May, 2024 - Business News Week

Education

Registration Deadline Extended to 15th June for India’s premier engineering award -The IET India Awards 2024

May 31, 2024 by Neel Achary 0 Comments

The scholarship award will offer a prize money of Rs 10 Lakhs to winners

Bengaluru, 31st May 2024 – The Institution of Engineering and Technology (IET) has extended the deadline to apply for the eighth edition of its prestigious IET India Scholarship Awards, which has a combined prize money of Rs 10 Lakhs. The IET has currently received more than 45000 applications from students across the country for the same. Students of AICTE, UGC-approved and National institutes, who are yet to apply for the award, may send their applications by 15th June.

The IET India Scholarship programme aims to reward and celebrate individual excellence and innovation among undergraduate engineering students in India. The application round is the first step in a rigorous 4-stage process which tests students on academic and technical parameters, as well as creativity, innovation and presentation skills.

Speaking on the awards, Shekhar Sanyal, Director and Country Head, IET India said, “We are very excited to see the enthusiasm around the IET India Scholarship Award this year. In fact, due to a huge surge in applications, our servers recently crashed! This high demand is the reason why we are extending the application deadline by another two weeks. I wish all of the applicants the very best of luck!”

The IET India Scholarship Award 2024 is guided by an esteemed Advisory Board consisting of prominent academicians and nationally recognised corporate leaders. The committee is chaired by Prof Abhijit Chakrabarti, Former Vice Chancellor, Jadavpur University, Kolkata.

“At The IET, we believe it imperative for young engineers and innovators to delve deep into the challenges faced by our country and harness the power of emerging technologies to craft innovative solutions. The more the number of applicants, the greater the number of innovative solutions devised. The IET India Scholarship Award aims to serve as a catalyst for change. The next decade is pivotal for our nation, and the IET India Scholarship Award serves as a catalyst for change,” said Prof Abhijit Chakrabarti, Chair, IET India Scholarship Award Advisory Committee.

The Award evaluates participants across parameters that include academic performance, extracurricular activities, range of outreach activities and their ability to come up with creative engineering solutions to solve societal challenges. In the first round, students are shortlisted based on their academic performance as well as extracurricular activities. They then progress to an online test on STEM subjects and technical expertise. Students who clear the cut-off score are then invited to present their technological solution to a pertinent societal challenge in the regional rounds. Regional winners will finally compete in the national finals to win the title.

This will be the eighth edition for this national level scholarship, started in 2013. Last year, it received over 43,000 applications. Previous year winners joined in industry leaders such as Google, Apple, Boeing, Deloitte, and MIT, and some have even become entrepreneurs themselves.

Applications are now open for the 2024 edition. For more information, please visit – https://scholarships.theietevents.com/#!

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Bank of India Launches 666 Days – Fixed Deposit with High Return

May 31, 2024 by Gayathri Pariti 0 Comments #Bank of India, #Bank of India branch, #Bank of India Launches 666 Days, #Fixed Deposit with High Return, #Mumbai, #NRO and NRE, #One of the leading public sector banks in India

Mumbai, May 31 , 2024: Bank of India, one of the leading public sector banks in India, has launched its “666 Days – Fixed Deposit” which offers very attractive returns on deposits as high as 7.95% p.a. for Super Senior Citizens for 666 Days for deposit amount of less than Rs.2.00 Crs. Customers & general public can take advantage of this unique investment opportunity by opening “666 Days – Fixed Deposit” which offers one of the highest return on Fixed Deposits, reinforcing the bank’s commitment to deliver superior financial products. On this “666 Days – Fixed Deposit”, Senior Citizen will get 7.80% p.a. & other will get 7.30% p.a. The revised interest rates are applicable for domestic, NRO and NRE Rupee Term deposits which is made effective from 01.06.2024. Loan against Fixed Deposit and Premature Withdrawal facility is available. Customers can visit any Bank of India branch or use the BOI Omni Neo App / internet banking to open 666 Days – Fixed Deposits.

