Department for Promotion of Industry and Internal Trade. Current Affairs - 2019
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The Facebook-owned messaging app WhatsApp has announced Startup India-WhatsApp Grand Challenge to encourage entrepreneurs and small businesses in India.
About the challenge
The challenge is being hosted in association with Invest India. The top 5 winners would receive a cash prize worth $250,000 (roughly Rs. 1.8 crores).
The challenge is aimed at encouraging the entrepreneurs who have innovative ideas, business models that solve for a local India problem, making a large scale socio-economic impact.
The themes for this Start-up challenge are healthcare, rural economy, financial and digital inclusion, education and citizen safety.
The applications will be evaluated by an independent evaluation committee and out of which the best 30 ideas will be shortlisted for the subsequent round and further 10 in the following round.
The selected 10 ideas would participate at the live pitch day during the grand finale and the top 5 would be awarded grants worth $250,000 (roughly Rs. 1.8 crores).
Invest India is a not for profit entity established under the Department for Promotion of Industry and Internal Trade, Ministry of Commerce and Industry in 2009.
It is a national investment promotion and facilitation agency focussing on sector-specific investor targeting and development of new partnerships to enable sustainable investments in India.
Tags: Department for Promotion of Industry and Internal Trade. • education and citizen safety. • financial and digital inclusion • Healthcare • Invest India • Ministry of Commerce and Industry • rural economy • Startup India • Startup India-WhatsApp Grand Challenge • WhatsApp
The Department of Industrial Policy and Promotion (DIPP) has been renamed as the Department for Promotion of Industry and Internal Trade.
Mandate for the Newly Named Department
The newly named department will work under the Union Ministry of Commerce. The order issued by the President states that the department would deal with matters related to start-ups, facilitating ease of doing business among others.
The subject matter of internal trade which was under the ambit of the Ministry of Consumer Affairs has been transferred to the newly named department.
With this new mandate, both internal and external trade has been brought under a single Ministry (Ministry of commerce and industry). This will ensure better coordination and help in promoting the growth of both segments of the trade.
Why the new mandate?
For a long time Confederation of All India Traders Association (CAIT) was demanding for a separate Ministry of Internal Trade. CAIT sees the creation of a separate department by merging Internal and external trade is a step forward in the creation of a separate Ministry.
Tags: CAIT • Confederation of All India Traders Association • Department for Promotion of Industry and Internal Trade. • Department of Industrial Policy and Promotion • External Trade • Internal Trade • President • Union Ministry of Commerce