Current Affairs 19 August 2023

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NATIONAL AFFAIRS

President Droupadi Murmu visit WB; Inaugurated INS Vindhyagiri & ‘My Bengal, Addiction-Free Bengal’ campaigni.On 17th August 2023, Droupadi Murmu, President of India, visited West Bengal(WB). This mark’s her 2nd visit to West Bengal as President of India.
ii.The President inaugurated Indian Naval Ship (INS) Vindhyagiri, the sixth ship of project 17A of Indian Navy (IN) at Garden Reach Shipbuilders Engineers (GRSE) Limited facility on the banks of Hooghly river in Kolkata, WB.
iii.The President launched ‘My Bengal, Addiction Free Bengal’ Campaign under the ‘Nasha Mukt Bharat Abhiyan‘, organized by Brahma Kumaris at Raj Bhavan, Kolkata. It aims to address the drug abuse issue in society and India.
About Garden Reach Shipbuilders Engineers (GRSE) Limited:
Chairman & Managing Director– Cmde PR Hari
Headquarters– Kolkata, West Bengal
Parent Ministry– Ministry of Defence
>> Read Full News 

India Signs MoU with Trinidad and Tobago for Sharing ‘India Stack’On 17th August 2023, India and Trinidad and Tobago (T&T) signed a Memorandum of Understanding (MoU) on sharing of ‘India Stack‘, a collection of open Application Programming Interfaces (APIs), and Digital Public Goods(DPGs) that aim to facilitate identity, data, and payment services on a large scale.

• Under this MoU, Both India and T&T have agreed to collaborate in the areas of digital transformation by means of capacity building, training programmes, exchange of best practices, exchange of public officials and experts, and development of pilot or demo solutions, among others.

Key People:
The MoU was signed in the presence of officials from the Ministry of Electronics and Information Technology (MeitY), the National E-Governance Division, MeitY, and also from the Ministry of External Affairs(MEA).
Background:
The MoU was signed following a meeting between Rajeev Chandrasekhar, Minister of State (MoS) MeitY & Ministry of Skill Development and Entrepreneurship(MSDE), and Hassel Bacchus, a Senator and Minister of Public Administration and Digital Transformation, T&T.
Purpose of APIs:
The collection of APIs in the India Stack serves as the foundation upon which external entities can construct software that taps into government identification, payment networks, and data repositories.
Key Points:
i.In the meeting, they explored opportunities for collaborative efforts in areas like IT, emerging technologies, and the India stack.
ii.Since June 2023, India have signed MoUs with countries like Armenia, Sierra Leone, Suriname, and Antigua & Barbuda to facilitate the sharing of India Stack.

• Countries like Mauritius and Saudi Arabia have also expressed interest and are at the advanced stages of finalising cooperation on India Stack. A similar MoU was signed with Papua New Guinea in July 2023.

v.The Unified Payments Interface (UPI), which is an integral part of the India Stack, has gained recognition beyond India’s borders and has been accepted by countries including France, United Arab Emirates (UAE), Singapore, and Sri Lanka, further solidifying the global acceptance and relevance of India’s digital innovations.
About Trinidad and Tobago (T&T):
Capital– Port of Spain
Prime Minister– Keith Christopher Rowley
Currency– Trinidad & Tobago Dollar (TTD)

CWC Chairman Kushvinder Vohra launches FloodWatch App for Real-Time Flood ForecastsKushvinder Vohra, Chairman of the Central Water Commission (CWC), launched FloodWatch, a mobile application to provide real-time flood information and forecasts for up to 7 days to the general public by using mobile phones.

• This initiative is an innovative solution to enhance flood information dissemination and preparedness.
• FloodWatch, developed by the CWC, is a user-friendly app which offers both readable and audio broadcast.
• It presents information in 2 languages: English and Hindi.

Features:
i.A key feature of the app includes real-time flood monitoring where users can stay updated about the current flood situations throughout India.
ii.The app utilizes data about near real-time river flow that is updated almost in real-time from various sources.
iii.It also provides flood forecasts for the nearest location to the users. By visiting the Home Page, users can easily access flood advisories for the station closest to them.
iv.Other features include the Interactive Map, which allows users to check either the CWC Flood Forecast (up to 24 hours) or the Flood Advisory (up to 7 days) by directly selecting a station on the map.