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LaunchPilot Launches India Operations with Pre-Seed Funding from Dubai-based Family Offices

May 31, 2024 by Gayathri Pariti 0 Comments #and Scale, #Build, #Delhi, #DPIIT, #Dubai-based Family Offices, #IIM Bodhgaya, #LaunchPilot, #LaunchPilot Launches India, #Learn, #NTU Singapore, #Sarvesh Tusnial

Delhi, India – May 31, 2024 – With the goal of promoting the development of the entrepreneurship ecosystem by empowering aspiring entrepreneurs to build ideas, LaunchPilot – an expert-led startup school for first-time entrepreneurs and working professionals, has announced its entry into India.

LaunchPilot works under three core principles of “Learn, Build, and Scale” to assist aspiring entrepreneurs, working professionals, and first-time founders on their “0-1” journey. With this innovative strategy, LaunchPilot supports entrepreneurs in developing and implementing their ideas, accelerating their growth by putting them in touch with seasoned mentors and investors for knowledge and insights into building ideas with the aim of helping them prepare for growth and investment by co-building ideas with them.

According to data from Startup India, India has one of the top 3 startup ecosystems in the world, with over 1,12,718 DPIIT-recognized startups spread across 763 districts. However, the majority of Indian startups fail very early on because of a lack of market knowledge, effective mentorship, networking access, founder burnout, team-building challenges, fundraising opportunities, essential business knowledge, and an unsuitable business model. By addressing these common challenges faced by startup founders, LaunchPilot aims to lessen the load on them with its distinct approach and contribute to the advancement of economic empowerment, innovation, and entrepreneurship in India.

Commenting on India Expansion, Sarvesh Tusnial, Co-Founder LaunchPilot commented,” Entrepreneurship has the potential to impact so many lives, and yet so many founders face difficulties in executing ideas because people can think of ideas but fail to execute them effectively. By launching our Startup School in India, we are driven by a singular mission: to empower aspiring entrepreneurs actively build ideas into businesses! ”

LaunchPilot started off with collaborations with several respected academic institutions and communities, including NUS Singapore, NTU Singapore, IIM Bodhgaya, Eden Academy, RemoteYear among others, to support gig economy training and assist student entrepreneurs. Realising the problems faced by founders in their 0-1 journey, through these collaborations, Launchpilot expanded its offerings with it’s Startup School initiative to help folks learn-build-scale ideas.

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G.D. Goenka Education City, Gurugram Launches Heat Safety Measures for Staff Amidst Extreme Temperatures

May 31, 2024 by Gayathri Pariti 0 Comments #G.D. Goenka Education City, #GD Goenka Group, #Gurugram, #Heat Safety Measures, #Maj. Karttikeya Sharma, #Mr. Nipun Goenka, #Southern Haryana

Gurugram, May 31, 2024: In response to the severe heatwave affecting Southern Haryana, with temperatures soaring to 47-48 degrees Celsius, G.D. Goenka Education City, Sohna Campus, has implemented a series of proactive measures to safeguard the health and wellbeing of its blue-collar staff.

Located at the base of the Aravallis, the 60-acre campus is home to a significant number of workers, including gardeners, security personnel, housekeeping staff, plumbers, carpenters, and various contractual workers who are particularly vulnerable to the extreme weather conditions.

“Our blue-collar staff are essential to our operations and their health and safety are our top priority. We are fully committed to providing them with all necessary resources and support to withstand this extreme weather and continue their vital work with minimal risk,” said Mr. Nipun Goenka, Managing Director, GD Goenka Group.

Recognizing the critical need to protect these individuals from heat-related illnesses such as heatstroke, the management has introduced a comprehensive Heat Protection Initiative.

The initiative includes the following measures:

Shaded Rest Areas for Drivers and Conductors: Dedicated shaded areas equipped with televisions have been set up to encourage drivers and conductors to stay indoors during peak heat hours.

Umbrella Caps: Staff members have been provided with vibrant umbrella caps to shield their heads and faces from direct sunlight.

Lemon Water Supply: Approximately 100 litres of lemon water is being distributed daily to ensure all staff members remain hydrated.

