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  • MIL-OSI Russia: Financial news: 14.10.2024 deposit auction of JSC “KAVKAZ.RF” will be held (2)

    MILES AXLE Translation. Region: Russian Federation –

    Source: Moscow Exchange – Moscow Exchange –

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

    https://www.moex.com/n73939

    Category24-7, MIL-AXIS, Moscow, Moskov Stotsk Exchange, Russians Savings, Russian Federation, Russians Language, Russian economy

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    Parameters
    Date of the deposit auction 10/14/2024
    Placement currency RUB
    Maximum amount of funds placed (in placement currency) 381,464,000.00
    Placement period, days 34
    Date of deposit 10/15/2024
    Refund date 11/18/2024
    Minimum placement interest rate, % per annum 20.50
    Conditions of imprisonment, urgent or special Urgent
    Minimum amount of funds placed for one application (in placement currency) 381,464,000.00
    Maximum number of applications from one Participant, pcs. 1
    Auction form, open or closed Open
    Basis of the Agreement General Agreement
     
    Schedule (Moscow time)
    Preliminary applications from 10:30 to 10:40
    Applications in competition mode from 10:40 to 10:45
    Setting a cut-off percentage or declaring the auction invalid until 10:55
       
    Additional terms  

    MIL OSI Russia News –

  • MIL-OSI Russia: Financial news: 10/14/2024, 10:23 (Moscow time) the values of the upper limit of the price corridor and the range of market risk assessment for the RU000A0JV0U1 (AlphaBO-15) security were changed.

    MILES AXLE Translation. Region: Russian Federation –

    Source: Moscow Exchange – Moscow Exchange –

    10/14/2024 10:23

    In accordance with the Methodology for determining the risk parameters of the stock market and the deposit market of Moscow Exchange PJSC by NCO NCC (JSC), on 14.10.2024, 10-23 (Moscow time), the values of the upper limit of the price corridor (up to 102.09) and the range of market risk assessment (up to 1120.66 rubles, equivalent to a rate of 8.13%) of the security RU000A0JV0U1 (AlphaBO-15) were changed

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

    https://www.moex.com/n73940

    MIL OSI Russia News –

  • MIL-OSI Economics: Introducing a digital euro: The cross-border dimension

    Source: Bundesbank

    Check against delivery.

    1 Introduction

    Dear Governor Das,

    dear colleagues,

    ladies and gentlemen,

    I am delighted to be here with you today, at this wonderful location, visiting this wonderful country – one of the cradles of world civilisation and culture. 

    The Reserve Bank of India is currently celebrating its foundation 90 years ago. My heartfelt congratulations to all members of staff on this anniversary! Last year, Indian real-time payment systems processed about 129 billion digital transactions.[1] This means that 84% of electronic payment transactions took place in real time. During the same period, only about 19% of electronic payments worldwide were real-time transactions. In my view, this is impressive evidence of the excellent work the RBI has accomplished over the last few years.

    Payment systems and their cross-border interaction are also an important topic at this conference. This is because cross-border payments are an integral part of our globalised world. Historically, from the Renaissance to modern times, correspondent banks have acted as the bedrock for cross-border payment transactions.[2] However, even today, transferring funds by means of correspondent banking is often slow, involves many steps and may result in high and non-transparent fees. 

    Moreover, in the last two decades, correspondent banking has been subject to a downward trend, mainly due to increasingly strict compliance requirements. Between 2011 and 2022, the number of active correspondents decreased by roughly one third, while the value of cross-border payments increased by almost 40%.[3] Obviously, this is an alarming trend in terms of market competition.

    To some extent, technical progress might be able to compensate for a tighter correspondent banking market. In particular, in the last decade, a number of FinTech companies have provided new opportunities to streamline cross-border payments using innovative methods like blockchain and digital wallets.  The FinTech revolution focused on private money. However, it now appears there may be another revolution on the horizon – this time involving payments in central bank money: the introduction of central bank digital currencies (CBDC).

    In my talk, I would like to address CBDC developments with a particular focus on cross-border payments. First, I will outline some general points about the potential impact and benefits of the introduction of CBDC for processing cross-border transactions. Second, I will aim to highlight this topic in the context of the Eurosystem’s work on a digital euro – the envisaged European retail CBDC.

    2 CBDCs and cross-border payments

    Given that there are correspondent banks and FinTechs working on digital innovations as well, let me begin with a question. What would be the additional benefits of CBDCs in the area of digital payments? The introduction of CBDCs would facilitate a setup of new infrastructures for digital payments. On the one hand, this makes high initial investment necessary. On the other hand, once a CBDC is established with its new infrastructure, it could catalyse broad improvements in payment systems, including cross-border transactions – by introducing new message standards and shorter process chains, for example.[4] 

    Starting on a green field may be one major advantage of CBDCs. Experience shows that, in particular, implementing common standards is not an easy task. Take ISO 20022, for example.[5] The International Organisation for Standardisation proposed this common standard for financial messages in cross-border payments in 2004. It will be probably more widely used in payment systems on a global level next year – 21 years after the initial proposal. This period feels even longer when you think of all the innovations that have taken place in the meantime – the first iPhone was presented in 2007, the concept of a decentralised blockchain in 2008.

    However, to be able to reap the benefits for cross-border payment, interoperability between CBDCs must be ensured early on. To this end, central banks should already begin to consider the best ways for interaction in the planning phase. In my view, we have a historic opportunity to vastly improve cross-border transactions by making different CBDCs interoperable from the very beginning.

    Indeed, a number of projects are already researching the best ways of making CBDCs interoperable. For instance, the Bank for International Settlement (BIS) Innovation Hub in Singapore and a number of national central banks in the Indo-Pacific region set up Project Dunbar to explore how a common platform for CBDCs could enable cheaper, faster and safer cross-border payments.[6] 

    I am strongly in favour of a multilateral approach in this area, because this best serves the interests of all participants. If central banks proceed in a largely unilateral way instead, we not only risk inefficiencies, but also undesirable interferences. Consider a scenario in which a CBDC is made available for holders abroad in a unilateral way. In such a case, we could see currency substitution or appreciation pressure for the domestic currency. Also, the balance sheet of the CBDC emitting central bank could strongly expand. A knock-on effect may be that domestic monetary policy in countries that suffer from increased currency substitution becomes less effective. By contrast, a multilateral approach including reasonable holding limits could mitigate these risks.

    Meanwhile, the RBI has made valuable contributions to the topic of retail CBDC. The digital rupee based on blockchain technology was launched on 1 December 2022. It is issued by the central bank and distributed by commercial banks. As I understand it, the RBI intends to tap the potential for using CBDCs in cross-border payments as well.

    3 A digital euro: The cross-border dimension

    In the Eurosystem, we expect a digital euro to be launched in just a few years’ time. The primary goal of a digital euro is meet the domestic needs of the euro area. To some extent, however, this goal already includes a significant cross-border dimension. Let me explain what I mean by that. A quarter century on from the introduction of the euro, there is still no single pan-European solution for digital payments when people go shopping in stores or online. This means there is a risk that traditional cashless payment solutions offered by private European payment service providers will not match customer needs.

    To be fair, some euro area Member States have successfully implemented innovative digital solutions in the area of payments – I am thinking, for example, of the online payment system iDEAL in the Netherlands or Bizum Wallet in Spain. However, such payment solutions by themselves usually only function within national borders. Promising initiatives have been underway in recent years to widen the scope of these solutions. For example, iDEAL was successfully acquired by the European Payments Initiative, a company founded by several European banks and financial services companies. This initiative seeks to create a truly pan-European payment solution in the near to medium term. 

    This shows that the European payments sector has made meaningful progress; however, there are challenges further ahead. International payment providers, particularly those offering credit card schemes, still heavily dominate the European market for payment services – and even more when it comes to payments abroad.

    A digital euro would be a major step forward in this context. It would provide a standardised digital means of payment for day-to-day transactions throughout the euro area. Despite the need for a more integrated payment system, we are determined to prevent the Eurosystem’s footprint in the European financial system from becoming too large. We are therefore planning to issue a digital euro, but not to distribute it. This means that banks and other payment providers should assume the role of the CBDC interface between the Eurosystem and the customers.

    The euro area currently consists of 20 Member States, each of which has its own banking system with its own unique features. Against this background, I am sure you can imagine the overall complexity of our task. Therefore, our current focus is on making the digital euro accessible for all users within the euro area. We are investing great effort in our work on this, and we are constantly explaining what we do and why we do it, not least because a number of people are sceptical of CBDCs. 

    Once we have accomplished a digital euro for all users within the euro area, it will, in my view, be worth considering making it accessible to users outside the euro area as well. Rules for geographical access to a digital euro will be set down in legislation. If European legislation allows, access to a digital euro can also be granted to consumers and firms in the Member States of the European Economic Area outside the euro area. Selected non-EU countries can be included as well.[7]

    Ideally, the D€ would be interoperable with other CBDCs from the very start, for example, for person-to-person payments or commercial payments from or to firms outside the euro area. However, this is currently a vision for the future, since, as already mentioned, we first have to overcome numerous challenges to establish a retail digital euro that works within the euro area.

