Neerav Modi is having only one passport : MEA

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  • MEA spokesperson Raveesh Kumar sought to put the speculation to rest by stating that every time a fresh passport was issued to Modi, his previous passport was “physically” cancelled
  • Official sources here said that there’s not much the ministry can do until the agencies are able to establish Modi’s precise location

 

 

NEW DELHI: The external affairs ministry broke its silence on Thursday over the issue of Nirav Modi saying that at no stage did the fugitive scamster hold more than one valid passport.

While it has been widely reported that Modi held 6 passports, MEA spokesperson Ravees Kumar sought to put the speculation to rest by stating that every time a fresh passport was issued to Modi, his previous passport was “physically” cancelled.

TOI had first reported on Wednesday that MEA had written to select European countries asking them to help India trace Modi and that the diamond trader held only one valid passport at a time.

Apart from the point about the passport, Kumar made the following 3 points in an official briefing. First, all Indian missions were informed about the revocation of Modi’s passport in February and that the Indian envoys conveyed the same to the respective countries they were serving in.

Second, a fresh communication has now been sent to a select group of countries, asking them to help locate Modi and deny him entry into their territory. “We have asked them to inform us if they find him living in their country,” said Kumar.

Third, the foreign ministry has so far not received any extradition request for Modi from the agencies involved in investigating the financial fraud case against Modi.

While a Mumbai court this week was reported to have allowed ED to initiate extradition proceedings, the investigating agency has not yet approached MEA for the same. The fact that MEA has written to several countries including Belgium, France and UK suggests that the government is not yet sure about Modi’s exact location.

The ministry was compelled to go public with its position after reports emerged, mostly attributed to anonymous sources in investigating agencies, suggesting that MEA had not taken enough follow-up action to strengthen CBI’s attempts to track Modi down.

Official sources here said that there’s not much the ministry can do until the agencies are able to establish Modi’s precise location. The Interpol is yet to issue a Red Corner Notice (RCN) for Modi as it apparently believes that all legal formalities for the same have not yet been completed.

The “diffusion” notice from Interpol, according to senior government sources, is not enough to get western European countries like Belgium, France or UK to detain him.

A “diffusion” is less formal than an RCN and clearly not taken as seriously as the latter. While Interpol “publishes” RCN and also alerts cops all over the world about it, Diffusion is circulated directly by the Interpol nodal agency in a member country to any other member country of its choice or to “the entire Interpol membership” . For Interpol to issue RCN, it’s important that all legal requirements are met.

Rupee crashes to lifetime low of 69 per dollar

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A question raised today, now that the rupee has crossed the 69 level, is as to where can it go? The answer is that no one really knows, as there have been too many things happening that go beyond the realm of fundamentals. Normally when the rupee falls at a rapid pace, it is conjectured that it would continue to fall and new psychological levels are accordingly fixed.

Touching 69 invariably has the market talking of 70. This is because we tend to make what in economics is called ‘adaptive expectations’. But as has been seen in the past, the Reserve Bank of India (RBI) can make a big difference in terms of intervening in the market, which then changes things quite appreciably and often there can be a reversal in direction.

Why has the rupee fallen? There are two standard sets of reasons for the same with each one reinforcing the other. These are witnessed even today. The market sentiment actually drives the rupee on a daily basis. Here the causes have strengthened this week.

First, the trade war between the US and China seems to be escalating in terms of decibels though the exact tariffs and restrictive procedures are less severe. But this is good to spook the market. Second, the recent decision of the OPEC to increase output has been interpreted as being a damp squib as the amount is too low to make a difference. The market now realises that what has been proposed touches the periphery and not the core. Therefore, Brent is back to the happy hunting days of $77-78 a barrel.

Third, US sanctions on Iran are escalating. As India imports oil from Iran, the panic is palpable even though closure of this market will bring about substitution with other countries. But the fact that a part of such imports is in oil is good enough to keep the market jittery.

Fourth, added to these factors is the realisation that interest rates in the US will increase, which means that there will be less capital flows to India. This makes the scene even messier. Last, the signals from RBI are awaited. Will the RBI do or not do? Yes, this is critical in the market as it always believes that the RBI will intervene in the market by selling dollars or through banks like the SBI in case things are moving away from fundamentals. As long as the RBI does not say anything or does not intervene in the market, it means that things are fine. Therefore, the rupee will go below further.