• In an alternate way, users can search for the name of a specific station using the search box. Once a station is chosen from the dropdown menu, the map zooms in on its location.

v.The app also provides State-wise and Basin-wise Flood Forecasts (up to 24 hours) or Flood Advisories (up to 7 days). This information can be accessed by selecting specific stations, states, or basins from the dropdown menu.
Indications:
i.The app has a map of India with coloured circles at water stations across India and the current risk of flooding.
ii.A ‘Green’ circle indicates ‘Normal’; Yellow, Above Normal; Orange, ‘Severe’ and Red, ‘Extreme’.
iii.Clicking on a circle provides the current water level at the station, the display includes the highest water level ever recorded at the station and clearly depicts the danger level, and the warning level.
About Central Water Commission(CWC):
CWC, formerly known as Central Waterways, Irrigation and Navigation Commission (CWINC), is an attached office of the Ministry of Jal Shakti, under the Department of Water Resources, River Development (RD), and Ganga Rejuvenation (GR).
Chairman– Kushvinder Vohra
Headquarters– New Delhi, Delhi
Established in 1945

IAF To Host Mega Multilateral Air Exercise ‘Tarang Shakti’ in Mid-2024
The Indian Air Force (IAF), the air arm of the Indian Armed Forces, is set to host a mega multilateral military exercise in mid of 2024. It was initially scheduled for October-November 2023.

• The exercise, named Tarang Shakti, is scheduled to be the largest air exercise ever conducted in India and will be its 1st edition.

i.The exercise is anticipated to involve approximately 12 air forces, with a primary emphasis on enhancing military cooperation and interoperability.
ii.Participating air forces from countries including France, the United Kingdom (UK), Australia, the United States(US), and Japan are expected to take part.
iii.Additionally, six other nations have been invited to observe the exercise.
iv.In April- May 2023, India participated in notable international air exercises.

• Indian Air Force dispatched four Rafale planes, two C-17 aircraft, and two IL-78 mid-air refuelers to France’s Mont-de-Marsan military base for a nearly three-week international air exercise ‘Orion’.
• The sixth edition of Cope India-2023, a joint Air Exercise between the Indian Air Force (IAF) and the United States Air Force (USAF).The exercise took place at Air Force Stations Kalaikunda,Panagarh of West Bengal, and Agra,Uttar Pradesh.

INTERNATIONAL AFFAIRS

India Hands Over maritime surveillance Dornier aircraft to Sri Lanka On August 16, 2023, India presented the Indian Navy’s Dornier 228 maritime surveillance aircraft to the Sri Lanka Air Force(SALF) at the event in Katunayake SLAF Base, Colombo, Sri Lanka.

• On the occasion of India’s 77th Independence day celebration,the high commissioner of India, Gopal Baglay ceremonially handed over the aircraft to Mr. Sagala Ratnayaka, the Chief of Staff and Senior Adviser to the President on National Security.
• This marks the second Dornier aircraft.This signifies the replacement of the first Dornier aircraft, which was deployed in 2022 and served for a year before being returned to India for maintenance.

i.In 2018, Sri Lanka Requested for India for 2 Dornier Reconnaissance Aircraft to enhance the maritime surveillance capabilities of Sri Lanka.
ii.Following the request, India decided to provide a Donier-228, which was a part of the Indian Navy’s fleet, to Sri Lanka free of cost for a span of 2 years.

• In August 2022, India handed over the first Dornier 228 maritime surveillance aircraft of the SALF.

About Dornier 228:
i.The 19-seater Dornier 228 aircraft is a highly versatile multi-purpose light transport aircraft.
ii.Dornier 228 was designed and manufactured for the first time by Dornier GmbH (a German aircraft manufacturer).

• Following the transfer of technology from the German corporation, HAL began manufacturing at its transport aircraft division in Kanpur after obtaining a product licence.

iii.Features:The Dornier aircraft equipped with advanced sensor to tackle common security challenges in the region such as Drug & Human Trafficking, Smuggling and Search & Rescue.

• It also empowers Sri Lanka to safeguard its Exclusive Economic Zone (EEZ) from maritime threats.

About Sri Lanka:
President – Ranil Wickremesinghe
Capital – Colombo (executive and judicial capital); Sri Jayawardenepura kotte (legislative capital)
Currency – Sri Lankan Rupee

BANKING & FINANCE

RBI selects McKinsey and Accenture to use AI & ML To Improve Regulatory SupervisionReserve Bank of India(RBI) awarded the contract worth Rs. 91 Crores to McKinsey and Company India LLP (Limited Liable Partnership) and Accenture Solutions Private Limited India for the use of advanced analytics, artificial intelligence(AI) and machine learning(ML) to analyse its huge database and improve regulatory supervision over banks and Non Banking Financial Services(NBFCs).

