Current Affairs Today - Current Affairs 2018

Bharat Inclusion Initiative: IIM Ahmedabad unveils $25 million initiative to fund start-ups

Indian Institute of Management Ahmedabad’s (IIMA’s) centre for innovation, incubation and entrepreneurship (CIIE) has launched $25 million ‘Bharat Inclusion Initiative’ to fund start-ups. CIIE was founded at IIMA to support entrepreneurs and turn business ideas into viable businesses models. It partners with industry experts, mentors, corporates, IIMA community and investors to help incubate early-stage start-ups.

Key Facts

CIIE’s ‘Bharat Inclusion Seed Fund’ aims to provide continuum of solutions to inclusion focused tech entrepreneurs across the pre-incubation, seed and scale-up stage and help them jump to the next orbit. It will mentor and invest in start-ups in the early stage and seed segment over the next three-four years. The fund will look at start-ups in areas such as financial inclusion, livelihood, education, agriculture, and health. It has set aside $22.5 million to invest in pre-Series A technology start-ups. The initiative has received initial pledge of $12.5 million from Bill and Melinda Gates Foundation, Michael and Susan Dell Foundation and Omidyar Network.

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India emerges third largest solar market in the world in 2017

According to recently released report by Mercom Communications, India emerged as third largest solar market in world in 2017 behind China and United States. Mercom Communications India is arm of global clean energy consulting firm Mercom Capital Group.

Key Highlights of report

India has set new record with 9.6 GW of solar installations in 2017, which was more than double the 4.3 GW installed in 2016. In 2017, India’s solar market had grown at Compound Annual Growth Rate (CAGR) of approximately 170% since 2010. The robust growth boosted India’s total solar installed capacity to 19.6 GW as of December 2017. As of 2017-end, large-scale solar project development accounted for 92% of the all-time cumulative solar installations in India with 19.6 GW and 2017 alone made up 90% of such installations with 8.6 GW. Of the total 1.6 GW cumulative solar rooftop installations in India by 2017, 995 MW was installed last year.

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