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Here are some government job openings at RBI, STPI, FRI, and other institutions

New Delhi, Mar 30 () State-owned Software Technology Parks of India (STPI) on Monday said its employees will donate one-day salary to the PM-CARES Fund in the wake of COVID-19 pandemic. As of now, it has collected Rs 15.48 lakh as contribution from all its employees, a statement said. STPI, which has a headcount of 980 in India, said its employees are voluntarily donating their one-day salary to support the fight against the deadly coronavirus. The number of deaths around the world linked to the new coronavirus has touched nearly 34,000. In India, the tally of confirmed coronavirus cases has crossed the 1,000-mark. STPI has also urged the IT/ITes industry to refrain from terminating their employees, including casual and outsourced staff, and ensure that they are treated as 'on duty' during their period of absence to enable timely disbursal of wages/ salaries to them at this critical moment. It also called on the companies to undertake social and community welfare measures and augment the efforts of the government in tackling the crisis. "Indian IT industry has brought many laurels to the nation and today it stands resilient to COVID-19 crisis by ensuring business continuity to clients. We at STPI are committed to extend our support to the nation to fight this pandemic. Each and every employee of STPI will donate its one-day salary," STPI Director General Omkar Rai said. STPI also recommended that companies should leverage CSR funds for implementing suitable measures while commending the efforts of the IT/ITes industry for allowing the majority of employees to work from home and adhering to the standard hygiene practices, wherever offices are operational. STPI is an autonomous society set up by the Ministry of Electronics and Information Technology (MeitY) in 1991, with the objective of encouraging, promoting and boosting software exports from India. SR SHWDRR

COVID-19: STPI employees donate one-day salary to PM-CARES Fund

Hyderabad, Feb 17 (): Software exports from theSoftware Technology Parks of India (STPI) stood at Rs 4,24,000crore for 2018-19 and they are projected to grow at least by10 per cent during 2019-20, STPI Director-General Omkar Raisaid on Monday."A sum of Rs 4,24,000 crore, STPI export alone, in year2018-19," he told reporters here, on the sidelines of anevent.Asked about any projections for 2019-20, he said itwould grow at over and above 10 per cent."It will grow two digits, 10 per cent, over and above.There are indications. Because, our figures are compiled inthe month of September. I am talking about STPI. Overallexport has been estimated and forecast by NASSCOM, three-fourdays before and 147 billion dollar that has been estimated, isabsolutely a true figure, he said. Importantly, the focus of the government is towards makingIndia a software product nation, Rai said. He was speaking after the soft launch of IMAGE Centre ofExcellence set up by the STPI here, backed by MeitY and thegovernment of Telangana, to incubate over 25-30 start-ups eachyear and 140 over the next five years, a STPI press releasesaid. Rai said they plan to set up 28 centres of excellence, outof which seven have been soft-launched and 21 are at advancedstages of planning. SJRNVG NVG

STPI exports stood at Rs 4.24 lakh crore in 2018-19: Official

Exports of IT software services from units under the government's Software Technology Parks (<keyword id="6356209" type="ORGANIZATION" weightage="20" keywordseo="stp">STP</keyword>) scheme is estimated to have grown by nearly 9 per cent to Rs 3.19 lakh crore in 2015-16. 
 Government data showed that IT software services exports from STP units have grown steadily during the last three years from Rs 2.73 lakh crore in 2013-14 to Rs 2.93 lakh crore in 2014-15, as per a news report by <keyword id="6367495" type="COMPANY" weightage="20" keywordseo="PTI">PTI</keyword>. 
 
This further grew to an estimated Rs 3.19 lakh crore in 2015-16. 
 
The total IT/ITeS export of the country is estimated at $108 billion during the financial year 2015-16. 
 
The government extends several incentives for the IT sector. These measures have been major contributory factors for the sector to flourish in India and placed the country at a dominant position in offshore services in the world. 
 
The aim also is to promote micro, small and medium businesses by creating conducive environment for entrepreneurship in the field of IT and IT-enabled services (ITeS). 
 STP scheme is one of them under which IT-ITeS units are eligible for various benefits like customs duty exemption on imported goods, reimbursement of Central <keyword id="47069" type="COMPANY" weightage="20" keywordseo="sales-tax">Sales Tax</keyword> (CST) and <keyword id="6356916" type="UNKNOWN" weightage="20" keywordseo="excise-duty">Excise Duty</keyword> exemptions on procurement of indigenously manufactured goods. 
 The scheme is administered by the <keyword id="181544" type="ORGANIZATION" weightage="20" keywordseo="Software-Technology-Parks-of-India">Software Technology Parks of India</keyword> (<keyword id="104083" type="ORGANIZATION" weightage="20" keywordseo="STPI">STPI</keyword>), an autonomous society under the <keyword id="3524863" type="UNKNOWN" weightage="20" keywordseo="ministry-of-electronics">Ministry of Electronics</keyword> and IT. 
 The <keyword id="6416832" type="ORGANIZATION" weightage="20" keywordseo="Ministry-of-Commerce-and-Industry">Ministry of Commerce and Industry</keyword> has so far notified 204 IT-ITeS specific Special Economic Zones (SEZs). Currently, the SEZ units are eligible for tax benefits as per sections 10AA of the <keyword id="6354751" type="COMPANY" weightage="20" keywordseo="Income-Tax">Income Tax</keyword> Act for a period of 15 years in a phased manner.