• AI and ML technologies are used for real-time data reporting, effective data management and dissemination.

Background:
In September 2022,  Expressions of Interest (EoI) were sought by the RBI with regards to the engagement of consultants specialising in advanced analytics, artificial intelligence, and machine learning.

• RBI has shortlisted seven applicants for participation in the Request For Proposal (RFP). Out of which only two firms were selected.

Department of Supervision:

• The Department of Supervision in RBI  is  developing and using linear and a few machine-learnt models for supervisory examinations.
• It carries out the responsibility of overseeing all scheduled commercial banks (excluding Regional Rural Banks), Local Area Banks, Payments Banks, Small Finance Banks, Credit Information Companies, Primary Urban Cooperative Banks, NBFCs, Asset Reconstruction Companies, Factoring companies, and All India Financial Institutions (AIFIs). 

Additional Info:
Globally, regulatory and supervisory bodies are employing machine learning methods (often termed ‘suptech‘ and ‘regtech‘) to aid in their supervisory and regulatory tasks.

RBI Launches Pilot ‘Public Tech Platform for Frictionless Credit; Unveils ‘UDGAM’ Portal for Unclaimed Depositsi.On August 17, 2023, the Reserve Bank of India (RBI) commenced its digital lending pilot project for Public Tech Platform for Frictionless Credit which is developed by Reserve Bank Innovation Hub (RBIH), a wholly owned subsidiary of RBI.
ii.The Public Tech Platform aims to streamline the credit provision process by effortlessly transmitting crucial digital data to lenders.
iii.RBI Governor Shaktikanta Das introduced a centralized web portal called “उद्गम UDGAM” (Unclaimed Deposits – Gateway to Access inforMation) to simplify the process for the public to locate their unclaimed deposits in various banks through a single platform.
About Reserve Bank of India (RBI):
The Reserve Bank of India was established on April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934.
Deputy Governors– Swaminathan Janakiraman, Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar
Headquarters– Mumbai, Maharashtra
>> Read Full News 

Bank of Maharashtra Tops List of PSU lenders chart in Q1 in Loan, Deposit Growth Bank of Maharashtra (BoM), an Indian Public Sector Bank(PSB), has emerged as the top performer among public sector lenders in terms of loan and deposit growth in percentage during the first Quarter (Q1) of the current financial year (FY24).

• Its deposit and advances recorded around 25% rise, the highest by any PSB, during the April-June quarter.
• According to the recently published quarterly data of PSBs, BoM’s gross domestic advances surged by 24.98%, reaching a total of Rs.1,75,676 crore at the end of June 2023.

Top 5:
i. BoM was followed by UCO Bank with a growth rate of 20.70% in the 2nd spot.
ii.Bank of Baroda (BoB) with 16.80% and Indian Overseas Bank (IOB) with 16.21% growth rates are at 3rd and 4th spots, respectively.
iii.India’s largest lender State Bank of India (SBI) stood at the 5th spot with a 15.08% rise in domestic advances growth.
Key Points:
i.SBI’s total loans were about 16 times higher at Rs. 28,20,433 crore, as compared to Rs. 1,75,676 crore of BoM in absolute terms.
ii.In terms of Retail-Agriculture-MSME (Micro, Small, and Medium Enterprises) loans (RAM loans), BoM has the highest growth of 25.44% followed by Punjab & Sind Bank with 19.64% and Punjab National Bank (PNB) at 19.41% on Year-on-Year basis.
Highlights:
i.In the domain of deposit growth, BoM has marked a significant growth of 24.73% and mobilised Rs. 2,44,365 crore at the end of June 2023.

• BoB holds the 2nd place with a 15.50% growth in deposits (Rs. 10,50,306 crore), while PNB recorded a 13.66% rise at Rs. 12,67,002 crore.

ii.With regard to low-cost Current Account and Savings Account (CASA) deposits, BoM retained the top position with 50.97% followed by the Central Bank of India (CBI) at 49.56%.
iii.BoM’s total business also recorded the highest growth of 24.84% at Rs. 420,041 crores, followed by BoB at 16.10% at Rs.18,62,932 crore at the end of June 2023.
About Bank of Maharashtra (BoM):
Managing Director (MD) & Chief Executive Officer (CEO)– A S Rajeev
Headquarters– Pune, Maharashtra
Established on– 16 September 1935
Tagline– Ek Parivaar, Ek Bank (One Family One Bank)

