Action Covid-19 Team launched in India: First of its kind in the world

The Action COVID Team was launched by top fund mangers of private sector and blue-chip venture capital firm.

Significance

The Team gained its popularity lately as Rs 1 crore was bagged by the Mylab  from the fund set up by the team. Mylab is the first Indian firm to get permission to make and sell corona testing kit. GoI is currently using and promoting indigenously made kits. India at the G20 summit turned down the suggestion of using IMF (International Monetary Fund) kits and sticks to using indigenously made kits for testing of the virus.

The funds are being raised by the Team to promote the Indian companies and start ups to work on COVID-19 based products and researches.

Highlights

The initiative is first of its kind in the world. The team will raise funds and will identify ventures that are working on products and services to fight against Covid-19. So far, the team has raised 40% of the grant. It had set up a target of Rs 100 crores. The team was recently appreciated by the Union Minister of Commerce and Industry during his video conferencing with the startups in the country.

Month: Current Affairs - April, 2020