SunCaps and Steel Water Bottles for Supervisors: Supervisors have been given individual SunCaps and steel water bottles to promote continuous hydration.

Covered Dining Areas: Specific covered spaces have been designated for staff to enjoy their meals in a cooler environment.

Increased Water Points: Numerous water points have been activated across the campus, offering sufficient access for staff to wash their hands, faces, and drink water regularly.

Heatstroke Workshop: A workshop was conducted by the resident doctor to educate staff on the signs of heatstroke and the necessary precautions to take.

Stocked Infirmary: The infirmary has been stocked with ample supplies of glucose and Electrolyte to assist teachers, students, and staff in staying hydrated and healthy.

“These measures are a testament to our commitment to the safety and well-being of our staff. We understand the challenges posed by the extreme temperatures and are dedicated to providing our workers with the necessary resources and support to stay safe during this heatwave,” said Maj. Karttikeya Sharma, Administrator, GD Goenka Education City.

The initiatives will remain in effect until the anticipated arrival of the monsoon rains in July. G.D. Goenka Education City is committed to creating a safe and healthy environment for all its community members and will continue to monitor the situation closely, making adjustments as needed.

business

Maruti Suzuki partners with DBS Bank India for Dealer Financing Solutions

May 31, 2024 by Gayathri Pariti 0 Comments #DBS Bank India, #DBS Bank India Limited, #Dealer Financing Solutions, #Global Transaction Services, #Institutional Liability Business, #Maruti Suzuki, #Maruti Suzuki India Limited, #Mr. Divyesh Dalal, #Mr. Partho Banerjee, #Safest Bank in Asia

India, May 31, 2024 – Maruti Suzuki India Limited (MSIL) today announced the signing of a Memorandum of Understanding (MoU) with DBS Bank India Limited for dealer inventory funding. This new alliance further enhances comprehensive inventory funding options for over 3863 Maruti Suzuki sales outlets across the country.

Maruti Suzuki DBS Bank India Limited

The MoU was signed in the presence of Mr. Partho Banerjee, Senior Executive Officer – Marketing & Sales, Mr. Nobutaka Suzuki, Senior Executive Officer – Marketing & Sales, Mr. Kamal Mahtta, Vice President – Allied Business, and Mr. Vishal Sharma, General Manager – Maruti Suzuki Finance & Driving School from MSIL; along with Mr. Surojit Shome, Managing Director & CEO, DBS Bank India and Mr. Divyesh Dalal, Managing Director & Head – Global Transaction Services, SME and Institutional Liabilities, DBS Bank India, joined by senior members from both organisations.

Speaking on the occasion, Mr. Partho Banerjee, Senior Executive Officer, Marketing & Sales, Maruti Suzuki India Limited, said, “This partnership is a step towards providing innovative financial products to Maruti Suzuki’s extensive dealer network across the country in line with their growing business needs. We are elated about this milestone as DBS Bank India joins hands with Maruti Suzuki for assisting our dealer partners with inventory financing solutions. This strategic alliance strengthens our relationship with the bank, harnessing the combined capabilities of MSIL and DBS Bank India to deliver comprehensive working capital solutions for our dealer partners.”

Commenting on the partnership Mr. Divyesh Dalal, Managing Director and Head, Global Transaction Services, SME and Institutional Liability Business, DBS Bank India, said, “We are pleased to collaborate with Maruti Suzuki India Limited, a leader in the country’s automotive sector, as one of the trusted financing partners to their widespread dealer network. DBS Bank India will leverage its leading digital supply chain solutions for SMEs and domestic presence to ensure that MSIL dealers are supported throughout the entire business cycle. Our nuanced understanding of local business realities and evolving dealer needs, coupled with our tailored product offering will enable us to meet Maruti’s dealer requirements through timely inventory financing. Our collaboration is a step towards building a long-term partnership with MSIL.”