    4 Concluding remarks

    Let me conclude. So far, CBDCs are newcomers to the world of payment systems. We can only estimate how large a role they will end up playing in payment transactions. This is all the more true when it comes to cross-border payments.

    The scepticism about CBDCs in many quarters is not uncommon for many technological innovations. For example, in the early 1980s, “computerphobia” was a widespread phenomenon.[8] This took a wide range of forms, even fear of physically touching a computer or feeling threatened by those who worked with them. Today, this may seem very strange to us. Computers have since become an essential day-to-day tool for us.

    And so we will continue our efforts to implement CBDCs. I am confident that this will ultimately make our payment systems better, faster and more efficient.

     

    Footnotes:

    1. ACI Worldwide Inc., It’s prime time for real-time: Real-time payments adoption and growth around the globe, Payment report 2024. 
    2. Lothian, J. R. (2002), The internationalization of money and finance and the globalization of financial markets, Journal of International Money and Finance 21, Vol. 6, p. 699-724.
    3. Garratt, R., Wilkens, P. K. and H. S. Shin, Next generation correspondent banking, BIS Bulletin No. 78, 30 May 2024.
    4. Deutsche Bundesbank, Cross-border interoperability of central bank digital currency, Monthly Report, July 2022, p. 59-75.
    5.  ISO 20022 | ISO20022
    6.  Project Dunbar – International settlements using multi-CBDCs (mas.gov.sg)
    7.  International aspects of CBDCs: update on digital euro (europa.eu)
    8. LaFrance, A., When People Feared Computers, The Atlantic, 30 March 2015.

    MIL OSI Economics –

  • MIL-OSI Russia: Financial news: Innovations in the precious metals market from October 21

    MILES AXLE Translation. Region: Russian Federation –

    Source: Moscow Exchange – Moscow Exchange –

    Launch of PLT and PLD trading

    Trading in platinum (PLT/RUB) and palladium (PLD/RUB) will begin on the Foreign Exchange Market and the Precious Metals Market.

    Trading platinum and palladium provides a wide range of investors with the opportunity to diversify their portfolio and hedge risks.

    Trading parameters: Trading will be carried out with TOD and TOM settlements, and SWAP transactions will also be available.

    Trading time schedule in System mode: 10:00 – 19:00.

    To access trading, you must open Trading and Banking Accounts in platinum and palladium using the application form located on the website of NPO NCC (JSC) (Application for opening a trading bank account in precious metal): https://www.nationalslaringcenter.ru/catalog/02100101

    For all questions, you can contact your personal manager.

    Contact information for media 7 (495) 363-3232PR@moex.com

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

    https://www.moex.com/n73942

    MIL OSI Russia News –

  • MIL-OSI Economics: RBI imposes monetary penalty on SG Finserve limited

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated October 1, 2024, imposed a monetary penalty of ₹28.30 lakh (Rupee Twenty Eight Lakh Thirty Thousand only) on SG Finserve limited (formerly known as M/s Moongipa Securities Limited) (the company) for non-compliance with specific conditions under which the company was issued the Certificate of Registration (CoR) by RBI under section 45IA(5) of Reserve Bank of India Act, 1934 (RBI Act). This penalty has been imposed in exercise of powers conferred on RBI under the provisions of clause (a) of sub-section (1) of Section 58G read with sub-section (6) of Section 58 B of the RBI Act.

    The financial statements of the company for FY 2022-23 revealed inter alia, non-compliance with the specific conditions of the CoR. Based on the same, a notice was issued to the company advising it to show cause as to why penalty should not be imposed on it for failure to comply with the said conditions of the CoR.

    After considering the company’s reply to the notice and oral submissions made during the personal hearing, RBI found, inter alia, that the following charge against the company was sustained, warranting imposition of monetary penalty:

    The company had accepted public funds and extended loans in violation of the specific conditions of the CoR issued to it.

    This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the company with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the company.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/1284

    MIL OSI Economics –

  • MIL-OSI Russia: Financial news: 10/14/2024, 10:41 (Moscow time) the values of the upper limit of the price corridor and the range of market risk assessment for the security RU000A105666 (Sber Sb40R) were changed.

    MILES AXLE Translation. Region: Russian Federation –

    Source: Moscow Exchange – Moscow Exchange –

    10/14/2024 10:41

    In accordance with the Methodology for determining the risk parameters of the stock market and the deposit market of Moscow Exchange PJSC by NCO NCC (JSC) on 14.10.2024, 10-41 (Moscow time), the values of the upper limit of the price corridor (up to 105.6) and the range of market risk assessment (up to 1133.05 rubles, equivalent to a rate of 9.38%) of the security RU000A105666 (Sber Sb40R) were changed

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

    https://www.moex.com/n73944

    MIL OSI Russia News –

  • MIL-OSI Russia: Financial news: On 14.10.2024, the deposit auction of UK FRT LLC will take place

    MILES AXLE Translation. Region: Russian Federation –

    Source: Moscow Exchange – Moscow Exchange –

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

    https://www.moex.com/n73943

    Category24-7, MIL-AXIS, Moscow, Moskov Stotsk Exchange, Russians Savings, Russian Federation, Russians Language, Russian economy

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    Parameters
    Date of the deposit auction 10/14/2024
    Placement currency RUB
    Maximum amount of funds placed (in placement currency) 415,000,000.00
    Placement period, days 15
    Date of deposit 10/14/2024
    Refund date 10/29/2024
    Minimum placement interest rate, % per annum 19.00
    Conditions of imprisonment, urgent or special Urgent
    Minimum amount of funds placed for one application (in placement currency) 415,000,000.00
    Maximum number of applications from one Participant, pcs. 1
    Auction form, open or closed Open
    Basis of the Agreement General Agreement
     
    Schedule (Moscow time)
    Preliminary applications from 12:30 to 12:40
    Applications in competition mode from 12:40 to 12:45
    Setting a cut-off percentage or declaring the auction invalid until 12:55
       
    Additional terms  

    MIL OSI Russia News –

  • MIL-OSI Russia: Financial news: 10/14/2024, 11:49 (Moscow time) the values of the upper limit of the price corridor and the range of market risk assessment for security RU000A101590 (DOM 1P-7R) were changed.

    MILES AXLE Translation. Region: Russian Federation –

    Source: Moscow Exchange – Moscow Exchange –

    10/14/2024 11:49

    In accordance with the Methodology for determining the risk parameters of the stock market and the deposit market of Moscow Exchange PJSC by NCO NCC (JSC), on 14.10.2024, 11-49 (Moscow time), the values of the upper limit of the price corridor (up to 101.29) and the range of market risk assessment (up to 1101.22 rubles, equivalent to a rate of 7.5%) of the security RU000A101590 (DOM 1P-7R) were changed.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

    https://www.moex.com/n73950

    MIL OSI Russia News –

  • MIL-OSI Russia: Financial news: 14.10.2024, 11-02 (Moscow time) the values of the upper limit of the price corridor and the range of market risk assessment for security RU000A107936 (RZhD 1P-29R) were changed.

    MILES AXLE Translation. Region: Russian Federation –

    Source: Moscow Exchange – Moscow Exchange –

    10/14/2024 11:02

    In accordance with the Methodology for determining the risk parameters of the stock market and deposit market of PJSC Moscow Exchange by NCO NCC (JSC), on 14.10.2024, 11-02 (Moscow time), the values of the upper limit of the price corridor (up to 110.45) and the range of market risk assessment (up to 1208.48 rubles, equivalent to a rate of 21.25%) of the security RU000A107936 (RZhD 1P-29R) were changed.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

    https://www.moex.com/n73946

    MIL OSI Russia News –

  • MIL-OSI Russia: Financial news: 10/14/2024, 12:05 (Moscow time) the values of the upper limit of the price corridor and the range of market risk assessment for the security RU000A0JVD25 (RusHydro09) were changed.

    MILES AXLE Translation. Region: Russian Federation –

    Source: Moscow Exchange – Moscow Exchange –

    10/14/2024 12:05

    In accordance with the Methodology for determining the risk parameters of the stock market and the deposit market of Moscow Exchange PJSC by NCO NCC (JSC) on 14.10.2024, 12-05 (Moscow time), the values of the upper limit of the price corridor (up to 95.0) and the range of market risk assessment (up to 976.48 rubles, equivalent to a rate of 7.5%) of the security RU000A0JVD25 (RusHydro09) were changed

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

    https://www.moex.com/n73952

    MIL OSI Russia News –

  • MIL-OSI Asia-Pac: Prime Minister Shri Narendra Modi hails 3 years of PM GatiShakti National Master Plan

    Source: Government of India

    Prime Minister Shri Narendra Modi hails 3 years of PM GatiShakti National Master Plan

    PM GatiShakti National Master Plan has emerged as a transformative initiative aimed at revolutionizing India’s infrastructure: Prime Minister

    Thanks to GatiShakti, India is adding speed to fulfil our vision of a Viksit Bharat: Prime Minister

    Posted On: 13 OCT 2024 10:32AM by PIB Delhi

    The Prime Minister, Shri Narendra Modi has lauded the completion of 3 years of PM GatiShakti National Master Plan. 

