Internet of Things Current Affairs - 2019
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The central banks of the UAE and Saudi Arabia will launch a common digital currency called Aber. Aber will be used for financial settlements between the two countries through Blockchains and Distributed Ledgers technologies.
Benefits of the Digital Currency
The digital currency would be launched to explore the following benefits:
- The digital currency would aid in studying the impact on the improvement and reduction of remittance costs and the assessments of risks.
- Aber will establish an additional means for the central financial transfer systems of the two countries and enable banks to directly deal with each other in conducting financial remittances.
Initially, the use of the digital currency will be restricted to a limited number of banks. By studying the various technical, economic and legal requirements, the use of the digital currency would be expanded.
Digital Currency Aber relies on the use of a distributed database between the central banks and the participating banks from both sides. Digital Currency is part of the efforts to adopt new technologies like Blockchain, Artificial Intelligence, Internet of Things, etc., in line with the Fourth Industrial Revolution that is reshaping governments and corporates around the world.
The government of Tamil Nadu has released Startup and Innovation policy 2018-2023 with a mission of providing an enabling and innovative ecosystem for startups registered in the State and to make Tamil Nadu a ‘Global Innovation hub for startups’ by 2023.
Objectives of the Policy
The core objectives of the Startup and Innovation policy 2018-2023 are:
- Creation of at least 5000 technology startups of which at least 10 global high growth startups in social impact sectors.
- Infrastructure support to strengthen existing mechanism in areas like the Internet of Things (IoT), Artificial Intelligence (AI), Machine Learning (ML) and Software as a Service (SAAS)
Components of the Policy
The important components of the Startup and Innovation policy 2018-2023 are:
- The policy aims to collaborate with educational institutions to promote entrepreneurial spirit, reduce existing regulatory and tax burden on startups in the field of labour, pollution and building norms.
- The policy aims to partner with reputed investors across the globe to bring investment to the Tamil Nadu startups.
- The policy envisages nurturing aspiring entity or individuals (defined as ‘Start Steps’) who develops a potentially scalable business model that can generate wealth and employment.
- Entrepreneurship Development Institute of India (EDII) will act as a nodal agency to promote and facilitate startups.
- Tamil Nadu Startup and InnovaTN Mission (TANSIM) headed by a full-time officer will advocate and oversee policies and programmes for promoting startups.
- Tamil Nadu Startup Seed Grant Fund (TNSSGF) of Rs 50 crore with an allotment of Rs 5 crore in the first year in partnership with financial institutions and universities for supporting early-stage financing requirements of the startups in the form of grants to fill the gap in fund requirement for research & innovations.
Implementation of the Policy
The government of Tamil Nadu has set a 5-point action plan for implementing the policies. It includes:
- Creating ecosystems for encouraging innovations.
- Ensuring resources availability to Startup ecosystem.
- Enabling skill development and job creation.
- Supporting social entrepreneurship.
- Establishing global accessibility and partnerships.
Definition of the Start-up
The policy lists the following criterions to be recognised as the start-up in Tamil Nadu:
- Registration under Tamil Nadu Startup and InnovaTN Mission (TANSIM).
- Date of incorporation less than 7 years (less than 10 years in case of biotechnology, AI and ML startups).
- Registration and turnover less than Rs 25 crore in any of the financial years.
The policy aims for a minimum of 1,00,000 high skilled job creation, direct and indirect, in the Startup Ecosystem.
Tags: AI • Artificial Intelligence • Entrepreneurship Development Institute of India • Innovation • Internet of Things • IoT • Machine learning • ML • SAAS • Software as a Service • Startup • Startup and Innovation policy 2018-2023 • Tamil Nadu • Tamil Nadu Startup and InnovaTN Mission • TANSIM