said public sector banks will build their in-house capability to assess MSMEs for credit, instead of relying on external assessment. "They will also take a lead in developing or getting developed a new credit assessment model, based on the scoring of digital footprints of MSMEs in the economy," she added. The new assessment model, she said, is expected to be a significant improvement over the traditional assessment of credit eligibility based only on asset or turnover criteria. It will also cover MSMEs without a formal accounting system. Mohammad Athar (Saif), partner and leader capital projects and infrastructure development, PwC India, said the credit guarantee scheme and <keyword id="22514802" type="General" weightage="20" keywordseo="e-commerce-export-hubs" source="keywords">e-commerce export hubs</keyword> for MSMEs will enable demand creation and boost India's aspiration of achieving USD 1 trillion in exports by 2030, driven by MSMEs. Sitharaman also announced that to enable MSMEs and traditional artisans to sell their products in international markets, e-commerce export hubs will be set up in public-private-partnership (PPP) mode. These hubs, under a seamless regulatory and logistic framework, will facilitate trade and export-related services under one roof. Vivek Jalan, Partner, Tax Connect, a multi-disciplinary firm, said, as requested by the trade and industry bodies and laid down by the Economic Survey, for MSME businesses, the compliance burden is also sought to be relaxed. Litigations will be reduced in the new <keyword id="22517694" type="General" weightage="20" keywordseo="Vivaad-Se-Vishwas-Scheme" source="keywords">Vivaad Se Vishwas Scheme</keyword>, he added. Rumki Majumdar, Economist, Deloitte India, said the credit guarantee schemes for MSMEs in the <keyword id="19955573" type="General" weightage="20" keywordseo="manufacturing-sector" source="keywords">manufacturing sector</keyword>, facilitating term loans for the purchase of machinery, and formulating packages to finance technology support to them will go a long way to providing access to finance and increasing investments, which have been key challenges in the sector.