In such a situation, the fundamentals also get supportive. Exporters would prefer to hold back their dollar earnings hoping to reap a higher conversion rate that lowers the supply of dollars. Importers will rush for purchases of dollars – especially the oil companies, which in turn will add to demand for forex. This makes the fundamentals weaker, which support further deprecation. This is the usual story of the decline of the rupee which is being played out again.

The fundamentals are tending to show signs of fissures. The trade balance is widening and will do so further in case oil remains where it is. The CAD came in higher for FY18 and the belief is that it will be pressurised further this year due to these developments. Add to this the FPIs that were the favourites of the markets. They are in the withdrawal mode and in the last three months have been negative. This tilts the fundamentals in favour of a weaker rupee. which is being witnessed today.

The RBI has to step in now and send signals. Otherwise the assumption will be that a weaker rupee is acceptable as it provides a boost to exports. But beyond a limit, the inflation consequences are scary. Inflation is already moving up and a weaker rupee combined with a trade deficit means that imported inflation increases further. While one cannot predict food prices, the non-food component has been rising in the last 12 months and this can be the proverbial last straw. Therefore, there has to be some control over the depreciation. This is something which the RBI has to decide and it would have to assess the component of the depreciation which is not related to the fundamentals that are weakening.

The external account has been a strong point for us in the last three years mainly owing to the oil factor and relative peaceful geo-political relations. The advent of Donald Trump and other developments has made the global economic situation more volatile and the equations have changed. That is why the currency will cease to be stable, and forex reserves that were assiduously built up will now become a war chest where withdrawals can be expected to maintain stability in the market.

HAL’s ‘high bill’ for Tejas Mark1A a matter of concern

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Concerned about the price for an indigenous fighter jet, which the government has been keen to promote under Make in India scheme, the committee set up by the Defence Ministry will look into the pricing of military equipment manufactured by defence PSUs.

The euphoria within the defence establishment over the induction of the first indigenous Light Combat Aircraft into the IAF appears to have subsided with the Defence Ministry forming a committee to look into the “high price” demanded by Bengaluru-based public sector manufacturer, Hindustan Aeronautics Limited (HAL), for Tejas Mark1A.

Sources told newsmen that in response to a request for a proposal for 83 Tejas Mark1A fighter jets issued by the IAF in December last year, HAL quoted a price of Rs 463 crore per jet in April. This raised eyebrows in the government, sources said, as the price compared unfavourably even with more modern foreign fighters. “The HAL supplies the more modern Russian Sukhoi fighter, which it assembles at Nashik, at Rs 415 crore. The Russians supply it at Rs 330 crore. The Swedish Gripen was offered to us for Rs 455 crore, and F-16 for Rs 380 crore, and both were to be made in India. The HAL itself gave us Tejas Mark1 at Rs 100 crore less. This price for an improved version seems high,” sources said.

 

Concerned about the price for an indigenous fighter jet, which the government has been keen to promote under Make in India scheme, the committee set up by the Defence Ministry will look into the pricing of military equipment manufactured by defence PSUs. The committee is headed by Principal Advisor (Cost) in the ministry and is likely to submit its report in the next few weeks.

Once the committee submits its report, the ministry will form a commercial negotiations committee (CNC) to bring down HAL’s price for the jet. The contract for 83 jets, sources said, will take another year before it is finally signed.

According to sources, the Defence Ministry is also concerned about the delay in supply of the existing order of the first lot of 40 Tejas fighter jets. In last three years, only nine fighter jets in Initial Operational Clearance (IOC) mode were supplied against an order of 20. The order for another 20 Tejas jets in Final Operational Clearance (FOC) has not even begun, as the FOC has not yet been attained by the aircraft. The ministry has also agreed that the HAL will supply eight trainer aircraft out of 40, after the 36 Tejas Mark1 have been supplied. “The idea was that HAL will produce 18 Tejas fighters every year. That is the only way we can provide IAF to make up its numbers as its older fighters go out of service. But there has been a delay and we are in touch with HAL about it,” sources said.

 

The ministry had also asked IAF about allegations that it had made constant changes in ASQR (Air Staff Quality Requirements), which could have led to the delay. They found that there have been no changes in the ASQR of Tejas Mark1A, since it was first formalised in 2014. Even in the case of Tejas Mark1, the IAF had given 135 concessions on the ASQR to HAL.

“We were somewhat surprised to learn that contrary to the impression, there have been no changes in the requirements given by the IAF, except for items which had reached obsolescence. Mark1 had no Electronic Warfare capability and before Mark2 could be produced, Mark1A is meant to fill up that gap. Those were not additional requirements added later, but formulated in 2014 itself when HAL offered Mark1A,” sources explained.

