Digital Rupee India: The Future of Digital Currency

Digital Rupee India: The Future of Digital Currency

Introduction & Need for RBI Central Bank Digital Currency

A total of 114 nations, India included, are actively considering digital currency adoption, with India already introducing its retail Central Bank Digital Currency (CBDC) on a pilot basis. The Reserve Bank of India envisions the e-Rupee, overseen and issued by the central bank, as the next-generation, seamless, widely accessible, and anonymous payment method designed to provide enhanced value to customers.

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In FY 2023 (October 2023), India has registered 11,408.79 million transactions.

The evolution of technology aligns with the evolving needs of end-users, leading to an increasing number of payment use cases. Payments are integral to any financial institution, prompting central banks to explore avenues that offer innovative functionalities. Central Bank Digital Currency (CBDC) stands out as one such avenue, envisioned by the Reserve Bank of India (RBI) as the next-generation, seamless, ubiquitous, and anonymous payment mode, providing customers with enhanced value and a seamless experience.

The introduction of e-Rupee, the digital form of fiat currency regulated by the RBI, offers a viable alternative to paper currency. As the circulation of physical currency increases, it poses challenges to distribution and storage channels and has environmental implications, contributing to a carbon footprint. Moreover, increased cash circulation raises risks such as counterfeiting, spoilage, security threats, and the potential for loss or theft.

The launch of e-Rupee not only addresses these challenges but also aligns with the shift towards a digital economy. With the growing adoption of mobile and internet-based payments in India, CBDC can streamline cross-border transactions, a priority in the G20 summit. CBDC can mitigate the complexities associated with time-consuming processes and strict compliance checks in cross-border transactions, providing a more efficient and automated method for transaction and settlement. Additionally, CBDC has the potential to enhance various areas, including government securities and international forex trade.

The design of CBDC plays a crucial role, and its implications for payment systems, monetary policy, and the overall financial system depend on its intended functions. The RBI’s concept note emphasizes the importance of careful consideration in designing CBDC to ensure its positive impact on the financial landscape.

What is Digital Rupee | What is Central Bank Digital Currency CBDC

India has made significant strides in innovation in digital payments, supported by a separate law for Payment and Settlement Systems. The country now boasts state-of-the-art payment systems that are affordable, accessible, convenient, efficient, secure, and available round the clock. This transformation in payment preferences is largely due to the establishment of electronic payment systems like Real Time Gross Settlement (RTGS), National Electronic Funds Transfer (NEFT), Immediate Payment Service (IMPS), Unified Payments Interface (UPI), and mobile-based systems like Bharat Bill Payment System (BBPS) and National Electronic Toll Collection (NETC).

These developments have shifted the payments ecosystem, reducing reliance on cash and paper. The involvement of non-bank FinTech firms as Payment Instrument Issuers (PPIs), Bharat Bill Payment Operating Units (BBPOUs), and third-party application providers in the UPI platform has further accelerated the adoption of digital payments, with the Reserve Bank playing a catalytic role in promoting a safe, secure, and efficient payment system.

According to the 2018 report from CPMI-MC, there is a unique form of central bank money known as digital rupee/ money that is different from physical cash or central bank reserve or settlement accounts. This form of money has four distinct properties –

  • Issuer; whether it is a central bank or not
  • Form; whether it is in digital form or physical form
  • Accessibility; whether it is wide or narrow
  • Technology; whether it is peer-to-peer tokens or accounts

The digital rupee, or Central Bank Digital Currency (CBDC), represents a digitally native form of sovereign currency that replicates all the characteristics of physical currency. The RBI’s CBDC is strategically designed to instill structure and stability into the financial system through its multifaceted functions.

According to the Reserve Bank of India (RBI), a Central Bank Digital Currency (CBDC) is a digital manifestation of legal tender issued by the central bank. This currency holds a sovereign status and can be exchanged on a one-to-one basis with fiat currency.

Central Bank Digital Currency (CBDC) has emerged as a prominent subject of discussion in India, particularly in light of the potential introduction of the digital rupee by the Reserve Bank of India (RBI). Keyhighligts of the Digital Rupee are as follows:

  1. The Central Bank digital currency RBI is a sovereign currency issued by the Central Bank in accordance with monetary policy.
  2. CBDC represents a liability for the Central Bank.
  3. It is expected that Central Bank Digital Currency (CBDC) should be widely accepted as a medium of payment, legal tender, and a secure store of value by all citizens, businesses, and government entities.
  4. The aim is to reduce the cost of issuing money and conducting transactions.
  5. It is a convertible legal tender, allowing individuals (holders) to use it without the necessity of a bank account.
  6. CBDC can be voluntarily converted into commercial bank money and cash.

