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Economic News-Daily Digest: 4 Key Updates

Economy News copy

1. SIDBI launches a National Level Entrepreneurship Awareness Campaign, Udyam Abhilasha

 On the occasion of Birth Anniversary of Mahatma Gandhi, Small Industries Development Bank of India (SIDBI), had launched a National Level Entrepreneurship Awareness Campaign, Udyam Abhilasha (उद्यम अभिलाषा) in 115 Aspirational Districts identified by NITI Aayog in 28 States and reaching to around 15,000 youth. SIDBI will join to contribute to “the transformation mission” unleashed for these districts.  The campaign would be running parallelly from 3rd October to 8thOctober, 2018 across India. The campaign would create and strengthen cadre of more than 800 trainers to provide entrepreneurship training to the aspiring youths across these districts thus encouraging them to enter the admired segment of entrepreneurs.

SIDBI has partnered with CSC e-Governance Services India Limited, a Special Purpose Vehicle, (CSC SPV) set up by the Ministry of Electronics & IT, Govt. of India for implementing the campaign through their CSCs. The  objectives of the missionary campaign includes :- (i) to inspire rural youth in aspirational districts to be entrepreneurs by assisting them to set up their own enterprise, (ii) to imparttrainings through digital medium across the country, (iii) to create business opportunities forCSC VLEs,(iv)to focus on women aspirants in these aspirational districts to encourage women entrepreneurship and (v)to assist participants to become bankable and avail credit facility from banks to set up their own enterprise.


2. Govt unveils Digi Yatra, facial recognition system that allows entry into airports

 Ministry of Civil Aviation announced the Digi Yatra initiative under which passengers will be able to enter airports using facial recognition. This scheme will begin piloting at Bengaluru and Hyderabad airports from February 2019 and Airports Authority of India will initially roll it out at Kolkata, Varanasi, Pune and Vijayawada airports by April 2019.

The government will come out with a centralised registration system for passengers, where the travellers will need to generate a Digi Yatra ID by sharing details including name, e-mail ID, mobile number and one ID proof. The Digi Yatra ID will be shared by passengers while booking the ticket with the airline, which will share the passenger data and the Digi Yatra ID with the departure airport. A passenger who has created a Digi Yatra ID will need to undergo a one-time verification at the departure airport where the facial biometric will be captured and stored in the passenger’s profile.

A registered passenger can go to the e-gate of the airport and scan the bar code/ QR code of the ticket. The system will also generate a token combining the face of passenger with PNR of the ticket, so that at subsequent check points the ticket details would be available on face recognition. Civil Aviation Secretary R N Choubey said e-gates will replace “all human interface points except at the point of security check. The physical security check will remain.” Passengers will not have to pay for this facility, he said, adding that the ministry plans to roll out Digi Yatra at all airports in a phased manner.

A not-for-profit company would be set up with the AAI and private airport operators as stakeholders. The enrolment for Digi Yatra would be done by this company.


3. Under conflict of interest and nepotism cloud, Chanda Kochhar quits ICICI Bank

 Chanda Kochhar quit as Managing Director and CEO of ICICI Bank, one of India’s largest private banks. Her departure is the latest in a series of exits by top private bank chiefs after a regulatory push over the last few months.


4. Toyota, SoftBank tie up in developing driverless car services

 Toyota Motor Corp. and SoftBank Corp. they have tied up to develop services using self-drive vehicles and other advanced automotive technologies, the latest example of a carmaker joining hands with an IT firm in the fast-evolving auto industry.

Under the strategic partnership, the two Japanese groups will set up a joint venture by next March that will aim to offer sometime before 2025 services such as meal delivery via autonomous vehicles.

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