The textile industry has expressed solidarity with the Centre’s goal to promote India as a cashless economy. Supporting the decision, representatives of the textile industry across the country are encouraging the workers to open bank accounts. As a result, salary payment will be done either throu…
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Rs 200 cr Amma fund soon to support start-ups in TN
The startup ecosystem in Tamil Nadu is likely to get a boost as the Amma Venture Capital Fund, announced by former CM J Jayalalithaa, will soon become operational, said government sources. With a 200 crore commitment, Amma VC Fund will work along the same lines as the already launched 20-crore bi…
Textile units told to register online & provide production data
From January, all units across the textile value chain, except handloom, khadi and jute, will have to register online and provide data on production. According to a senior official in the Ministry of Textiles, the information will be collected, not for regulation, but for the development of the t…
How India’s Demonetisation is affecting its start-ups
On November 8, Prime Minister Narendra Modi made a televised announcement on the government’s decision to withdraw 500 and 1000 rupee notes that were in circulation in the Indian economy. This huge gamble on notes that accounted for 86% of the value of currency in circulation left a majority of c…
IBM, Nasscom set up tech hub for start-ups
Global IT major IBM and Nasscom have teamed up to build a digital platform for start-ups to network with the ecosystem. To be hosted on IBM Cloud, the platform Techstartup.in helps start-ups, investors and venture capitalists and mentors to keep in touch with each other in Hyderabad. “We have lau…
Indian exports at $20 bn in Nov grow 2.3% over last year
Signalling a definitive reversal of the continuous decline in Indian exports earlier in the year, official data on December 15 showed these grew for the third month in a row at $20 billion in November, an uptick of 2.29 per cent over $19.56 billion in November 2015. Data released by the Commerce …
Demonetisation: Weavers find the going tough
Andhra Pradesh: Konapaka Rajeswari from Desaipeta near Chirala knows nothing but weaving since her childhood. The government’s demonetisation drive has now come as a big blow to Rajeswari and other weavers producing beautiful saries. “I, my mother, and father used to work all day and earn up to R…
DoNER Ministry to offer incentives for start-ups in Northeast
Union Minister of State (Independent Charge) for Development of North Eastern Region (DoNER), MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, Dr Jitendra Singh has announced incentives for startup entrepreneurship in Northeast and said, this would encourage avenues of em…
Cash shortage will end by mid-Jan 2017: Amitabh Kant
New Delhi, December 16, 2016: The government declared that the cash shortage induced by demonetisation of high value currency notes would end by mid-January by which time about Rs. 3 trillion of black money would be sucked out of the economy, leaving about Rs.12 trillion in cash to finance normal…
Demonetisation: Measures to provide relief to Powerloom industry
Immediately after the demonetisation initiative, a quick survey of Powerloom units was undertaken in major Powerloom clusters to assess the impact on the decentralised Powerloom Sector. To address the issues of shortage of new currency, Government has initiated immediate action to enable cashless…