FM announces credit guarantee scheme, other measures for MSMEs

<a href="https://www.businessinsider.com/advancing-cities"></a><div type="image" title="Brooks 4" height="1351" width="1802" msid="92814274" hostid="261" sizebytes="62910"></div><ul class="summary-list"><li>City leaders can better prepare for the future when they partner with the <keyword id="14098741" type="UNKNOWN" weightage="60" keywordseo="private-sector" source="Orion">private sector</keyword>.</li><li>Public-private <keyword id="12785557" type="UNKNOWN" weightage="60" keywordseo="partnerships" source="Orion">partnerships</keyword> can improve outreach, speed, efficiency, connectivity, and cohesion.</li><li>These partnerships can also help cities pay for projects like smart streetlights and stay on budget.</li></ul>City governments are taking on increasing responsibility in dealing with the effects of <keyword id="11896311" type="UNKNOWN" weightage="60" keywordseo="climate-change" source="Orion">climate change</keyword> by embracing <keyword id="11893017" type="UNKNOWN" weightage="60" keywordseo="technology" source="Orion">technology</keyword>. While many city leaders readily accept the challenge to prepare their municipalities for the future, they recognize that they often need to partner with the private sector — nonprofits, businesses, local organizations, and academics — to be most effective.<div type="image" title="Brian Dillard" height="1453" width="1937" msid="92814275" hostid="261" sizebytes="80780"></div>"We can't do this alone," Brian Dillard, San Antonio's chief innovation officer responsible for finding solutions for improving city services, told Insider. "We need to reach out, get outside of our siloes, and acknowledge that there are people in the private sector who want to help and have the expertise."<div type="image" title="headshot of Matthew Gonser" height="2294" width="3059" msid="92814276" hostid="261" sizebytes="237610"></div>Collaborative public partnerships can improve outreach, speed, efficiency, connectivity, and cohesion, Matthew Gonser, the chief resilience officer and executive director of Honolulu's Office of Climate Change, <keyword id="11896309" type="UNKNOWN" weightage="100" keywordseo="sustainability" source="Orion">Sustainability</keyword>, and Resiliency, said, as well as build political will. Here's a look at why they're so beneficial.<h2>They bring specialized resources to the table </h2>Working with the private sector allows cities to tap into a company's expertise and resources, including modern technology, a skilled workforce, and sometimes funding, and better understand their challenges, efficiencies, strengths, and weaknesses, Gonser said.For example, San Antonio's <a href="https://www.sadigitalconnects.com/" target="_blank" rel="nofollow noopener sponsored">SA Digital Connects</a> is a public-private-community partnership with the city and companies, including USAA, Toyota, and Texas Mutual, that was formed to create a roadmap to expand digital connectivity across the city and implement the city's <a href="https://www.sadigitalconnects.com/plan" target="_blank" rel="nofollow noopener sponsored">Digital Equity Plan</a>. The plan includes additional partnerships with AT&amp;T, Google Fiber, and Spectrum to offer <a href="https://www.sadigitalconnects.com/affordable-connectivity-program" target="_blank" rel="nofollow noopener sponsored">affordable internet access</a> for low-income residents. "The partnership we have with the private sector, internet service, and telecom providers really needs to be strong," Dillard said. "Cities can't solve this gap with digital infrastructure by themselves. We have to leverage funding and data." Data is crucial in digital inclusion projects, Dillard added, because it helps identify where internet service providers are building infrastructure and where cities can step in to ensure that municipal offices and community centers are connected.<h2>They can come up with solutions quickly</h2><div type="image" title="headshot of Jessica Price" height="1082" width="1443" msid="92814277" hostid="261" sizebytes="101566"></div>Companies have expert insight into their industries, so they can work quickly to help cities strategize on the climate-resilient or technology projects that will have an impact, Jessica Price, the sustainability and resilience manager for Madison, Wisconsin, told Insider. "Cities can help leverage and grow this success through policy and programmatic support and highlight areas where city support is needed to overcome challenges," Price said. The city department of Atlanta Information Management created the <a href="https://www.atlantaga.gov/government/departments/atlanta-cio-advisory-board#:~:text=The%20Atlanta%20Chief%20Information%20Officer,cutting%2Dedge%20thought%20and%20innovation." target="_blank" rel="nofollow noopener sponsored">Chief Information Officer (CIO) Advisory Board</a> of members from the public and private sectors, including Georgia Tech, the <a href="https://www.metroatlantachamber.com/" target="_blank" rel="nofollow noopener sponsored">Metro Atlanta Chamber </a>(MAC), Delta Air Lines, and Cox Enterprises. The board meets quarterly to strategize on the city's technology projects, including finding new investments, getting community buy-in, and identifying ways the public and private sectors can collaborate and address challenges.<h2>They help fund initiatives</h2>City budgets are usually constrained, and city leaders are responsible for being stewards of taxpayer dollars. Public-private partnerships can help cities pay for projects, like smart streetlights, and ensure that programs are <a href="https://ppp.worldbank.org/public-private-partnership/overview/ppp-objectives" target="_blank" rel="nofollow noopener sponsored">completed on time and within budget</a>. "It's always a balancing act," Price said. "We're doing our best with limited resources. Leveraging public-private partnerships make sure we're doing things efficiently as we can to stretch taxpayer dollars to make them go a little bit further."City leaders must <a href="https://www2.deloitte.com/content/dam/Deloitte/global/Documents/Public-Sector/gx-ps-public-private-partnerships-smart-cities-funding-finance.pdf" target="_blank" rel="nofollow noopener sponsored">understand the business model</a> with any public-private partnership, including whether revenue will be generated, the business risks, and who's paying for what and for how long. Projects need to be financially sustainable for the private as well as the public sectors.To help win the US Department of Transportation's "Smart City Challenge" and secure a $50 million grant, Columbus, Ohio, embraced public-private partnerships. The nonprofit <a href="https://columbuspartnership.com/" target="_blank" rel="nofollow noopener sponsored">Columbus Partnership</a>, which is made up of CEOs from local companies, committed financial support to increase its smart-city projects' viability and show community support for the projects. Being awarded the federal grant helped the city minimize risk for businesses, making the private sector more likely to contribute.<div type="image" title="Brittaney Carter" height="879" width="1172" msid="92814278" hostid="261" sizebytes="20922"></div>Developing partnerships with the private sector starts with city leaders expressing a desire to collaborate, Brittaney Carter, chief technology officer for Atlanta said, adding that public-private partnerships benefit companies through heightened public recognition and improved perception just as much as cities."Setting up a time to share your vision and collaborate with the leaders on the other end of the table is enough to get it going," she said. "You do not need to build an entire program in order to collaborate. You can start with a smaller group, learn from the experience, tweak it, and keep going."