Axis Bank Partners with RBIH To Launch KCC & MSME loans Powered By PTPFCAxis Bank Limited has launched two new financial products, Kisan Credit Card (KCC) and unsecured Micro, Small and Medium Enterprises (MSME) loans powered by Public Tech Platform for Frictionless Credit (PTPFC), an initiate of Reserve Bank Innovation Hub (RBIH),  wholly owned subsidiary of the Reserve Bank of India(RBI).
Features:
i.On Pilot basis, the Kisan Credit Cards(KCC) will be introduced in Madhya Pradesh(MP).
Customers can access these cards for amounts up to Rs. 1.6 lakhs.
ii.MSME loans will be made available across India, and this will offer loans up to Rs 10 lakh to customers.
iii.Both the products will be of fully digital process and require no paper works.
About PTPFC:
i.PTPFC can be used  to obtain the necessary data for evaluating loans from trusted sources, all while ensuring complete customer consent and security.
ii.This platform will increase the efficiency of the lending process by reduction of costs, quicker disbursement, and scalability.
PTPFC & Axis Bank:
During the trial phase, Axis Bank will use the PTPFC to securely access customer data.

• This will involve activities like confirming Permanent Account Number (PAN) details, using Aadhaar electronic Know Your Customer (eKYC), gathering data from Account Aggregators, checking land records, and using the penny drop service to verify bank accounts.

About Axis Bank Limited:
Managing Director(MD) & Chief Executive Officer(CEO) – Amitabh Chaudhry
Headquarters – Mumbai, Maharashtra
Established in – 1993
Tagline – Badhti Ka Naam Zindagi
About Reserve Bank Innovation Hub (RBIH)
Chief Executive Officer (CEO) – Rajesh Bansal
Headquarters – Bengaluru, Karnataka
Established in – 2022

IndusInd Bank Launches Visa Multi-Branded Credit Card with Qatar Airways & British AirwaysIndusInd Bank Limited launched first-of-its-kind Visa multi-branded credit card “IndusInd Bank Avios Visa Infinite Credit Card” in partnership with British Airways Executive Club and Qatar Airways Privilege Club.

• This card aims to offer best-in-class rewards and benefits to customers, across travel, wellness and lifestyle experiences.
• Avios, the rewards currency for British Airways Executive Club and Qatar Airways Privilege Club which can be used for travel rewards, including hotels and car hire.

About IndusInd Bank Avios Visa Infinite Credit Card:
i.The IndusInd Bank Avios Visa Infinite Credit Card is an ultra-premium metal card with an innovative, sleek design.
ii.The chip-based contactless credit card will enable swift, convenient, and secure transactions for your daily purchases.
Benefits:
i.The card offers flexibility to choose your preferred airline loyalty programme partner (Qatar or British Airways) and select preferred international destination to maximise benefits.
ii.Complimentary Gold membership tier awarded by Qatar Airways.
iii.Airport Meet & Greet Immigration Services at leading international airports.
Other benefits: 
The cardholders are also entitled for other benefits such as dedicated concierge, elderly care assist, international travel health insurance and discounted foreign currency markup at preferred international destinations.
Additional Info:
The British Airways is a member of  oneworld Alliance, a premier airline alliance which aims to deliver a superior, seamless travel experience, with special privileges and rewards for frequent flyers.
About IndusInd Bank Limited(Ltd):
Managing Director(MD) & Chief Executive Officer(CEO) – Sumant Kathpalia
Headquarters – Mumbai, Maharashtra
Established in – 1994
Tagline – We Make You Feel Richer

Indian Bank Starts Specialised Startup Cells in 10 Cities across India
Indian Bank, a Public Sector Undertaking (PSU) bank headquartered in Chennai, Tamil Nadu, has established 10 start-up cells across various cities in the country to mark its 117th foundation day (15 August 1907). These cells aim to cater to specialized banking needs and promote the growth of the startup ecosystem in India.

• The start-up cells have been set up in Ahmedabad in Gujarat, Bengaluru in Karnataka, Coimbatore & Chennai in Tamil Nadu, New Delhi in Delhi, Gurgaon in Haryana, Guwahati in Assam, Hyderabad in Telangana , Kanpur in UttarPradesh, and Mumbai in Maharashtra.
• As part of the initiative, the bank has developed a range of tailor-made(customized) banking products and services specifically designed for startups, taking into consideration their distinct and specialized banking needs.
• It includes offering payment gateways, corporate credit cards, and credit facilities apart from the existing products of the bank.
• Managing Director (MD) and Chief Executive Officer(CEO) of Indian bank is Shanti Lal Jain.