    Sharing on X, a post by Union Commerce and Industry Minister, Shri Piyush Goyal and a thread post by MyGov, the Prime Minister wrote:

    “PM GatiShakti National Master Plan has emerged as a transformative initiative aimed at revolutionizing India’s infrastructure. It has significantly enhanced multimodal connectivity, driving faster and more efficient development across sectors. 

    The seamless integration of various stakeholders has led to boosting logistics, reducing delays and creating new opportunities for several people.”

    “Thanks to GatiShakti, India is adding speed to fulfil our vision of a Viksit Bharat. It will encourage progress, entrepreneurship and innovation.”

     

     

     

    ***

    MJPS/TS

    (Release ID: 2064478) Visitor Counter : 16

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Central Consumer Protection Authority directs Ola to develop mechanism providing choice to consumers regarding refund mode

    Source: Government of India (2)

    Central Consumer Protection Authority directs Ola to develop mechanism providing choice to consumers regarding refund mode

    Consumers may choose refund via Bank Account or Coupon in Grievance Redressal Process

    Central Consumer Protection Authority’s intervention leads to crucial consumer-centric changes in the Ola app

    Posted On: 13 OCT 2024 4:05PM by PIB Delhi

    In a landmark decision, the Central Consumer Protection Authority (CCPA) has directed Ola, a leading online ride-hailing platform, to implement a mechanism allowing consumers to choose their preferred method of refund—either directly to their bank account or via coupon—during the grievance redressal process. Additionally, Ola has been instructed to provide consumers with a bill or receipt or invoice for all Auto rides booked through its platform, ensuring greater transparency and accountability in its services. The Authority is headed by Chief Commissioner Smt. Nidhi Khare.

    CCPA observed that the whenever consumer raised any grievance on the Ola app, as part of its no-question-asked refund policy, Ola only provided a coupon code which could be used for the next ride without providing an clear choice to the consumer to opt between a bank account refund or a coupon. It was observed that this violates consumer rights and the no-question-asked refund policy cannot mean that the company incentivises people to simply use this facility for taking another ride.

    Further, CCPA observed that if a consumer attempts to access invoice for Auto rides booked on Ola, the app shows the message ‘Customer invoice for Auto rides will not be provided due to changes in Ola’s auto service T&Cs.’ It was observed that not issuing bill or invoice or receipt for the goods sold or services rendered constitutes an ‘unfair trade practice’ under the Consumer Protection Act, 2019.  

    2. Definitions.

    (47) “unfair trade practice” means a trade practice which, for the purpose of promoting the sale, use or supply of any goods or for the provision of any service, adopts any unfair method or unfair or deceptive practice including any of the following practices, namely:—

    (vii) not issuing bill or cash memo or receipt for the goods sold or services rendered in such manner as may be prescribed.

     

    In addition to the above, CCPA’s intervention has led to the following consumer-centric changes in the Ola app –

    1. Previously, no details of Grievance officer and nodal officer were prominently visible on the website. Now, Name, Phone number and e-mail of Grievance officer and nodal officer are mentioned, in Support section of website.
    2. Permitted time of cancellation as per cancellation policy, now prominently displayed at the time of booking ride.
    3. The amount of cancellation fee amount is now clearly mentioned on the ride booking page, so that the consumer is clearly aware of the amount which could be charged on cancelling the ride before she/he proceeds to cancel.
    4. New acceptance screen added for drivers where address of both pickup and drop location is shown to drivers.
    5. In order to avoid inconvenience and confusion, more reasons added against which consumer wishes to cancel ride.
    6. List of components that constitute the total fare added now publically available such as base fare, per km fare, pre-wait charges etc.
    7. Communications issued to drivers to encourage taking digital payments and switch on AC.
    8. Revised payment cycles for drivers so that they get payment swiftly.

    As per information on the National Consumer Helpline (NCH), a total of 2,061 complaints have been registered against Ola from 01.01.2024 to 09.10.2024. The top categories of complaints include –

    1. Higher fare charged from consumer than what was shown at the time of booking the ride
    2. Non-refund of amount to the consumer
    3. Driver asking for extra cash
    4. Driver did not reach the correct location or dropped at incorrect location

    Through its regulatory intervention, the CCPA has been steadfast in ensuring that Ola adheres to the legal framework established to secure the rights of consumers. These measures aim to empower consumers, enhance trust, and improve service provider accountability, reflecting the CCPA’s commitment to ensuring a fair and secure experience for all consumers on e-commerce platforms.

    ****

    AD/NS

    (Release ID: 2064519) Visitor Counter : 18

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Union Minister Dr Jitendra Singh interacts with students from J&K on Bharat Darshan tour;

    Source: Government of India

    Union Minister Dr Jitendra Singh interacts with students from J&K on Bharat Darshan tour;

    He advises them to imbibe new technologies and learn about new StartUp avenues for better future

    Posted On: 13 OCT 2024 6:25PM by PIB Delhi

    Union Minister of State (Independent Charge) for Science and Technology, Minister of State (I/C) for Earth Sciences, MoS PMO, Department of Atomic Energy, Department of Space, Personnel, Public Grievances and Pensions, Dr Jitendra Singh today hosted a luncheon interaction with students from Jammu & Kashmir. These children are in Delhi under Bharat Darshan programme of Government of India, which is being conducted by the Jammu and Kashmir Police.

    Dr Jitendra Singh was impressed with their inquisitiveness, observation skills, IQ level and advised them to imbibe new technologies, learn about new StartUp avenues and get acquainted with new developments in different segments of society, especially science and technology, biochemistry, artificial intelligence and space technology. He urged students to use their smartphones to attain information and knowledge.

    He spoke about different schemes of the Government of India, including Pradhanmantri Vishwakarma Yojana, which would help them in acquiring and enhancing the skill of their forefathers.

    The Minister informed them about women-run self help groups in J&K who are working on doubling apple yield and increasing the shelf life of these. He also informed about the Purple Revolution benefitting the youth of J&K who not only grow lavender but also distil perfume and oil out of it thereby earning handsomely.

    Dr Jitendra Singh asked children to request their teachers to reach them with new perspectives and incorporate new ideas in their teachings. He also requested J&K Police officers, part of the troupe, to organise such workshops for the teachers that would be beneficial for the students.

    There were around 70 students along with seven officials of the J&K Police. Around half of them are from the families of those who were killed in action. These students first went to Bengaluru where they visited among others Visvesvaraya Industrial and Technological Museum, Bengaluru. The tour began on October 09, 2024. They are travelling by air and will fly back tomorrow.

    *****

     NKR/DK

    (Release ID: 2064529) Visitor Counter : 54

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Making another stride towards making India global leader in economy and frontline player in ensuring greener, cleaner planet, Minister Dr Jitendra Singh inaugurates India’s first Demonstration Facility for Biopolymers in Pune

    Source: Government of India

    Making another stride towards making India global leader in economy and frontline player in ensuring greener, cleaner planet, Minister Dr Jitendra Singh inaugurates India’s first Demonstration Facility for Biopolymers in Pune

    The Facility exemplifies how technological advancements in bioplastics can lead to economic growth: Dr Jitendra Singh

    India’s Bioeconomy grew more than $150 billion in 2023; expected to achieve $300 billion by 2030: the Minister

    Posted On: 13 OCT 2024 6:20PM by PIB Delhi

     Making yet another stride towards making India a global leader in economy and a frontline player in ensuring greener and cleaner planet, Union Minister of State (Independent Charge) for Science and Technology, Minister of State (I/C) for Earth Sciences, MoS PMO, Department of Atomic Energy, Department of Space, Personnel, Public Grievances and Pensions, Dr Jitendra Singh today inaugurated India’s first Demonstration Facility for Biopolymers in at Jejuri in Pune from New Delhi today. The facility has been built by Praj Industries.

    Addressing the audience, Dr Jitendra Singh said, “This ‘First-of-its-kind Demonstration Facility for Biopolymers in India’ is a pioneering effort in developing indigenously integrated technology for the production of Polylactic Acid (PLA) bioplastic. This marks a pivotal development for India’s commitment to sustainable solutions. This demonstrates India’s resolve to transition from fossil-based plastics to eco-friendly alternatives, crucial for addressing the global plastic pollution crisis.”

    Speaking about India’s advancement in the field of science and technology, he said, “India has emerged as a highly alluring destination on a global scale, propelled by Prime Minister Shri Narendra Modi’s visionary endeavour to establish the country as “Atmanirbhar”. Our Bioeconomy has grown more than $150 billion in 2023, and is expected to achieve $300 billion by 2030.”

    The emphasis on Green Growth in the Union Budget (2023-2024); Prime Minister Shri Narendra Modi’s vision to make India a ‘Net Zero’ carbon economy and ‘Lifestyle for the Environment (LiFE)’ launched by the PM in October 2022. This will also enable dual goals of ‘Atmanirbhar Bharat’ and ‘Make-in India’ with a foundational focus on biosafety, ethics and inclusive growth. He emphasised that the Union has approved the BioE3 (Biotechnology for Economy, Environment and Employment) Policy of DBT. The BioE3 Policy is an important step forward towards sustainable growth in the backdrop of climate change, depleting non-renewable resources and unsustainable waste generation.

