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Current Affairs - 22 August 2016

General Affairs 

Rescue operations underway in Bihar, MP, UP, Rajasthan after rain spell halts

  • No rains have been reported over the last 24 hours in Bihar, Uttar Pradesh, Madhya Pradesh and Rajasthan, brinigng some much needed respite to the four states which have been lashed with heavy rains.
    NDRF has mobilised 32 teams across the four states.
    Close to 5000 people have been rescued by NDRF and the army in areas like Satna after heavy rainfall lashed  Madhya Pradesh in the past 48 hours. The situation has improved in all rain washed areas except for Vidisha.
    Seven teams of NDRF have been deployed in MP.
    Incessant rains have badly affected normal life in Vindhya and Bundelkhand regions. Major rivers and streams including Son, Ken and Tamas are dangerous full and could over-flow at any moment. Rewa, Satna, Sidhi, Chattarpur, Panna, Katni, Damoh and some other districts are also facing a flood like situation.
    The army is assisting in relief and rescue operations in rural areas of the Rewa district where several villages were inundated.
    The road connectivity has been badly disturbed in several districts as major rivers and streams are overflowing.
    In UP, there was flood-like situation in Varanasi as the water level of Ganga rose the above the danger level.
    In Prime minister's constituency of Varanasi, the river was flowing at 1.18cm above danger mark.
    River Ganga in Ballia district of Uttar Pradesh was flowing at an unprecedented level. As per a government release, it was flowng at a level of 60.28 m  which is 2.66 m above its danger Level of 57.615 m.
    In Allahabad, several areas have been flooded as water enters residential areas of the region.
    Several districts are reeling under flood as incessant rain has wreaked havoc, crippling normal life and obstructing road transportation.
    On the other hand, the flood threat is also looming large in Mirzapur, Ghazipur, Ballia and other districts due to continuous rise of river Ganga which has swelled to dangerous levels but situation has improved over the past few hours due to a halt in the showers. 10 NDRF teams have been deployed in UP.
    River Ganga wreaked havoc in Patna with water entering residential areas. NDRF flew in 5 teams comprising 45 trained personnel from chennai. They have 14 teams working across different districts of the state.
    Due to the increase in the water level of the Ganga, the water has reportedly entered into the riverine areas of districts like Buxar, Bhojpur, Munger, Saran, Vaishali, Bhagalpur and Samastipur.
    National Disaster Response Force (NDRF) teams, already pre-positioned in Patna, Vaishali and Gopalganj, have been put on alert while State Disaster Response Force (SDRF) have been put on alert in Patna and Bhagalpur.
    In Rajasthan one team has been deployed. As per high level sources, situation in the state is largely under control.

Petrol pumps go dry in Jammu on day 1 of strike

  • While senior BJP Ministers have been moving up and down the main city roads in big cavalcades, the common masses in Jammu are reeling under acute shortage of petroleum products due to the strike called by All J&K oil tanker Drivers and conductors union and J&K Petrol Tanker owners association after yesterday.
    Anan Sharma, President of Tankers Owners Association said that in less than 24 hours, the strike was announced that the majority of petrol pumps in and around Jammu went dry leading to a chaotic situation in the region.
    Through out the day, commuters queued up in front of the petrol pumps and had to wait for long hours to get rationed supply of petroleum products. In some cases the petrol pumps started running dry leading to chaos in the middle of the roads as long queues were converted in to long traffic jams.
    Ironically, the senior BJP ministers who had to attend the public rally in Smailpur were seen moving up and down the national highway with their supporters in long cavalcades.
    The same leaders remained ignorant about the hardships being faced by the common masses in the absence of petrol and diesel supplies. At many places, the commuters were seen entering into an argument with the petrol pump owners and their workers for failing to provide them minimum quantity of petroleum products to run their vehicles.
    Ironically, the state government functionaries were nowhere to be seen working to resolve the crisis.
    The drivers of petrol tankers decided to go on strike to protest absence of security leading to attacks on them in the Valley. They went on strike seeking adequate security cover.
    According to official sources, the divisional administration, Jammu through one of their Additional deputy commissioners, has called a meeting of their representatives to diffuse the situation before it takes an ugly turn.
    Drivers union is demanding Rs 1 lakh per injured driver of the tanker and about one dozen drivers were injured in fresh attacks during the Kashmir unrest in different areas and they are admitted in civil and army hospitals. Sources said that government is paying them Rs 10,000 per driver and driver union is adamant on their demand.
    Divisional Commissioner, Pawan Kotwal and other police officers are going to meet agitating drivers and assuring them compensation, but how much government will announce, it will be understood in the meeting scheduled for tomorrow.
    But drivers and owners of the oil tankers have categorically told government that they will not supply oil to Valley till protection is provided.
    Sources said if drivers agreed for compensation, then oil supply can be restored to Jammu only, that also after tomorrow afternoon.