The problem, sources said, are mainly of coordination and ownership of the Tejas project between the HAL, IAF and Aeronautical Development Authority (ADA). Borrowing from the successful Navy model of indigenous defence production, ministry is now asking for a senior member of IAF on the board of HAL for greater coordination.

The Tejas indigenous fighter project was first conceived in 1984, benchmarked against the Mirage2000, with a view to replace IAF’s ageing Mig21 fleet. The order for first 20 Tejas Mark1 (IOC) was placed in 2006, and the jet inducted in the IAF in 2016.

बीते 28 दिनों में पेट्रोल हुआ 3.03 और डीजल 3.12 रूपये सस्ता

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नई दिल्ली :

पेट्रोल-डीजल के दामों में 28वें दिन भी कटौती की गई. मंगलवार को भी पेट्रोल-डीजल के रेट में आम आदमी को राहत दी गई. तेल कंपनियों ने देश के चार महानगरों में पेट्रोल पर 14 से 18 पैसे प्रति लीटर तक की कटौती हुई. वहीं, डीजल में 10 से 12 पैसे की कटौती की गई. लगातार 28 वें दिन पेट्रोल और डीजल की कीमत में कटौती से आम आदमी को धीरे-धीरे राहत मिल रही है. हालांकि यह राहत नाकाफी है. पिछले 28 दिन में चेन्नई में पेट्रोल 3.03 रुपये और मुंबई में 3.12 रुपये सस्ता हुआ है.

कर्नाटक चुनाव परिणाम के बाद 30 मई से पेट्रोल-डीजल के दाम में कटौती शुरू हुई थी. हालांकि, बीच में कई दिन पेट्रोल-डीजल की कीमतों में कोई परिवर्तन नहीं हुआ. लेकिन, 28वें दिन तक पेट्रोल करीब 3 रुपये तक सस्ता हो गया है. राजधानी दिल्ली में पेट्रोल की कीमत में मंगलवार को 14 से 18 पैसे की कौति की गई. वहीं, डीजल पर भी 10 से 12 पैसे कम हुए. दिल्ली में मंगलवार को पेट्रोल 75.55 रुपये प्रति लीटर और डीजल 67.38 रुपये प्रति लीटर हैं.

26 जून को दिल्ली और कोलकाता में 14 पैसे, मुंबई में 18 पैसे और चेन्नई में 15 पैसे प्रति लीटर की कटौती की गई. इसी तरह डीजल के रेट में दिल्ली, चेन्नई और कोलकाता में 10 पैसे प्रति लीटर और मुंबई में 12 पैसे प्रति लीटर की कटौती की गई. अभी भी मुंबई में पेट्रोल 83.12 प्रति लीटर और डीजल 71.52 रुपये प्रति लीटर के स्तर पर बिक रहा है.

4 महानगरों में पेट्रोल की कीमत

29 मई 26 जून
दिल्ली 78.43 रुपये 75.55 रुपये
कोलकाता 81.06 रुपये 78.23 रुपये
मुंबई 86.24 रुपये 83.12 रुपये
चेन्नई 81.43 रुपये 78.40 रुपये

28 दिन में 3 रुपये तक सस्ता हुआ पेट्रोल
30 मई के बाद से पेट्रोल-डीजल की कीमतों में तेल कंपनियां कटौती हो रही है. पिछले 28 दिन में पेट्रोल तीन रुपये तक सस्ता हुआ है. वहीं, डीजल में 2 रुपये से ज्यादा की गिरावट आई है. अंतरराष्ट्रीय बाजार में कच्चे तेल की गिरती कीमतों का फायदा मिला है. इससे पहले में क्रूड की कीमतों में उछाल से पिछले महीने पेट्रोल की कीमतें 80 रुपए प्रति लीटर तक पहुंच गई थीं. कच्चे तेल की कीमतों में 6 डॉलर प्रति बैरल से ज्यादा कमी आ चुकी है.

4 महानगरों में डीजल की कीमत

29 मई 26 जून
दिल्ली 69.31 रुपये 67.38 रुपये
कोलकाता 71.86 रुपये 69.93 रुपये
मुंबई 73.79 रुपये 71.52 रुपये
चेन्नई 73.18 रुपये 71.12 रुपये

 

Vijay Mallya, a ‘fugitive economic offender’ seeks Settlement

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Vijay Mallya offers to sell assets to repay bank loans, says he has become ‘poster boy’ of default

Liquor baron Vijay Mallya Tuesday issued a statement saying he “will continue to make every effort to settle with the public sector banks” adding that the bulk of the claims of the PSBs were on account of interest and that he was being made a “Poster Boy” of bank default and a “lightning rod of public anger”.