IT
software export industry is getting bigger with 9% growth this year

New Delhi, Mar 12 () In a precautionary move to check spread of deadly coronavirus, state-owned Software Technology Parks of India on Thursday issued advisory that enables around 18-20 lakh employees of IT units registered with it to <keyword id="123591" type="PERSON" weightage="20" keywordseo="Work-from-home">work from home</keyword>. IT industry body NASSCOM had urged the government to relax restrictions regarding allowing employees to work from home, amid the coronavirus outbreak. Currently, there are restrictions on WFH (work from home) under the OSP (other service providers) regime. "There are rules that allow employees to work from home in certain situation. We have issued those enabling clauses and will motivate all units registered with us to implement it. There are around 3,000 exporters registered with us and around 18-20 lakh employees work with them," STPI Director General Omkar Rai told . The urgent advisory issued by STPI, which overseas facilities and rules for software exporters, said in the wake of the coronavirus outbreak, units may require employees to work from home using the laptop or desktop provided by the unit to them. "In this connection, para-6.07 of HBOP (handbook of procedures) of FTP, inter-alia, permits employees of STP/EHTP units to take duty fee laptops/computers, etc, out of premises of unit for working upon by authorised employees," the advisory said. STPI mentioned another rule which permits authorised employees of STP (Software Technology Parks)-ETHP units to work from a place outside the unit. "Keeping in view of the outbreak of coronavirus, it is advised to make the industry/industry associations aware of this rule position enabling to make aforesaid precautionary measures in this regard for continuity of business operations in a seamless manner," the advisory said. The coronavirus outbreak, declared a pandemic by the World Health Organization (WHO) on Wednesday, has led to more than 4,000 deaths so far globally. The government on Wednesday suspended all visas, barring a few categories like diplomatic and employment, in an attempt to prevent the spread of coronavirus as cases across India rose to more than 70. Companies across sectors are asking their staff to work from home and adopting technologies like telepresence and video-conferencing to ensure business continuity. However, companies continue to struggle in operationalising WFH for their employees, owing to the onerous compliance and technical requirements under the prevailing OSP regime. These requirements include establishing PPVPN connectivity, sharing pre-defined locations of extended agents (employees), and providing high monetary security deposits, among others. PPVPN (Provider Provisioned Virtual Private Network) is generally used by companies to ensure secure communications for employees working from remote locations. Nasscom, which represents IT and BPO companies as well as start-ups, has written to Communications and IT Minister Ravi Shankar Prasad on the issue. In its letter, Nasscom urged that requirements pertaining to WFH under the OSP regime be relaxed for a period of one month as an interim emergency measure. PRS HRS

18-20 lakh employees of IT companies to work from home in India

New Delhi, Mar 12 () In a precautionary move to check spread of deadly coronavirus, state-owned Software Technology Parks of India on Thursday issued advisory that enables around 18-20 lakh employees of IT units registered with it to work from home. IT industry body NASSCOM had urged the government to relax restrictions regarding allowing employees to work from home, amid the coronavirus outbreak. Currently, there are restrictions on WFH (work from home) under the OSP (other service providers) regime. "There are rules that allow employees to work from home in certain situation. We have issued those enabling clauses and will motivate all units registered with us to implement it. There are around 3,000 exporters registered with us and around 18-20 lakh employees work with them," STPI Director General Omkar Rai told . The urgent advisory issued by STPI, which overseas facilities and rules for software exporters, said in the wake of the coronavirus outbreak, units may require employees to work from home using the laptop or desktop provided by the unit to them. "In this connection, para-6.07 of HBOP (handbook of procedures) of FTP, inter-alia, permits employees of STP/EHTP units to take duty fee laptops/computers, etc, out of premises of unit for working upon by authorised employees," the advisory said. STPI mentioned another rule which permits authorised employees of STP (Software Technology Parks)-ETHP units to work from a place outside the unit. "Keeping in view of the outbreak of coronavirus, it is advised to make the industry/industry associations aware of this rule position enabling to make aforesaid precautionary measures in this regard for continuity of business operations in a seamless manner," the advisory said. The coronavirus outbreak, declared a pandemic by the World Health Organization (WHO) on Wednesday, has led to more than 4,000 deaths so far globally. The government on Wednesday suspended all visas, barring a few categories like diplomatic and employment, in an attempt to prevent the spread of coronavirus as cases across India rose to more than 70. Companies across sectors are asking their staff to work from home and adopting technologies like telepresence and video-conferencing to ensure business continuity. However, companies continue to struggle in operationalising WFH for their employees, owing to the onerous compliance and technical requirements under the prevailing OSP regime. These requirements include establishing PPVPN connectivity, sharing pre-defined locations of extended agents (employees), and providing high monetary security deposits, among others. PPVPN (Provider Provisioned Virtual Private Network) is generally used by companies to ensure secure communications for employees working from remote locations. Nasscom, which represents IT and BPO companies as well as start-ups, has written to Communications and IT Minister Ravi Shankar Prasad on the issue. In its letter, Nasscom urged that requirements pertaining to WFH under the OSP regime be relaxed for a period of one month as an interim emergency measure. PRS HRS