Indian workers in Saudi, file your claims and return home: Sushma Swaraj

  • Minister of External Affairs Sushma Swaraj today urged Indians, who have lost their jobs in Saudi Arabia, to file their claims and return to India.
    Taking to micro-blogging site Twitter, Sushma asked the workers file their claims for unpaid dues with their employers and return at the earliest. The minister said that all claims would be settled even after the workers returned to India.
    "Indian workers in Saudi Arabia - please file your claims and return home. We will bring you back free of charge," she tweeted.
    The minister also told the workers that there was no point waiting since clearing the dues would take time.
    The MEA chief also said that the Saudi administration was arranging for providing food and other assistance to the camps where Indians were lodged.
    Sushma said that Minister of State for External Affairs VK Singh visited the region where he interacted with important Saudi authorities, including Saudi Minister of Labour and Social Development Mufrej Al Haqbani.
    Earlier this month, the King of Saudi Arabia had given instructions to help the thousands of Indian workers stuck in the Gulf kingdom, including giving them free passage back home.
    Minister of State for External Affairs VK Singh interacted with important Saudi authorities, including Saudi Minister of Labour and Social Development Mufrej Al Haqbani.
    Thousands of Indian workers have lost their jobs due to slowdown in Saudi economy, triggered by low oil prices and cut in spending by the government.
    The Indian government had requested the Saudi authorities to give the unemployed Indian workers exit visas without NoC (No-Objection Certificate) from employers and also urged it to clear the dues of workers who have not been paid for months, whenever they settle the accounts with the companies concerned.
    As per rules, no foreign employee can leave the country without NoC by the employers.
    The Saudi government also agreed to allow transfer of Indian employees, who have lost their jobs, to any other company within Saudi Arabia.
    As per rules, foreign employees cannot change jobs with permission of the company where they were employed.

Present crisis in Kashmir is Pak's fifth round of aggression against India: Jaitley

  • The Finance Minister Arun Jaitley Sunday described the present crises in Kashmir as fifth round of aggression by Pakistan against India and said the country will not compromise with its integrity.
    "This time situation is very serious (in Kashmir) and Pakistan's hand is in it. Separatists are involved in it and religious organizations are also involved. It is an attack on the integrity of the country. This is a challenge for us and we will not compromise with the integrity of the country," Jaitley said addressing a public rally in Smailpur area of Samba district in Jammu.
    This is in contrast to the stand of BJP's coalition partner Peoples Democratic Party, which is seeking dialogue with Pakistan and all stakeholders in Kashmir including separatists. Kashmir continues to be under lockdown and intense curfew since July 8 after massive protests erupted in the Valley after the killing of Hizbul Mujahideen commander Burhan Wani.
    Jaitley said Pakistan has never accepted that Jammu and Kashmir is an integral part of India. He said since the day of the partition when two nation states came into existence, there were differences in the outlook of the two countries with India having a positive agenda to remove poverty and uplift the economy  while Pakistan remained fixiated in diverting people's attention towards Kashmir and India. He said Pakistan carried out an attack in 1947 presuming it will win Kashmir through a war.
    He said India had more conventional strength in both 1965 and 1971 and Pakistan was defeated in both the wars. He pointed out that in the 1990s Pakistan started infiltrating militants into the state of Jammu and Kashmir.  "We had difficulties initially but slowly India learned this and thousands of militants have been killed."
    "After 9/11 the whole world stood up against terrorism and the international community demanded Pakistan to stop funding terrorism. They failed to internationalise the Kashmir issue but terrorism emanating from their country got internationalised", he said.
    The Finance Minister said Pakistan thought it has lost its fourth round as well but when the Amarnath agitation began in 2008 in Jammu, they started a new trend of stone throwing. "Kids would fill their school bags with stones instead of books and attack police and security forces," the Finance Minister claimed.
    "People could see the arrested stone throwing kids but not thousands of injured policemen. ," the Finance Minister said alluding to various human rights and political groups who have been highly critical of arrest of thousands of youngesters in Kashmir.
    He said those involved in stone-throwing in Kashmir were "not satyagrahis but hamlavaars (aggressors)".
    He described present situation as serious and said people of Jammu and Kashmir should jointly fight against this type of agression and and defeat it.
    He alleged that Jammu and Kashmir was neglected by Congress-National Conference government for the past 70 years. He reiterated the state's need for development.  He called the Jammu region the support base of BJP and it said it would be given attention. He said Jammu has never showed dissent towards the country as protesting goes against nationalism as taught  by Pandit Prem Nath Dogra.
    As part of the 70th Independence Day celebrations "Yaad Karo Qurbani," Finance minister Arun Jaitley was addressing the function to pay tributes to Pandit Prem Nath Dogra. Jaitley said that his contribution to the freedom struggle and integration of J & K will be remembered.
    Attacking Congress and its vice-president Rahul Gandhi, the Finance Minister talked about sacrifices and struggles made during Mughal and British rule to get freedom and said it was necessary to remember those who fought for the country and instil sense nationalism among people. "This is responsibility has taken by biggest political force of the country," he said without mentioning the BJP. Spelling out the reasons behind taking such a responsibility, he pointed to the recent pro-azadi slogans at the Amnesty event in Karnataka as an example.
    "Four days ago in Bangalore, Karnataka, at a function organized by an organisation which gets huge assistance from foreign countries, Azadi slogans were shouted. Those who shouted were few in number. The organisation which gets a lot of assistance from foreign countries had organized this function," Jaitley said.
    "Yesterday I heard Karnataka Home Minister saying nothing wrong has happened. After paying such a high price (for independence), the psychological makeup of some political parties is such that they link it with the vote bank. When in the JNU, slogans of "Bharat k Tukday Tukday" were shouted, we were the only political party, which was saying in the Parliament and outside that this is wrong that someone would shout such slogans in Delhi," he said.  
    On the other hand, he said, Congress Vice President went to the JNU to support those youths.
    He said it was unfortunate that after independence, the anti-national thinking was not countered except by Praja Parishad or Bharatiya Jan Sangh and now the Bharatiya Janata Party.  He alleged that many other instead try to use anti-national sentiment to get votes.

Should take over PoK if Pakistan doesn't stop meddling: Ramdas Athawale

  • Amid the ongoing war of words between India and Pakistan over Kashmir, Union Minister of State for Social Justice Ramdas Athawale today said India should take control of Pakistan-occupied Kashmir (PoK) if the neighbouring country did not stop its mischief.
    "We do not need a war with Pakistan. But if Pakistan interferes in our internal matters, I think we should take control of PoK," Athawale said.
    Accusing Pakistan of fueling terrorist activities in India, the minister said that the Pakistan would never succeed in spreading terrorism in India.
    "Forces like Pakistan are conspiring against India by spreading terrorism. Pakistan should stop anti-India activities as the Indian army is far stronger than Pakistani army," the RPI (A) chief said.
    "We appeal to Pakistan to give up its control of PoK. The part of Kashmir which is occupied by Pakistan is India's integral part," he added.
    Athawale remark's came after Pakistan invited India for talks on Kashmir last week. Pakistan said that it is the "international obligation" of both the countries to resolve the issue.
    However, India objected Pakistan's proposal to hold Foreign Secretary-level talks on Kashmir and insisted that discussions should be held on "aspects related to cross- border terrorism which are central to the current situation in Jammu and Kashmir."
    Meanwhile, Athawale also hit out at China, saying that it should not encroach upon Indian territory.

Business Affairs 

Five factors that are shaping the market today

  • The lieutenant RBI governor has finally been elevated to governor's post to succeed Raghuram Rajan. Marketmen are relieved as this signals a continuity of polices at RBI. Central Bank in US on Sunday said it is close to hitting its targets hinting rate hike in 2016 is well on cards, while in Japan, companies are unenthused over stimulus in the economy.

