[Mission 2024] INSIGHTS DAILY CURRENT AFFAIRS + PIB SUMMARY 9 November 2023

GS3/GS Paper 2

 Syllabus: Indian Economy/ Governance

Source: PIB

 Context: The Ministry of Electronics & Information Technology (MeitY) launched the LEAP AHEAD initiative, a collaborative effort between the Software Technology Parks of India (STPI) and The Indus Entrepreneurs (TiE) Delhi-NCR, aimed at supporting and accelerating the success of tech startups in India.

About the LEAP AHEAD initiative:

Launchpad for Tech Entrepreneurs towards Accelerated Growth and Pioneering AHEAD (LEAP AHEAD) aims to support tech startups by offering them access to funding (up to ₹1 Crore), mentorship and global connections.

What are Start-Ups?

Start-ups are companies in their early stages of operation, founded by entrepreneurs aiming to meet demand with innovative products or services. India has become the 3rd largest start-up ecosystem in the world after the US and China. India is home to as many as 75,000 Startups.

• Global Innovation Index: India has moved up from 81st (2015) to 46thin 2021 among 130 economies of the world.
• Publications: Globally ranked 3rd (2021) from 6th in 2013 based on the National Science Foundation database.
• Patents: Globally ranked 9th (2021) in terms of resident patent filing.

Growth drivers in startups in India and their impact:

Challenges faced by Startups in India:

For Draft National Deep Tech Startup Policy (NDTSP): Click Here

For Global Startup Ecosystem Report 2023 (GSER 2023): Click Here

Government’s Initiatives for Startups: National Initiative for Developing and Harnessing Innovations (NIDHI); Startup India Action Plan (SIAP); Ranking of States on Support to Startup Ecosystems (RSSSE); Startup India Seed Fund Scheme (SISFS); National Startup Awards; SCO Startup Forum; Prarambh

Impact of Digital India (DI) on Startups in India:

DI has greatly benefited India’s startup ecosystem by providing access to public digital resources like India Stack and the JAM Trinity. With over 98% population coverage of 4G infrastructure, startups can reach a broader user base. The enablers of startup growth due to DI include a collaborative ecosystem, digital infrastructure, and simplified regulatory processes.

Role of corporate governance in mitigating various risks faced by start-ups:

• Protecting shareholders’ interests: Corporate governance helps to protect the interests of shareholders by ensuring that the company is managed in a fair and transparent manner.
• Enhancing the company’s reputation: Corporate governance helps to enhance the company’s reputation by demonstrating that the company is managed in a responsible and ethical manner.
  • This can make it easier for the company to attract and retain customers, employees, and investors.
• Reducing the risk of fraud and corruption: Corporate governance helps to reduce the risk of fraud and corruption by establishing clear rules and procedures for financial reporting and internal controls.
• Compliance and Legal Adherence: Corporate governance ensures that the start-up complies with relevant laws, regulations, and industry standards, reducing legal risks and maintaining a positive image.
• Risk management: Corporate governance establishes risk management frameworks that identify, assess, and mitigate these risks.
  • By having a clear understanding of potential risks and implementing strategies to address them, start-ups can better navigate uncertainties.
• Investor Confidence: Investors seek start-ups with strong corporate governance, inspiring confidence as it signals responsible management and safety for their investments.

Conclusion

Start-ups in India are witnessing a golden chapter in the history of Indian entrepreneurship. By implementing good corporate governance practices, start-ups can reduce their exposure to risk and improve their chances of success.

About STPI:

Software Technology Parks of India (STPI)  (est. 1991; HQ: New Delhi) is an Autonomous Society under the Ministry of Electronics and Information Technology (MeitY). It is engaged in promoting software export and nurturing the tech startup ecosystem

Insta Links:

Startup India

Mains Links:

 Despite being hailed for its vibrant start-up ecosystem, India continues to face persistent issues that hinder the growth and success of its start-ups. How does corporate governance help start-ups in mitigating various risks they face? (10M)

Prelims Links:

Content for Mains Enrichment (CME)

Source: TH

 Context: The Kerala State Literacy Mission (KSLM) is launching the ‘Pauradhwani’ program in Ernakulam and eight other districts to shape informed and independent citizens.

Aim:

This program aims to instil scientific aptitude, independent thinking, secularism, democratic spirit, constitutional values, and awareness about rights among the population.

‘Pauradhwani’ has a six-point motto, emphasizing the

• Rights of marginalized sections
• Democracy
• Brotherhood
• Building an egalitarian society

The program covers topics such as the independence struggle, forest rights, rules for coastal areas, women-centric rules, and rights and laws governing children, health, and nutrition.

