Here’s your scoop of attention-grabbing headlines from around the Indian startup ecosystem.
THERE IS SOMETHING FOR EVERYONE
The massive bailout package that the U.S. government passed last week to stave off an economic collapse from measures put in place to mitigate the spread of the COVID-19 epidemic is giving out billions to American small businesses. But startups that received venture capital money could be left out.
Dr Velumani A, the Founder of Mumbai-based diagnostics company Thyrocare, in conversation with YourStory, talks about the key challenges India is facing when it comes to testing for coronavirus and how we can collectively work to overcome them.
Practo said it had received requests from a large number of hospitals and clinics to make the online consultation services live for them, and that it was also reaching out to a lot of establishments so that they could continue providing consultations to their patients online.
The department for promotion of industry and internal trade and Startup India have launched a competition for budding entrepreneurs and companies to come out with innovative solutions to fight against COVID-19 crisis.
The Jack Ma Foundation and the Alibaba Foundation today announced donations of essential medical supplies to seven more countries, namely Azerbaijan, Bhutan, India, Kazakhstan, Kyrgyzstan, Uzbekistan and Vietnam.
The coronavirus crisis is not a solution to climate change, but there are many parallels between the two crises which governments can learn from, said the World Wide Fund for Nature (WWF) Singapore.
All India Manufacturers Organisation, (AIMO) an Apex trade body focused on the interests of the MSME sector endorsed that the Lockdown announced due to the Corona Virus was absolutely essential.
Critical support staff for IT includes employees who work on data-specific projects for healthcare, banking, insurance clients or workers working in highly secure work premises or employees who are termed as support staff that work in the security, facilities and housekeeping wings of the company
An estimate is the Centre could net Rs 1 lakh crore (post-devolution to states) via the scheme, which could have reduced the estimated net tax revenue shortfall of Rs 2.15 lakh crore in the current fiscal.
The Delhi government had last week asked hotels in Aero City, near the city’s international airport, to manage and accommodate incoming travellers who were asymptomatic of Covid-19 but required to be isolated as a precautionary measure.
Under such uncertain circumstances, most startups based out of India have been driving themselves into a deep pandemonium. However, with VC firms like ‘Venture Catalysts’, there’s some respite…
Banks have been asked to make available an additional 10% in funds over and above sanctioned working capital loans, but not exceeding 2 billion rupees per loan account as part of the emergency measures, a senior government official, who did not want to be named, said. India’s largest lender, State Bank of India, has already rolled out this emergency credit line.
Nearly half of India’s technology workers – estimated at 3 million – have already begun to work from home as social distancing becomes key to contain the spread of the outbreak. If employees continue to work from home for a few more months, IT companies are likely to conclude that 20-30% of their workforce can operate remotely, said Sridhar Mitta, founder of NextWealth Entrepreneurs.
ccording to Sanjeev Malhotra, CEO of NASSCOM- CoE For IoT & AI, he is currently building an innovation ecosystem for IoT & AI startups in India, working with large enterprises, SMEs, government and VCs.
It directed all the public and private entities to pay full salaries for contract and other employees that they employed for the entire duration of the lockdown period. The Secretariat staff would work in turns, in smaller chunks.
The spread of coronavirus in India as of March 19. India has tested some 14,175 people from 13,285 individuals as of March 19, a very small number compared to the possible threat of contagion in a country of 1.3 billion people.
Credit and Finance for MSMEs: The stand-up India scheme facilitates loans from Rs 10 lakh to Rs 1 crore to at least one SC/ST borrower and at least one woman borrower per bank branch of scheduled commercial banks for setting up their businesses
Kyte Tehcnologies Inc., which operates the small- and medium-enterprise-focussed financial technology firm Khatabook, has raised funding from former India cricket captain Mahendra Singh Dhoni.