    Here is a detail of all this and more that is shaping your market in Monday's session:

    1. Urjit Patel, the new RBI top brass: Comments from leading brokerages and stock market analysts suggest investors are cheerful with the government's decision to appoint Patel as RBI governor as he is seen as Rajan's redux in the RBI. As deputy governor, Patel headed the RBI panel to draft the monetary policy report, which became the basis of the ongoing reforms at the apex bank.
    2. Fed close to hitting job and inflation targets: Fed Vice Chairman Stanley Fischer on Saturday appeared confident over US economy's current strength, saying the job market was close to full strength and still improving. However, he did not address when the US Federal Reserve should next raise interest rates. The comments came ahead of the speech scheduled on Friday by Fed Chair Janet Yellen at Jackson Hole, Wyoming, where she is expected to surmise the seemingly split views from Fed policymakers all through last week.
    3. Global markets trade lower: Showcasing lower trend seen on Wall Street on Friday, Asian markets continued to trade in red terrain as investors weighed prospects for an interest rate increase in the US in the coming months.
    4. Oil prices fall back below $50: Oil declined in today's trade after Iraq, OPEC's second-biggest producer, said it will boost oil exports in the next few days amid a glut of supply. Analysts believe Brent would likely fall back below $50 a barrel as August's more than 20-per cent crude rally looks overblown.
    5. Japan Inc unenthused over stimulus: A Reuters poll suggested Japanese companies overwhelmingly say the government's latest stimulus will do little to boost the economy and the Bank of Japan should not ease further. However, speculation is rife for further stimulus in the coming months.

    Finance Ministry mulls Union Budget by January end

    • Union Budget has for decades been presented on last day of February, but this could soon change with the government mulling advancing it to January end so as to complete the budget exercise before the beginning of the new fiscal.
      Finance Ministry is doing an overhaul of the entire Budget making exercise which may see scrapping of the current practice of presenting a separate budget for Railways and the Budget document getting slimmer with indirect tax proposals finding almost no mention after excise duties, service tax and cesses being subsumed in the Goods and Service Tax (GST) regime.
      Also on the anvil is abolition of distinction between Plan and non-Plan expenditure and replacing it with capital and revenue expenditure.
      Sources said the government is of the view that the Budget exercise should ideally be over by March 31 every year as against the present practice of it being carried in two phases spread between February and May.
      While the Constitution does not mandate any specific date for presentation of the Budget, it is usually presented on last working day of February and the two-stage process of Parliamentary approval takes it to mid-May.
      As the financial year begins on April 1, the government in March takes Parliament approval for Vote on Account for a sum of money sufficient to meet expenditure on various items for two to three months. Demands and Appropriation Bill, entailing full year expenditure as well as tax changes, is then passed in April/May.
      Sources said the finance ministry is of the view that if the process is initiated earlier, there would be no need for getting a Vote on Account and a full budget can be approved in one stage process before March 31.
      The proposal before the government is to present the Budget in last week of January, preferably on January 31 and ramp up the entire process by March 31, they said.
      The revenue department is also mulling preponing its pre-budget meetings with various stakeholders to September instead of holding them in November/December.
      Besides the date of presentation of the Budget, the annual financial document for 2017-18 is likely to see another major overhaul with the abolition of 'Plan and non-plan expenditure' and replacing it with 'capital and revenue expenditure'.
      The expenditure department in its pre-budget meetings with various other ministries and government departments will this time around seek for details of their envisaged revenue and capital expenditure from April 2017-March 2018.
      "States are being consulted for capital and revenue expenditure classification. An internal group is working on it. This will give the right direction in simplification of accounts and also how we focus on expenditure," another source said.

      Finance Minister Arun Jaitley in the Budget speech announced of doing away with Plan and Non-Plan classification from 2017-18, in line with the termination of 12th Five-Year Plan (2012-17).
      Also with the roll out of the GST, possibly from April 1 2017, the need for the Union Government to legislate changes in the excise duties, service tax and cesses will cease to exit as they would all be subsumed in the new national sales tax. The GST rate is to be fixed by the GST Council comprising of union finance minister and representatives of all 29 states.
      This would mean that the Part-B of the Budget, which contains tax proposals, would get slimmer with only direct tax proposals being mentioned besides a few other taxes, like Customs, which would continue to be in domain of the Centre even after GST rollout.
      GST rollout would also subsume various exemptions and cesses, which would oblivate the need for their presentation in the Budget.
      Besides, the 92-year-old practice of presenting a separate Rail Budget is set to come to an end from the next fiscal, as the government proposes to merge it with the General Budget.
      With the merger, the issue of raising passenger fares, an unpopular decision, will be the Finance Minister's call.
      The General Budget, referred to as the Annual Financial Statement in Article 112 of the Constitution of India, is presented by the Finance Minister in Parliament every year on last working day of February.
      The budget, which is presented by means of the Financial Bill and the Appropriation bill has to be passed by the House before it can come into effect on April 1.
      Until the year 2000, the Budget was announced at 5 pm on last working day of February. This practice was inherited from the pre-Independence era, when the British Parliament would pass the budget in the noon followed by India in the evening on the same day.
      In 2001, the NDA government under Atal Bihari Vajpayee changed the ritual and the then Finance Minister Yashwant Sinha presented the Union Budget at 11 am.
      Government has already set up a committee to examine the feasibility of having a new financial year, replacing the existing April-March period.
      The committee, which will submit its report by December, will examine merits and demerits of various dates for commencement of a financial year, including the existing dates (April-March).