Mallya’s statement comes after the Enforcement Directorate last week filed an application before a special court in Mumbai seeking to declare Vijay Mallya, a ‘fugitive economic offender’, under the recently promulgated Fugitive Economic Offenders Ordinance, 2018. Under its provisions, the ED has sought an order for confiscating all Mallya’s properties including those indirectly controlled by him, even before the trial begins against him. This is the first application in the country under the Ordinance so far.

In London, where Mallya currently lives, a lower court is likely to deliver its verdict on the extradition plea on July 31.

Mallya, in his statement, said that along with United Breweries Holdings Limited (UB Group) he has filed an application before the Karnataka High Court on June 22 to sell assets worth about Rs 139 billion. He said he requested court permission to allow the sell of the assets under judicial supervision and repay creditors, including PSBs. Mallya also shared letters he wrote to then Finance Minister Arun Jaitley and Prime Minister  Narendra Modi in April 2016.

Mallya has been facing investigation for alleged siphoning and diversion of funds granted as loans to Kingfisher Airlines. The ED claims that in the guise of lease rental payments for aircraft and misrepresentation before banks for payments towards ground handling of airlines, loan money was used for his personal benefits including diversion of money for his Indian Premier League cricket team. The ED has told the court that the extradition hearings against Mallya are being heard before a London court. The court is still to hear and decide on the application.

Nirav yet to be red cornered

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Nirav Modi – PNB fraud case: The ED has filed a prosecution complaint against Nirav Modi and a non-bailable warrant has also been issued against him. The agency had sent a request for an RCN against Modi, but the Interpol is yet to issue this.

While the Interpol is yet to issue a Red Corner Notice (RCN) against absconding jeweller Nirav Modi, the Enforcement Directorate (ED) moved a Mumbai special court on Monday, seeking his extradition from the UK and Hong Kong.

Modi is currently reported to be in Belgium, where he is said to have fled from the UK on June 12. Confirming that an application was filed before the special court designated under the Prevention of Money Laundering Act (PMLA) on Monday afternoon, Special Public Prosecutor Hiten Venegaonkar, who represented the ED, said: “We have sought permission from the court to seek extradition of Nirav Modi, who is an absconding accused in the case. The application seeks for him to be extradited from the UK.”

A senior ED official, however, said the application also mentions Hong Kong. “Also, we have kept our application open-ended. On Tuesday, when it is heard in the court, we may add names of more countries,” he said.

The ED has filed a prosecution complaint against Modi and a non-bailable warrant has also been issued against him. The agency had sent a request for an RCN against Modi, but the Interpol is yet to issue this.

Earlier, the CBI, ED, and Ministry of External Affairs (MEA) had discussed that extradition requests should be sent only after an RCN is issued against Modi, as he is constantly on the move. If an RCN is issued, it would restrict him to the country where the extradition request is sent.

However, ED sources said, in the face of delay by the Interpol to issue an RCN against Modi, the agency has been considering sending extradition requests to multiple countries where Modi could go.

The issue, sources said, was discussed with the authorities in the UK, who said London would entertain the request if it came through a court, even without an RCN. It was, however, underscored that Modi was not present in the country.

Notably, the extradition request against liquor baron Vijay Mallya was sent to the UK without an RCN being issued. The extradition case against Mallya is currently in the final stages at the Westminster Court in London. Modi and his uncle, Mehul Choksi, are key accused in the Rs 13,000 crore Punjab National Bank (PNB) scam.

Sadguru replaces Ramdev as BSF wants no business

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Jaggi Vasudev – Ramdev

 

 

Over the last two years, the yoga quest of India’s armed forces appears to have changed direction. Apart from the BSF, the Isha Foundation is now imparting yoga training to CRPF, CISF, Coast Guard and the Army.

TWO YEARS ago, a BSF contingent trained by Baba Ramdev was adjudged the best group by the Ministry of Ayush at an event on June 21 to mark the second International Yoga Day. Soon, the force replaced its traditional PT routine with yoga and sent its troops to Ramdev’s Patanjali Yogpeeth in Haridwar for training. By early 2017, Ramdev opened a Patanjali store at the BSF Headquarters in the National Capital.

A year later, the BSF team topped the event once again. But this time, the trainers were from Sadhguru Jaggi Vasudev’s Isha Foundation. Last Thursday, too, the BSF teamed up with Isha Foundation for the latest edition of yoga day.

