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Government and agri-tech entrepreneurs can revitalise Indian agriculture, says ETILC members

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Government and agri-tech entrepreneurs can revitalise Indian agriculture, says ETILC members

In the forthcoming Kharif season, India’s agriculture industry is expecting record production volumes. Agricultural production was unaffected in 2020, despite a spike in Covid-19 levels, and does not appear to be slowing down this year. The Union government anticipates an increase in demand from the agricultural sector and makes preparations to deliver seeds, fertilisers, and pesticides in sufficient quantities.

Even though legacy concerns for decades have plagued Indian agriculture, this display of record-high production occurs. Poor mechanisation, limited farmer education and awareness, insufficient storage, logistical challenges, and tiny landholdings are all factors that contribute to poor mechanisation. The industry’s efficiency is exceedingly low, as it employs nearly 60% of India’s population while contributing only 18% of the country’s GDP.

ETILC representatives from the industry examined aspects of the industry that needs to be restructured. It also examined the policies that need to be implemented to make a difference.

The top 75 cities in the world for entrepreneurship success include Mumbai, Bengaluru, and Delhi

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The top 75 cities in the world for entrepreneurship success include Mumbai, Bengaluru, and Delhi

It takes a lot of work to start a company and keep it going. While hard effort, patience, and competence are required to start a firm, there are many more underlying and linked factors to consider, such as economic freedom, the logistical environment, and government support. 

According to a recent survey conducted by e-commerce assistance platform Oberlo, Mumbai (45), Bengaluru (52), and Delhi (58) are among the top 75 cities for entrepreneurial success. However, the metric evaluation revealed that Mumbai (72), Bengaluru (73) and Delhi (74) are the weakest among the 75 cities when it comes to facilitating women’s entrepreneurship.

The three metros also perform poorly in economic freedom, with Mumbai ranking 70th, Bengaluru 71st, and Delhi 72nd.

When it comes to human tech capital, which considers the number of information and communication graduates and the number of information and communication graduates per 100,000 people, things aren’t all that different. Delhi retains a substantial lead in this one and ranks eighth, while Bengaluru and Mumbai drop to 13th and 14th, respectively.

Kerala, Uttarakhand, and Goa making the most of the increased borrowing limit

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Kerala, Uttarakhand, and Goa making the most of the increased borrowing limit

The centre recently went above and beyond its bounds to show progress in executing four significant reforms, including seeding Aadhaar-based distribution cards and the direct transfer of earnings to farmers in states where they received free electricity.

Kerala, Goa, and Uttarakhand are the prominent states that have adopted all four reform initiatives. In contrast, Andhra Pradesh, Orissa, Madhya Pradesh, and Telangana have adopted at least three of the four measures. According to sources, West Bengal has refused to cooperate, and Maharashtra has also declined to request a rise in borrowing limits.

By deploying country distribution card schemes, digitising licence renewals under 12 commercial regulations, and inspecting select industries, four sets of reform initiatives reduce government discretion to facilitate trade. It also introduced a randomised procedure to streamline power subsidies to farmers via DBT and property and sewerage taxes for urban local governments.

Each of these factors contributes 25% to the approval of increased borrowing limits in the matrix. So far, 37,600 rupees have been approved for the nationalised distribution card system, and 39,521 rupees have been approved for the ease of business law enforcement.

Unlike the capital expenditures programme under Aatma Nirbhar Bharat, which is connected to a specific capital-intensive project, the state is free to employ the borrowed funds for any reason once approved. 

US lawmaker says India has the fastest-growing FinTech market, beating the United States in terms of financial innovation

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US lawmaker says India has the fastest-growing FinTech market, beating the United States in terms of financial innovation

WASHINGTON: Senator Steve Daines, a Republican, claims that India is the world’s fastest-growing FinTech market and is far ahead of the United States in terms of financial innovation. According to the senator from Montana, China has established a digital Yuan, which they believe could one day supersede the dollar as the world’s primary reserve currency.

Daines claimed that India is one of the world’s fastest-growing FinTech markets. India processed $25.5 billion in real-time payments in 2020, compared to $15.7 billion in China.