Coronavirus: 18-20 lakh employees of IT companies to work from home

Technology is helping enterprises meet their sustainability goals In March, in Antarctica, an ice shelf the size of New York City collapsed due to record high temperatures. It is just one of the symptoms of the climate crisis that affects all of us. Already, millions of people have had their homes or businesses damaged and some are losing their lives in fires, floods, droughts, and storms. Climate crisis is here, and we need to act with urgency because the future of climate change is in our hands. The global pandemic has been a wake-up call for enterprises to consider environmental sustainability as a business imperative. Business Insider India caught up with Dr. <keyword id="14327015" type="General" weightage="50" keywordseo="tanya-morton" source="Orion">Tanya Morton</keyword>, the worldwide director of customer success engineering for <keyword id="1682531" type="General" weightage="80" keywordseo="mathworks" source="Orion">MathWorks</keyword>, to understand how organizations are leveraging emerging technologies like artificial intelligence to achieve their environmental sustainability goals. Tanya has worked at the forefront of innovation, engineering, and science for over 26 years. She is passionate about sustainability and leads an initiative to support MathWorks customers in understanding and tackling climate change. Edited excerpts: The ongoing global climate crisis is a serious cause for concern for individuals and businesses alike. Quite reasonably, sustainability is a core priority for enterprises in post-pandemic recovery. What do you think is the impact of this crisis on companies’ sustainability goals today? The impact is significant. It is great to see how many companies are starting to take action to address the climate crisis. <keyword id="87266" type="General" weightage="50" keywordseo="stakeholder" source="Orion">Stakeholder</keyword> capitalism imagines corporations as being responsible not only to their shareholders but to their employees, suppliers, communities, and the environment. For example, over 5,000 businesses have signed up for the Race to Zero global campaign and have committed to achieving net zero carbon emissions by 2050. It is part of a growing movement to re-examine how companies operate—and for whom. To ensure a sustainable future, all companies need to increase their actions to address climate change. That is why MathWorks is committed to becoming carbon neutral by 2023. Tell us about how AI is helping organizations accelerate global sustainability efforts? AI and Cloud technologies accelerate climate research and help us fully understand the scale and extent of the climate crisis. An example I recently covered in my talk at MathWorks’ flagship event, MATLAB EXPO, was about drought. Drought is devastating to crop harvests and can make local communities vulnerable, both from a health perspective and economically. Researchers studied a river basin in Ethiopia and used AI to better predict when drought may occur. This allows communities to be better supported through difficult times. AI also plays a key role in reducing greenhouse gas emissions. For example, AI applied in food systems can help better monitor crop yields, reduce the need for chemicals and excess water through precision agriculture, and minimize food waste through forecasting demand and identifying spoiled produce. AI also supports the megatrend called the electrification of everything that is critical to reducing greenhouse gas emissions. The electrification of everything refers to the twin pair of generating electricity from renewable sources, then using electricity as the primary energy source. AI supports renewable energy generation, for example, via the design of more efficient and reliable offshore wind farms. It supports the efficient usage of electricity too, for example, machine learning is being used to match energy generation and demand in real-time, realizing more fully the potential of smart grids. MathWorks’ MATLAB and Simulink are used by millions of engineers and scientists to analyze data, develop algorithms, and create models. How do these products help companies meet their sustainability goals? Researchers and developers worldwide are analyzing trends and designing solutions in response to climate change with MATLAB and Simulink. You can view their work, including clean energy products, scientific papers, and financial models on MathWorks climate research and development webpage. With MathWorks tools you can computationally model energy generators and storage devices such as wind turbines, batteries, and solar panels. It can be dangerous and expensive to do research and testing with the real system - you don't want battery fires or snapping turbine blades. Modelling and simulation can help plug this gap. Can you give us some examples of that? An example of MathWorks helping bring green technologies to market is through our work with Ather, an electric two-wheeler company from Bangalore. When the company began, they did not have the time, money, or people to build prototypes for each vehicle. This problem was solved by using MATLAB and Simulink to scale up the speed of testing. Ather scooters come equipped with a touchscreen GPS, remote diagnostics based on data patterns of other users, and an intelligent battery that can autonomously change modes to ensure the highest efficiency. With MATLAB, Simulink, and Model-Based Design, the company identified and validated the best ideas through simulation, making it possible to deliver a more full-featured scooter in less time. Another startup, Boston Metal, introduced groundbreaking technology aimed at producing steel in a more sustainable and cheaper way. The patented technology, <keyword id="14327016" type="General" weightage="50" keywordseo="molten-oxide-electrolysis" source="Orion">Molten Oxide Electrolysis</keyword> (MOE), replaces traditional processes through the use of direct electric current to separate chemical compounds. Boston Metal’s method produces liquid iron with a byproduct of oxygen instead of carbon, a cleaner and simpler process. You spoke about electrification earlier. Could you give us insights into MathWorks’ electrification efforts for climate change issues across sectors such as automotive, energy, <keyword id="6354525" type="General" weightage="50" keywordseo="healthcare" source="Orion">healthcare</keyword>, etc.? There is a growing demand for engineers to meet the worldwide demand for electric vehicles (EVs). To address this, MathWorks along with Bosch and NIT Calicut jointly created and delivered a new final-year undergraduate course, Electric Vehicle System Engineering. This is a good example of collaboration between academia and industry to address the talent shortage. We work with various industry associations to deliver professional development programmes for working professionals to help build skills around electrification. Many incubators and accelerators across the world have been partnering with us through the MathWorks Accelerator Program. We have signed memorandums of understanding (MoUs) with governmental organizations like Atal Innovation Mission (AIM), Ministry of Electronics and Information Technology (MeitY) and Software Technology Parks of India (STPI) to extend this to hundreds of accelerators across the country. We are seeing several start-ups, including those in areas like two-wheeler electric vehicles, healthcare, and sustainable engineering, accelerating their product development through the benefits offered through this programme. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/tech-architecture-is-becoming-business-architecture-enterprises-recognize-that/articleshow/92561395.cms">‘Tech architecture is becoming business architecture, enterprises recognize that’ </a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/indian-credit-card-users-spend-40x-more-than-debit-card-users-online/articleshow/92543305.cms">Indian credit card users spend 40x more than debit card users online</a>