Over the last two years, the yoga quest of India’s armed forces appears to have changed direction.

Apart from the BSF, the Isha Foundation is now imparting yoga training to CRPF, CISF, Coast Guard and the Army. So much so, Jaggi Vasudev personally trained and practiced yoga with 250 Armymen at the Siachen Base camp this International Yoga Day.When contacted by The Indian Express, BSF DG K K Sharma said Baba Ramdev had trained 4,000 personnel since 2016 but the force does not utilise his services now.

“We have no association with Baba Ramdev anymore. He was the first to contact us and used to hold sessions with our field units earlier. We got our first batch trained by him at Patanjali Yogpeeth. We have no exclusive contract with anyone, that I will only do with Baba Ramdev. Later, many other people contacted us saying they offer ‘such and such’ services. Sadhguru’s system is also a type of yoga. There is a capsule course of Sadhguru, related to pranayam and meditation, that our officers avail of,” Sharma said.

Baba Ramdev and Patanjali Yogpeeth did not respond to a questionnaire sent to the organisation’s official spokesperson. The organisation did not respond to calls and text messages from The Indian Express seeking comment.

According to Isha Foundation, its association with the BSF began in 2017. “During a conversation with BSF senior officials in June 2017, Sadhguru offered to create a special training module for the security forces, which would empower and equip soldiers to better handle the strain of serving in some of the most challenging situations. The sessions for BSF personnel began after this,” an Isha Foundation spokesperson said.

According to the Foundation, various forces, including the BSF, are offered processes such as Upa-Yoga and Angamardana, which will complement and support their physical training, and Surya Kriya and Hatha Yoga, which will create balance and stability on the physical, mental, emotional and energy level.

“Three ‘Train the Trainer’ sessions for about 300 BSF personnel have been conducted. One Inner Engineering programme has been conducted for senior BSF personnel. BSF also nominates some of its personnel for ongoing Inner Engineering programmes,” the spokesperson said.

All of it, says the Foundation, is for free. BSF DG Sharma, however, said the force pays “a nominal fee, which is much lower than what others are charged” to meet expenses related to stay of trainees and trainers and other facilities.

While the Isha Foundation claims to have “specially designed modules for soldiers”, Sharma says his forces “consider all very good”.

Apart from the Isha Foundation, the BSF is also training with Swami Vivekananda Yoga Anusandhana Samsthana (S-Vyasa) in Bengaluru. They offer disease-centric yoga practices, Sharma said.

“It is not possible for any one single entity to service such a huge force. Both Ramdev and Sadhguru have different styles. One focuses on purely physical aspect and pranayam of yoga. Jaggi has a different clientele. He speaks English. He focuses on Rajyoga, managing yourself mentally. What he calls inner engineering,” said Sharma.

Jaggi Vasudev, incidentally, has been increasingly supportive of the ruling establishment over the last two years, including on contentious issues such as demonetisation and the national anthem.

INDO-US strategic clinchs even more tighter

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  • The UPA had stonewalled attempts by the US to ink the three so-called “foundational military agreements” during its 10-year tenure on the ground that it would “compromise the strategic autonomy” of India
  • The NDA govt inked the first one on reciprocal logistics support – Logistics Exchange Memorandum of Agreement with India-specific safeguards in 2016

The strategic clinch with the US is set to get even tighter, with India signalling its readiness to ink two more bilateral military pacts, procure helicopters worth $3 billion and participate in a joint tri-Service amphibious exercise for the first time.
Top government sources said “substantial progress” had been made towards finalising the Communications, Compatibility and Security Arrangement (COMCASA) and the Basic Exchange and Cooperation Agreement for Geo-Spatial Cooperation (BECA) between the two countries.

The previous UPA regime had stonewalled all attempts by the US to ink the three so-called “foundational military agreements” during its 10-year tenure on the ground that it would “compromise the strategic autonomy” of India. But the NDA government went ahead and inked the first one on reciprocal logistics support – Logistics Exchange Memorandum of Agreement (LEMOA) – with India-specific safeguards in 2016.

Now, the stage is being set for the other two, COMCASA and BECA, which the US contends will allow India more access to advanced military technologies and platforms with encrypted communications like Predator-B and MQ-9 Reaper drones, as was earlier reported by TOI.

“The broad contours of COMCASA have been finalised… only some text-based negotiations are left. The BECA draft is also under discussion. We have insisted on India-specific assurances, much like what was done in LEMOA, and a status on par with the US’s closest allies,” said a source.

This comes ahead of the first India-US ‘two-plus-two’ dialogue between foreign minister Sushma Swaraj and defence minister Nirmala Sitharaman with their American counterparts, Mike Pompeo and Jim Mattis, in Washington on July 6.

Sources said the two countries had also decided to hold their first-ever mega tri-Service amphibious exercise to supplement the flurry of war games they already hold every year from the top-notch naval Malabar (with Japan as the third participant) to the counter-terror Vajra Prahar and Yudh Abhyas between their armies.

This will be only the second time that India will deploy assets and manpower from its Army, Navy and IAF together for an exercise with a foreign country, after the Indra war games with Russia in Vladivostok last year.

Ensured “14% girls in every programme” IIT JEE got 14 girls in top 500

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IIT-Pune

 

A mere fourteen girls have made the cut to the top 500 ranks of the IIT-JEE Advanced exam, underscoring the gender divide in technical education at the elite IITs. The number of females rises to just 46 even when the list is expanded to the top 1,000 scorers (there were 68 girls on that list last year).

However, under the HRD ministry’s gender diversity plan, at least 8% more seats (800 in all) will be added to IITs this year to accommodate more girls, thus enhancing female representation in popular streams like computer science and electrical engineering. The seven older IITs will have 3% girls in computer science with the female-only seats.

IIT – Kanpur

Data from IIT-Kanpur shows 3,000-odd girls have been shortlisted by the Joint Admission Board from the top 24,500 ranks. Among the top 5,000 students, there are 410 girls, and in the top 10,000 ranks of the common rank list, there are 935 of them. Excluding the girls-only quota, the 23 IITs have 11,279 seats; the number of girls in the top 12,000 are about 1,202.

JEE chairman pointed out that mandatory reservation and addition of seats for girls was to ensure “14% girls in every programme”.

According to the IITs, female candidates are eligible for a seat from the female-only pool as well as the gender-neutral pool of a program. A female candidate will compete for a seat in the gender-neutral pool only if she fails to get a seat from the female-only pool.

IIT-Bihar

“But if you see the number of female candidates in the top ranks, they are very few and most will opt for the female-only pool to get into a popular course and a better institute,” said a faculty member from IIT Bombay.

Under business rules set by the IIT for seat allocation, the 800-odd seats for females will also follow reservation norms. For example, consider an OBC-NCL female candidate with a general rank. She will be first considered for a seat from the female-only pool of general seats followed by the gender-neutral pool of general seats for that program. If she does not make it, she will be eligible under the OBC category.

Several attempts have been made in the past to ensure a larger share of girls at the IITs. Even the admission form’s cost was reduced on the C N R Rao committee’s recommendations. But that did not boost the numbers.

Next year, according to the decision of the Joint Admission Board, more seats would be added to ensure that girls constitute 17% of total students. By 2020, the ministry aims to increase percentage of girl students at IITs to 20.

PU student wins Rs. 50 Lacs from BIRAC as Biotechnology Ignition grant

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Panjab University, Chandigarh, student wins 50 lacs from BIRAC (Biotechnology Industry Research Assistance Council) as a Biotechnology Ignition grant to carry out innovation.

 BIRAC is a new industry-academia interface and implements its mandate through a wide range of impact initiatives, providing funding, technology transfer, IP management and handholding schemes that help bring innovation excellence to the biotech firms and make them globally competitive.

        The Biotechnology Ignition Grant (BIG) scheme is for potential entrepreneurs from Academia, start-ups or an Incubatee (Researchers, PhDs, Medical degree holders, Biomedical Engg. Graduates) who have an exciting idea which may be in the nascent and planning stage and there is an unmet need for mentorship and initial funding.

 The PU Project to develop enzyme sachet named “Novice Zyme 001-A closer look into enzymatic biotransformation/s” has won BIRAC-BIG in the 12th call in 2018. The Novice Zyme 001 is a nitrilase that will have multiple applications, including pharmaceutical industry and organic synthesis industry. The project also will be focusing on degradation of textile industry waste using the same enzyme.

Under the guidance of Dr. Rohit Sharma, Chairperson, Department of Microbial Biotechnology, Panjab University, the project will be carried out by Shivanshi Vashist, Research Scholar, Department of Microbial Biotechnology, Panjab University, Chandigarh. The student has a start-up named MicroRadical Pvt. Ltd. The start-up has won many accolades like AICTE startup award, LJ innovation award and was also selected for BIO 2018.