Microsoft has delayed the full reopening of its Redmond headquarters and other US locations from October 4 to whenever public safety guidelines deem it safe to do so, becoming the latest US technology giant to do so in response to a surge in Covid-19 cases in the US due to the Delta variant of the virus.
The tech behemoth announced Thursday in an update to its website that it will communicate a 30-day transition period to allow its 1,60,000 employees to prepare for when it decides to reopen.
“We had planned for October 4 to be the first possible date to fully reopen Microsoft’s own Redmond headquarters and many other worksites in the US. But as we shared with our employees today, we’ve shifted those plans,” the note said.
Given the over Covid-19, the company has decided against forecasting a new date for a full reopening.
The announcement is comparable to that made by Silicon Valley rival Google. Sundar Pichai, CEO of Google, stated in a blog post on August 31 that employees will be able to work remotely until at least January 10, 2022. The technology company intended to rehire employees in October 2021.
Additionally, he added that offices worldwide could decide when to reopen following that, as long as they give employees 30-day notice before asking them to return to work.
Apple, too, has informed its employees worldwide that they are not required to report to work until January, if not later. The iPhone maker intended to contact employees again in early September, a decision that did not sit well with employees, who wrote CEO Tim Cook a letter expressing their displeasure.
Amazon, which planned to rehire employees in September, has also pushed the reopening date to January 3, 2022. Additionally, Facebook’s teams in the United States and a few other countries will not be required to return to their offices until January 2022.
The Parliamentary Standing Committee on Finance is debating draught legislation on cryptocurrency centered on national security concerns. Terror financing through crypto instruments and domestic security threats, according to the chairman of the Parliamentary committee, are legitimate concerns.
“What happens to these crypto assets and cryptocurrencies must be closely monitored. “We want to be wary of the use of these kinds of crypto instruments in terror financing and for internal security threats,” Parliamentary Standing Committee on Finance head Jayant Sinha told Bloomberg.
Sinha went on to say that because India lacks full capital account convertibility, it is impossible to replicate industrialized economies using virtual currencies.
He went on to say that given India’s unique situation, the country’s approach to cryptocurrencies will have to be unique. “Because of our circumstances, our answer will have to be original and unique. We must strike a balance between stability and growth, but we recognize the importance of the crypto space as a whole,” Sinha said.
Last month, Finance Minister Nirmala Sitharaman stated that proposed cryptocurrency legislation is currently before the Cabinet. The report from the inter-ministerial committee on cryptocurrencies, which looked at concerns surrounding virtual currencies and proposed specific steps, has already been filed. According to the panel, all private cryptocurrencies should be forbidden across India, except for any virtual currencies in the state.
Meanwhile, the RBI has expressed its concerns about the market for cryptocurrencies to the government. The commitment of the government and the central bank to financial stability was emphasized by RBI Governor Shaktikanta Das, who stated that there are no divisions between the RBI and the Finance Ministry on the subject. Das continued, “We should now await the Centre’s ultimate conclusion on the subject.”
For those who have made a reservation, Ola Electric’s S1 scooter will be available for purchase starting today, September 8. The Ola Electric S1 scooter may be purchased entirely online. “No visiting showrooms, no running around, nothing. Purchasing early gets you priority delivery. Also, the window stays open only until stocks last,” according to the Ola Electric blog. For the two variations — Ola S1 and Ola S1 Pro — buyers can choose from ten colours. The Ola e-scooter will be available for test rides and deliveries starting in October.
The Ola S1 costs Rs 99,999, while the Ola S1 Pro costs Rs 1,29,999.
The Ola e-EMIs scooters start at Rs 2,999 for the S1 model and Rs 3,199 for the S1 Pro model. Ola has also partnered with HDFC, IDFC First Bank, and TATA Capital to provide scooter loans. Customers using the Ola and Ola Electric apps will be able to apply for pre-approved loans through HDFC, while TATA Capital and IDFC First Bank will perform digital KYCs and deliver rapid loan approvals.