      All you need to know about Urjit Patel, successor to Raghuram Rajan

      • Urjit Patel, the current deputy governor of Reserve Bank of India, has been appointed on Saturday as new RBI governor to succeed Raghuram Rajan.
        52-year-old Patel has been appointed as new RBI Governor, official sources told PTI.
        "Institutional investors both domestic and foreign would welcome the government's appointment of Urjit Patel as successor to Raghuram Rajan," said Ajay Bodke, CEO & Chief Portfolio Manager - PMS at Prabhudas Lilladher.
        "It signals a seamless continuity in the policies pursued by the RBI to conduct its monetary policy in an independent manner," Bodke added.
        The expert also said that stock market would strongly cheer his appointment.
        Below are key things to know about Urjit Patel:
        1) As deputy RBI governor, Patel has closely worked with Rajan and possesses sound expertise on macroeconomic management. They both have earlier worked together in the IMF in Washington.
        2) On his first day at work, Rajan had appointed a committee under Patel to relook at the monetary policy-making. The committee came up with a report advocating a shift to making RBI an inflation-targeting central bank.
        3) Patel's path-breaking report has helped India join the league of developed nations where adoption of flexible inflation targeting has helped anchor inflationary expectations and brought about a structural control over inflation.
        4) He will take over the charge from Rajan after he demits the office on September 4. He will be the eighth deputy governor to be made governor at RBI.
        5) Patel was first appointed as deputy governor for three years in January 2013 and was given an extension this January.
        6) Prior to his appointment as the deputy governor at RBI in 2013, Patel was advisor (energy and infrastructure) with Boston Consulting Group. He has also worked with Reliance Industries in the past.
        7) Patel, born on October 28, 1963, received his doctorate in economics from Yale University in 1990) and M Phil from Oxford (1986).
        8) He has worked with the International Monetary Fund (IMF) between 1990 and 1995 covering the US, India, Bahamas and Myanmar desks.

      SBI says will gain $120 billion in assets from takeover of units

      • State Bank of India (SBI), the nation's biggest lender by assets, will gain $120 billion in assets following its merger with associate banks and Bharatiya Mahila Bank, the lender said in a statement on Saturday.
        In a first move to consolidate India's struggling public sector banks, SBI's board on Thursday approved share swap ratio for the proposed takeover of five units that had been run at arms-length, as well as state-run Bharatiya Mahila Bank, a bank for women set up in 2013.
        Policymakers want to recapitalise and consolidate India's state-run banks so that they can extend fresh credit and help drive an investment-led recovery in Asia's third-largest economy that is currently getting a boost from state and private consumption.
        India's 27 public sector banks account for 70 per cent of its banking sector assets, as well as the lion's share of the country's $120 billion in troubled loans.
        SBI said the merger would expand its assets by 36 per cent to about $447 billion.