3 reasons why public-private partnerships are the solution to building strong, sustainable cities

<a href="https://www.businessinsider.com/whats-next-ceos-tell-insider-how-they-are-approaching-the-return-to-the-office-2021-04"></a><div type="image" title="Lisa Lewin General Assembly" height="646" width="862" msid="82839286" hostid="261"></div><ul class="summary-list"><li>Born a coding <keyword id="1282108" type="PERSON" weightage="60" keywordseo="boot-camp">boot camp</keyword> almost a decade ago, <keyword id="107186" type="ORGANIZATION" weightage="60" keywordseo="General-Assembly">General Assembly</keyword> is now a major training company.</li><li>Its latest initiative is a <keyword id="6541836" type="UNKNOWN" weightage="60" keywordseo="public-sector">public sector</keyword> program to reskill communities hardest hit by the pandemic.</li><li>CEO Lisa Lewin says it is utilizing CARES Act funds and working with tech firms and local employers.</li></ul>General Assembly - a <keyword id="1458566" type="PERSON" weightage="60" keywordseo="digital-skills">digital skills</keyword> bootcamp and education school <a href="https://www.businessinsider.com/general-assembly-915-broadway-campus-2012-1">founded in 2011</a> - was prepared to provide resources for the pandemic's workforce fall-out long before the coronavirus swept the globe, according to CEO Lisa Lewin. The company has spent more than ten years tackling the challenge of retraining people with new skills, said Lewin, who joined <a href="https://www.businessinsider.com/company-culture-productivity-trust-remote-workforce-general-assembly-presentation-deck-2020-4">General Assembly</a> as its first external CEO last August. "With GA, who's been talking for a decade about the skills gap and been talking for a decade about the need to really help workers prepare themselves for a highly-digitized, technology-centric future, we definitely feel like the last really traumatic year for the globe is really GA's moment," she told Insider. Since it was <a href="https://www.reuters.com/article/us-general-assembly-adecco/adecco-buys-general-assembly-in-412-5-million-deal-to-boost-growth-idUSKBN1HN0H5">purchased by Swiss staffing company Adecco Group</a> in 2018 for $412.5 million, the New York City-based company has broadened beyond its roots as a coding bootcamp. Its latest venture, launched in April, is a public sector vertical that aims to work with local governments, policymakers, and employers to reskill communities across the country and the world in areas like data and software engineering.Ultimately, the company hopes it can help people build "pandemic-proof, recession-proof" careers that create "pathways not just out of the pandemic, but pathways out of poverty in a sustainable way," Lewin said. Its initiative is <a href="https://www.businessinsider.com/companies-investing-retraining-upskilling-reskilling-2020-10">one of many reskilling programs</a> from tech companies that have gained traction in the past year as the pandemic put people out of work. <a href="https://www.microsoft.com/en-us/us-partner-blog/2020/12/08/a-new-program-to-level-the-playing-field-microsoft-accelerate/">Microsoft's Accelerate program</a> works closely with GA has a similar goal of <keyword id="3216616" type="PERSON" weightage="60" keywordseo="reskilling">reskilling</keyword> communities, <a href="https://www.businessinsider.com/aws-partners-rely-on-amazon-web-services-competition-startups-2021-4">Amazon's cloud unit</a> has <a href="https://aws.amazon.com/blogs/publicsector/building-tech-skills-and-jobs-in-americas-rural-communities/">a reskilling program for rural communities</a>, and <a href="https://www.verizon.com/about/news/verizon-and-generation-partner">Verizon launched a digital skills program</a> last October. <h2>Why cities are looking for ways to reskill their workers</h2>The pandemic's economic impact will be felt most acutely by states and regions with less developed science and IT sectors, <a href="https://www.brookings.edu/research/in-some-cities-the-pandemics-economic-pain-may-continue-for-a-decade/">studies have found</a>.Indeed, Lewin says General Assembly's community initiative targets "second- and third-tier cities" already hard-hit by the loss of manufacturing jobs. It has already launched in Sacramento, Buffalo, Atlanta, and Louisville. Within those communities, women, people of color, and service workers have been most severely impacted, she said."It's really those pockets of need that we have developed this public sector practice for," Lewin said.When they complete General Assembly's reskilling programs, graduates are matched with local employers in their area: "Getting people trained is not the end goal. Giving people skills is not the end goal," Lewin said. "It is getting people into jobs and giving people resilient careers."Sacramento, California for example, received <a href="https://www.cityofsacramento.org/Economic-Development/CARES-Act" target="_blank" rel="noopener noreferrer">$89.6 million in federal relief funds through the CARES Act in April 2020</a>, and spent more than $750,000 of it <a href="https://www.greatersacramento.com/digital-upskill-pilot-program-launches-to-help-those-affected-by-covid-19/">on a digital upskilling program that included General Assembly.</a> The program had over 500 applicants for 40 spots, General Assembly said, and 36 people completed the full program and graduated in January. Two-thirds have already received full-time roles within their field of study, with average starting salaries of over $55,500.In Louisville, Kentucky, 3,300 residents participated in General Assembly classes, workshops, and part-time courses, and 22 graduated from its data reskilling program, with 77% making "successful pivots into full-time data roles.""It is that economic uplift that we measure," Lewin said. "Are we getting people jobs, and are they getting jobs that put them on a career path for a better paying job than the restaurant industry or a hospitality job that they were displaced from in the pandemic."<h2>General Assembly saw a 'spike' in demand because of the pandemic</h2><h2><div type="image" title="General Assembly classroom" height="2000" width="2666" msid="82839287" hostid="261"></div></h2>While General Assembly is aiming to meet the moment with its community initiative, the pandemic also spurred general growth for the firm, too. Its bootcamps saw a "spike" the second quarter of 2020 with a 30% year-over-year increase in enrollments, while demand for its live online courses increased by 133%."It is not unusual for people when the economy suffers that impact and people are displaced, for folks to use that time to reskill themselves," Lewin said.With 866 instructors and 574 staff members across its locations worldwide, General Assembly plans to reopen its <a href="https://www.businessinsider.com/general-assembly-tour-2012-8">North American campuses</a> this fall. Campuses in Singapore and Australia are already operating in a "hybrid model" with a combination of in-person and remote classes.Moving forward, the company will also offer students more flexible programs, Lewin said, which is <a href="https://www.businessinsider.com/vmware-diversity-hybrid-work-women-tech-careers-office-return-2021-5">especially important for women</a>, who need "maximum flexibility" in setting their schedules."Getting bigger enables us to really think more ambitiously about not just transforming individuals one life at a time," Lewin said, "But really transforming full communities."