Types of CBDC or e-Rupee issued: Retail and wholesale

Source: www.rbi.org.in

Role of Central Bank and Other Entities: Who administers the CBDC

1. Single Tier Model (Direct CBDC Model):

The described model is referred to as the “Direct CBDC Model”. In this system, the central bank assumes responsibility for overseeing all aspects of the CBDC system, including issuance, account-keeping, and transaction verification. Under this model, the central bank manages the retail ledger, and its server is integral to all payment processes. The CBDC in this setup serves as a direct claim on the central bank, maintaining a comprehensive record of all balances and updating it with each transaction. This design ensures a highly resilient system, as the central bank possesses complete knowledge of retail account balances, facilitating straightforward verification and claim honoring.

However, a notable drawback of this model is its tendency to sideline private sector involvement, impeding innovation within the payment system. It is crafted for disintermediation, where the central bank directly engages with end customers. While offering disruptive potential for the current financial system, this model places an additional burden on central banks. The challenges include the direct management of customer onboarding, Know Your Customer (KYC) procedures, and Anti-Money Laundering (AML) checks, which could prove challenging and costly for the central bank.

Digital Rupee
Source: www.rbi.org.in

2. Two Tier Model (Intermediate model):

The inefficiency linked to the Single-tier model necessitates the design of CBDCs within a two-tier system, where both the central bank and other service providers have distinct roles. Within the intermediate architecture, there are two models: the Indirect Model and the Hybrid Model.

In the Indirect Model, consumers would maintain their CBDC in an account or wallet with a bank or service provider. The responsibility to provide CBDC upon demand rests with the intermediary rather than the central bank. The central bank’s role is limited to tracking the wholesale CBDC balances held by intermediaries, ensuring alignment with the total retail balances held by individual customers.

Digital Rupee
Source: www.rbi.org.in

In the Hybrid model, a direct claim on the central bank is merged with a private sector messaging layer. In this arrangement, the central bank issues CBDC to other entities, making these entities responsible for all customer-associated activities. Commercial intermediaries, such as payment service providers, deliver retail services to end-users, while the central bank maintains a ledger of retail transactions.

Digital Rupee
Source: www.rbi.org.in

Comparison of CBDC Issuance Models

Digital Rupee

Form of design: Token based and account based

Digital Rupee

Central Bank Digital Currencies (CBDCs), being electronic representations of sovereign currency, should encompass all the essential features of physical currency. The design of CBDCs depends on the functions they are intended to fulfill, and this design has significant implications for payment systems, monetary policy, and the structure and stability of the financial system. It is crucial that the design features of CBDCs are minimally disruptive.

Key design choices when considering the issuance of CBDCs include:

  1. Type of CBDC: Determining whether it will be a Wholesale CBDC, a Retail CBDC, or a combination of both.
  2. Models for Issuance and Management: Choosing between a Direct model, an Indirect model, or a Hybrid model for issuing and overseeing CBDCs.
  3. Form of CBDC: Deciding whether CBDCs will be Token-based or Account-based.
  4. Instrument Design: Evaluating whether CBDCs should be Remunerated (earning interest) or Non-remunerated.
  5. Degree of Anonymity: Considering the level of anonymity or privacy that users of CBDCs should have.

These design choices are pivotal in shaping how CBDCs will operate and integrate into the existing financial landscape, and they must be made thoughtfully to ensure a smooth transition and minimize disruptions.

In the following section, we will explore the primary reasons for the introduction of India’s central bank digital currency.

Key Motivations for the Introduction of Central Bank Digital Currency India

Central Bank Digital Currencies (CBDCs) offer unique advantages as sovereign currencies, including the trust, safety, liquidity, settlement finality, and integrity associated with central bank money. In India, the exploration of CBDC issuance is motivated by various factors.

These include reducing operational costs linked to managing physical cash, promoting financial inclusion, enhancing the resilience, efficiency, and innovation of the payment system, improving settlement system efficiency, fostering innovation in cross-border payments, and providing the public with the benefits that private virtual currencies offer without the associated risks. The offline feature of CBDC can be particularly valuable in remote areas, ensuring availability and resilience in situations where electrical power or mobile networks are unavailable.

Private virtual currencies represent a departure from the traditional concept of money, as they lack intrinsic value and are not backed by commodities. The rapid proliferation of private cryptocurrencies in recent years has challenged the conventional understanding of money. These cryptocurrencies claim the advantages of decentralization and are often viewed as innovations that could disrupt the traditional financial system. However, the design of cryptocurrencies is primarily aimed at circumventing established and regulated intermediaries and control mechanisms, which play a crucial role in maintaining the integrity and stability of the monetary and financial ecosystem.

As the guardian of the monetary policy framework and with a mandate to ensure financial stability, the Reserve Bank of India has consistently highlighted the various risks associated with cryptocurrencies. These digital assets can undermine the financial and macroeconomic stability of India, with negative consequences for the financial sector. Furthermore, the widespread adoption of cryptocurrencies could diminish the ability of monetary authorities to formulate and regulate monetary policy, posing a serious challenge to the stability of the country’s financial system.

In this context, it is the central bank’s responsibility to offer its citizens a risk-free form of central bank digital money. This will provide users with the same experience as dealing in digital currency, without the associated risks of private cryptocurrencies. Therefore, CBDCs will deliver the benefits of virtual currencies to the public while ensuring consumer protection and avoiding the adverse social and economic consequences associated with private virtual currencies.