If your scooter isn’t financed, you’ll have to pay the balance a few days before it’s shipped. The Bengaluru-based company has also teamed with ICICI Lombard to offer consumers a ‘1-year Own Damage and 5-year Third Party’ registration policy. Add-ons such as Personal Accident Cover, Zero Depreciation, and Roadside Assistance are available. Aside from that, you can pay an advance of Rs 20,000 or Rs 25,000 for Ola S1 or Ola S1 Pro. The site further stated that the down payment and prepayment are refunded in the event of cancellation.
The battery on the Ola electric scooter is covered by a three-year warranty, while the vehicle is covered for three years or 40,000 kilometers, whichever comes first. Based on the Faster Manufacturing and Adoption of Electric Vehicles in India Phase 2 (FAME-II) subsidy, Ola e-scooters have been subsidized in Delhi, Gujarat, Maharashtra, Odisha, and Rajasthan.
For a 25% investment in Voxelgrids, a Bengaluru-based firm that develops Magnetic Resonance Imaging (MRI) scanners, Zoho Corp, based in Chennai, has committed $5 million (about Rs 35 crore). The investment will aid the company in the growth of its deep–tech capabilities, the creation of intellectual property, and the expansion of its business. The investment will be split into two installments.
Voxelgrids, which was founded in 2017, makes 1.5T MRI scanners that are lightweight, mobile, and simple to install and run, making them ideal for usage even in rural India, where MRI facilities are few. The start-up has raised roughly Rs 20 crore in grants so far with a 22-member workforce.
A proprietary imaging software program is also included with the MRI machine. The company’s Bengaluru production plant has the capacity to produce up to 25 units per year.
Through software and hardware improvements, Voxelgrids is attempting to overcome MRI scanner usability and operation difficulties. Several nations, including the United States, China, and Japan, have granted patents to its non-cryogenic technology and design. The scanner may also be put on mobile platforms, allowing it to be easily transported to remote sites while using far less electricity.
Biddano, a Pune-based healthcare supply chain platform, has secured $2 million in a round led by Gokul Rajaram, a board member of global giants Coinbase and Pinterest, and a mix of new and existing investors.
Apart from Rajaram, JPIN Venture Catalysts UK, Anuj Srivastava, Ramakant Sharma, and current investors Venture Catalysts and AngelList, took part in the investment round.
The startup intends to use the new money to invest in the product, engineering, and marketing teams to provide more value-added services, improve customer experience, develop new products, and strengthen its market leadership.
Biddano, by the way, is hiring across multiple verticals and expects to increase its personnel from 30 to 100 in the next ten months.
Biddano was founded in 2016 by Talha Shaikh and Ashok Yadav to improve offline pharma distribution networks by using technology to bridge supply-chain gaps between distributors and pharmacies.
To help distributors manage demand and supply while expanding their geographic reach, the startup employs a “plug and expand” concept.
By allowing orders from numerous distributors to be readily combined into pharmacy-specific deliveries, Biddano’s digital platform makes order administration easier for chemists and hospitals. Through its virtual inventory software, its technology also assists pharmacies with “just-in-time” purchase options.
The Pune-based startup now has over 20,000 pharmacies on its network and wants to expand to over one lakh pharmacies in the next 12 months to become India’s largest healthcare supply chain, logistics, and payment platform in the next two to three years.
CMD of Reliance Industries Ltd (RIL), on the back of a recent jump in his company’s shares, Mukesh Ambani is on the verge of joining the select club of billionaires with a net worth of over $100 billion.
According to the Bloomberg Billionaires Index, Ambani’s net worth increased by $3.71 billion on Friday, bringing it to $92.6 billion. Ambani is the world’s 12th wealthiest person, just ahead of Francoise Bettencourt Meyers of L’Oreal, who has a net worth of $92.9 billion.
On Monday, RIL’s stock closed 1.52 percent higher at Rs 2,424.55 on the BSE. This week, the business said that its subsidiary Reliance Strategic Business Ventures Limited had purchased a share in Strand Life Sciences for Rs 393 crore in cash.
With effect from September 1, 2021, RIL’s subsidiary Reliance Retail Ventures has gained sole control of the local search engine platform Just Dial Limited.