ECONOMY & BUSINESS

Crisil projects Indian economy to grow at 6% in FY24On August 16, 2023, Crisil, a global analytics company, has estimated that the Indian economy will experience a growth rate of 6% during FY24, a decline from the 7.2% growth achieved in FY23.
Key Points:
i.The report stated that the global economic slowdown is expected as a result of rising interest rates and the exports may continue to be a drag on industrial output.
ii.It also stated that the monsoon will have a significant impact on industrial prospects through effects on inflation and rural demand.

• Crisil also noted that the monsoon has weakened, with all India rainfall turning deficient at 5% below long period average (LPA) as on 15th August 2023.
• This also highlighted that El Nino which will determine the rainfall pattern has set in as expected.

Key Highlights:
i.Retail inflation in India escalated to 7.44% in July of the current year, surpassing the upper tolerance level set by the Reserve Bank of India (RBI) i.e. 2-6%.
ii.The notable surge in food inflation to 11.5% in July, up from 4.5% in June and 3% in May, can be attributed to accelerating inflation rates in vegetables, cereals, pulses, spices, and milk.

• This marks the highest food inflation rate since April 2020.      

APPOINTMENTS & RESIGNATIONS  

Parminder Chopra Becomes Full-Time CMD of Power Finance Corp. Ltd
With the approval of Appointments Committee of the Cabinet (ACC), the Power Finance Corporation Limited (PFC) has appointed Parminder Chopra as its first woman full-time Chairman and Managing Director (CMD) with effective from (w.e.f) 14th August, 2023. The Ministry of Power has approved Chopra’s appointment “till the date of her superannuation (April 30, 2027) or until further orders.

• Power Finance Corporation Limited (PFC) is the India’s largest non-banking financial company (NBFC) and a Maharatna, Central Public Sector Undertaking(CPSU) under the Ministry of Power.

Responsiblities of Parminder Chopra:
i.Previously, she was holding the additional charge of Chairman and Managing Director (CMD) of PFC, w.e.f  01.06.2023 and was Director (Finance), PFC since 01.07.2020.
ii.She succeeded Ravinder Singh Dhillon as CMD(additional charge) of PFC, who retired on 31st May 2023.
iii. As Director of Finance, she led the Finance Division, achieving record-high Net Profit, Net Worth. This exceptional financial performance played a key role in PFC attaining “Maharatna” status.
iv.She had done major role in the successful execution of INR 1.12 trillion Liquidity Infusion Scheme (LIS) for the power distribution sector. This initiative was a crucial component of the Atmanirbhar Bharat campaign launched by the Government of India.
v.She will remain actively involved in supporting the implementation of important power sector initiatives by the Government of India, including the Revamped Distribution Sector Scheme (RDSS) and the Late Payment Surcharge (LPS) rules.
vi.She had a previous experience including service in prominent power sector majors like NHPC Limited (erstwhile National Hydroelectric Power Corporation), and Power Grid Corporation of India Limited(POWERGRID), a Schedule ‘A’, ‘Maharatna’ Public Sector Enterprise of Govt. of India.

Awards –

• In the year 2023, Smt. Parminder Chopra has been honored with the esteemed ‘Icon of the Year’ award by the Institute of Cost Accountants of India.
• She has also been conferred with the “Finance Leader of the Year” Award for her outstanding contributions to the finance industry.      

SCIENCE & TECHNOLOGY

Agnikul Cosmos Begins Integration Process of its First Launch Vehicle ‘Agnibaan SOrTeD’ from SriharikotaOn 15th August 2023, Agnikul Cosmos Private Ltd, a space-tech start-up, commenced the process of integration of its first state-of-the-art launch vehicle, Agnibaan SOrTeD (Sub-Orbital Technological Demonstrator), with its exclusive private launchpad at Satish Dhawan Space Centre (SDSC) SHAR (formerly Sriharikota Range) at Sriharikota, Andhra Pradesh(AP).

• The integration process is the significant step taken by the Agnikul Cosmos, toward its first controlled sub-orbital flight, which brings Agnikul closer to fulfilling its vision of delivering reliable and affordable access to space.