DBS has been named ‘Safest Bank in Asia‘ by Global Finance for 15 consecutive years since 2009. The bank prides itself on going beyond traditional banking to enable responsible solutions for enterprises, empowering them to streamline operations for enhanced efficiency. DBS Bank India combines a strong global lineage with deep understanding of the Indian market to offer a full range of institutional banking, SME and retail banking services.

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Author Dr. Kynpham Sing Nongkynrih Launches ‘The Distaste of the Earth’ in New Delhi

May 31, 2024 by Gayathri Pariti 0 Comments #Author Dr. Kynpham Sing Nongkynrih, #Bah Kynpham Sing, #Dr. Vijay Kumar, #Mr. Benedict Skhemlang Hynnieweta, #New Delhi, #The Distaste of the Earth, #The Government of Meghalaya

New Delhi, May 31, 2024: The Government of Meghalaya proudly hosted an enchanting evening celebrating the launch of award-winning author Bah Kynpham Sing Nongkynrih’s latest literary work, The Distaste of the Earth, at Meghalayan Age – The Store in Connaught Place, New Delhi. The event, titled The Art of Storytelling, drew a diverse audience of literature enthusiasts, government officials, and cultural aficionados.

Among the dignitaries in attendance were Dr. Vijay Kumar, IAS, Commissioner and Secretary of the Government of Meghalaya; Shubhi Surana, Editor at Penguin Random House India; and esteemed local authors and cultural figures.

Dr. Kynpham Sing Nongkynrih thanked the guests for being a part of this special occasion. He stated that his book, The Distaste of the Earth will offer the readers, moments of entertainment and contemplation, about our relationship with nature, our responsibilities towards one another, and finally, about the hidden costs of our choices. The book that looks both to a mythic past and contemporary present, invites the readers to embark on a journey of reflection and discovery.

Dr. Vijay Kumar expressed his admiration for Dr. Nongkynrih’s contributions, congratulating the author for his wonderful work. Reflecting on the Meghalayan Age- The store, he stated, “I am very happy that we have been able to create this space; and we are making this space into this kind of a live space for art, craft, literature, music. A number of events keep happening here and the vibrancy of the space is something that makes everyone feel happy and proud.”

The Ambassador of France, through Dr. Vijay Kumar also conveyed his congratulations to the author for this wonderful work.

The Distaste of the Earth is a masterful art of fiction that traverses the themes of love, vengeance and man’s dominion over nature. The novel plays exquisitely with questions of earthly authority and godly ordinance, compelling us to think about our anthropocentric views about the natural world. The launch of the book was a grand success with book lovers and culture connoisseurs gathering to rejoice in the pages and stories of Dr. Nongkynrih’s new novel.

The evening which began with a mesmerizing instrumental performance by Mr. Benedict Skhemlang Hynnieweta, setting an elegant and inspiring tone for the gathering, concluded with a book signing session, where attendees had the opportunity to meet Bah Kynpham Sing Nongkynrih and get their copies of newly launched book signed. The event was a resounding success, leaving attendees with a deeper appreciation for the art of storytelling and the rich cultural heritage of Meghalaya.

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AD Ports Group and Economic Development Board of Madagascar Sign MoU to Explore Development of Ports, Maritime and Logistics

May 30, 2024 by Neel Achary 0 Comments

Abu Dhabi, UAE – 30 May 2024: AD Ports Group (ADX: ADPORTS), one of the world’s leading facilitators of global trade, logistics, and industry, and the Economic Development Board of Madagascar have today signed of a Memorandum of Understanding (MoU), to explore a dynamic partnership focused on bolstering commercial opportunities across maritime, industry and logistics sectors in Madagascar.

The MoU was signed by Mohamed Eidha Al Menhali, Regional CEO – AD Ports Group, and Josielle Rafidy, General Manager – Economic Development Board of Madagascar.

Under the terms of the Memorandum, both entities would focus on key areas of cooperation and mutual interest, including but not limited to the development of economic cities & free zones, ports, marina and cruise port facilities, digitalisation of logistics and maritime related services, in addition to the development of a maritime academy. Furthermore, the memorandum aims to explore the development of the fisheries sector in Madagascar, including monitoring and enforcement of sustainable fisheries rules and regulations, infrastructure development of integrated fisheries, harbours and marinas, as well as fostering innovation and technology adoption across the fisheries sector in Madagascar.

