Economy News-Daily Digest
1. India Plans to Build Raxaul-Kathmandu Rail Line
India will build a railway link between Raxaul in Bihar and Kathmandu as part of its efforts to push Delhi-led connectivity projects in Nepal amid the proposed Chinese economic corridor through the Himalayan state to India. The project is expected to be given the green signal during Prime Minister Narendra Modi’s visit to Nepal on May 11-12.
2. NSE introduces ‘managed co-location services’ to help small brokers
In order to facilitate small and medium sized trading members, NSE introduced a facility of managed co-location service, wherein space will be provided to vendors along with provision for receiving market data. The move comes after markets regulator SEBI asked stock exchanges last month to introduce such facility. This initiative will facilitate small and medium sized members, who otherwise find it difficult to avail co-location facility, due to various reasons including but not limited to high cost, lack of expertise in maintenance and troubleshooting, among others.
Under the facility, rack in co-location facility will be allotted to empanelled vendors of the exchange along with provision for receiving market data for further dissemination of the same to the trading member and the facility to place orders (algorithmic or non-algorithmic) by the trading members from co-location.
Co-location is a facility provided by stock exchange to trading members and data vendors, whereby their trading or data systems are allowed to be located within or at close proximity to the premises of the bourses.
This facility enables the co-located entities to access the trade/order related data before other non-co-located entities. It also enables co-located members to minimise the time for sending orders to the trading system of the exchange.
Only vendors empanelled by the exchange will be eligible to provide such service, vendors need to provide a fully managed end to end solution which can be used by trading members to trade from the exchange’s co-location facility.
Empanelled vendors need to make an application to the exchange for offering CaaS in a prescribed format and vendors, who need this facility also need to apply for rack in exchange’s co-location facility in a prescribed format.
3. Artificial Intelligence to Monitor the Food Production in Base Kitchens
An artificial intelligence module has been developed by IRCTC to find anomalies in standard operating procedure using CCTV footage. With this module base Kitchens will be monitored pan India. The Artificial Intelligence module realises the value of their videos and photos with vision computing. It can detect an unexpected change or an event that does not conform to the expected pattern using their machine learning algorithms.
To begin with, 16 base kitchens of IRCTC have been installed with high definition cameras connected to huge monitors for AI vision detection. Live streaming of 16 base kitchens is played all the time. The system detects anomalies of head gear, uniforms, rodents and mopping across kitchens and raises issues to be dealt accordingly with by IRCTC.
The AI system will be used to improve upon catering units. The system is capable of tracking any anomaly in the entire operation of catering. Suppose if a chef or any kitchen supervisor is not wearing their uniform, including the mandatory cap, the AI system will track that and automatically raises a report to the concerned contractor immediately. If the matter is not addressed within certain time, it will further be reported to IRCTC authorities in charge.
4. TRIFED goes digital for Inventory Management and Sales
Tribal Co-operative Marketing Development Federation (TRIFED) of Ministry of Tribal Affairs has operationalised Retail Inventory Software (RIS) in all its Tribes India Outlets, Regional Offices and Head Office for inventory control. The electronic mode of system has been made available at all Regional Offices and Outlets, streamlining the entire retail operations from purchases upto sales by automating the transaction process and tracking important purchase, stocks and sales data. Implementation of RIS software will bring greater transparency and control over various transactions under Retail sale.