New Delhi, July 3 (IANS) In a filip to Prime Minister Narendra Modi's call for local ke liye vocal amid the ban on 59 Chinese apps, Reliance Jio has launched a free video-conferencing application called JioMeet that takes on various other such apps which are growing in leaps and bounds as millions of people work from home in India.
The application that has already been downloaded more than 1,00,000 times on Google Play Store within no time comes with enterprise-grade host control and security, and can be used for 1:1 video calls and hosting meetings with up to 100 participants.
Other highlights include easy sign up with either mobile number or email ID, meeting in HD audio and video quality.
It offers support where the users can click on a JioMeet invite link and join from his or her browser without downloading the application.
"Conduct meetings with your customers, partners and people outside your office. Join from laptop/desktop or mobile device or even your legacy video device as it supports the legacy conferencing devices," according to Jio Platforms.
Back-end technology optimises experience with HD video quality even at lower bandwidths and intuitive and user-friendly interface enhances overall conferencing experience.
"All your meetings are encrypted and password protected, ensuring complete privacy and data protection," said the JioMeet team.
Industry experts hailed the arrival of a desi video meet app, at a time when onus is on the Indian corporate and enterprise world to create world-class apps that can reach global heights.
As we move to a neo normal where online collaboration tools hold supreme - both in professional and personal spheres - the launch of JioMeet is apt and timely.
"The current market dynamics will potentially provide enough tailwinds to JioMeet to gain currency, on the back of its features, such as no limits on call durations, and seamless switching between devices," Prabhu Ram, Head-Industry Intelligence Group, CyberMedia Research (CMR), told IANS.
JioMeet can be used for creating instant meetings to chat with friends and also to schedule a meeting in advance and share meeting details with invitees.
It offers unlimited meetings per day and each meeting can go uninterrupted up to 24 hours.
The application can be used on Android, Windows, iOS, Mac, SIP/H.323 systems. Each meeting is password protected and the host can enable a "Waiting Room" to ensure no participant joins without permission.
"Security and privacy have got more prominence and scrutiny in recent times, and any vendor which is able to offer enterprise-grade security will curry favour," said Ram.
JioMeet comes at a time when the government is providing greater support to startups working towards enriching the digital universe.
Information and Technology Minister Ravi Shankar Prasad said this week that while Indians download a lot of apps from Google Play Store and Apple App Store, it is time to upload some.
His comments came in the backdrop of India banning 59 Chinese apps, including TikTok, Helo, Likee, SHAREit, Mi community apps and UC Browser.
New Delhi, Aug 8 (IANS) The government proposes to give the go-ahead for a new credit enhancement non-banking finance company (NBFC) that will act as a guarantor for lower-rated bonds issued by infrastructure companies to help them raise funds at competitive rates.
A credit enhancement structure or a company helps in lifting the ratings of a specific project or a Special Purpose Vehicle (SPV) executing that project, making it easier for them to mobilise funds from the market at attractive rates.
The need for credit enhancement has become acute during the Covid-19 pandemic as infrastructure companies are under stress and need necessary support to enhance the ratings of their projects and ensure adequate liquidity required for fresh investments.
Government sources said that though the operation of a Credit Guarantee Enhancement Corporation has been revised in view of similar operations being currently offered by a few government agencies, a dedicated structure plan has not been junked and the Centre will go ahead with a new NBFC after further discussions and at an appropriate time.
It is expected that the credit enhancement structure would take shape as planned earlier, wherein infrastructure financing firm India Infrastructure Finance Co Ltd (IIFCL) in a joint venture with the National Housing Bank (NHB) the and National Bank for Agriculture and Rural Development (Nabard) would set up a SPV known as 'National Infrastructure Credit Enhancement Ltd' or NICE.
Last year, the government provided seed capital of Rs 500 crore to operationalise the SPV but ever since the project has been delayed over further reviews by an inter-ministerial committee.
Sources said now is the right time for the new entity to come into being as it will help several infrastructure projects to take off which otherwise are stuck due to liquidity issues.
In its 'Atmanirbhar Bharat' package, the government has already introduced a 100 per cent Emergency Credit Line Guarantee Scheme (ECLGS) for MSMEs to ensure adequate liquidity to the segment hit hard by the Covid-19 outbreak. Also, a partial guarantee for stressed MSMEs has been provided for.
However, infrastructure projects entailing large investments will gain a lot from a dedicated credit enhancement entity. The SPV will ensure that the Rs 100 lakh crore investment required in infrastructure over the next five years materialises.
Presenting her maiden Budget last year, Union Finance Minister Nirmala Sitharaman had said that a credit guarantee enhancement corporation, for which regulations have been notified by the RBI, will be set up in 2019-20. However, it got delayed and may be considered this year.
As per the blueprint of the proposed corporation finalised by the government earlier, the IIFCL will hold 22.5 per cent stake in the new NBFC while the NHB and Nabard could pick up to a 10 per cent stake each.
The NICE will set up a fund to attract infrastructure investments by insurance and pension funds to provide credit enhancement to infrastructure companies. However, its main job will be to act as a guarantor for lower-rated bonds issued by infrastructure companies. This would help these bonds to bolster their ratings.
As per the Reserve Bank of India estimates, more than 85 per cent of corporate bond issuance in India is by borrowers with ratings of 'A' and above. The credit enhancement set-up will help bring even lower-rated borrowers into the bond market.
The proposal on the credit enhancement fund was first announced in the Budget for 2016-17 fiscal by then Union Finance Minister Arun Jaitley. But since then, the scheme has not taken off due to various regulatory hurdles.
The Centre had earlier mooted the idea of IIFCL and several state-owned institutions like LIC, State Bank of India, and Bank of Baroda to come together to set up a dedicated credit enhancement company.
But the Insurance Regulatory and Development Authority's regulations prevented LIC from being part of the fund, while banks could not participate due to the rising NPAs and other commitments.
The government is now looking to bolster infrastructure investment as it is the key to boost economic growth. It is estimated that India needs to spend $4.5 trillion on infrastructure development over the next 25 years.
But a lot lesser amount is expected to be garnered by the government. Innovative funding and financing schemes are thus being looked into to bridge the deficit and allow the sector to grow at the desired pace.