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NASSCOM picks its top 10 innovative tech firms of 2019

Nasscom, the trade association for IT services and business process management companies, has made its pick of the top ten most innovative technology products and services startups for the year 2019, seeking out firms that have the potential to scale at speed. The ten startups, which have been picked from Nasscom’s Emerge 50 awards finalists, are from a wide range of sectors including Software as a Service, retail technology, healthcare, cyber security, internet of things etc.

Government to set up enclave for Swedish companies

The govt.  has offered to set up an exclusive enclave for Swedish companies and expatriates, complete with hospitals and educational institutions, as it seeks to woo investors from the European nation to boost the Make-in-India and start-up initiatives. The issue was discussed during the India-Sweden joint economic commission meeting, with commerce and industry minister suggesting the government was willing to offer land for setting up an “Investment Enclave” with plug-and-play infrastructure.


India, Europe 29 nations to cooperate in AI, green energy, IT, pharma, smart-cities

India and the Europe 29 group of Central, Northern and East European countries hold growth potential in areas such as AI, new age technologies, new manufacturing technologies and can be the beacons of growth in a slowing world,” Commerce & Industry Minister said. “The two regions have a lot of complementarities in areas such as smart cities, clean and renewable energy, start-ups, IT and ITES and can develop a strong economic relationship with each other,” he said at the India-Europe 29 Business Forum.


India ranks 63rd on World Bank's ease of doing business

India took a huge stride in improving its ease of doing business, climbing 14 notches to clinch 63rd place in the list of 190 countries, according to the World Bank’s Doing Business Report, (DBR) 2020. India also remained among the world’s top 10 improvers for the third consecutive year. China too made it to the list. India’s ranking has improved 79 places in the past six years from 142 in 2014.


DPIIT working on mechanism to help investors set up facilities in India

The Department for Promotion of Industry and Internal Trade (DPIIT) is in the process of setting up of a mechanism to handhold investors and help them set up their facilities in India. DPIIT Secretary said that the proposal is being sent to the Commerce and Industry Minister for approval, following which it will set up an investment promotion and facilitation agency Invest India. It will be funded by the DPIIT.


Lower corporate tax rates to boost manufacturing, Make in India: Industry

Finance Minister announced a significant cut in corporate tax – a demand the industry has been putting forward for the past few years. Giving much relief to the corporate companies, the government has slashed the tax rate on all domestic firms to 22%. Further, new manufacturing companies that will come up from October 1 onwards will have to pay tax at 15% rate.  With the reduction of tax rate for existing firms and a significantly lower rate for new manufacturing companies, investment is expected to rise.

In a push for Make in India, govt to curb imports of over 350 items

The government is looking to reduce imports of more than 350 "non-essential" items such as toys, textiles, footwear and electronic goods to give the Make in India initiative a push. Several ministries, including textiles, electronics and IT and commerce and industry, have been asked to take action on the list of identified products. It is also considering the suggestion to do away with global tender for govt.  procurement in industries where domestic demand was enough. Read More

Centre to set up working group on proposed new industrial policy

The Centre will soon constitute a working group on the proposed new industrial policy, which is aimed at promoting emerging sectors, reducing regulatory hurdles and making India a manufacturing hub. Earlier, the Department for Promotion of Industry and Internal Trade (DPIIT) had prepared the policy and sent it for the Union Cabinet approval, but certain new suggestions have been made with regard to the policy.

India, EU launch 18 million euro call on research on developing local energy system

The European Commission and India's Department of Science and Technology launched an 18 million euros joint call on research and innovation to develop integrated local energy systems. Proposals should develop and demonstrate novel solutions, integrating all energy vectors (electricity, heating, cooling, water, wastes, etc.), including possibilities offered by batteries and electric vehicles, interconnect them and optimize joint operation with increased share of renewables and a higher energy efficiency, said a EU press statement.