AI aids the megatrend of electrification of everything which can reduce GHGs

Prime Minister Narendra Modi would digitally unveil the 23rd edition of the <keyword id="5986217" type="UNKNOWN" weightage="20" keywordseo="Bengaluru-Tech-Summit">Bengaluru Tech Summit</keyword> from New Delhi on Thursday and virtually address the gathering in this tech city. "PM Modi will digitally inaugurate the state's flagship annual technology event and address the delegates, who will participate off-line and online through video conferencing," Karnataka Deputy Chief Minister C.N. Ashwath Narayan told reporters here on Wednesday. Among the prominent overseas participants from 25 countries the world over are Australia Prime Minister Scott Morrison and <keyword id="2550" type="COMPANY" weightage="20" keywordseo="Swiss-Confederation">Swiss Confederation</keyword> Vice-President Guy Parmelin. The 3-day summit, to be held at a star hotel in the city centre, will focus on innovation and growth in IT and biotechnology (BT), which drive the growth of this tech hub in the southern state. "Modi is the second prime minister to unveil the event in the city after Atal Bihari Vajpayee 22 years ago in November, 1998," Narayan recalled. Narayan, who is the ruling BJP legislator from the city, holds the portfolios of IT, BT and Science and Technology. As the event is being held in the midst of coronavirus pandemic, arrangements have been made for delegates to participate in the summit's various events, including sessions through video conferencing. "Technology and innovation have been a boon and a solution to mitigate hardships we all are facing due to the Covid pandemic," asserted Narayan. Thought leaders, industry captains, technocrats, researchers, innovators, investors, policy-makers and educators from across the country and overseas will participate in 75 panel discussions and plenary sessions to be addressed by 270 speakers. With "Next is Now" as the theme, the summit will deliberate on challenges emerging in the post-pandemic world and focus on the impact of technologies and innovations in IT and BT. About 200 Indian tech firms are showcasing their products and technologies in the virtual exhibition. "The state government has decided to set up an Artificial Intelligence (AI) research centre in collaboration with the Indian Institute of Science in the city in view of its potential to find solutions to problems in future," said Narayan on the occasion. The summit will also feature multi-track conferences, global innovation alliance, STPI-IT Export awards, Smart Bio awards and Bengaluru Impact awards. The state government will also sign a dozen agreements at the summit with Global Innovation Alliance (GIA) partner countries in Europe, Japan and the US. Some of the partner countries like Australia, Britain, France, Germany, Israel, Netherlands and Switzerland will showcase advancements in their technology and how future ready their innovations are at the GIA sessions. The mega event is organised by the state government in partnership with <keyword id="10293463" type="COMPANY" weightage="20" keywordseo="karnataka-innovation-and-technology-society">Karnataka Innovation and Technology Society</keyword>, the state's vision group on IT, BT and Start-up and the Software Technology Parks of India./Eom/455 words. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/dow-tumbles-345-points-as-fresh-lockdown-measures-overshadow-vaccine-progress/articleshow/79292917.cms" data-type="tilCustomLink"> Dow tumbles 345 points as fresh lockdown measures overshadow vaccine progress</a> <a href="https://www.businessinsider.in/science/health/news/pfizers-new-covid-19-vaccine-is-95-effective-and-the-only-severe-side-effect-to-worry-about-is-fatigue-according-to-the-final-results/articleshow/79284286.cms" data-type="tilCustomLink">Pfizer's new COVID-19 vaccine is 95% effective and the only severe side-effect to worry about is fatigue, according to the final results</a>