    Dr Jitendra Singh further said, “India now ranks 12th in the world in biotech and 3rd in Asia-pacific. We are the largest vaccine manufacturer and the 3rd largest Startup ecosystem,” adding, the Biotech ecosystem in the country is emerging at a rapid pace with the setting up of 95 bio incubators and increasing numbers of Biotech Startups. The Biotech Startups have experienced remarkable growth, increasing from just about 50 in 2014 to over 8,500 in 2023. The rise of Biotech Startups is pivotal for our future economy. These efforts place India at the forefront of the global bioplastics movement, showing the world how biotechnology can contribute to a cleaner, more sustainable future.

     

    Speaking about the partnerships between industry, academia, and government, he said, it is crucial for translating innovative ideas into real-world solutions and fostering innovation through research and development. This facility symbolises a new chapter for India’s bioeconomy. It showcases our ability to lead in technological innovation and offers a sustainable pathway to reducing Environmental impact. He concluded by saying, “It is time for broader synergy among all professions to achieve the “Amrit Kaal” goals over the next 25 years for advancements in the biotechnology sector which underscores India’s potential as a global player in the field.

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  • MIL-OSI Africa: Tito Mboweni: South African Minister and Reserve Bank governor who drove significant economic reforms

    Source: The Conversation – Africa – By Roy Havemann, Research Associate, Stellenbosch University

    Tito Mboweni, former South African Reserve Bank Governor, Minister of Finance, and Minister of Labour was arguably one of the country’s most consequential economic policymakers and drove several significant economic reforms.

    Mboweni passed away on 12 October 2024 after a short illness.

    Born on 16 March 1959, he received a Bachelor of Arts in Economic and Political Science from the National University of Lesotho in 1985. He had attended the University of the North between 1979 and 1980 but left South Africa to go into exile in his second year of studies. In 1987, he obtained a Master of Arts in Development Economics from the University of East Anglia in the UK.

    He began his career in government as Minister of Labour in President Nelson Mandela’s 1994 administration. As the first Minister of Labour in the new democratic South Africa, he took several steps to improve the relationship between business and labour.

    Among these were major legislative reforms, including the Basic Conditions of Employment Act, Labour Relations Act, Mines Health Safety Act and the NEDLAC Act, designed to improve cooperation between different “constituencies” – labour, business, and government.

    He was appointed as the Eighth Governor of the South African Reserve Bank in 1999. In this role he introduced inflation targeting and presided over the first monetary policy committee meetings. This substantially modernised the Bank’s approach. For instance, Mboweni introduced a monetary policy statement outlining the reasons for the Bank’s decisions. These were televised, bringing new transparency to the conduct of monetary policy. Before this, the bank’s targeted monetary policy aggregates, and its communications, were made through printed documents.

    Monetary Policy Forums took monetary policy to many parts of the country, bringing a new openness and engagement between the Bank and ordinary South Africans.

    He held the position of Governor until 2009. But his legacy endures. The South African Reserve Bank is highly regarded across the world, with an inflation rate that is firmly within the target range and well-anchored inflation expectations.

    As finance minister

    Shortly after Cyril Ramaphosa was inaugurated as President of the Republic of South Africa in 2018, the then Finance Minister Nhlanhla Nene resigned. The President appointed Mboweni as Minister of Finance in October 2018.

    Mboweni made three consequential decisions in South Africa’s economic policy trajectory.

    The first was the decision, in 2019, to freeze government wages from 2020. He was alarmed by the rapid and unsustainable increase in government wages. Together with slowing economic growth, this led to a fiscal position that was deteriorating at an alarming pace. The wage freeze ultimately started the slow return to the fiscal rectitude that had been the hallmark of the period of government before Jacob Zuma became president in 2009.

    The second, also in 2019, was the publication of a paper on economic growth. It was known officially as “Economic transformation, inclusive growth, and competitiveness: Towards an Economic Strategy for South Africa”.

    Unofficially it was known as the “Tito Paper”.

    This set out a programme of much-needed economic reforms – including steps to lift the restrictions on private power generation. In the six years since the publication of the policy paper (and the subsequent reforms), a total of 6 GW of non-Eskom electricity has been added to the grid, saving South Africa six stages of load-shedding.

    Other recommendations of the paper are being followed, including those for rail, telecommunications and ports.

    The third was the introduction of a comprehensive response to the COVID-19 pandemic. This included a significant expansion of the grants system, with a Social Relief of Distress grant pegged at R350 per person per month. Research by the NIDS-CRAM initiative, led by Dr Nic Spaull of Stellenbosch University, has highlighted how the grant positively affected millions of people’s lives.

    Enduring legacy

    It is difficult to think of any other economic policymaker who has left such an enduring legacy.

    Stellenbosch University awarded him an honorary doctorate in 2010 and appointed him Professor Extraordinary of Economics from 2002 to 2005 . He was a frequent participant at Bureau for Economic Research conferences. There, his engaging speaking style made him a popular drawcard.

    His love of red wine and engaging conversation made him a popular visitor at the university. In 2010, he spent time at the Stellenbosch Institute for Advanced Studies as part of a research group working on the global financial crisis and its consequences for democracy.

    This is an edited version of a tribute published by the Bureau for Economic Research, Stellenbosch University.

    – Tito Mboweni: South African Minister and Reserve Bank governor who drove significant economic
    reforms
    – https://theconversation.com/tito-mboweni-south-african-minister-and-reserve-bank-governor-who-drove-significant-economic-reforms-241236

    MIL OSI Africa –

  • MIL-OSI Asia-Pac: Union Minister Dr Jitendra Singh interacts with students from J&K on Bharat Darshan tour;

    Source: Government of India

    Union Minister Dr Jitendra Singh interacts with students from J&K on Bharat Darshan tour;

    He advises them to imbibe new technologies and learn about new StartUp avenues for better future

    Posted On: 13 OCT 2024 6:25PM by PIB Delhi

    Union Minister of State (Independent Charge) for Science and Technology, Minister of State (I/C) for Earth Sciences, MoS PMO, Department of Atomic Energy, Department of Space, Personnel, Public Grievances and Pensions, Dr Jitendra Singh today hosted a luncheon interaction with students from Jammu & Kashmir. These children are in Delhi under Bharat Darshan programme of Government of India, which is being conducted by the Jammu and Kashmir Police.

    Dr Jitendra Singh was impressed with their inquisitiveness, observation skills, IQ level and advised them to imbibe new technologies, learn about new StartUp avenues and get acquainted with new developments in different segments of society, especially science and technology, biochemistry, artificial intelligence and space technology. He urged students to use their smartphones to attain information and knowledge.

    He spoke about different schemes of the Government of India, including Pradhanmantri Vishwakarma Yojana, which would help them in acquiring and enhancing the skill of their forefathers.

    The Minister informed them about women-run self help groups in J&K who are working on doubling apple yield and increasing the shelf life of these. He also informed about the Purple Revolution benefitting the youth of J&K who not only grow lavender but also distil perfume and oil out of it thereby earning handsomely.

    Dr Jitendra Singh asked children to request their teachers to reach them with new perspectives and incorporate new ideas in their teachings. He also requested J&K Police officers, part of the troupe, to organise such workshops for the teachers that would be beneficial for the students.

    There were around 70 students along with seven officials of the J&K Police. Around half of them are from the families of those who were killed in action. These students first went to Bengaluru where they visited among others Visvesvaraya Industrial and Technological Museum, Bengaluru. The tour began on October 09, 2024. They are travelling by air and will fly back tomorrow.

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  • MIL-OSI Asia-Pac: Tele MANAS: Revolutionizing Mental Health Care in India

    Source: Government of India

    Tele MANAS: Revolutionizing Mental Health Care in India

    Over 14.7 Lakh Calls Served in Two Years, Transforming Mental Healthcare Accessibility

    Posted On: 13 OCT 2024 7:23PM by PIB Delhi

    Click here for more detail:- Tele MANAS: Revolutionizing Mental Health Care in India

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  • MIL-OSI Asia-Pac: VISIT OF FIRST TRAINING SQUADRON TO BAHRAIN AND UAE

    Source: Government of India

    Posted On: 13 OCT 2024 7:26PM by PIB Delhi

    Continuing with the Long Range Training Deployment in the Persian Gulf, INS Tir and ICGS Veera of First Training Squadron (1TS) arrived at the Port of Manama, Bahrain on 12 Oct 24. Aimed at enhancing Naval cooperation and augmenting interoperability, Indian Navy is set to engage with the Royal Bahrain Naval Forces (RBNF) on various domains of maritime ops and best shared practices. Professional interactions, cross ship visits, joint training sessions, yoga sessions, band concerts, friendly sports fixtures, social interactions and community welfare activities are planned during the port call. The sea trainees of Indian Navy will be visiting various training facilities and establishments of RBNF.

