Startup news and updates: daily roundup (July 24, 2022)

One97 Communications appoints Nakul Jain as the CEO of Paytm Payments Services

Fintech startup Paytm's parent company, One97 Communications has appointed Nakul Jain to lead Paytm Payments Services Ltd. (PPSL). Praveen Sharma, who is now serving as the acting CEO of PPSL, has been promoted to oversee the organisation’s commerce vertical in addition to his other duties.

Prior to this, Nakul worked as the managing director at Standard Chartered Bank. He holds over 22 years of experience in retail banking and has worked in sub-sectors such as branch banking, wealth management, product and segments, distribution, retail assets and acquisition. 

Power Ministry asks states to formulate plans for biomass co-firing in power plants

The Ministry of Power has asked states to formulate time-bound plans to ensure the utilisation of biomass for co-firing in thermal power plants ahead of the Kharif harvest season to reduce stubble burning and air pollution.

To address the issue of air pollution and to reduce the carbon footprint of thermal power generation, the Ministry of Power issued a revised policy in October last year for the use of agro residue-based biomass and mandated the use of five to seven per cent of biomass co-fired along with the coal for all thermal power plants.

A senior official told PTI that the power ministry had written a letter to all states and union territories to draft time-bound implementation plans to ensure the utilization of biomass to co-fire it with coal in their thermal power plants and in IPPs (independent power plants) from where power is being procured by states.

More women enter auto manufacturing as Tata Motors, Hero, MG accelerate gender diversity drive

Almost 64 percent of women are working in manufacturing plants and in engineering, according to the company's annual report for 2021-22.

"Diversity and inclusion in the automotive and manufacturing sector in India has become increasingly important over the past few years, with more firms wanting to build an equitable workplace.

"While companies have put in place a comprehensive framework to encourage women to hold key positions, the figures show that there is a wide gap between the idealised criteria and reality," Tata Motors President and Chief Human Resources Officer, Ravindra Kumar told PTI.

With an eye on reducing the gap, Tata Motors is taking steps in its own ways.

The company's Pune passenger vehicles plant has seen a nearly 10 times increase over the past two years of its women workforce, with an increase from 178 workers in April 2020 to 1,600 as of now, he said.

Space sector startups seek clarity on financing, insurance in space policy

India's space sector startups are looking forward to the new space policy for easier access to finance and clarity on issues related to liability in case of untoward incidents.

At least 100 startups are active in the country's space sector building satellites, launch vehicles, and even designing in-orbit refuellers for satellites that would otherwise have to be abandoned for want of fuel.

"A new space policy addressing various domains of space activities is being worked out," Minister of State in the Prime Minister's Office Jitendra Singh told Parliament on Wednesday.

In June, privatisation initiatives in the space sector witnessed landmark events such as the launch of the first demand-driven satellite ordered by Tata Play and the Indian Space Research Organisation (ISRO)'s Polar Satellite Launch Vehicle (PSLV) carrying payloads of two Indian space sector startups.

(With inputs from PTI)