Category Archives: Business

Odisha: Bhubaneswar Hosts Seminar on “Mission 1000 Startups”

Bhubaneswar: On the sidelines of MSME Trade Fair-2017 and Entrepreneurship Week being held here between March 5 to 11 in Bhubaneswar, a seminar session on “Mission 1000 Startups” was held today at the Conference Hall of IDCO Exhibition Ground. L.N. Gupta, IAS, Principal Secretary, MSME highlighted the implementation of the Startup Policy and also outlined the measures and events planned to encourage more and more startups and foster a culture of entrepreneurship in the state. He stated that we are working on sustained basis to achieve the ’Mission 1000 Startups’ by 2020.

Inaugurating the Seminar, Subroto Bagchi, Chairman, Odisha Skill Development Authority congratulated the Team Startup Odisha for the outstanding efforts toward promotion of Startup eco-system in the state. He identified the main traits of an entrepreneur and described him as someone, who has fire in the belly, courage and patience. He should have self-belief, independent thinking to serve customers, hardworking attitude, flexibility to improvise, and the ability to keep their ego aside for the sake of their business. He advised all the budding entrepreneurs to select their domain carefully, choose their tools suitably, follow appropriate methodology and should remain focussed on quality of their product or services.

Vikas Bali, MD, Intellecap said to have funded over USD 600 million across countries, including Milk Mantra in Odisha. Under the programme “Sankalp”, they have been assisting social enterprises in India, Indonesia and Kenya. He added that they search, seed, support and scale up early stage social enterprises. As regards Odisha, he announced that the Startups, who get registered under the Odisha Startup Policy, will be provided access to their virtual incubator namely, “Startup Wave”. He also announced that the best 5 Startups, who qualify for product/marketing assistance under the Odisha Startup Policy, will get focused mentoring by the Intellecap team.

Amit Singh, Co-Founder & M.D., Headstart, one of the largest grass root level organisations, supporting entrepreneurship and startups in the country, announced opening of their Headstart Entrepreneurship Chapter in Odisha during this month. Through this chapter, they would be mentoring entrepreneurs across the state. He mentioned that every year 25,000 entrepreneurs are benefitting from their services. Omkar Rai, DG, STPI said that the largest number of STPI Centres are existing in Odisha, which are in Bhubaneswar, Berhampur and Rourkela. Further, they intend opening 4 new Centres. He suggested that MSMEs and startups working in the IT and electronics sector can avail funding under the Electronic development fund of the Government of India. He assured to work closely with Govt. of Odisha to strengthen the Startup eco-system in the state.  Manish Kumar, an IITian turned Researcher-cum-Entrepreneur, who is running an organisation ‘Back 2 Village’ and working mostly on promotion of agriculture in Mayurbhanj district of Odisha, articulated his long journey as an entrepreneur and how he has enjoyed the oil that goes with it. ‘Back 2 Village’ is engaging farmers in Mayurbhanj towards adoption of best farming practices as well as assisting them towards market linkage.

LPG Customers to get a Discount for On-Line Payment of Refill Cylinders

New Delhi: The Oil Marketing Companies, IndianOil, BPCL and HPCL offer a discount of Rs 5/- on every LPG refill to all LPG customers who will book and pay for their LPG cylinders online. Customers can make payment through existing online modes such as net banking, credit and debit cards at the time of web-booking their refills.

According to the ministry customers will get the discounted amount displayed on their screens on the net amount refill RSP minus (-) incentive amount of Rs.5/- which they need to pay for their refill transactions. The net discounted amount will also be shown on the cash memo accompanying the home-delivery of the LPG cylinder.

The Oil Marketing Companies aim to encourage consumers to increasingly shift to such payment modes through digital platforms to achieve the objective of no-cash or less-cash based transactions. The incentive will encourage more and more LPG consumers to go for cashless mode transactions.

195 Apartments to be Demolished in Bhubaneswar Informs Urban Development Minister

Bhubaneswar: In a written reply in the Odisha State Assembly Urban Development minister, Pushpendra Singhdeo on Friday informed that as many as 195 illegal apartments in State Capital Bhubaneswar will be demolished.

In the detailed reply the minister has informed that 1415 apartments and high rises have been approved by the Bhubaneswar Development Authority (BDA) within the Bhubaneswar municipality area. He has further stated that out of these apartments, BDA has identified 583 apartments to have been constructed illegally and of them orders have been issued to demolish 195 such apartments.

State Government Undertakes Credit Rating of AMRUT Mission Cities in Odisha

Bhubaneswar: The Credit Rating process for the first time was carried out in the 9 Atal Mission for Rejuvenation and Urban Transformation (AMRUT) cities of Odisha to assess the creditworthiness and how to improve the status by overcoming the deficiencies so that a potential investor have confidence in making long term investment.

Since Urban Local Bodies (ULBs) plays a critical role in the delivery of social, economic and infrastructure services including public health, sanitation, water supply, and maintenance of road networks such credit rating processes have become necessary to eliminate deficit in the delivery of various services. The rapid pace of urbanization over the last few decades has led to an increasing pressure on ULBs to ensure adequacy of the above services. Considering the current level of urban infrastructure and sharp increase in urban population, the need for strengthening and augmenting urban infrastructure becomes critical and requiring a large amount of investment.

The population of more than 1 lakh was in consideration for the rating and 9 cities of Odisha which include Bhubaneswar, Cuttack, Berhampur, Sambalpur, Rourkela, Puri, Balasore, Baripada and Bhadrak were included under the AMRUT Mission which requires large amount of investment in infrastructure development. In order to raise the fund by issuing Municipal Bonds from the open market the Credit Rating process was initiated in these cities.

The Credit Rating of Urban Local Body (ULB) is a comprehensive tool for assessment of creditworthiness and reliability of its debt obligations and also allows the rated city to show potential investors to make long term investment.

According to sources, in order to determine the credit worthiness of the ULBs of AMRUT Mission Cities of Odisha, 2 Credit Rating agencies were engaged in all the 8 AMRUT cities. In package 1 for the cities Rourkela, Berhampur, Sambalpur and Puri, ICRA Limited was engaged as the credit rating agency while in Package-2 for the cities of Cuttack, Balasore, Baripada and Bhadrak, Brickwork Ratings India Private Limited was appointed Credit Rating agency.

Sources also revealed that the final Credit Rating report has already been received for 7 cities by the Government. As per the report received by the Housing & Urban Development Department rating for Rourkela Municipal Corporation is IrBB. Similarly the ratings of Sambalpur Municipal Corporation, Berhampur Municipal Corporation, Puri Municipality, Balesore Municipality, Baripada Municipality and Bhadrak Municipality are IrBB-, IrBB, IrB+, BWR B+, BWR B+, BWR B respectively.

Now necessary steps will be taken in the Urban Local Bodies level to improve the creditworthiness so that in long runs funds can be raised by issuing Municipal Bonds, sources added.

The final Credit Rating for Cuttack is expected to be submitted by the mid of December 2016. For selection of Credit Rating Process for Bhubaneswar Municipal Corporation is in progress.

The Credit Rating of Bhubaneswar City was made under the JnNURM scheme in 2013, where the city rating was BBB as stated by Housing & Urban Development Department.

Toll Collection to Resume on National Highways from Midnight Dec 2

  • Old Rs 500 notes to be accepted till midnight of December 15, but only for purchase of FASTags and where toll fee exceeds Rs 200. 

  • Highway users being encouraged to carry adequate change , make use of electronic payment systems 

New Delhi: According to a press briefing by the union government the collection of toll at all Toll Plazas on National Highways across the country will resume from the midnight of 2nd December, 2016. The Government is taking several steps to ensure smooth movement of traffic along the highways.

All Toll Plazas have been equipped with adequate numbers of POS (Swipe machines) through which people can make payments using their credit or debit cards. Toll fee can also be paid through pre-paid instruments (electronic wallets)

In addition to the above electronic payment methods, the Government is also encouraging people to buy the RFID based FASTags introduced by the Ministry of Road Transport and Highways to enable cashless payments at Toll Plazas. The FASTags can be stuck on to the windshield of the vehicle, and toll payments are made directly from the pre-paid account linked to it. Arrangements for sale of the FASTags are also being made at selected Toll Fee Plazas. The immediate use of FASTags will entail a 10 percent discount on the toll fee, in addition to faster movement through dedicated lanes at the Toll Plazas.

As for making cash payments, the highway users are being requested to carry adequate change with them to avoid delay. The old Rs 500 notes will be accepted till the midnight of December 15, but this will only be for purchasing FASTags and for making toll payments of more than Rs 200.

Officers and representatives of the National Highways Authority of India are being deployed at all Toll Plazas to ensure smooth operations. Their contact details will be displayed at the Toll Plazas.