    A coordination meeting between the operational teams of both the Navies towards planning and conduct of a Maritime Partnership Exercise is also scheduled. Training interaction with the partners of CMF as part of cooperative engagement and reaffirming maritime security in the region will also feature during the visit.

    In another port visit, INS Shardul of 1TS entered Port Rashid, Dubai at UAE.  The ship was received by the Defence Attaché at the Embassy of India and officials of the UAE Navy. During the visit, the ship will engage with the UAE Navy on multiple training activities and harbour interactions.

    The deployment of 1TS to Bahrain and UAE is aimed not only at exposing the sea trainees towards various Naval training activities but also endeavours to further the socio-political, military and maritime linkages. The visit is indicative of growing defence relations of India with Bahrain and UAE while boosting maritime security cooperation and enhanced synergy amongst the Navies.

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  • MIL-OSI Africa: The remarkable career of Tito Mboweni: from South African freedom fighter to central bank governor and trusted politician

    Source: The Conversation – Africa – By Jannie Rossouw, Visiting Professor at the Business School, University of the Witwatersrand

    It is sad to write about Tito Mboweni in the past tense.

    Tito Titus Mboweni, who was born on 16 March 1959 in Tzaneen, a town in South Africa in what was then the Transvaal, passed away after a short illness in Johannesburg on 12 October 2024.

    After the announcement of his death, tributes poured in for this South African leader. Many have been touched by his legacy in politics, business, governance and the economy of South Africa.

    While not without some shortcomings, his career from being a freedom fighter to becoming a trusted and popular public figure serves as an enduring example to others in leadership.

    A career in service of society

    During his lifetime, Mboweni managed to achieve multiple accomplishments. The first period of his career was as member of the African National Congress (ANC) liberation movement in exile, where he served as deputy head of the Department of Economic Policy in the ANC.

    Political and public service was a second part of his career.

    After the democratic elections of 1994, Mboweni served as minister of labour in the first cabinet of Nelson Mandela. In a surprise announcement in 1998, Mboweni was appointed as an advisor to the then governor of the South African Reserve Bank, Chris Stals. This was to prepare Mboweni for appointment as governor after the retirement of Stals.

    Mboweni could not move directly into the position as governor, as section 4(2)(a) of the South African Reserve Bank Act states that the “governor shall be a person of tested banking experience”.

    By serving as an advisor to Stals for a little over a year, Mboweni met this legal requirement. He was appointed as the eighth governor of the central bank on 8 August 1999.

    At the time there were concerns about his commitment to the continuation of a policy of controlling inflation, ushered in successfully by Stals in the preceding decade. But Mboweni soon showed his commitment to the continued control of inflation.

    He replaced the previous structure used for monetary policy decisions by Stals by establishing the Monetary Policy Committee in October 1999. This was in preparation for the adoption of inflation targeting as a policy objective for the bank.

    After his retirement from the Reserve Bank, Mboweni commenced with the next stages of his career: a successful stint in business, which was interrupted by his return to politics. He served as minister of finance from 9 October 2018 to 5 August 2021. In this role he made it very clear that South Africa had to adopt a more prudent fiscal policy to avoid a too rapid growth in government debt. But this viewpoint made him unpopular with many cabinet and ANC colleagues, trade unions and others.

    Once he left politics, Mboweni resumed his career in business. He also served the South African community in different ways. He held a number of appointments as honorary professor and was also a patron of the arts. He was also well-known for his enthusiasm for cooking, which he often posted about on social media.

    Challenges

    Mboweni had to withstand political pressure on the issue of the role of the Reserve Bank. He was exemplary in his protection of the autonomy and independence of bank, which is set out in sections 223 to 225 of the South African Constitution.

    In this respect, he followed in the footsteps of Stals.

    Politicians favour lower interest rates, particularly during election periods. But Mboweni was not afraid of being unpopular. He was steadfast in protecting the autonomy and independence of the South African Reserve Bank. Mboweni also led the central bank during the global financial crisis of 2008 . South Africa was one of the countries that did not suffer a banking crisis or collapse during that period.

    Achievements

    Mboweni’s single biggest achievement was his successful transition from an ANC freedom fighter in exile to his roles as senior politician, central bank governor and businessman.

    His successful adoption of a policy of inflation targeting despite opposition was also a major achievement. Under Mboweni’s leadership the South African Reserve Bank showed critics that South Africa can make a continuous commitment to a low rate of inflation.

    Other than establishing the Monetary Policy Committee, Mboweni also played a major role in bringing monetary policy closer to the people. Under his leadership, the bank was one of the first central banks in the world to announce monetary policy decisions about interest rates at a media conference. He also introduced the central bank’s Monetary Policy Forums, where the public can engage the senior leadership of the central bank on monetary policy.

    Shortcomings

    Mboweni had many successes in business, central banking and politics. He also a few shortcomings. One was that he did not insist on the readoption of the lower inflation target (3%-5%) announced in 2001, that was later abandoned. A lower inflation target some 20 years ago would have anchored South Africa’s inflation rate and inflation expectations on a lower trajectory.

    It is difficult to judge whether Mboweni’s somewhat untimely (though not necessarily unexpected) resignation as finance minister can also be regarded as a failure. However, a finance minister can only function optimally with the support of the head of state. Such support was clearly lacking.

    Legacy

    Mboweni leaves a legacy of a successful transformation from a freedom fighter to a businessman, central banker and politician. If more former freedom fighters made this successful transition, South Africa’s prospects would look considerably better.

    Another legacy is honesty and integrity. Mboweni was never embroiled in scandals or questionable business dealings. If other ANC cadres could follow this example, South Africa would also offer a better future for all its citizens.

    – The remarkable career of Tito Mboweni: from South African freedom fighter to central bank governor and trusted politician
    – https://theconversation.com/the-remarkable-career-of-tito-mboweni-from-south-african-freedom-fighter-to-central-bank-governor-and-trusted-politician-241234

    MIL OSI Africa –

  • MIL-OSI Asia-Pac: Prime Minister visits Anubhuti Kendra at Bharat Mandapam on completion of 3 years of PM GatiShakti

    Source: Government of India

    Prime Minister visits Anubhuti Kendra at Bharat Mandapam on completion of 3 years of PM GatiShakti

    PM GatiShakti has played a critical role in adding momentum to India’s infrastructure development journey: Prime Minister

    Posted On: 13 OCT 2024 9:44PM by PIB Delhi

    The Prime Minister, Shri Narendra Modi visited  Anubhuti Kendra at Bharat Mandapam on completion of 3 years of GatiShakti today. Shri Modi remarked that PM GatiShakti has played a critical role in adding momentum to India’s infrastructure development journey. 

    The Prime Minister posted on X;

    “Today, as GatiShakti completed three years, went to Bharat Mandapam and visited the Anubhuti Kendra, where I experienced the transformative power of this initiative.”

    “PM GatiShakti has played a critical role in adding momentum to India’s infrastructure development journey. It is using technology wonderfully in order to ensure projects are completed on time and any potential challenge is mitigated.”

     

     

     

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  • MIL-OSI Asia-Pac: GENERAL UPENDRA DWIVEDI, CHIEF OF ARMY STAFF EMBARKS ON A VISIT TO JAPAN

    Source: Government of India

    Posted On: 14 OCT 2024 10:50AM by PIB Delhi

    General Upendra Dwivedi, Chief of the Army Staff (COAS), departed on a visit to Japan from 14th to 17th October 2024, marking a significant step in bolstering the defence cooperation between India and Japan.

    On 14th October 2024, General Upendra Dwivedi will interact with Shri Sibi George, Indian Ambassador to Japan and would thereafter engage in discussion on India-Japan relations at the Embassy of India, Tokyo.

    On 15th October 2024, the COAS will engage in dialogues with the senior military leadership of Japan at the MoD in Ichigaya. The meetings are planned with Gen Yoshida Yoshihide, Chief of Staff, Joint Self Defence Force; Gen Morishita Yasunori, Chief of Staff, Japan Ground Self-Defence Force (JGSDF); Mr Ishikawa Takeshi, Commissioner of Acquisition, Technology and Logistic Agency (ATLA). The discussions will be aimed at fostering stronger military cooperation between India and Japan. General Upendra Dwivedi will also pay homage at the Memorial at MoD, Ichigaya and will be given a Guard of Honour by the JGSDF. The itinerary also includes an interaction with senior hierarchy of JGSDF and a visit to the National Institute of Defence Studies.

    On 16th October 2024, General Upendra Dwivedi, the COAS, accompanied by Gen MORISHITA Yasunori, Chief of Staff, Japan Ground Self Defence Force, will visit Fuji School, wherein he will engage in a conversation with Lt Gen Kodama Yasuyuki, Commanding Gen of Fuji School. The COAS will be given a briefing at the School and he will also witness an Equipment and Facility Display.

    On 17th October 2024, the COAS will visit Hiroshima, wherein he will lay a wreath at Hiroshima Peace Park and pay floral tributes to Mahatma Gandhi’s Statue at the Peace Park.

