Tag: Amitabh Kant

Civil aviation ministry may begin registration process for drones soon, says DIPP joint secretary Anil Aggarwal

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Unmanned Aircraft Systems (UAS) or drones as they are popularly called are a $1 billion opportunity for India by 2023 and the civil aviation ministry is likely to begin the registration process for drones soon, said Department of Industrial Policy & Promotion’s joint secretary Anil Aggarwal at an industry event in New Delhi.

He added that the the policy is going to be comprehensive while “we (India) must have the capabilities of designing and manufacturing so that the IP stays with us.”

“We need regulations for usage of drones in terms of altitude, endurance and categorisation,” he said.

Amitabh Kant, CEO, NITI Aayog said drones have the potential to transform many sectors and modernise India rapidly. He said, “Drones are going to replace 80 percent of the operations presently carried out by the manned aircraft.”

“Indian market for UAS will be $50 billion over the next 15 years. India must realise the full potential of this technology and leverage it as a powerful tool not only for the security and safety, good governance, increased productivity, but also to encourage consumer in commercial applications to develop a sophisticated UAS industry sector and make a new India by 2022,” he said.

Kant recommended that the UAS sector must aggregate the demand and push for make in India while the country should aspire to be a global hub for design, development and manufacture for all types of UAS.

He said, “The regulatory framework for opening up UAS operations for civil and commercial services be promulgated early in line with the global best practices.”

Rahul Chaudhary, chair, FICCI Homeland Security Committee and former CEO, Tata Power SED said, “The Indian UAV market is projected to grow at a CAGR of 18%.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Bank will bounce back from fraud impact in 6 months, says PNB chief

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

State-run Punjab National Bank (PNB) said on Tuesday that it will recover from the impact of the recent fraud in six months’ time and is actively working to improve its internal systems by incorporating analytics and artificial intelligence (AI), as Niti Aayog CEO Amitabh Kant ruled out privatisation of banks.

According to a PNB release, at the bank’s circle heads’ conference in New Delhi, PNB Chief Executive Sunil Mehta said the bank has strengthened the process of credit underwriting “to wean out any possibility of fraudulent behaviour and ensure a fair evaluation”.

In February, PNB reported the Rs 13,000 crore fraud committed by the accused diamantaire Nirav Modi and his uncle Mehul Choksi — both of whom are on the run.

“Every threat is an opportunity and PNB has the capability and capacity to come out of this situation. It will bounce back in six months,” Mehta said in his address, according to the statement.

“Over the past few months, PNB has been actively working towards improving internal systems by incorporating analytics and AI for reconciliation of accounts.

“With the help of third-party analytics, PNB will get access to contact information of PNB defaulters who have good credit record with other lenders and identify and automate profitable lending strategies and minimize credit and fraud risk,” he said.

Amitabh Kant said in his address that the government is not interested in privatising public sector banks (PSBs) and that the bigger challenge for PSBs is the advent of new players and increased competition.

According to the statement, he said: “My message to PNB is to stay determined, recognize gaps, recapitalize, resolve and reform.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow