Business Current Affairs - 2019
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IIM Calcutta Innovation Park, ICC sign MoU for energising startup ecosystem in East and Northeast India
IIM Calcutta Innovation Park and Indian Chamber of Commerce (ICC) signed Memorandum of Understanding (MoU) for energising start-up ecosystem in East and Northeast India. The MoU will bring incubator and industry toghether in more formal way. IIM Innovation Park is currently incubating 40 start-ups with almost half from West Bengal.
ICC has wide industry connect which will IIM Calcutta Innovation Park to promote start-ups whom it is incubating. It will offer platform for market linkage for start-ups and promote their products and services especially from eastern and northeastern region which need greater attention in startup growth story of the country. ICC is currently working on new program that aims to offer all key services under single roof at very low cost for start-ups beginning from initial advisory, market linkage, fundraising and legal service.
Indian Chamber of Commerce (ICC)
It is premier body of business and industry in Eastern and North-Eastern India. Its membership comprises several of largest corporate groups in the country, with business operations all over country and abroad. It was established in 1925 by group of pioneering industrialists led by Mr G D Birla. It is only National Chamber of Commerce operating from Kolkata. It is also only chamber from India to win first prize in World Chambers Competition in Quebec, Canada.
Prime Minister Narendra Modi launched Ease of Doing Business Grand Challenge on resolving seven identified Ease of Doing Business problems with use of cutting edge technologies. It was launched during programme organized by PM for interaction with select CEOs from Indian & foreign companies.
Ease of Doing Business Grand Challenge
The objective of this challenge is to tap potential of young Indians, startups and other private enterprises to provide solutions to complex problems using current technology. It is in pursuance of Government’s resolve to make India one of the easiest places to conduct business in the world. Government has made efforts to ensure that India consistently improves its business environment. This challenge is aimed at attracting innovative ideas on artificial intelligence (AI), Internet of Things (IoT), big data analytics, blockchain and other cutting edge technology to reform government processes. The platform for this grand challenge will be on Start Up India portal.
In World Bank’s Doing Business Report (DBR, 2019) released in October 2018, India has recorded jump of 23 positions against its rank of 100 in 2017 to be placed at 77th rank among 190 countries. As result of continued efforts by the Government, India has improved its rank by 53 positions in the last two years and 65 positions in the last four years (2014-18). In 2014, India was ranked 142nd among 190 nations. World Bank’s Ease of Doing Business index ranks 190 countries based on 10 parameters, including starting a business, construction permits, getting electricity, getting credit, paying taxes, trade across borders, enforcing contracts, and resolving insolvency.