    The visit by General Upendra Dwivedi aims at strengthening military cooperation between militaries of India and Japan besides exploring new avenues of collaboration between the two nations.

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  • MIL-OSI Asia-Pac: INDIAN NAVY SAILING CHAMPIONSHIP (INSC) – 2024

    Source: Government of India

    Posted On: 14 OCT 2024 11:22AM by PIB Delhi

    The Indian Navy’s most awaited and the largest sailing regatta, the Indian Navy Sailing Championship (INSC), is set to take place at Indian Naval Academy (INA), Ezhimala from 16 Oct to 19 Oct 24.

     The Marakkar Watermanship Training Centre (MWTC) at INA, one of the finest sailing facilities in the country, is gearing up to host more than 100 participants of the Indian Navy who will test their sailing skills in five different classes of boats in three different formats of racing.

    INSC is an annual inter Command event conducted under the aegis of Indian Naval Sailing Association (INSA) based at Naval Headquarters to encourage participation of naval personnel in competitive sailing.

    This edition of INSC will see the participation of teams from the three Naval Commands comprising of officers, cadets and sailors (including Agniveers).

    Racing will take place in four most popular formats of sailing. Fleet Racing will be in International Laser Class Association (ILCA-6) class boat for women, ILCA-7 class boat for men and Bic Beach class boat for windsurfing open. Team Racing will take place in Enterprise class boat.

    The Indian Navy lays special emphasis on watermanship activities and recognises the sport of sailing as a means to develop seamanship skills, camaraderie, courage and other leadership qualities in personnel.

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  • MIL-OSI Asia-Pac: SURGEON VICE ADMIRAL KAVITA SAHAI, SM, VSM ASSUMES CHARGE AS DIRECTOR GENERAL MEDICAL SERVICES (NAVY)

    Source: Government of India (2)

    Posted On: 14 OCT 2024 11:18AM by PIB Delhi

    Surgeon Vice Admiral Kavita Sahai, SM, VSM assumes charge as Director General Medical Services (Navy) on 14 Oct 24. The Flag Officer was commissioned in the Army Medical Corps on 30 Dec 1986.

    An alumnus of the prestigious Armed Forces Medical College Pune, she has specialized in Pathology and super specialized in Oncopathology from the prestigious AIIMS, New Delhi.  She has been Professor and head of Dept, Lab Sciences at AHRR and BHDC. She has also been Professor at Dept of Pathology, AFMC, Pune. Prior to assuming charge as the DGMS(Navy), she was the First woman Commandant of AMC Centre & College and O i/C Records. She is the first woman officer to be elected as Col Commandant of Army Medical Corps. She has a special interest in Medical Education and was awarded prestigious Foundation for Advancement of International Medical Education and Research (FAIMER) Fellowship for advancement of Med Education from Philadelphia, USA in 2013-14.

    In recognition for her distinguished Service, the Flag Officer has been awarded the Sena Medal in 2024 and Vishisht Seva Medal in 2018 and has been Commended by the Chief of the Army Staff twice in 2008 & 2012 and the GOC-in-C (WC) in 2010.

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  • MIL-OSI Asia-Pac: Shri Dharmendra Pradhan to launch 3 AI – Centres of Excellence on Healthcare, Agriculture and Sustainable Cities on 15th October, 2024

    Source: Government of India

    Posted On: 14 OCT 2024 1:28PM by PIB Delhi

    Union Minister for Education, Shri Dharmendra Pradhan, will be launching three AI Centres of Excellence (CoE) focused on Healthcare, Agriculture, and Sustainable Cities on 15th October 2024 in New Delhi.

    To realize the vision of “Viksit Bharat,” these three CoEs for Artificial Intelligence (AI) will be led by top educational institutions, in consortium with industry partners and startups. They will conduct interdisciplinary research, develop cutting-edge applications, and create scalable solutions in these three areas. This initiative aims to galvanize an effective AI ecosystem and nurture quality human resources in these critical fields.

    As part of the vision to “Make AI in India and Make AI work for India,” the establishment of these centres was announced under Para 60 of the Budget Announcement for 2023-24. In alignment with this, the Government has approved the creation of the three AI Centres of Excellence, with a total financial outlay of Rs. 990.00 Cr over the period of FY 2023-24 to FY 2027-28.

    To oversee the implementation of this initiative, an industry heavy Apex Committee has been constituted, co-chaired by Dr. Sridhar Vembu, Founder and CEO of Zoho Corporation.

    Shri K.Sanjay Murthy, Secretary/HE will grace the occasion, along with Directors of IITs, Heads of higher educational institutions (HEIs), industry leaders, start-up founders and senior officials from various ministries of the Government of India.

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  • MIL-OSI Asia-Pac: Union Health Minister Shri JP Nadda inaugurates 19th International Conference of Drug Regulatory Authorities

    Source: Government of India (2)

    Union Health Minister Shri JP Nadda inaugurates 19th International Conference of Drug Regulatory Authorities

    ICDRA is being hosted for the first time in India, bringing together regulatory authorities, policymakers, and health officials from over 194 WHO member states

    During the unprecedented COVID 19 pandemic, India emerged not only as a global leader in health resilience and innovation but also reaffirmed its role as the Pharmacy of the World: Shri JP Nadda

    “The ICDRA platform provides a space to share knowledge, foster partnerships, and develop regulatory frameworks that ensure the safety, efficacy, and quality of medical products worldwide”

    “CDSCO has developed robust systems for approving safe and efficacious drugs and medical devices in the country and for export to more than 200 countries in the world”

    “More than 95% regulatory processes currently have been digitized at CDSCO, bringing transparency and increasing trust among stakeholders”

    Global cooperation is important in drug regulation, particularly in light of challenges such as antimicrobial resistance, the post-pandemic world, and the safe use of AI in healthcare: Dr Tedros Adhanom Ghebreyesus

    Posted On: 14 OCT 2024 1:48PM by PIB Delhi

    Shri Jagat Prakash Nadda, Union Minister of Health and Family Welfare inaugurated the 19th International Conference of Drug Regulatory Authorities (ICDRA), here today. The event which is being hosted for the first time in India, from 14th – 18th October by the Central Drugs Standard Control Organization (CDSCO), Ministry of Health and Family Welfare, in collaboration with the World Health Organization (WHO) brought together regulatory authorities, policymakers, and health officials from over 194 WHO member states.

     

    Addressing the occasion, Shri JP Nadda emphasized on the shared commitment for enhancing global healthcare standards and safeguarding public health. He highlighted that during the unprecedented COVID 19 pandemic, India emerged not only as a global leader in health resilience and innovation but also reaffirmed its role as the Pharmacy of the World. “India rapidly expanded its healthcare infrastructure and scaled up vaccine production to meet both domestic and global demands. The successful rollout of the COVID-19 vaccination program, covering over a billion people, is a testament to the robustness of our healthcare system, the dedication of our health workers, and the soundness of our policies”, he said.

    The Union Health Minister highlighted that India played a crucial role in ensuring affordable access to essential medicines, vaccines, and medical supplies for nations across the globe. “Guided by the principle of ‘Vasudhaiva Kutumbakam’ – the world is one family, we extended our support to more than 150 countries, providing life-saving drugs and vaccines during the pandemic. This spirit of international solidarity is at the heart of India’s approach to global health. We believe that our progress is inseparable from the progress of the world, and as such, we remain committed to contributing to global health security and sustainability”, he said.

     

    Shri Nadda noted that “the ICDRA platform provides a space to share knowledge, foster partnerships, and develop regulatory frameworks that ensure the safety, efficacy, and quality of medical products worldwide.”

    Highlighting the achievements of CDSCO, Shri Nadda said that “it has developed robust systems for approving safe and efficacious drugs and medical devices in the country and for export to more than 200 countries in the world”. Availability of Quality medicine at affordable price is at the core, he said. He also informed that “8 drug testing labs are operational today while 2 more are in pipeline. 8 Mini testing Labs are operational at different ports for quick testing and release of drugs and raw material being imported. In addition, 38 State Drug Regulator’s Testing Labs are operational. Altogether, more than a hundred thousand samples are being tested every year under regulatory surveillance mechanism.”

    The Union Minister also stated that “more than 95% regulatory processes currently have been digitized at CDSCO, bringing transparency and increasing trust among stakeholders.” He also stated that, “Considering the importance of medical devices in health care delivery, Medical Device industry in India is also being regulated. Drugs Rules have been amended to make Good Manufacturing Practice Guidelines more comprehensive and at par with the WHO-GMP guidelines.”

    It was also pointed out that in order to make drug supply chain robust, it has been made mandatory to provide Bar Code or Quick Response Code (QR Code) on top 300 brands of drug products. Similarly, QR Code is mandatory on all API packs, either being imported or manufactured in India.

    The Union Minister concluded his address by underscoring India’s full committed to advancing global health. “We believe in 3 Ss i.e. “Skill, Speed and Scale” and by focusing on these three aspects, we have been able to meet the increasing demand for Pharma products while adhering to global quality standards without any compromise. We are prepared to address pressing challenges, from antimicrobial resistance to ensuring equitable access to life-saving treatments. We are not just participants in this dialogue; we are partners in building a healthier, safer and more resilient world”, he said.

