Latest news with #departmentforpromotionofindustryandinternaltrade
Hindustan Times
19-05-2025
- Business
- Hindustan Times
First meeting held on AI's impact on India's copyright framework
The first meeting of the committee formed to look into the potential impact of artificial intelligence (AI) on existing copyright framework was held on May 16, Friday. The committee, formed by the department for promotion of industry and internal trade (DPIIT) under the ministry of commerce and industry, includes academicians, intellectual property (IP) law experts, industry body representatives, and government officials. HT has learnt that the committee will hold a total of 10 meetings over the next three months. The agenda is to discuss and assess whether the Copyright Act, 1957 requires amendments, needs clarification, or remains sufficient as it is, in light of emerging challenges posed by AI. To be sure, there is no assumption within the committee that the law will be amended. One committee member stated that no definitive view has been formed yet, at least during the committee's early stages. Although the discussions of the committee remain confidential, a person aware of the discussions told HT that the meeting on Friday was largely introductory where the scope of the committee was laid out. HT had earlier reported that one committee member was hesitant to participate, citing a lack of expertise in AI. However, all members were present at the meeting on Friday, a person aware of the matter said. Interestingly, three officials from the IT ministry were present, despite the DPIIT listing only one as part of the committee. The committee's formation comes at a time when the Delhi high court hears the case of OpenAI vs ANI, in which the news agency has sued the ChatGPT-maker for copyright infringement, alleging that its news articles were used to train AI models without permission or compensation.
Time of India
08-05-2025
- Business
- Time of India
Government approves revised credit guarantee scheme for startups; max cover per borrower now Rs 20 crore
To further catalyse entrepreneurship by providing enhanced credit support to innovators and encourage financial institutions in the ecosystem to provide early-stage debt funds to startups, the Union Budget 2025-26 had proposed the enhancement of credit availability with guarantee cover for startups. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The government on Thursday approved a revised Credit Guarantee Scheme for Startups CGSS ), under which the maximum guarantee cover per borrower has been doubled to Rs 20 crore. The broad objective of CGSS is to provide guarantee up to a specified limit against credit instruments extended by member institutions to finance eligible scheme would help provide the much needed collateral-free debt funding to startups, the department for promotion of industry and internal trade ( DPIIT ) said in a notification supersedes the earlier notification dated October 6, 2022 on the scheme and comes into effect from May 8."Maximum guarantee cover per borrower shall not exceed Rs 20 crore," it said. It was earlier Rs 10 institutions include a financial intermediary (banks, FIs, NBFCs, AIFs) engaged in lending/investing and conforming to the eligibility criteria duly approved under the further catalyse entrepreneurship by providing enhanced credit support to innovators and encourage financial institutions in the ecosystem to provide early-stage debt funds to startups, the Union Budget 2025-26 had proposed the enhancement of credit availability with guarantee cover for line with the announcement, the DPIIT has notified the expansion of the CGSS which increases the ceiling on guarantee cover per borrower under the scheme from Rs 10 crore to Rs 20 extent of guarantee cover provided has also been increased to 85 per cent of the amount in default for loan amount up to Rs 10 crore and 75 per cent of the amount in default for loan amount exceeding Rs 10 the Annual Guarantee Fee (AGF) for startups in 27 champion sectors has been reduced to 1 per cent per annum from 2 per cent expanded scheme will further reduce the perceived risks associated with lending to startups in established financial institutions, enabling greater financial flow and runway for startups to undertake research and development, experimentation, and create cutting-edge innovation and technologies.
