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Innovation

Regulator Irdai has expanded the scope of regulatory sandbox framework to encourage proposals that foster innovation, improve efficiency and ease of doing business. The IRDAI (Regulatory Sandbox) Regulations, 2025 is now more of principle-based whereby operational aspects will be issued through a master circular, Insurance Regulatory and Development Authority of India (Irdai) said in a statement. "A notable addition is an enabling provision to file Inter-Regulatory Sandbox proposals, cutting across more than one financial sector," the regulator said. Regulatory sandbox usually refers to live testing of new products or services in a controlled/test regulatory environment for which regulators may (or may not) permit certain relaxations for the limited purpose of the testing. Further, regulations on maintenance of information by the regulated entities and sharing of information too have been consolidated by the regulator. The regulation mandates electronic record-keeping with robust

Updated On: 13 Jan 2025 | 8:02 PM IST
Bs_logoIrdai expands scope of regulatory sandbox framework to foster innovation

The fresh funds will be used for expansion into new territories, product innovation, and strengthening its supply chain infrastructure

Updated On: 09 Jan 2025 | 12:51 PM IST
Bs_logoBeyond Snack raises $8.3 million in series A round for expansion efforts

India has become a very important hub. But it's not the only hub for us to innovate, given our width of solutions

Updated On: 05 Jan 2025 | 11:55 PM IST
Bs_logoIndia is a great innovation hotspot for Lenovo: MD Shailendra Katyal

Jayabalan said the India GTDC is playing a crucial role for driving global innovations at the firm and the plan is to continue scaling up the centre both in terms of capacity and capabilities

Updated On: 16 Dec 2024 | 6:15 PM IST
Bs_logoOur India centre global innovation hub, not low-cost back office: Jayabalan

The Cabinet on Monday approved the continuation of Niti Aayog's flagship initiative Atal Innovation Mission (AIM), with an enhanced scope of work and allocated budget of Rs 2,750 crore, till March 31, 2028. According to an official statement, AIM 2.0 is a step towards Viksit Bharat that aims to expand, strengthen, and deepen India's already vibrant innovation and entrepreneurship ecosystem. The statement said while building on the accomplishments of AIM 1.0, such as Atal Tinkering Labs (ATL) and Atal Incubation Centers (AIC), AIM 2.0 marks a qualitative shift in the mission's approach. "Whereas AIM 1.0 involved implementing programmes that built new innovation infrastructure to strengthen India's then-nascent ecosystem, AIM 2.0 involves piloting new initiatives designed to fill gaps in the ecosystem and scaling successes through central and state governments, industry, academia and community," it added. AIM 2.0 is designed to strengthen India's innovation and entrepreneurship ...

Updated On: 25 Nov 2024 | 9:48 PM IST

They emphasised the need for collective innovation to build a robust infrastructure, including electrified buses and smart mobility solutions

Updated On: 20 Nov 2024 | 9:39 PM IST

India's global capability centres (GCCs) are projected to become a $100 billion industry by 2030, employing over 2.5 million professionals, according to industry data

Updated On: 20 Nov 2024 | 7:50 PM IST

India global leader in downloads for apps powered by AI, says company in annual ranking

Updated On: 19 Nov 2024 | 1:07 PM IST

During a panel discussion on young leadership at the 11th SBI Banking and Economics Conference, young CEOs explored strategies to future-proof Indian enterprises

Updated On: 18 Nov 2024 | 7:41 PM IST

BS BFSI Summit: While compliance requires significant investment, it does not impede industry progress, said CTOs and CEOs as they discussed the role of regulation in India

Updated On: 07 Nov 2024 | 7:20 PM IST

We have 50 different teams, each pursuing separate goals, which allows us to innovate and launch new products, said Shashank Kumar, co-founder and managing director of Razorpay, at the BFSI Summit

Updated On: 06 Nov 2024 | 7:34 PM IST

In the last four years, large Indian conglomerates like the Reliance Industries, the Adani Group, Dr Reddy's Laboratories (DRL), and Bank of Baroda have established GCCs locally

Updated On: 16 Oct 2024 | 1:25 PM IST

Ananya Narang discovered instead a virtual receptionist managing all guest services remotely, which she described as her own 'peak Bengaluru moment'

Updated On: 10 Oct 2024 | 2:25 PM IST

India also has its share of both large tech companies and large national laboratories, but why is it that these don't seem to be at the forefront of any innovation news headlines?

Updated On: 06 Oct 2024 | 10:10 PM IST

India climbed one place to 39th rank out of 133 economies in the Global Innovation Index (GII) 2024 rankings, according to a report by the Geneva-based World Intellectual Property Organization. Last year, the country was ranked 40th. "India rises to 39th position among 133 global economies in the Global Innovation Index 2024," Commerce and Industry Piyush Goyal said in a post on social media platform X. India's innovation landscape continues to flourish, powered by our innovators and entrepreneurs, he said. The consistent improvement in the GII ranking is owing to the knowledge capital, vibrant start-up ecosystem, and the amazing work done by the public and private research organisations. The GII is a reliable tool for governments across the world to assess the innovation-led social and economic changes in their respective countries. Switzerland, Sweden, the United States, Singapore and the United Kingdom are the world's most innovative economies, while China, Turkiye, India, Vie

Updated On: 26 Sep 2024 | 11:07 PM IST

Goa Chief Minister Pramod Sawant on Wednesday inaugurated the Goa University Research Park Unit (GURU) initiative under the UniGoa Knowledge and Innovation Foundation and distributed the sanction letters to teams under the Hand Holding and Start-Up Scheme 2023-24.Taking to social media platform X, Sawant informed that the GURU initiative had provided an investment of Rs 12.85 crore to establish state-of-the-art facilities and equipment to support young innovators.He further said that the initiative symbolises the knowledge and mentorship that will propel Goa's advancement in biotechnology, healthcare, information technology, and electronics innovation."I am glad to inaugurate the Goa University Research Park Unit--GURU (UniGoa Knowledge and Innovation Foundation) and distribute the sanction letters to teams under the Hand Holding & Start-Up Scheme 2023-24. The event was graced by the presence of Vice Chancellor Shri Harilal Menon, Education Secretary Shri Prasad Lolyekar, and ...

Updated On: 19 Sep 2024 | 6:56 AM IST

The success story of a few dozen firms could fire Indian industry to build proprietary technology and deploy it worldwide

Updated On: 19 Sep 2024 | 12:06 AM IST