PM Modi to digitally inaugurate Bengaluru Tech Summit 2020 today

New Delhi, May 22 () Gurgaon-based Arista Vault on Friday said it has developed a device that can disinfect items like mobile phones, currency notes and masks, and would make it available at less than half the price of imported devices. The product, named 'Shuddhi Box', uses ultraviolet-C rays, ozone and a mix of other technologies to disinfect surfaces and kill viruses like the novel coronavirus. Arista Vault co-founder and CEO Purvi Roy said the company has started producing around 1 lakh units per month and is in talks with other players and contract manufacturers to scale up the production to 5 lakh units a month from July. "UV-C in specific wavelength with the specific environment condition and unique dosage of time and intensity will sanitize any surface it touches. We have applied that unique dosage to Shuddhi Box and also used 360 degree method and electro optical with the help of medical experts and scientists," Roy said. The company, which has been incubated with support of the Software Technology Parks of India under the Ministry of Electronics and IT (MeitY), has started offering the devices for about Rs 5,000 a unit. The price will drop to around Rs 2,000 once the production is scaled up. Currently, imported disinfectant devices sell for Rs 5,000-6,000. "We are coming up with several products on this technology. We have received demands for devices to disinfect laptops and tablets. All products will be in the form of an enclosure and any material that can fit into the enclosure will get disinfected," Roy said. The government holds 10 per cent stake in Arista Vault after the company received funding under a scheme to promote entrepreneurship in the electronics sector. "We worked under the guidelines of STPI, MeitY's Electropreneur Park to develop the Shuddhi Box with the help of Dr. Ashok Chowdhry, Associate Professor, Hepatologist, and Liver Transplant, ILBS Delhi. The technique was so far used in hospitals to sterilise surgical equipment. It can also sterilise banknotes," Roy said. According to researchers at CDC USA and Journal of Virological Methods, the strength of the sun is strong enough to kill viruses like the novel coronavirus. The research team found that continuous low doses of far ultraviolet-C light can kill airborne flu viruses without harming human tissues. "Shuddhi Box is based on the dose principal. Researchers say UV-C technology in the range of 253.7 nanometer wavelength is highly effective at killing bacteria and viruses by destroying the molecular bonds that hold their DNA together," Roy said. Arista Vault has started delivering the device to hospitals and government organisations and is also selling it through the Government e-Marketplace (GeM). "We are also working with our distribution partners and channel partners to define their zones for all India distributorships and to spread it across the country so that it can reach masses at a better price," Roy said. PRS ABM ABM

COVID-19: MeitY-backed startup develops disinfectant device, to cost half of imported gadgets

<ul class="summary-list"><li>The commercial space industry is ratcheting up the frequency of rocket launches and the sizes of its vehicles.</li><li>Elon Musk, who founded SpaceX, hopes to see more 1,000 launches per year of the company's new 39-story Starship rocket system.</li><li>But before any company can launch a rocket in the US, they must work with the Federal Aviation Administration (FAA) to obtain a launch license. One factor is accident insurance, and the amount is mostly determined by the risk to lives on the ground.</li><li>The FAA uses a $3 million amount as the value for each casualty in a hypothetical worst-case accident. The number was chosen in 1988, based on airline crash lawsuits, but has not budged since despite inflation and other factors.</li><li><a href="https://www.businessinsider.com/prime">Click here to read more BI Prime stories</a>.</li></ul>WASHINGTON - With the meteoric rise of the commercial spaceflight industry, which has <a href="https://www.businessinsider.com/space-angels-report-dawn-private-spaceflight-age-26-billion-invested-2020-1">seen nearly $30 billion in private investments</a> over the past decade, the world could soon see far more rockets - and much, much bigger ones - launching and landing on the regular.But with any boost in access to space comes increased risk, and the Federal Aviation Administration (FAA), which issues rocket-launch licenses, has for years avoided a serious reckoning of calculating the value of a human life, according to government auditors.<a href="https://www.businessinsider.com/spacex-stock-options-internal-market-tender-offer-2020-1">SpaceX</a>, the aerospace company founded by <a href="https://www.businessinsider.com/elon-musk-boca-chica-texas-possible-crash-pad-house-2020-1">Elon Musk</a>, is on track to launch about two dozen Falcon 9 rockets in 2020. But Musk recently said Earth may soon see more than 1,000 launches per year of Starship, a planned 39-story rocket system that's designed to slash launch costs perhaps 1,000-fold. Each spaceship could ostensibly <a href="https://www.businessinsider.com/elon-musk-plans-1-million-people-to-mars-by-2050-2020-1">ferry 100 people to Mars</a> and pack up to 100 tons of payload."Megatons per year to orbit are needed for life to become multiplanetary," Musk <a href="https://twitter.com/elonmusk/status/1217986505513172992" target="_blank" rel="noopener">tweeted</a> this month.Rocket launches can't happen willy-nilly from US soil, though; SpaceX and other companies must get clearance from the FAA. Accident insurance is a <a href="https://www.businessinsider.com/spacex-starhopper-rocket-launch-liability-insurance-faa-mandate-2019-8">core requirement of a launch license</a>, and to calculate the coverage needed, the agency simulates the unthinkable: a worst-case accident that has a 1-in-1o-million chance of occurring.The damage and death resulting from such an unlikely nightmare is called "maximum probable loss," or MPL, and its priciest - and most controversial - component is called "cost-of-casualty amount." In short, the figure attempts to estimate the value of a human life brought to a premature end on the ground by an explosion, falling debris, or some other lethal consequence of a launch or landing failure. "It sounds strange when you think about it. How can you put a value on human life?" George Nield, a former FAA associate administrator who led its Office of Commercial Space Transportation (AST) for more than a decade, previously told Business Insider. "But you want to make sure people and families are compensated if something happens that's not their fault."Currently, the FAA ascribes what it has called a "conservative" value of $3 million per hypothetical victim. But federal auditors within the Government Accountability Office (GAO) have hammered this figure over the years for being much too low."[B]y not prioritizing this weakness FAA may be exposing the federal government to excess risk. By continuing to use the $3 million cost-of-casualty amount in its MPL calculation methodology that we and others have noted is outdated, FAA may not be requiring launch companies to have sufficient insurance to cover all losses that can be reasonably expected," the GAO wrote in <a href="https://www.gao.gov/products/GAO-17-366" target="_blank" rel="noopener">March 2017 report</a>.<h2>Why the FAA says one life is worth $3 million in a spaceflight accident</h2>When the AST (the commercial space transportation office) formed in 1984, Nield said Congress gave the new FAA division two central and seemingly contradictory missions: keep the public safe, yet also "encourage, facilitate, and promote commercial space transportation."Instead of simply saying "no" to every launch, Nield says the AST works with companies to think through their launch vehicle's hazards, model possible accident scenarios, establish safety zones, and then calculate if the overall risk is acceptable."The probability of an expected casualty has to be less than 100 in a million, otherwise you're not going to be able to fly," Nield said.In the case of SpaceX's most recent Starship-related launch - the flight of a stubby, six-story prototype <a href="https://www.businessinsider.com/spacex-starhopper-launch-video-youtube-live-video-feed-2019-8">called the Starhopper</a> - the FAA said the risk of one casualty was about 1-in-1 million, or 100 times less. The rocket launched from a pad located about 1.5 miles east of <a href="https://www.businessinsider.com/spacex-elon-musk-texas-starship-mars-launch-site-pictures-2019-5">Boca Chica Village at the very southern tip of Texas</a>, where SpaceX is building out a private spaceport amid a few dozen homes."To put this extremely remote chance in perspective, if SpaceX was to launch this same exact mission every day, we would statistically expect one serious injury or fatality at Boca Chica Village between 720 B.C. and today," an FAA spokesperson previously told Business Insider.For that launch, the FAA mandated that SpaceX obtain $100 million in worst-case-scenario insurance - nearly all of which was tied to 33 estimated casualties, valued at $3 million each.But as the GAO and other federal entities have indicated, that figure is likely "outdated" and "insufficient."In the mid-1980s, when AST was formed, there was - and still is - no on-the-ground death resulting from a commercial space launch. The office eventually settled on the $3 million figure in 1988, basing it on legal judgements and settlements that arose from airline crash lawsuits. The number was more like $1 million per death, but GAO auditors said the office wanted to be "conservative" and tripled the number.The FAA contracted the Science and Technology Policy Institute (STPI) in 2015 to reevaluate the figure and make a recommendation - but it couldn't. The reason, said government auditors, is that many airplane crash lawsuits ended privately, and thus STPI "was only able to access very limited information on settlement awards," the GAO wrote in its 2017 report. "As a result," the report said, "a reliable estimate of the average loss per casualty" could not be made.The $3 million has not budged since, even though that amount of money in 1988 dollars - when adjusted for inflation - is now worth more than double that amount."STPI's study indicated that a cost-of-casualty amount of approximately $6 million per casualty might be appropriate, but the study did not make a recommendation of what amount ths FAA should use," the GAO wrote.<h2>When the price of a life might go up</h2>A follow-up report by GAO officials in <a href="https://www.gao.gov/products/GAO-18-57" target="_blank" rel="noopener">January 2018</a> noted some progress on the matter, but found the FAA still under-prioritizing the matter and, as of publication, the agency is still using the $3 million figure.The GAO, which in part aims to keep the government from shooting itself in the foot financially, is concerned about the figure because a real-world accident could see claims that exceed the insurance taken out by an aerospace company.Nield explained the MPL insurance - for example, the policy SpaceX obtained for its Starhopper launch in August 2019 - is only the first part of a three-tier system to soak up liability. A company's insurance requirement maxes out at $500 million. If, in the event of a very unlikely incident, the liability exceeds that amount, he says the FAA can move to the second tier: asking for up to $1.5 billion in additional cash to compensate victims."What if it's a really, really, really bad day, and the losses add up to more than that amount?" Nield said of the total $2 billion.The third tier of liability moves back the company: "Then the losses and responsibility reverts to the launch operator. Unless it's a very large and stable company, that's going to put them out of business."In its 2018 report, the GAO said the FAA was working toward revisiting the $3 million figure, but intended to consult with private launch and insurance companies, as well as a then-recently reestablished Commercial Space Transportation Advisory Committee. At the time, the FAA hoped to get to the matter in mid-2018 - but the GAO noted that deadline was unlikely to be met.More than two years after the GAO filed what appears to be its latest report, the FAA is still using $3 million as its cost-of-casualty amount as other upcoming launch systems, like Starship and Blue Origin's New Glenn and New Armstrong rockets, move toward reality.The FAA likely will not begin to revisit the cost-of-casualty amount until this fall at the earliest, according to an email sent by a spokesperson to Business Insider, adding that those discussions later this year "would only be the beginning of the process.""The top priority is to streamline launch and reentry licensing requirements overall," the spokesperson said, noting that the agency is working to submit a package of new regulations for launch and reentry of commercial spacecraft, called SLR2. "The current proposed rule is designed to consolidate and streamline multiple regulations, as well as allow performance based regulations that give more flexibility to the license applicants while still protecting public safety."Speaking at the agency's 23rd annual Commercial Space Transportation Conference here in Washington, DC, Wayne Monteith, who heads the FAA's AST office, said that those new regulations likely won't be completed until the fall.For his part, though, Nield says it's important to highlight the current safety record of the more than <a href="https://www.faa.gov/data_research/commercial_space_data/">335 commercial launches licensed by the FAA</a>."There has never been a member of the public ever killed or had property damage by a commercial space flight," Nield said last year. "This is because the industry and the government have done a good job of ensuring public safety."Do you have a story to share about the spaceflight industry? Send Dave Mosher an email at <a href="mailto:dmosher+tips@businessinsider.com" target="_blank" rel="noopener">dmosher+tips@businessinsider.com</a> or send him a Twitter direct message to <a href="https://twitter.com/davemosher" target="_blank" rel="noopener">@davemosher</a>. You may also consider more secure communication options <a href="https://www.businessinsider.com/author/dave-mosher" target="_blank" rel="noopener">listed here</a>.

Your life is worth about $3 million in a rocket accident, according to the FAA. Here's how the agency got that number - and why auditors say it's a problem.

India is a rich admixture of some of the world’s most brilliant, creative and technical minds, who have all the capabilities and potential to create the next Google or the next biggest innovation driven global company. 
 
India is a battery of venture capital firms, which are making a beeline to capitalize on the growth story but will creating a Google in India be a reality? May be, or maybe not. 
 
An eternal optimist would always search for the light at the end of the tunnel. An inveterate pessimist would see that as the light of an on-coming engine, while an unassuming realist would search for his torch light to make his way through the darkness. 
 
Sunny Side up 
 
Keen observers of the startup space in India fall under these three categories. As someone who heads a startup in the fin-tech space and serves as a mentor to upcoming startups, I am bound to don the hat of someone who sees developments in this space ‘Sunny side up’. The numbers justify optimism. With more than 4,200 new-age companies, India has overtaken Israel to grab the third position among global startup ecosystems, behind US and the UK. A report by NASSCOM, startups have created more than 80,000 jobs so far and can create 2,50,000 jobs if their number balloons to 11,500 by 2020. 
 
There has been no dearth of funding with VCCEdge data revealing the tripling of angel and seed investments from $30 million in Q3 CY2014 to $94 million in Q3 CY2015. Add to it, the ‘Startup India, Standup India’ slogan coined by Prime Minister Narendra Modi has led to States like Telangana, Rajasthan, Uttar Pradesh and Karnataka competing to develop startup policies and offer infrastructural support like that of incubators and co-working spaces. 
 
But the reality is… 
A study conducted by Kauffman Foundation in 2012-13 observed that 33.2% of co-founders of tech firms founded by immigrants in the US were Indians. While we take pride in the fact that the CEOs of global behemoths such as Google, Microsoft and MasterCard, among many others, are Indians who migrated to the US, we should really be asking ourselves if they would have reached the pinnacle of their career had they stayed in India and started something of their own. 
 