The CEO of General Assembly explains how tech training helps hard-hit communities create 'pandemic-proof, recession-proof' careers

In a bid to empower the <keyword id="182472" type="CITY" weightage="20" keywordseo="Public-sector-enterprises">public sector enterprises</keyword> in India, tech company <keyword id="10875" type="COMPANY" weightage="20" keywordseo="IBM">IBM</keyword> on Tuesday announced it has achieved a <keyword id="10853527" type="UNKNOWN" weightage="20" keywordseo="full-cloud-service-provider">full cloud service provider</keyword> (CSP) empanelment from the <keyword id="3524863" type="COMPANY" weightage="20" keywordseo="ministry-of-electronics">Ministry of Electronics</keyword> and IT (MeiTY). The company said that the MeitY empanelment will enable the Indian public sector tap into the industry's most secure and open cloud platform to drive innovation and growth. "Indian public sector can now access the industry's most secure and open cloud platform to drive transformation/innovation and growth," Sandip Patel, Managing Director, IBM India/South Asia, said in a statement. IBM infrastructure being underlying architecture for eleven out of the thirteen public sector banks "From our collaboration with <keyword id="263716" type="COMPANY" weightage="20" keywordseo="ministry-of-education">Ministry of Education</keyword> (MoE) and <keyword id="2665691" type="PERSON" weightage="20" keywordseo="Niti-Aayog">Niti Aayog</keyword> on samShiksha; from Watson Decision Platform for Agriculture supporting farmers in Karnataka; to STEM programs across 10 states in India and AI curriculum in 160 CBSE schools accessed by over 12,000 students, IBM has been at the forefront of driving innovation and impact," Patel said. The company also launched <keyword id="10853528" type="COMPANY" weightage="20" keywordseo="ibm-cloud-satellite">IBM Cloud Satellite</keyword> to boost its hybrid cloud ambition in the country. IBM Cloud Satellite is a unifying layer of cloud services, available across all locations, to offer businesses high levels of control over critical data delivered via IBM Cloud, regardless of where their data resides. Clients can deploy cloud services securely in any environment and in any public cloud, private cloud, on-premises, or at the edge. "We are committed to India's growth journey. The launch of IBM Cloud satellite and IBM Cloud accreditation enables us to further strengthen our collaboration with organisations and the government/public sector," Patel said. SEE ALSO: <a href="https://www.businessinsider.in/india/news/new-electricity-late-payment-surcharge-rules-announced-but-consumer-electricity-bills-may-not-decrease/articleshow/81286847.cms">New electricity late payment surcharge rules announced – but consumer electricity bills may not decrease</a> <a href="https://www.businessinsider.in/stock-market/news/how-to-check-allotment-status-of-heranba-industries-ipo/articleshow/81286739.cms">Heranba Industries IPO: Here is how to check share allotment status</a> <a href="https://www.businessinsider.in/science/space/news/europe-space-agency-hiring-astronauts-it-is-looking-for-women-and-people-with-physical-disabilities/articleshow/81271858.cms">Europe’s space agency is recruiting astronauts after over a decade — and its looking for women and people with physical disabilities</a>

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