    Dr. Tedros Adhanom Ghebreyesus, Director-General of WHO, in his speech, commended India for hosting this crucial global regulatory forum and highlighted the importance of global cooperation in drug regulation, particularly in light of challenges such as antimicrobial resistance, the post-pandemic world, and the safe use of AI in healthcare.

    Dr Saima Wazed, Regional Director, WHO Southeast Asia Region stated that “India is the largest provider of generic medicines while the Indian Pharmaceutical Industry is the third largest in the world. She noted that India provides over 50% of the world’s vaccine demands. She emphasized that a strong regulatory system is crucial to achieving universal health coverage and highlighted the need for strengthened regulatory convergence and information sharing between national regulatory authorities.

    Smt. Punya Salila Srivastava, Union Health Secretary stated that “the Indian pharmaceutical industry has recently become the 4th largest export sector of India, exemplifying the level of our integration into the global pharmaceutical supply chain. India is the third largest producer of pharmaceuticals in the world, and has the largest number of US FDA approved plants outside the USA.” She also highlighted that “India supply 50% of the world’s vaccines, most of them going to UN agencies like WHO, UNICEF and the Pan American Health Organization (PAHO) and to organisations like GAVI.

    Ms. Malebona Precious Matsoso, Co-Chair, WHO Intergovernmental Negotiation Body, South Africa said that “regulation of medical products is one of the most crucial aspects today. The impact of regulatory decisions is found not only at the national or global level but also in the hospital rooms.” Public health interventions and response can be shortened through efficient regulation and oversight, she said.

    Highlighting India as the pharmacy of the world, she said that this tag comes with certain expectations and capacities about India. She concluded her address by emphasising on smart regulation as opposed to under-regulation and over-regulation.

    Dr. Rajeev Singh Raghuvanshi, Drugs Controller General of India highlighted India’s achievements in drugs control and medical devices sector, including the approval of India’s first CAR T-cell therapy. “We are continuously upgrading our skills and capacities in our systems and are on a path towards low regulation and high execution”, he said.

    As a precursor to the main conference, an exhibition was also held which showcased India’s innovation, capabilities, and leadership in the pharmaceutical, medical devices, and clinical research sectors. Key industry players, including pharmaceutical giants, medical device manufacturers, and healthcare innovators, presented their advancements and breakthroughs to an international audience of regulators and stakeholders. This exhibition served as a testament to India’s standing as the “Pharmacy of the World” and its growing influence in global healthcare.

    In addition to the main conference sessions, several side meetings will take place, where representatives from various countries will engage in focused discussions on specific regulatory challenges and opportunities. These meetings will facilitate bilateral and multilateral dialogues on strengthening regulatory systems, promoting innovation, and fostering collaboration to address global health needs.

    Key Discussions and Regulatory Challenges

    The 5-day conference will feature a series of insightful sessions where regulatory authorities and industry leaders will deliberate on key issues affecting global drug and medical device regulation. Some of the prominent sessions include:

    • Plenary Session on Smart Regulation: Discussions will revolve around the evolving landscape of regulatory reliance and the World Listed Authorities (WLA) framework. Global regulators will explore how to enhance cooperation to streamline processes across countries.
    • Workshops on Medical Devices: A significant focus will be placed on the regulation of medical devices, including IVDs (In Vitro Diagnostics), where experts will discuss trends in global and regional regulatory frameworks.
    • Quality of Pharmaceutical Starting Materials: This workshop will shed light on the need for stringent regulations in ensuring the quality and safety of pharmaceutical products from their very inception.
    • Artificial Intelligence in Healthcare: Regulators and industry experts will discuss the role of AI in improving regulatory oversight, pharmaco-vigilance, and clinical trials, while also addressing the challenges related to data privacy and implementation.
    • Regulatory Preparedness in Response to the COVID-19 Pandemic: This is a plenary session focused on the lessons learned from the COVID-19 pandemic and the need for continued regulatory innovation to prepare for future public health emergencies.

    The 19th ICDRA will emphasize strengthening global regulatory systems through partnerships and collective efforts. Regulatory authorities from various nations will discuss challenges and opportunities in harmonizing regulations for medical products, addressing antimicrobial resistance (AMR), and advancing traditional medicines.

    Dr Rajiv Bahl, Secretary, Dept. of Health Research and DG ICMR; Shri Rajiv Wadhawan, Advisor (Cost), Health Ministry; Dr Roderico H. Ofrin, WHO Representative to India and senior officials of the Union Health Ministry were present at the event.

    ***

    MV

    HFW/ HFM ICDRA Inaugural /14th October 2024/1

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  • MIL-OSI Asia-Pac: Shri Dharmendra Pradhan to announce 3 AI – Centres of Excellence on Healthcare, Agriculture and Sustainable Cities on 15th October, 2024

    Source: Government of India (2)

    Posted On: 14 OCT 2024 1:28PM by PIB Delhi

    Union Minister for Education, Shri Dharmendra Pradhan, will be announcing three AI Centres of Excellence (CoE) focused on Healthcare, Agriculture, and Sustainable Cities on 15th October 2024 in New Delhi.

    To realize the vision of “Viksit Bharat,” these three CoEs for Artificial Intelligence (AI) will be led by top educational institutions, in consortium with industry partners and startups. They will conduct interdisciplinary research, develop cutting-edge applications, and create scalable solutions in these three areas. This initiative aims to galvanize an effective AI ecosystem and nurture quality human resources in these critical fields.

    As part of the vision to “Make AI in India and Make AI work for India,” the establishment of these centres was announced under Para 60 of the Budget Announcement for 2023-24. In alignment with this, the Government has approved the creation of the three AI Centres of Excellence, with a total financial outlay of Rs. 990.00 Cr over the period of FY 2023-24 to FY 2027-28.

    To oversee the implementation of this initiative, an industry heavy Apex Committee has been constituted, co-chaired by Dr. Sridhar Vembu, Founder and CEO of Zoho Corporation.

    Shri K.Sanjay Murthy, Secretary/HE will grace the occasion, along with Directors of IITs, Heads of higher educational institutions (HEIs), industry leaders, start-up founders and senior officials from various ministries of the Government of India.

    *****

    SS/AK

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  • MIL-OSI Asia-Pac: MSDE partners with Meta for AI Assistant in Skill India Mission and 5 Centers of Excellence in NSTIs

    Source: Government of India

    MSDE partners with Meta for AI Assistant in Skill India Mission and 5 Centers of Excellence in NSTIs

    “Our mission is to empower India’s youth with the skills they need to thrive in today’s competitive landscape”: Sh. Jayant Chaudhary

    Posted On: 14 OCT 2024 2:20PM by PIB Delhi

    The Ministry of Skill Development & Entrepreneurship (MSDE) announced its partnership with Meta today for the launch of two key initiatives: an AI Assistant for the Skill India Mission and establishing 5 Centers of Excellence (CoEs) in Virtual Reality (VR) and Mixed Reality (MR) at National Skill Training Institutes (NSTIs) located at Hyderabad, Bengaluru, Jodhpur, Chennai and Kanpur.

    Commenting on the partnership, Shri Jayant Chaudhary, Minister of State (Independent Charge) for Skill Development & Entrepreneurship, said, “Our mission at the Ministry is to empower India’s youth with the skills they need to thrive in today’s competitive landscape. By integrating technologies like artificial intelligence, virtual reality and mixed reality into the Skill India ecosystem, we are democratizing access to cutting-edge technologies enabling personalized learning pathways for the youth of the country. Our partnership with Meta today is a significant step towards achieving this goal.”

    Under this partnership, an innovative AI-chatbot powered by Meta’s open-source Llama model will be developed, which will enhance the learner experience on the Skill India Digital (SID) Portal. The chatbot, which will be integrated into the SID Portal, offers 24/7 assistance to users, enabling quick discovery of course information, interactive Q&A for course content, and access to lecture summaries and relevant videos for revision. Available over WhatsApp, the chatbot will support English, Hindi, and Hinglish, along with voice capabilities, making it more accessible to a diverse range of users across India. In addition, users can search for specific course topics, find skilling centers, explore job listings based on location and interest, and receive tailored feedback for continuous improvement. The chatbot will also provide valuable analytics to the MSDE to further optimize the platform. Sarvam AI, the technical partner for the AI assistant project, will be responsible for the development and deployment of the chatbot, which will be piloted over a six-month period.  

    By making Meta’s open-source AI models accessible to India’s AI ecosystem, it envisages a collaborative e-governance framework for adoption of impactful AI solutions with potential for catalyzing large scale socio-economic transformation in line with India’s AI Mission. Further, these 5 CoEs at NSTIs will equip learners and instructors with the latest VR technology to learn and enhance existing skills in a safe, immersive and engaging environment. The partnership on AI assistant aims to streamline information access, improve learning outcomes and provide students with seamless support through an intuitive digital interface. The 5 CoEs will also provide realistic simulations, improve engagement and increase accessibility to skill development training.