Note: In December 2020, Agnikul became the 1st Indian company to sign an agreement with Indian Space Research Organisation (ISRO) to get access to ISRO’s expertise and facilities to build Agnibaan and its launchpad.
Agnibaan SOrTeD:
i.Agnibaan SOrTeD is a single-stage launch vehicle powered by Agnikul’s patented Agnilet engine, a fully 3D-printed, single-piece, 6 kilonewton (kN) semi-cryogenic engine.
ii.Diverging from conventional sounding rockets launched from guide rails, Agnibaan SOrTeD will initiate vertical liftoff and follow a predefined trajectory while executing precisely arranged maneuvers during its flight.
iii.The rocket is equipped to haul payloads of up to 100 kilos to a 700 kilometers distance in Low-Earth-Orbit (LEO) and has been praised for its ‘plug-and-play’ design, which allows for accurate mission configuration.
iv.Agnikul’s flight events have been designated to validate key technologies integral to the success of its upcoming orbital flights as Agnikul is on its path toward its inaugural controlled flight in the upcoming weeks.
Note: On 25th November 2022, Agnikul inaugurated India’s first private launchpad, Agnikul Launchpad (ALP), and Mission Control Center (Agnikul Mission Control Center (AMCC)) at SDSC. This facility serves as the base for Agnikul’s future suborbital and orbital missions.
Key Points:
i.This suborbital mission serves as a validation of Agnikul’s proprietary autopilot, navigation, and guidance algorithms. It also serves as a crucial trial for gauging the launchpad’s preparedness for more ambitious undertakings.
ii.AgniKul, assisted by the Indian Space Research Organisation (ISRO) and IN-SPACe, the promotion and regulation body has ideated and built the launchpad.
iii.The launchpad and the mission control center are separated by 4 kilometers, and equipped with state-of-the-art technology to ensure independent and uninterrupted operations during the mission countdown.
iv.A successful launch would make AgniKul the 2nd Indian space tech start-up to send its launch vehicle into space after Skyroot Aerospace, which launched its rocket Vikram-Sarabhai (Vikram-S) in 2022.
About AgniKul Cosmos Private Limited:
AgniKul Cosmos is an Indian aerospace manufacturer based in National Center for Combustion Research & Development (R&D) (NCRD) of Indian Institute of Technology Madras(IIT Madras), Chennai, Tamil Nadu(TN).
Chief Executive Officer (CEO) & Co-founder– Srinath Ravichandran
Headquarters– Chennai, Tamil Nadu
Established in– 2017

SPORTS

Highlights:India Tour of West Indies and United States of AmericaIndian Men’s Cricket team toured West Indies and United States of America for 2-Test matches, 3-One-Day Internationals(ODI) and  5-Twenty 20 Internationals(T20I) against the West Indies cricket team from 12th July to 13th August 2023.
i.India won the two-match Test series against West Indies 1-0 after the rain drew the second Test at the Queen Park Oval, Port of Spain in Trinidad.
ii.India also won ODI series 2-1 against West Indies and West Indies won T20I series 3-2 against India.
About the Board of Control for Cricket in India(BCCI):
President – Roger Binny
Head Quarters – Mumbai, Maharashtra
Established – 1928
>> Read Full News

STATE NEWS

NEHHDC & Tide Signed MoU to Digitise Handloom and Handicraft Sector in Northeast India
Tide Platform Limited (Tide), a London, United Kingdom(UK)-based Small and Medium-Sized Enterprise (SME) focused financial platform, signed a Memorandum of Understanding (MoU) with North Eastern Handicrafts and Handlooms Development Corporation (NEHHDC) to empower digitisation of the handloom and handicraft sector in northeast India.

• This year-long partnership aims to strengthen financial inclusion for nearly 2.1 million handloom weavers and 3.5 million handicraft artisans across 800 clusters in Northeast India and provide them with greater market access.
• This will enable the handloom sector to use digital tools based on Artificial Intelligence(AI), the Internet of Things (IoT), and Enterprise Resource Planning (ERP) implementation, for inventory tracking and mapping, among others.
• The MoU will provide entrepreneurs with the necessary tools, knowledge, and resources to effectively plan and manage their finances.
• As part of the MoU, Tide will also help in the financial and digital inclusion of weavers and artisans from the region and provide masterclasses on topics like leadership, marketing, capital investment, hiring and payroll, taxation, and legal, among others.

Note:

• NEHHDC works under the Ministry of Development of the North Eastern Region (DoNER) to develop and promote the indigenous crafts of the region by connecting craftsmen to prospective markets and consumers.
• Northeast contributes 65% of India’s total handloom production and have the highest concentration of handloom weavers across India with around 88% of women participation.

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