        4,000 lose jobs after AskMe shuts down

        • Hit by a cash crunch, e-commerce company AskMe has decided to shut shop, leaving 4,000 staffers jobless, while its majority investor Astro said it will appoint a forensic auditor to review the books of the startup's parent firm Getit.
          In an internal mail, Anand Sonbhadra, Group CFO at Getit Infoservices, directed senior staff to take certain steps to ensure prevention of "further liabilities" given the company's "current financial situation".
          "Prevent any further creation of liabilities by suspending operational activities...Temporarily close all hubs and all offices as possible," he said.
          Noting that the non-payment of salaries to delivery boys and lower staff may cause them to take "inappropriate actions" at hubs, Sonbhadra said any untoward incident needs to be prevented and assets at hubs need to be protected.
          The decision will leave 4,000 employees jobless across about 40 centres.
          With investors tightening their purse strings in an increasing volatile market, startups are now under intense pressure to perform and become profitable. The last few months have seen a spate of layoffs by companies like Flipkart, Snapdeal and Ola.
          According to sources, most employees at AskMe have not received their salaries for July while reimbursements for bills have not been cleared for the past many months.
          Askme operates (classifieds), Askmebazaar (e-commerce), Askmegrocery, Askmepay, and Mebelkart (online furniture retail).
          The pink slips come amid a spat between the Malaysian investor
          Astro Entertainment Networks Ltd (AENL) and management of Getit.
          "Unfortunately, Getit has not been able to make its business profitable and sustainable despite these huge investments by AENL. An independent review by advisors has concluded that there is little prospect for turnaround and the business is insolvent," AENL said.
          AENL promised to appoint a forensic auditor to review Getit's books and said it will take "appropriate steps" based on the results of the audit.
          Stating that it has made every effort possible to support Getit's business even as other investors withdrew, AENL said it will "continue to act responsibly and in accordance with Indian laws over this matter."
          AENL had invested in Getit Infomedia, which was later renamed as Getit Infoservices, in 2010. With total shareholding of 99 per cent, AENL has till date invested nearly USD 300 million.
          AskMe countered AENL's claims of it being "insolvent", stating that it has given a management buyout option to Astro.
          "We also have a mail from them that includes the minutes of meeting between Astro and Getit Group where they have acknowledged the closure costs...We would request Astro to release all documentation with Getit from April 30, 2016 onwards till date so the true story is revealed," Askme said.
          Referring to the forensic audit sought by Astro, AskMe said, "If Astro claims that there is a need for forensic audit at this stage, it is Astro and its said nominees who should be held responsible" as Getit has had an audit committee for last two years for good governance.
          "All three members of the committee were Astro nominees," it said.

        General Awareness

        India world’s third biggest tech startup hub: ASSOCHAM Study

          • According to a report made by ASSOCHAM, India is home to the third largest number of technology-driven start-ups in the world, following the US and the UK occupying the top two positions.
            About ASSOCHAM :
            • The Associated Chambers of Commerce and Industry of India(ASSOCHAM) is one of the apex trade associations of India.
            • The organization represents the interests of trade and commerce in India, and acts as an interface between industry, government and other relevant stakeholders on policy issues and initiatives.
            • The goal of this organization is to promote both domestic and international trade, and reduce trade barriers while fostering conducive environment for the growth of trade and industry of India.
            • ASSOCHAM was established in 1920 by promoter chambers, representing all regions of India.
            • The Association’s head office is located in New Delhi and regional offices are located in the cities of Ahmedabad, Bengaluru, and Kolkata. As of 2012, ASSOCHAM covers a membership of over 4 lakh companies and professionals across the country.
            ASSOCHAM members represent the following sectors:
            • Trade
            • Industry
            • Professionals
            The Start-up report :-
            This report made by Assocham in association with Thought Arbitrage Research Institute revealed that Bengaluru is host to the largest share of technology start-ups in the country, followed by Delhi NCR and Mumbai, while Hyderabad and Chennai are also quite popular among budding tech entrepreneurs.
            • In terms of total number of start-ups, comprising both tech and non-tech areas, India again figured among the five largest hosts in the world, along with China (10,000 each).
            • The US occupies the top slot with 83,000 start-ups. IT hub Bengaluru is host to 26% of domestic tech start-ups, followed by Delhi NCR (23%) and Mumbai (17%).
            • The awareness that a start-up is a vehicle of rapid growth through technological disruption and innovation has to spread across the economy.
            • The study recommended that synergizing ‘Startup India’ with ‘Make in India’ and ‘Digital India’ initiatives has the potential to expand the domestic ecosystem for new entrepreneurs
            • Start up India with Make in India and Digital India has the potential to expand Indian eco system for the new entrepreneurs. The paper suggested tax exemption for research and experimentation to encourage fresh ideas without fear of failure.
            • This report also suggested a Stanford University model in various Indian universities, the ASSOCHAM-Thought Arbitrage paper said courses on creation of small businesses should be encouraged in the learning campuses.

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