“At this stage, the United States has fallen behind even India and China with respect to digital currency technology. And the competition for commercial services internationally is very important,” said Darrell Duffie, the Adams Distinguished Professor of Management and Professor of Finance at Stanford Graduate School of Business

The integration of blockchain technology with tokenized money might usher in a world substantially different from the one we know today, according to Christopher Giancarlo, former Chairman of the US Commodity Futures Trading Commission.

India’s largest bitcoin exchange WazirX receives a FEMA notice from the ED

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India’s largest bitcoin exchange WazirX receives a FEMA notice from the ED

NEW DELHI: The Enforcement Directorate said on Friday that it had issued a show-cause notice to the country’s largest cryptocurrency exchange for allegedly violating the Foreign Exchange Management Act by conducting transactions worth over Rs 2,790 crore (FEMA).

WazirX was incorporated in December 2017 as a domestic cryptocurrency start-up under the name Zanmai Labs Pvt Ltd, its directors Nischal Shetty and Hanuman Mhatre, and the firm was mentioned in the notice given by the central investigate agency after the investigation was completed.

According to the agency, the company’s activities were discovered amid an ongoing money-laundering investigation into “Chinese-owned” unlawful internet betting programmes. The ED issued a show-cause notice for transactions totalling Rs 2,790.74 crore.

WazirX clients were found to be able to send ‘valuable’ cryptocurrency to anyone, regardless of their location or nationality, “without” any required documents, the agency claimed, making it a haven for individuals wishing to engage in money laundering and other illegal activities.

Official sources said the company was served with a show-cause notice after an inquiry into the alleged violations, which were found to breach the FEMA. 

The Indian government has stated that it is willing to assess and investigate emerging technologies such as cryptocurrency to improve governance.

 A bill in this regard might be tabled in Parliament, and proposals from a high-level internal ministerial committee on digital currencies might be included.

IKEA will help suppliers in India, China, and Poland in making the transition to sustainable energy

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IKEA will help suppliers in India, China, and Poland in making the transition to sustainable energy

IKEA, the Swedish home furnishings retailer, announced on Thursday that it would establish a programme in India, Poland, and China this year to assist suppliers in making the transition to 100% renewable energy. IKEA said in a statement that under this plan, the business would invest in and help nearly 1,600 direct suppliers.

Throughout the whole value chain, IKEA strives for 100% renewable energy. According to the company, these suppliers will save 670,000 tons of carbon per year by switching to renewable electricity, which is around 3% of the total climate impact of the IKEA value chain.

India is one of IKEA’s largest purchasing countries, with roughly 50 suppliers.

The programme contributes to IKEA’s long-term goal of becoming climate positive by 2030 by cutting greenhouse gas emissions more than the value chain emits while growing the company.

Currently, IKEA suppliers cannot generate all of their renewable electricity on-site; the bulk must be purchased from the grid. IKEA will provide a complete package of support to suppliers who want to generate renewable energy on-site and buy the rest from the grid through this initiative.

IKEA presently uses 51% renewable energy in its stores, offices, warehouses, factories, and other businesses.

Pay more at other bank ATMs as the RBI raises the interchange fee

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Pay more at other bank ATMs as the RBI raises the interchange fee

With effect from August 1, 2021, the Reserve Bank of India (RBI) has increased the interchange fee per transaction at ATMs (automated teller machines) from Rs 15 to Rs 17 for financial transactions and from Rs 5 to Rs 6 for non-financial transactions.

In a statement, the RBI stated, “The recommendations of the Committee have been comprehensively examined. It is also observed that the last change in interchange fee structure for ATM transactions was in August 2012, while the charges payable by customers were last revised in August 2014. A substantial time has thus elapsed since these fees were last changed.”

The customer charge ceiling/cap, which was previously Rs 20 per transaction, has now been raised to Rs 21 per transaction. This hike will take effect on January 1, 2022, to account for the more significant interchange outlay for banks.