India is being ranked 130 out of 189 countries in the ease of doing business index which validates the quote by Chairman Google Eric Schmidt “Problem is not with Indians, but with India.” What are the ground hurdles that are resulting in a prospective Indian Google being nipped in the bud and a possible Brain Drain 2.0? 
 
The need for an Innovation Ecosystem 
It all starts with the education system, which has given birth to technical geniuses albeit via rote learning. It is a system that does not encourage failure which then seeps into societal norms of measuring success on the parameters of the education degrees one holds and the monthly salary that gets credited. Innovation needs minds that are receptive to knowledge and are unhindered by socio-economic constraints. 
 
Till the time this change in mindset comes about, college drop outs or those who sit out of B-school placements who venture into entrepreneurship to set up the Indian Google will continue to be seen as failures and this places a very high emotional burden if there is no family backing. 
 
Difficulties in setting up shop 
If an Indian Google were to open shop in India, the bureaucratic procedures from getting the company name registered, to the tax regulations, every procedure will take weeks when compared to a few hours in developed markets. All this administrative hassle is bound to consume at least 20% of founders’ time and efforts. 
 
Regulatory hurdles while raising money and doing business 
To raise various rounds of funding, co-founders of India’s Google would first need to get a Chartered Accountant or a Merchant Banker to issue a valuation certificate. The equity premium will be considered as income in the company and hence be made liable to pay income tax. And there is a clause that makes the promoter(s) liable to pay a fine of a minimum of Rs 2 crore or the investment amount; whichever is higher in the event of any inadvertent mistake is something that merits urgent attention. 
 
If venture capital is raised from investors abroad, the promoters have to contend with a host of RBI compliances, FEMA regulations besides the ROC regulations. They will not be allowed to communicate to the RBI directly, but go through authorized dealer bank. The RBI, however, can send them direct notices. 
 
For international sales, the company may opt for a set up in a Special Economic Zone (SEZ) or Software Technology Park (STPI). If it chooses operations in an SEZ, every single foreign invoice will need to be reported to the SEZ along with full detailed paper work. For their domestic sales, the company runs the risk of being asked to invoice domestic clients in dollars, thereby throwing a spanner in the works and forcing it to either consider moving out of the SEZ or opening another unit for domestic sales. 
 
Difficulties in scaling up 
Like most early stage businesses, India’s Google will have to start with smaller clients who will ask for free trials, customizations and white labeling/exclusivity. It will be made to negotiate contracts at the lowest price until its differentiation is truly innovative and not replicated by fellow competitors. Failing which, it would take years for it to break even and step up to larger clients with a higher ticket size. 
 
No company can scale up without a pool of talented human resources. While it is easy to get cost efficient talent in India, it is a colossal task to hire and retain the best talent. While 12 million people join the workforce every year in India, a FICCI-E&amp;Y Survey (2011) revealed that it is only 25% who are considered “employable”, and possibly less than 1% may have what it takes to be at Google. 
 
With high rates of attrition in the technology space, India’s Google will need to ensure no employee takes away the company’s IP to a competitor. Given that such breaches are not very well defined in the legal system and that securing patents is a challenge (About 2.46 lakh patent applications and 5.32 lakh trademark registrations are pending with the government due to shortage of manpower), this is another loophole needs to be plugged. 
 
During the scale up of operations and businesses, the directors of growth stage firms are highly likely to be summoned by various authorities (Income Tax, etc.) for explanations of their profits, losses, which are likely to be all clean banking transactions. Such harassment is common and disheartening for most Indian entrepreneurs. 
 
Startup Act 
In an attempt to improve the ease of doing business for startups, there is talk of a 2-page Startup Act that will distill and simplify 22 different laws together. 
 
While I sincerely hope it works, I wonder why we have distinct 22 laws in the first place. Why don’t we simplify and rationalize the business environment for all? Is it even possible to distill 22 laws into 2 pages? 
 
In a nutshell 
All the above highlighted issues are a few examples of a complicated working environment in India. While our government campaigns worldwide for companies to come and “Make in India”, we are seeing many startups goaded by VCs to move their setup outside India to a country with a more predictable regulatory regime in order to parry the problems discussed above (example Flipkart, Grofers etc.). This coupled with public listings of Indian companies in foreign exchanges had led to a loss to India’s exchequer (example MakeMyTrip). 
 
The pessimist in me believes that even after 20 years, the search for India’s Google will not be successful. The optimist in me does sees the potential and promise in the regulatory reforms which are afoot, while the realist in me makes me see every day as an opportunity to ideate and create something new – with a bit of Jugaad, a step to create something cutting edge. 
 
As the saying goes, “it’s never as good as you want it to be, but never as bad as it seems”. 
 
(Kunal Nandwani is the Founder and CEO of uTrade Solutions)

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