Mohamed Eidha Al Menhali, Regional CEO – AD Ports Group, said: “Our MoU with the Economic Development Board of Madagascar underscores our commitment towards international collaboration and aligns with our leadership’s directions, as we expand our network of trade partners and forge new partnerships globally. We look forward to sharing our expertise and leveraging our resources to unlock new opportunities and foster mutual prosperity.”

Josielle Rafidy, General Manager – Economic Development Board of Madagascar, said: “As part of its mission to promote and facilitate investment, EDBM is delighted to have signed this memorandum of understanding with AD Ports Group, the world’s leading facilitator of trade, logistics, and industry services, as it continues to implement its large-scale investment plan in Africa. This step confirms that Madagascar remains a destination for Foreign Direct Investment in Africa and the Indian Ocean. We are ready to provide the assistance and support needed to bring these joint projects to fruition, alongside Malagasy stakeholders, for mutually beneficial co-development of both economies.”

A joint working group would be established by both parties to oversee the implementation of the projects, focusing on the development of initiatives, investments, and opportunities in the agreed areas of cooperation.

To learn more about KNOW and access the accompanying resources, please visit the initiative’s GitHub repository.

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Haltia.AI Makes History in AI Knowledge Engineering with KNOW Ontology and Developer-Friendly Tools

May 30, 2024 by Neel Achary 0 Comments

Dubai, UAE, May 30, 2024 – Haltia.AI, a rising star in neuro-symbolic AI innovation, today announced a groundbreaking suite of advancements that propel them to the forefront of AI knowledge engineering. This announcement, unveiled during the 2024 Extended Semantic Web Conference (ESWC) in Crete, Greece – a land with a rich history in philosophical inquiry that laid the groundwork for modern ontology – showcases three key elements:

KNOW: The Knowledge Navigator Ontology for the World: This first-of-its-kind ontology (a restricted vocabulary with well-defined semantics) is designed to capture the essence of everyday human experience. Focusing on both daily routines and life milestones, KNOW provides a practical foundation for imbuing large language models (LLMs) with real-world knowledge in a form that can be introspected, explained, and verified for accuracy.
Unlocking Everyday Knowledge for AI with Universal Interoperability in Mind: KNOW is designed with universal interoperability in mind, aiming to ensure seamless knowledge syncing, sharing, and integration across connected AI systems, vendors, apps, and use cases. This ambitious design goal has the potential to revolutionize how AI systems connect, communicate, and collaborate.
Democratizing Access: Unprecedented Breadth of Developer Tools: Underlining their commitment to open research and industry collaboration, Haltia.AI is taking an unprecedented step by providing software development kits compatible with 12 of the most widely used programming languages today, with more to follow soon. This never-before-seen breadth of accessibility ensures developers of all backgrounds can effortlessly integrate the power of KNOW into their AI creations.

“This represents a significant leap forward in AI personalization,” said Arto Bendiken, CTO and co-founder of Haltia.AI and lead author of the accompanying research paper. “By marrying ontology-driven knowledge capture with large language models, we are paving the way for AI that is not only intelligent but also has a long-term memory and understands the nuances of human experience.”

Haltia.AI’s research demonstrates that as LLM fine-tuning methods evolve the KNOW ontology can deliver increased context and applied knowledge personalization yet to be seen, achieving impressive results with minimal training data. This scalable and efficient approach offers a glimpse into the future of AI, where personal assistants and other intelligent systems can leverage everyday knowledge to provide a truly personalized and helpful experience.

Haltia.AI’s dedication to open research is a hallmark of this project. By making the KNOW ontology and its accompanying software development kits freely available without restrictions, they are promoting collaboration within the AI community and empowering developers to build the next generation of intelligent applications.