    Shivnath Thukral, Vice President and Head of Public Policy, Meta India, said, “At Meta, we are committed to leveraging frontier technologies like AI, VR and MR to create meaningful impact for the economic development of India. These partnerships with the Ministry of Skill Development & Entrepreneurship (MDSE) are a testament to our commitment to bridging the gap between technology and education. Through the integration of advanced technologies like Open-Source Llama we aim to empower not just the students, but also educators and entrepreneurs, equipping them with the tools they need to thrive in today’s digital-first world.”

    The Skill India Digital Portal has become a cornerstone of the nation’s skilling ecosystem, with millions of students accessing courses aimed at improving their employability. With the launch of the AI chatbot, MSDE and Meta are taking a significant step forward in revolutionizing how students interact with course content and prepare for the future. Further, Skillveri, the technical partner for establishing the CoEs, will provide cutting-edge VR and MR resources, curriculum, and trained professionals to equip learners and instructors with the latest technology, enabling immersive and interactive learning experiences.

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    PSF

    (Release ID: 2064628) Visitor Counter : 101

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  • MIL-OSI Asia-Pac: Chief Minister of Delhi calls on Prime Minister

    Source: Government of India

    Posted On: 14 OCT 2024 2:26PM by PIB Delhi

    The Chief Minister of Delhi Ms. Atishi called on the Prime Minister Shri Narendra Modi today.

    The Prime Minister’s handle posted a message on X:

    “Chief Minister of Delhi, @AtishiAAP called on PM @narendramodi.”

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    MJPS/SR/SKS

    (Release ID: 2064631) Visitor Counter : 75

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  • MIL-OSI Asia-Pac: Ministries/ Departments of Government of India Participate in the Special Campaign 4.0 for Swachhata and Reducing Pendency

    Source: Government of India

    Ministries/ Departments of Government of India Participate in the Special Campaign 4.0 for Swachhata and Reducing Pendency

    Massive Participation from across the Country, with cleanliness campaigns made in 1.32 lakh offices spaces (42%) out of 3.16 lakh target in first ten days

    26.41 lakh Square Feet of Space Freed for Productive Use; Rs. 21.62 crore Revenue Earned through Scrap Disposal and 1.34 Lakh Public Grievances Redressed

    Large Scale Awareness Generation and Campaign Advocacy Resorted through Electronic, Print and Social Mediawith 5002 Tweets, 10.2 Million Engagements and 129 PIB Statements, #Specialcampaign4 gained a lot of Traction on Social Media

    Posted On: 14 OCT 2024 2:39PM by PIB Delhi

    The Special Campaign 4.0 launched by the Government, with Department of Administrative Reforms & Public Grievances as the nodal department, has gained significant momentum. The preparatory phase (16th-30thSeptember, 2024) for the Special Campaign 4.0 completed on 30thSeptember, 2024 and Implementation Phase started from 2ndOctober, 2024.

    The progress of the campaign was reviewed by Secretary DARPG, in the fifth Meeting of Nodal Officers of Special Campaign 4.0 for Swachhata and Disposal of Pending Matters held on 11thOctober, 2024.  The meeting was attended by 150 senior officers, from 84 Ministries/Departments. All Ministries/Departments are participating in the Special Campaign 4.0. Massive participation from across the country observed with cleanliness campaigns made in 1.32 lakh offices spaces (42%) out of 3.16 lakh target in only ten days.  26.41 lakh square feet of space has been freed for productive use; Rs. 21.62 crore revenue has been earned through scrap disposal and 1.34 lakh public grievances have been redressed. 

    In the first ten days of Special Campaign 4.0 from 2nd-11th October, 2024, the following progress has been achieved:

    S.No.

    Parameter

    Target in SC 4.0

    Achievement upto 11th Oct 2024

    % Achupto 11th Oct 2024
    1.  

    Cleanliness Campaigns

    3,16,099

    1,32,392

    41.9
    1.  

    Reference from MPs

    4,103

    762

    18.6
    1.  

    Parliamentary Assurances

    1,158

    59

    5.1
    1.  

    IMC References

    137

    44

    32.1
    1.  

    State-Government References

    712

    218

    30.6
    1.  

    Public Grievances

    5,18,313

    1,34,072

    25.9
    1.  

    Pubic Grievance Appeals

    14,733

    3,821

    25.9
    1.  

    PMO References

    904

    267

    29.5
    1.  

    Easing of Rules/Processes

    648

    98

    15.1
    1.  

    Physical Files due for Review

    32,37,605

    11,14,291

    34.4
    1.  

    e-Files put up for Review

    4,17,943

    1,24,437

    29.8
    1.  

    Space freed

    (Lakh sq ft)

    26.41

     
    1.  

    Revenue earned

    (Rs. Crore)

    21.62

     

    The Special Campaign 4.0 has gained significant traction in social media with 5,002 tweets by Ministries/Departments on #SpecialCampaign4.0, 314 infographics and issue of 129 PIB statements.

    During the review meeting, Department of School Education and Literacy delivered an insightful presentation on the “Vidyanjali” App, which aims to enhance educational quality and foster greater interactivity in classrooms to facilitate donations of computer systems etc. under Special campaign 4.0 by Ministries/ Departments.

    Some of the best practices that emerged upto 11th October, 2024 are as follows:

    1. Curative preservation of Manuscript “Ramayana”, Asiatic Society, Kolkata, Ministry of Mines
    2. Wall beautification at Shastri Bhawan, Legislative Department
    3. Scrap cleared from Recreation room, National Bal Bhawan, New Delhi, Ministry of Education
    4. Waste room converted into DMF Gallery, Shastri Bhawan, Ministry of Mines
    5. Art sculpture made out of waste aluminium, JNARDCC, Nagpur, Ministry of Mines
    6. Scrap cleared from old cooling towers after auctioning through MSTC at Pune Airport, AAI, Ministry of Civil Aviation
    7. Postman app for timely delivery of services, e-office adoption, use of technology for Digital Life Certificate, Department of Posts

    ****

    NKR/DK/AG

    (Release ID: 2064637) Visitor Counter : 53

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  • MIL-OSI Asia-Pac: National Centre for Good Governance Commences Two-Week Training for Civil Servants from BIMSTEC Nations and Maldives

    Source: Government of India

    National Centre for Good Governance Commences Two-Week Training for Civil Servants from BIMSTEC Nations and Maldives

    National Centre for Good Governance reaches key milestone with First-Ever Training Program for BIMSTEC Civil Servants

    Posted On: 14 OCT 2024 2:42PM by PIB Delhi

    The National Centre for Good Governance (NCGG) has commenced the first Mid-Career Training Programme for the civil servants of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) countries, alongside the 34th Capacity Building Programme for civil servants from the Maldives. This two-week training programme is being organized from 14th October to 25th October 2024 in Mussoorie and New Delhi. A total of 36 civil servants from BIMSTEC countries, including Sri Lanka, Myanmar, Nepal, and Bhutan, are participating in the programme.  Additionally, 35 civil servants from the Maldives are participating in the 34th Capacity Building Programme. The participants are serving as Divisional Secretary, Additional District Secretary, Deputy Chief Secretary, and Assistant Commissioners, Director, Council Executives representing key ministries from their countries.

    Shri V. Srinivas, Director General, NCGG and Secretary of the Department of Administrative Reforms and Public Grievances (DARPG), jointly inaugurated the training programme and welcomed the participants. In his address, emphasized the programme’s objective to enhance the skillsets of civil servants by addressing the evolving landscape of administrative reforms and the critical role of digital governance. He noted that the training would focus on citizen-centric governance models, which aim to bridge the gap between government offices and the people they serve, thereby improving public service delivery.

    During the programme, Dr. AP Singh, Associate Professor, NCGG and Course Coordinator for Ist Mid-Career Training Programme for the Civil Servants of BIMSTEC Countries gave detailed information about the National Centre for Good Governance and the milestones achieved by the NCGG over the years. Dr BS Bisht, Associate Professor, NCGG and Course Coordinator for 34th CBP for Civil Servants of Maldives gave the overview of the programme.

    Under the second phase of the programme, the participating officers from BIMSTEC countries and the Maldives will visit key institutions and projects, including the Indira Gandhi National Forest Academy, the Smart City Project and ITDA, the Smart School in Dehradun, the Haryana Institute of Public Administration, the All India Institute of Medical Sciences (AIIMS), and the National Science Centre. Additionally, they will visit the Maruti Udyog Limited and visit the iconic Taj Mahal.

    The BIMSTEC programme is being coordinated by Dr. A.P. Singh, Associate Professor and Course Coordinator, Dr. M.K. Bhandari, Faculty and Co-Course Coordinators, Shri Sanjay Pant, Training Assistant, and Ms. Monisha Bahuguna, YP. The 34th Capacity Building Programme,is being coordinated by Dr. B.S. Bisht, Associate Professor and Course Coordinator, along with Dr. Sanjeev Sharma, Faculty and Co-Course Coordinator, Shri Brijesh Bisht, Training Assistant, NCGG  along with the NCGG capacity-building team.

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    NKR/DK/AG

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