Though Ambani entered the telecom business in India in 2016, Jio Infocomm upset the sector by offering dirt-cheap internet packets. Jio had 43.66 crore members at the end of June, making it India’s largest cell phone service provider. Ambani has also managed to get financing for the company’s digital activities from companies like Facebook and Google.
According to sources, RIL is also in talks with Saudi Aramco about selling a stake in its refining and chemical sector for up to $25 billion.
At RIL’s annual general meeting this year, Ambani unveiled an ambitious investment plan of Rs 75,000 crore in sustainable energy over the next three years.
According to Ambani, RIL intends to construct four ‘Giga Factories,’ which will manufacture and fully integrate all important components of the new energy environment. These factories will cover solar energy, intermittent energy, green hydrogen, and static electricity.
With such ambitious aspirations in various areas, Ambani appears to be on track to surpass the $100 billion net worth milestone sooner rather than later.
Amazon, the e-commerce behemoth, is rumoured to be working on its line of televisions. The large-screen televisions are expected to be released in October. According to speculations, the televisions would have Alexa and will be between 55 and 75 inches in size.
Third parties, such as TCL, are likely to design and manufacture Amazon TVs. According to reports, the corporation has been working on television for two years. According to Business Insider, the TVs will first be available in the United States.
In India, however, the company sells Amazon Basics-branded televisions. It has also partnered with BestBuy to sell Amazon Fire TV-enabled Toshiba and Insignia televisions.
The new TVs will include simple features such as Adaptive Volume, which will allow Alexa to answer louder if a noise background is detected. Users will be able to hear Alexa even if there are background noises like people conversing, music playing, or dishes being washed. Even if there is no background noise, the adaptive volume does not decrease. It will be necessary to reduce the volume on one’s own.
With Amazon Prime Video, Alexa, the Fire TV Stick, and its e-commerce platform, the corporation is taking another step toward creating an Apple-like ecosystem.
Amazon will enter the television industry with the debut of the TV, putting it in direct rivalry with Sony, Samsung, LG, and other companies that sell their products on Amazon’s platform. Amazon is yet to make an official statement.
Glamour, opulence, and luxury are all words that come to mind when thinking of Ritz-Carlton’s five-star hotel. Whether or not they have stayed there, most people consider the hotel chain one of the most upscale and wealthy industries. However, not everyone is aware of what keeps the clock ticking for the hotel industry.
The hotel company operates luxury hotels and five-star resorts worldwide and has a long history of demonstrating a customer-focused organisational culture.
The secret to Ritz’s unrivalled customer service is its stringent adherence to its “Gold Standards,” which have been in place since the beginning. The Motto, the Credo, the Three Steps of Service, the Service Values, and the Employee Promise are among the criteria that encompass the brand’s philosophy and values.
The motto, “We are ladies and gentlemen serving ladies and gentlemen,” is perhaps the most well-known component of the Gold Standards of Ritz Carlton. Employees use this framework to deal with visitors and coworkers. They must treat Ritz-Carlton visitors with respect and be respectful of their coworkers.
The company promises to “provide the finest personal service and facilities for [its] guests who will always enjoy a warm, relaxed, yet refined ambience” in its Credo. Employees are dedicated to meeting even their guests’ unspoken wants.
Then there are Twelve Service Values of The Ritz-Carlton, which reminds the employees that great hospitality comes from long-term commitments from people who take pride in their work.
Employees are regarded as the company’s most valuable asset. The corporation takes the recruiting process very seriously because all Ritz-Carlton employees are brand ambassadors. Candidates must be friendly, kind, eager to learn, and have a desire to help others.
Training staff to gain technical abilities may be simpler, but the Ritz Carlton’s innate talent sets it apart. A person’s ability to operate as part of a team and reflect its concept, for example, is more valuable than their housekeeping skills.
As stated in its Credo, the Ritz-Carlton seeks to take service to the next level by addressing unspoken desires. As a result, the organisation is looking for people who will take the initiative to anticipate their clients’ demands.
The company spends a lot of money on team member training. Every team member is required to complete at least 250 hours of training each year by the company. Because different people learn in various ways, the Ritz offers orientation in multiple formats, including one-on-one coaching, online training, classroom training, and weeklong seminars. Employee engagement and loyalty are also crucial to the organisation, fostering a high degree of dedication by listening to its “Ladies and Gentlemen.” Staff members are certified in the standards of their positions on their 21st day on the job, and they also have access to a forum where they may openly share the advantages and negatives they have encountered thus far. On Day 21, management has the opportunity to listen to the requirements of newly employed Ladies and Gentlemen and re-enrol them before they disengage.
Employees treated with respect and dignity operate in an environment that encourages them to achieve their full potential. Employees feel like they’re part of a team and understand the importance of their specific role in providing excellent service. The organisation recognises that the best approach to live up to these ideals is to provide decision-making authority to its people.
Employees that are empowered see that their decisions contribute to the company’s success and, as a result, they are more invested in their work. They can take the initiative and express originality without needing permission from management, which gives them a sense of pride in their work.
With 109 hotels in various places worldwide, the Ritz-Carlton has a unique obligation to guarantee that its best practices are shared throughout the firm. The hotel group’s innovation database comes in handy here. Employees at the Ritz-Carlton must use this system to communicate tried-and-true customer-experience suggestions. Properties can share ideas and comments from other locations that are dealing with similar issues. Over 1,000 unique practices are present in the database, each of which has been evaluated on a site before adding to the system.
Chairman and Director General at Confederation of Indian MSME in ESDM and IT. Mr. Jairaj Srinivas
A seasoned leader with a track record in the information technology and services industries, specialized in Marketing Management, Business Planning, Operations Management, Analytical Skills, and Government, a Professional with a Bachelor of Science from Jamia Millia Islamia in Physics, Chemistry, and Mathematics and currently serving as the Chairman and Director General at Confederation of Indian MSME in ESDM and IT. Mr. Jairaj Srinivas shares his Confederation of Indian MSME activities in ESDM and IT with Business Review Live.
Confederation of Indian MSME in ESDM and IT (CIMEI), an association formed by the Electronics and Semiconductor Segment leaders to support the MSMEs in the Electronics System Design & Manufacturing (ESDM) and IT. What are the factors that galvanized the formation of this Association?
There are many associations that relates them to Electronics. Most of them are basically lobbying for Large Companies or MNCs with Government to bigger size of cakes in the Policies and benefits announced for the Industries and the demands of MSME are not only ignored but neglected. The MSME members in most of the associations are just a number and are used to Association to project themselves as a large organization with support from all industry segments. Each Association promotes MNC’s Like Intel, Panasonic, Foxconn, Samsung, IBM, Lenovo etc.
MSME in electronic sectors is playing an important role in Indian Economic growth by providing large employment. It is estimated that in terms of value, the MSME sector accounts for about 45 % of manufacturing outputs and 40 % of the country’s total exports. Employment distributed is about 595 lakh persons in over 261 lakh enterprises throughout the country. These MSME’s industries are scattered among various associations, and they are in very small numbers in large associations. Hence voice is unheard.
Why do you think that MSME in the ESDM sector is the most neglected sector?
MSME sector is one of the most neglected sectors with respect to public policy though it has played an important role in the transformation of the Industrial sector. In India, the ‘Make in India’ program cannot do well without the MSME sector doing well. Despite all this, the sector remains highly troubled.
MSME in ESDM has several unique problems. The fact that roughly 95 percent of enterprises in the sector are still unregistered cannot be ignored. These enterprises are outside the ambit of formal schemes and programs of the Government.
The second issue is that the unorganized nature of the sector results in the lack of marketing support at the national and international level and a lack of integration in the global value chains. It has resulted in the restriction of goods and services to only local markets, resulting in revenue loss to the people employed in the value chain of the overall network. A collaborative approach between the stakeholders of the MSME ecosystem can help improve quality and give access to markets for a large number of MSME enterprises.
