Gujarat Current Affairs

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PM Narendra Modi inaugurates India’s first international exchange at GIFT city

Prime Minister Narendra Modi inaugurated India’s first international exchange India INX at the International Financial Service Centre (IFSC) of GIFT (Gujarat International Financial Tech) City Gandhinagar, Gujarat.

India INX is a wholly-owned subsidiary of the Bombay Stock Exchange (BSE). It will enable Indian firms to compete on equal footing with offshore firms.

Key Facts
  • India INX will initially trade in equity derivatives, currency derivatives, commodity derivatives including index and Stocks. Subsequently, it will offer depository receipts and bonds once required infrastructure is ready.
  • It will work for 22 hours in a day working from sunrise to sunset i.e. starting when Japan exchanges begin and close when US markets end. It will have 250 trading members including commodity and overseas brokers.
  • India INX is one of the most advanced technology platforms with turnaround time of 4 seconds. It will facilitate international investors and NRIs to trade from anywhere in the world.\
  • It will provide benefits in terms of waiver of security transaction tax, commodity transaction tax, dividend distribution tax, long term capital gain tax and income tax.

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Gujarat Government launches India’s first Student Startup and Innovation Policy

Gujarat government launched India’s first student startup and innovation policy with an aims to provide Rs 200 crore in the form of grants to ideas developed by students/

The policy aims to support over 1,000 innovation per year in the state and create pre-incubation support in all universities of the state.

Key Facts
  • The policy will encourage the students from the state to undertake innovative projects related to society, industries, and community instead of conventional academic projects.
  • It will support student-led startups and innovations as well as create an Innovation and Pre-incubation Ecosystem Support (IPIES) across all universities of the state.
  • Under the pre-incubation support, help will be provided to students to convert their ideas from proof of concept (PoC) upto minimum viable proto-type (MVP) and also providing support for patent filing.
  • The policy has been developed under the aegis of Education Department and state government will provide Rs 200 crore as State Innovation Fund (SIF) during the next five years.
  • Of the Rs 200 crore SIF, Rs 100 crore will be allocated by the state government and the remaining amount will be created by internal sources, like university funds and CSR funds. 

Earlier in 2015, Gujarat Government had unveiled startup-assistant scheme, as part of Gujarat Industrial Policy and in 2016 also had launched Information Technology Startup Policy.

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PM Narendra Modi inaugurates Nobel Prize Series India Exhibition in Gandhinagar

Prime Minister Narendra Modi inaugurated the Nobel Prize Series Exhibition in Gandhinagar, Gujarat. It is the first-of-its-kind conclave of Nobel laureates to be held in India.

It has been organised by Nobel Media and coordinated by the Department of Biotechnology. Nine Nobel laureates are attending it and interact with students of Indian Universities.

Key facts
  • The Nobel Prize Series 2017 will feature a five week long Science Exhibition. It is being set up by the Nobel Foundation with exhibits from Nobel Museum at Stockholm, Sweden.
  • One of the 9 Nobel laureates include India-born scientist Dr Venkatraman Ramakrishnan. He won 2009 Nobel Prize in Chemistry for his work on ribosome structure along with Thomas A Steitz and Ada Yonath.
  • The other eight Nobel laureates are H C Harmut Michel (1988, Chemistry) Harold Varmus (1989, Medicine), Richard J Roberts (1993, Medicine), David J Gross (2004, Physics), Serge Haroche (2012, Physics), Randy Schekman (2013, Medicine), W E Moerner (2014, Chemistry) and Ada Yonath (2009, Chemistry).
Background

The Department of Biotechnology (DBT) under the Union Ministry of Science and Technology and Nobel Media had signed a Memorandum of Understanding (MoU) for hosting Nobel Prize Series in India for the next 5years in 2016. Later, a trilateral Memorandum of Understanding was signed between the DBT, Gujarat Government and the Nobel Media. It aims to bring together Nobel Laureates and other experts and learners with an aim to stimulate innovation and creative thinking. The conference will exhibit various conferences, lectures, exhibitions and roundtables.

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