This groundbreaking suite of advancements positions Haltia.AI at the forefront of engineering trustworthy and interoperable AI systems. Their commitment to open research and industry collaboration ensures that the benefits of KNOW will be widely accessible, accelerating progress towards a future powered by intelligent and human-centric AI.

To learn more about KNOW and access the accompanying resources, please visit the initiative’s GitHub repository.

Gujarat’s Modhera to Be India’s First Solar Powered Village

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India Added 367 MW of Rooftop Solar in Q1 2024

May 30, 2024 by Neel Achary 0 Comments

India’s cumulative rooftop solar capacity was 10.8 GW as of March 2024

May 30, 2024 – India added rooftop solar capacity totaling 367 megawatts (MW) in the first quarter (Q1) of the calendar year (CY) 2024. Installations fell nearly 10% quarter-over-quarter (QoQ) from 406 MW and dropped over 24% year-over-year (YoY) from 485 MW, according to Mercom India’s newly released Q1 2024 India Rooftop Solar Market Report.

The drop in installations was largely a result of application processing delays faced by residential customers due to oversubscription under the PM – SURYA GHAR: MUFT BIJLI YOJANA program, a central subsidy for rooftop systems between 1 kilowatt (kW) and 3 kW. The rise in module prices to comply with domestic content requirements (DCR) further contributed to reduced capacity additions under the SURYA Gujarat program.

Installations under the capital expenditure (CAPEX) financing model accounted for 69% of the capacity additions in the quarter. Capacity additions under the operational expenditure or the renewable energy service company (OPEX/RESCO) model accounted for the balance.

The industrial segment led quarterly capacity additions, comprising almost 57% of installations. Commercial, residential, and government segments accounted for around 28%, 14%, and 1.1% of capacity additions, respectively.

“Although rooftop solar is off to a slow start, 2024 could be a breakout year if the government’s residential rooftop program – with attractive incentives – finally takes off. Rapidly declining system costs and high power tariffs have created perfect conditions for the sector. The challenge is on the supply side; a short supply of inverters and certain components, availability of skilled labor, and concerns over the ability of installers and government agencies to handle the rush is keeping the sector up at night,” said Raj Prabhu, CEO of Mercom Capital Group.

Gujarat, Maharashtra, Haryana, Kerala, and Karnataka led in rooftop solar additions in the quarter. The top five states accounted for more than 67% of the quarter’s installations.

As of March 2024, India had a cumulative installed rooftop solar capacity of 10.8 gigawatts (GW).

The top 10 states comprised over 77% of cumulative rooftop solar installations as of March 2024. Gujarat, Maharashtra, Rajasthan, Kerala, and Karnataka continued to be the leading states for cumulative installed rooftop solar capacity during the quarter.

In Q1 2024, issued rooftop solar tenders totaled 817 MW, up 48% from 553 MW in Q4 2023 and a 141% jump from 338 MW in Q1 2023. Tenders issued for projects to be commissioned under OPEX/RESCO mode accounted for 60% of the quarter’s announcements.

The average cost of rooftop solar systems fell for the sixth straight quarter and was down by more than 6% QoQ and nearly 22% YoY.

A comprehensive analysis of net metering policies across all Indian states and Union Territories is also included in the report.

Key Highlights from Mercom’s Q1 2024 India Rooftop Solar Market Report

In Q1 2024, India added 367 MW of rooftop solar capacity, a 24% drop YoY
Installations under the CAPEX model made up 69% of the quarter’s installation
Industrial consumers contributed to almost 57% of the installations in Q1
Cumulative rooftop solar installations reached 10.8 GW as of March 2024
Gujarat and Maharashtra led the quarterly capacity additions and also remained the top states cumulatively
In Q1 2024, rooftop solar tenders totaled 817 MW, up 48% QoQ and 141% YoY
The average cost of rooftop solar systems fell 6% QoQ and 22% YoY

The Q1 2024 Mercom India Rooftop Solar Report is 73 pages long and covers all facets of India’s rooftop solar market. For the complete report, visit: https://www.mercomindia.com/product/rooftop-solar-market-report-q1-2024

Archive: May 31, 2024