RBI also mentioned,” These instructions shall also apply to transactions done at cash recycler machines, other than for cash deposit transactions.”

Customers are still eligible for five free transactions per month from their bank’s ATMs, including both financial and non-financial transactions. They are also eligible for free transactions from other bank ATMs, including financial and non-financial transactions, up to three in metro areas and five in non-metro regions.

Using other banks’ ATMs in addition to these free transactions will now be more expensive. Private banks and white label ATM operators have been requesting an increase in the interchange fee to Rs 18 for years.

The RBI’s revisions are based on the recommendations of a committee established in June 2019 under the chairmanship of the Indian Banks’ Association’s Chief Executive to review the full spectrum of ATM charges, with a particular focus on the interchange structure for ATM transactions.

British authority to investigate Amazon’s usage of data

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British authority to investigate Amazon’s usage of data

Britain’s competition authority considers a formal antitrust probe into e-commerce company Amazon.com Inc, citing three unidentified people familiar with the issue.

The Competition and Markets Authority has been looking into Amazon’s operation for months, with the regulator focused on how the online retailer utilizes the data it obtains on its platform.

The regulator has also looked at how Amazon chooses which merchants display in the key ‘purchase box,’ which is the white panel to the right of a product where customers click to add it to their basket.

According to the sources, an investigation into Amazon could focus on whether the business favours merchants that also use its logistics and shipping services when selecting who has access to the buy box and its Prime users. 

The investigation was anticipated to cover similar terrain to inquiries currently underway in the European Union. Two investigations against Amazon are presently underway in Brussels: one is looking at how the business is exploiting data to promote its products at the expense of competitors. The other is looking into the criteria for using the purchase box.

India is still an excellent long-term investment prospect, says Deloitte global CEO

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India is still an excellent long-term investment prospect, says Deloitte global CEO

India was hit by the extraordinarily virulent Delta pressure of Covid. However, the country remains a great holiday destination for long-term global clients, according to Deloitte’s global CEO Punit Renjen.

“Over the long arc of time, and the long investment horizon, India is a very attractive destination. And it is attractive because the fundamentals are attractive: the talent pool, the demographics, the consumer base, the democratic tradition,” Renjen, who was born in India, revealed it in an interview.

Even though India appears to be struggling to cope with the aggressive second wave, global businesses like Deloitte have not changed their investment plans.

Over the next few years, Deloitte plans to increase its presence in India. Deloitte is also planning to hire between 75,000 and 100,000 more workers, according to Renjen.

“I think the numbers on the second wave are coming down drastically, which is a very positive sign. We should hope that the third wave doesn’t come, but we must prepare for it,” he said.

Renjen, who has led a large firm like Deloitte through the Black Swan event, believes that the return-to-normalcy path for businesses might be a three-step process. He explained, “The way to look about it is on a continuum, the first thing you have to do is respond. The second is how you begin your recovery. The next point to consider is how you set up the process to succeed. As a result, react, recover, and thrive.”

Oyo, Airbnb, EaseMyTrip, and Yatra collaborate to form a tourist industry organization

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Oyo, Airbnb, EaseMyTrip, and Yatra collaborate to form a tourist industry organization

Oyo, Airbnb, EaseMyTrip, and Yatra, among other hospitality and travel companies, have teamed up to form the Confederation of Hospitality, Technology, and Tourism Industry (CHATT).

Travel and tourism technology companies previously underrepresented in any country’s mainstream tourist trade groups have banded together to form CHATT, a new organization. While Union Tourism Minister Prahlad Singh Patel formally inaugurated the association via a virtual conference, the Ministry of Tourism’s complete top brass gathered to bless the newly formed industry association and assure representation in the ministry’s industry consultation process.

CHATT services and advantages will be available to all members, including year-round programs, signature business events, and access to the travel-tech ecosystem. ACCORDING TO THE NEW ASSOCIATION’S EXECUTIVES, the CHATT will reflect the voice of those segments of the business that are primarily micro and small and thus overlooked in the Indian tourism sector, according to the new association’s executives, while defining the organization’s vision and objective.

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