Usage: The example can be used in Indian Society/ Ethics Case Studies/ Governance Qn

Facts for Prelims (FFP)

Source: TH

 Context: A remarkable archaeological discovery has been made in Telangana, with the unearthing of a 3,000-year-old geoglyph in the form of a circular design near Mudichu Thalapalli in the Medchal-Malkajgiri district.

What is Geoglyph?

A geoglyph is a large, intricate design or motif created on the ground’s surface, often by arranging natural materials or altering the landscape itself. Notable examples include the Nazca Lines in Peru and the Uffington White Horse in England.

About the discovered Geoglyph:

This geoglyph, measuring 7.5 meters in diameter with a perfect circular shape and two triangles inside, is the first of its kind found in Telangana. It has been dated to the Iron Age, around 1000 BCE. Experts suggested that it might have been a model for megalithic communities when planning their circular burial sites.

Significance: Geoglyphs can serve various purposes, including artistic, ceremonial, or navigational. Geoglyph shows the artistic skills and etching techniques of the region’s Iron Age inhabitants

Facts for Prelims (FFP)

Source: IE

 Context: Prior to the Electoral Bond Scheme, the Electoral Trusts (ET) Scheme, established by the UPA government in 2013, regulated corporate and individual donations to political parties, emphasizing transparency.

Electoral Trusts (ET) Scheme:

• Introduced in 2013.
• Open to companies registered under Section 25 of the Companies Act, 1956, and individuals or entities residing in India.
• Trusts must renew their registration every three financial years.
• Mandates that 95% of contributions received in a financial year must be donated to political parties registered under the Representation of the People Act, 1951.
• Electoral Trusts prioritize transparency by mandating the reporting of contributors and beneficiaries to the Election Commission of India. This differs from the Electoral Bonds (EB) Scheme, which permits anonymous political donations.

About the Electoral Bond Scheme:

What does the Trend Show?

Both EB and ET schemes are running simultaneously. In the period from 2017-18 to 2021-22, the money donated through EBs was over five times the amount that came through Electoral Trusts. Between the same period, parties received a total of Rs 1,631 crore through ETs, while Rs 9,208 crore was donated through EBs.

Facts for Prelims (FFP)

Source: TH

Context: India’s efforts in tuberculosis (TB) management have received international recognition from the World Health Organization (WHO) in their ‘Global TB Report 2023.’

India’s Achievements:

• 16% reduction in TB incidence from 2015 to 2022, nearly double the global decline rate of about 8%
• TB mortality in India has decreased by 18% during the same period.
• TB treatment coverage has improved to 80% of estimated cases, representing a 19% increase from the previous year

About TB

It primarily affects the lungs, is caused by the bacteria Mycobacterium tuberculosis and spreads through the air. Common medications for TB include isoniazid, rifampin, ethambutol, and pyrazinamide. The Bacillus Calmette-Guerin (BCG) vaccine is the only licensed TB prevention measure.

Risk factors for TB include diabetes, HIV infection, undernutrition, and tobacco use.

Drug-resistant TB includes multidrug-resistant (MDR), extensively drug-resistant (XDR), and totally drug-resistant (TDR) forms.

For WHO’s Global Framework for New TB Vaccines: Click Here

Facts for Prelims (FFP)

Source: IE

 Context: Climate change is having alarming effects on ecosystems and native species, according to a recent analysis published in the journal Nature Ecology & Evolution by the Chinese Academy of Sciences.

Key findings of the Study:

Non-native species tend to fare better than Native species under extreme weather events such as heat waves, cold spells, droughts, and floods.

Reason: This is because they often have high reproduction rates, adaptable behavior, and physiology, and a higher tolerance for disturbances. They can rapidly establish populations in new environments and thrive when native species are adversely affected.

Significance: Findings emphasize the need to protect and support the recovery of vulnerable native species in the face of climate-driven extreme events, esp. due to the significant economic and ecological impact of invasive species on ecosystems worldwide.

Facts for Prelims (FFP)

Source: TH

Mapping

Source: IE

Context: The Subansiri Lower Hydroelectric Project faced a setback when a landslide blocked the only functional diversion tunnel and stopped the flow of water downstream of the dam into the Subansiri River, a major tributary of the Brahmaputra

About Subansiri Lower Hydroelectric Project

It is a run-of-river dam that aims to generate 2,000 MW of power by harnessing the potential of the Subansiri River, which flows along the border of Arunachal Pradesh and Assam. It is India’s largest hydel project under construction.  The project is being executed by the National Hydroelectric Power Corporation (NHPC).

About Subansiri River

Subansiri  (518km) (also called “Gold River”) is a trans-Himalayan river and the largest tributary of the Upper Brahmaputra River. It flows into India through the Miri Hills of Arunachal Pradesh.

Prelims Links: