In the second phase of the government-backed stimulus package, the nation’s MSMEs will be granted loans under the credit scheme to survive in the pandemic-hit economy. Industry experts have welcomed the new package but have demanded more than just bank loans; they require direct benefits for increasing cash liquidity in the long term.

One of the features announced is the decision to increase the purview of Emergency Credit Line Guarantee Scheme (ECLGS) to Rs 4.5 lakh crore. The current cap of the ECLGS scheme, announced in May 2020 as part of the Atmanirbhar Bharat Abhiyan package, is Rs 3 lakh crore.

Draft National Space Transportation Policy-2020 is an integrated policy covering all aspects of the aerospace industry related to emerging companies in this area. The policy includes features that constitute rocket launches, launch pads, and space objects’ movement, among many others. Through this policy, the government has decided to allow private companies to build and operate rocket launchers within the country and abroad with the prior approval of the respective bodies.

The Minister of State for Youth and Sports, Sri Kiren Rijiju recently launched the ‘High Performance Coach Education Programme’ which is focused on athletic training under the auspices of Netaji Subhas National Institute of Sports Patiala. The seven-module course will last six months and as many as 250 top coaches from the Sports Authority of India (SAI) will form a core group to train the country’s top talent.

The course, launched specifically for training and equipping Indian coaches with the best skills, is vast in its importance. It will expand the high academic and technical values in the Indian professional sports coaching segment. 

With the programme, the government aims to build a pool of elite Indian coaches while bolstering the Atmanirbhar Bharat vision. Its application across the board will make sports Atmanirbhar too. The long-term goal of the step is to put India among the top 10 nations in the Olympics, according to Minister Kiren Rijiju.

The changes to Consumer Protection (E-Commerce) Rules, 2020 rules have sparked serious discussions in India’s e-commerce sector as companies face the prospect of a fundamental transition in their business structure, if the new rules are implemented. The government is proposing changes to consumer protection rules to protect consumer interests and give e-commerce businesses more responsibility. 

But, these developments have some e-commerce firms worried due to their impact on companies’ functioning and the changes they might usher in for online shoppers. 

Vivatech, one of the largest digital and start-up events is a global tech event which saw attendance by European leaders like the President of France ‘Emmanuel Macron’, the Prime Minister of Spain Pedro Sanchez as well as a number of European MPs. Prime Minister Modi delivered the keynote address as the ‘Guest of Honour’ at the fifth edition of Vivatech which occurred between the 16th-19th June 2021. Vivatech is one Europe’s largest digital and start-up events which sees participation from global technology innovators and start-up leaders. Prime Minister Modi delivered the keynote address via video conferencing.

Takeaways for start-ups

The Government has issued open invitations for foreign investors in Indian start-ups that foster talent, cater to a thriving market, belong to a robust ecosystem and are open for new opportunities.

Modi placed India’s tech-talent pool on an international podium and highlighted how Indian tech solutions created by the youth of the country are deployed for critical use cases across the world.

He also put forward the vast digital market in India. He stated that the Indian mobile phone consumer base and the Internet user base currently stands at 1.18 B and 775 M respectively which are numbers greater than the population of several nations. Further, the Prime Minister stated that Data Consumption and Social Media consumption in India is the highest from a global standpoint. He said data usage is the cheapest here than anywhere else in the world. He also went on to invite participants into this market which he called ‘diverse and extensive’.

The Indian start-up community was called upon to address the current global challenges through a collective spirit and a human centric approach. Start-ups were called to take the lead, especially the youngsters within the community. The advantage they enjoyed of not being burdened from their past is set to assist them in bringing about global transformation. Start-ups have been called upon to explore sectors like healthcare, eco-friendly technology like waste recycling, agriculture, and new-age learning tools (ed-tech start-ups can rise to the occasion)

India was presented as an open society and economy to the attendees of the Vivatech summit. It was also presented as a nation committed to the international system. It was stressed during the keynote address that ‘partnerships’ are exceptionally important to India. Digital partnerships especially between Indian start-ups and European nations is a key priority to India. On a final note, new technology was called upon to serve a large purpose and humanity in general, especially through these partnerships.

In a repeated relief measure announced by the government, further withdrawals from EPFO are being allowed to counter the ongoing second wave of the COVID-19 pandemic. The government first decided to enable lump-sum withdrawal during the pandemic to counter the financial difficulties in March 2020 as part of the Pradhan Mantri Garib Kalyan Yojana (PMGKY), a COVID-19 relief program.

Employees’ Provident Fund Organisation (EPFO) has allowed contributors to withdraw a non-refundable deposit from their savings under COVID-19 relief measures. This is the second time the EPFO has approved such an aid measure due to the ongoing crisis.

How much PF can be withdrawn, and from where can the aid be availed?

Whether employed or self-submitters, Provident Fund subscribers can take out non-refundable amounts from dearness allowances and basic wages for three months or up to 75 per cent of the amount payable to employee credit. EPF members may request a lower amount than stated in the plan.

India’s new space policy enhancements could offer exciting opportunities for space tech entrepreneurs and private space companies. Spacetech stakeholders and industry experts agree that access to government resources for private space projects will bolster the Indian space start-ups and reduce their dependence on imports.

It has been more than 50 years that the Department of Space, Indian Space Research Organization (ISRO) and Vikram Sarabhai Space Centre have been leading Indian space programmes. To date, the ISRO alone has conducted a majority of India’s space-related activities. 

But, with changing policy, private sector intervention will not be limited to the production of components anymore. The collaboration with the space agency ISRO will offer entrepreneurs and small and medium-sized enterprises opportunities to develop products and conduct indigenous space missions.