MAHARASHTRA

Startup policy clears ground, aims to profit 10,000 projects

The state cabinet on Wednesday approved the innovation and startup policy that aims to offer several incentives and funding to upcoming entrepreneurs.
The state hopes to extend benefits of the policy to nearly 10,000 startups and generate employment for five lakh citizens in Maharashtra.

The state will set up 15 incubators over the next five years, and hopes to attract Rs 5,000 crore in private equity to support startups. The government plans to pool in Rs 500 crore for the purpose too. Officials said the state will soon start calling for applications from startup hopefuls.

While the policy does not mention any particular sector, preference will be given to the cutting-edge sectors of biotechnology, artificial intelligence, information technology and clean energy generation, among others.

As incentives, startups will get several sops to buy or rent space and 100% waiver on stamp duty and registration fee for the first transaction and 50% for the second.

Under the ease of doing business scheme, there will be a single-window clearance system for licences for setting up units. Construction, electrical connection and property registration will be made easier and inter-state goods transport and labour laws modified.

The policy has been drafted in sync with the Central government’s Startup India policy. According to the Central policy, a company would be considered as startup till seven years of its incorporation or till the turnover of the company is under Rs 25 crore. The state government, though, has made an exception for biotechnology startups by extending the time frame to 10 years.

INTERNATIONAL

Romania to have first female prime minister, Viorica Dancila

Viorica Dancila has been named as Romania’s first female PM following the sudden resignation of Mihai Tudose.

Ms Dancila, a member of the European Parliament, is regarded as an ally of the governing Social Democratic Party (PSD) leader Liviu Dragnea.

Ms Dancila, 54, is Romania’s third prime minister in seven months.

· Google awarded 72 lakh for finding bugs in Pixel phone

Google awarded nearly 72 lakh to researcher Guang Gong for finding bugs in its Pixel devices.
The exploit chain consisted of two bugs which together could inject arbitrary code into system server by accessing a malicious URL in Chrome.
Around 67 lakh of the reward was given from Google’s Android Security Rewards program, the highest in the program’s history.

NATIONAL

· India Ratings Projects Economic Growth at 7.1 Next Fiscal

India Ratings and Research have projected the country’s economic growth to improve to 1 percentin 2018-19 from 6.5 percent in 2017-18, buoyed by robust consumer demand and low commodity prices.
In its outlook for 2018-19, according to the agency, there will be a gradual pickup in growth momentum owing to structural reforms like GST and Insolvency and Bankruptcy Code in place.
The projection is a tad lower than 7.4 percent growth estimated by Asian Development Bank and International Monetary Fund for next fiscal.

Government to set up $350 million fund to finance solar projects

Government will set up a $350 million fund to finance solar projects, as the country steps up efforts to achieve its ambitious target of adding 175 gigawatts (GW) in renewable energy by 2022.

India will need at least $125 billion to fund a plan to increase the share of renewable power supply in the country’s grid by 2022.

The country, which receives twice as much sunshine as European nations, wants to make solar central to its renewable expansion.

Installed renewable power capacity is currently about 60 GW

· HDFC Bank Becomes 1st Indian Bank to Cross Rs5 trillion Market Capitalisation

India’s most-valued lender HDFC Bank Limitedcrossed Rs5 trillion capitalization action for the first time, making it only the third Indian company to achieve this milestone.
In intraday trade, the stock touched a fresh record high of Rs1,53.75 on the BSE, up 3.31% from its previous close.
Tata Consultancy Services Ltd (TCS) and Reliance Industries Ltd (RIL) are the other two companies which crossed market capitalisation of Rs5 trillion.

· NPPA fixes retail price of 30 drug formulations

Drug price regulator National Pharmaceutical Pricing Authority (NPPA)fixed retail price for 30 drug formulations, including those used for the treatment of Diabetics, bacterial infections, and high blood pressure.
NPPA is an independent body under Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers. It was set up in 1997.
Its mandate is to fix/review.
Essential medicines are those that satisfy the priority health care needs of the country’s population.

· Maharashtra becomes first state to unveil Public Cloud Policy

Maharashtra became the first state in the country to unveil Public Cloud Policy that virtually mandates state government departments to shift their data storage.
The State Government had formed a four-member committee to draft policy framework on cloud usage.
The policy will result in additional private sector investments worth the US $2 billion for cloud industry as the government is one of biggest creators.

· Virat Kohli named as Captain of ICCs Test and ODI Teams of the Year

Virat Kohli was named the captain of the International Cricket Council (ICC) Test and One-Day International (ODI) teams of the year that included four other Indians as well.
Kohli scored 2,023 runs at 77.80, including eight centuries and three half-centuries in 18 matches during the qualification period.
He surprisingly pipped Australian skipper Steve Smith for the ICC’s Test team captaincy.
The Test team also comprises Cheteshwar Pujara and Ravichandran Ashwin.

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