The third major issue is the feeling of trust between an agglomeration of firms/enterprises and even between a firm and the Government.
Firms feel that the Government is taking information from them to get taxes or harass them rather than helping the enterprises to achieve their true potential. It is even seen a large amount of enterprises feel that Government is a major barrier to innovation.
Another major problem is with respect to labour laws in the sector, which makes the firms perceive the Government as a problem rather than a helper/collaborator.
Fourth is the issue of credit flow to the sector. The RBI has adopted the recommendations of the PM’s task force on MSMEs more than a decade ago and continues to use it for schemes to benefit MSME sector. Still, banks’ implementation of these schemes and benefits to the individual firms are seen as major challenges that are seen on the ground.
Fifth issue is innovation in the MSME sector. MSME can’t afford to spend on R&D and Innovations as there is always a cash crunch in MSME sector.
How do you help central and state-level government bodies in forming the policies? And how effective has it been so far?
We conduct regular studies on the policy announced and its implementation on the ground with the help of our members so that we get accurate data and share the same with State and central policy drafting team while suggesting Industry needs and global scenarios. Often, government policymakers agree with our opinion, but sometimes due to pressure from their political bosses, 30% – 40% of suggestions made by trade associations are accepted without mentioning the name of contributing Association.
What are your steps in ensuring the benefits of government policies getting to the right MSMEs?
Whenever policy gazettes are released by the Government, our team thoroughly and translate in a simplified form that our member can understand and share with them. We also ensure the proper implementation of policy as per the announcement made in the policy document. It is part of the mandate to educate, advocate, interpretation of the policy for the benefit. Specific grievances are handled independently, depending upon the urgency.
How impactful has CIMEI been in fostering entrepreneurship and productivity in the region, thereby helping to succeed Make in India & Atamanirbhar Bharat?
WE are committed to encourage and promote Make in India & Atamanirbhar Bharat. We strongly advocate building a complete ecosystem of ESDM through component-level manufacturing in India. Today most of the products are manufacturing in Complete Knockdown (CKD) mode. We want to encourage Semi-Knockdown (SKD) while consuming locally manufactured components.
CIMEI is headquartered in Bengaluru, the IT Hub of India; tell us more about broadening your services to the other parts of India.
We already have operation Chapters in Andhra Pradesh, Telangana, Tamil Nadu, Madhya Pradesh, Utter Pradesh, New Delhi, Maharashtra, and Gujarat. We are still looking forward to having our presence in Assam, NE States.
Tell us about your current team and your future outlook?
All Chapters headed by a State Chapter Head with his deputy. We want to engage with every state and central government. Due to the current pandemic situation, we are unable to meet any of the Bureaucrats or Political leaders; however, we meet them virtually. We are already a brand and we look forward to having a member base of 3000 nos. by FYI 2021-22, covering the entire spectrum of the ESDM sector, including design houses.
According to a survey, employment activity in India has been steadily improving, with the hiring rate in July this year being roughly 65% higher than pre-COVID levels. According to the LinkedIn India – Labour Market Update (July 2021), the second wave of COVID-19 cases in India caused a worsening hiring downturn in April 2021. It has been steadily improving since then.
It said the hiring rate was 35 percent higher at the end of May 2021, 42 percent higher at the end of June 2021, and now 65 percent higher at the end of July 2021, compared to pre-COVID levels in 2019. The hiring rate is calculated by dividing the number of hires by the number of LinkedIn members. This research compared the hiring rate in the month under consideration to the same month in 2019.
According to the research, most transitions into emerging careers come from non-emerging roles, with 54 percent and 57 percent of shifts into Data and Cloud professions coming from non-emerging roles, respectively.
There was a huge drop in people switching jobs when COVID hit the country, with the share of members changing jobs falling nearly 48 percent in April 2020, compared to the same period a year ago, indicating that people were “sheltering in job” during the pandemic.
Since then, it has improved, with 61 percent more job changes in March 2021 compared to the same month in 2019. According to the data, it has stabilised over the last four months, and as of July 2021, the share of India members changing occupations is about 59 percent greater than in the pre-COVID period.
