Invest India 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
Invest India, the country’s investment promotion body, has won United Nations (UN) Award for excellence in promoting investments in sustainable development. The award was presented by Armenian President Armen Sarkissian to CEO of Invest India Deepak Bagla at the World Investment Forum, Geneva.
Invest India received this award for excellence in servicing and supporting major global wind turbines company in establishment of blade manufacturing plant in India while committing to train local staff and produce 1 gigawatt (GW) of renewable energy. Implementation of this project is expected to reduce India’s wind energy cost significantly.
Apart from Invest India, agencies from Lesotho (Lesotho National Development Corporation -LNDC), Bahrain (Bahrain Economic Development Board-EDB Bahrain) and South Africa (Invest South Africa) also won top honours at UN Investment Promotion Awards for excellence in boosting investment into sectors having social and economic benefits and will help meet Sustainable Development Goals (SDGs).
UN Investment Promotion Award
The awards are given annually by United Nations Conference on Trade and Development (UNCTAD) since 2002 as part of its investment promotion and facilitation programme. It honours investment promotion agencies (IPAs) and their governments for their achievements. It also seeks to showcase best practices in attracting investment into Sustainable Development Goals (SDGs)-related projects that can inspire investment promotion practitioners in developing and developed countries. The 2017 winners were Ethiopian Investment Commission, COFIDES of Spain, and Board of Investment of Mauritius.
It is official Investment Promotion and Facilitation Agency of Central Government. It is mandated to facilitate investments in the country. It is first stop for potential global investors in country. It has been set up as non-profit venture under Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce and Industries.
It serves as first stop for potential global investors in India. It provides sector and state-specific inputs and other supports to investors through entire investment cycle. Moreover, all efforts like hand-holding and facilitation support are made by Invest India under Make in India programme.