Here let’s have a look at the benefits of issuance of CBDC in detail –

The adoption of Central Bank Digital Currencies (CBDCs) is motivated by a diverse set of reasons in different jurisdictions, including:

  1. Popularizing Electronic Currency: In some countries like Sweden, where the usage of physical paper currency has been declining, the introduction of CBDC is seen as a way to promote a more widely accepted electronic form of currency.
  2. Efficiency in Cash Issuance: In nations with significant physical cash usage such as Denmark, Germany, Japan, and the United States, CBDCs are considered to streamline the issuance process, making it more efficient.
  3. Overcoming Geographical Barriers: In regions with geographical barriers, such as The Bahamas and the Caribbean, where islands are scattered, CBDCs can address the challenges related to the physical movement of cash.
  4. Addressing Private Virtual Currencies: As private virtual currencies gain popularity, central banks aim to meet the public’s demand for digital currencies while avoiding the potential negative consequences associated with these private currencies.
  5. Reduction in Cash Management Costs: The introduction of CBDC can lower the costs associated with managing physical cash, including expenses related to printing, storage, transportation, and replacement of banknotes.
  6. Promotion of Digitization: CBDC can further the government’s goal of digitization, particularly in a case like India where despite rapid digitization, cash usage continues to rise. CBDC can redirect the preference for cash transactions towards digital payments.
  7. Support for Competition, Efficiency, and Innovation: CBDC can enhance competition, efficiency, and innovation in the payments space, contributing to a diverse and resilient payment landscape. It provides another avenue for payments, particularly for e-commerce.
  8. Improvement in Cross-Border Transactions: CBDCs have the potential to improve cross-border payments by offering faster, cheaper, and more transparent cross-border transactions. It can mitigate challenges related to time zones, exchange rate differences, and regulatory requirements.
  9. Enhancing Financial Inclusion: CBDC can make financial services more accessible to the unbanked and underbanked populations, particularly in remote areas with limited infrastructure. It can also create digital financial records for easier access to credit.
  10. Safeguarding Trust in the National Currency: In the face of the proliferation of cryptocurrencies, CBDCs can provide a risk-free, sovereign digital currency, ensuring the public’s trust in the national currency. It can also protect against the potential risks and volatility associated with private virtual currencies.

Features of Central Bank Digital Currency (CBDC)

  • CBDC is a sovereign currency issued by central banks to align with their monetary policy goals.
  • It is recorded as a liability on the central bank’s balance sheet.
  • CBDC is required to be universally accepted as a medium of payment, functioning as legal tender and a secure store of value for all citizens, businesses, and government entities.
  • It must be easily exchangeable with commercial bank money and physical cash.
  • CBDC is a fungible form of legal tender, allowing its use without the necessity of holding a bank account.
  • The implementation of CBDC is expected to reduce the costs associated with currency issuance and transaction processing.

UPI versus CBDC

With the introduction of e-Rupee, there is uncertainty regarding the distinctions between UPI and CBDC. The table below clarifies these differences:

Digital Rupee

The Current worldwide situation regarding Central Bank Digital Currency (CBDC)

Over 60 central banks worldwide have shown interest in CBDC, including some that have already implemented it as either Retail or Wholesale CBDC. Others are exploring different frameworks, such as conducting research, testing, or launching CBDC.

The Bahamas, Jamaica, and Nigeria have successfully implemented CBDCs, with over 100 countries currently exploring this digital currency. Central bankers from Brazil, China, the euro area, India, and the United Kingdom are leading the way in these advancements.

17 other countries, including significant economies such as China and South Korea, are in the pilot stage and working towards launching their own central bank digital currency (CBDC). China was the first country to pilot their CBDC, known as e-CNY, in April 2022, with plans to expand its domestic use by 2023.

The increased adoption of central bank digital currency (CBDC) is viewed as a promising development and a significant advancement in the evolution of sovereign currency.

Several jurisdictions have approved the adoption of Central Bank Digital Currency (CBDC) for various reasons, some of which include –

  1. The Central Banks encounter a shrink in the usage of paper currency with the objective of popularizing the electronic form of currency such as in Sweden.
  2. The Central Banks pursue the requirement of the public with respect to digital currency to encourage the use of private virtual currencies. Hereto, evade damaging the consequences of private currencies.
  3. The jurisdiction with the importance of physical cash usage in order to encourage efficient issuance, in countries such as the USA, Denmark, Japan.
  4. The countries possessing geographical barriers that limit the physical movement of cash contains the motivation to use CBDC.

Development of Central Bank Digital Currency India

India’s CBDC architecture adopts the two-tiered model, widely used globally for CBDC implementations. In this model, banking intermediaries distribute CBDCs to the public based on the central bank’s provided MO supply. The interaction between central banks and commercial banks is facilitated by a hyperledger fabric. In the distribution tier, commercial banks and authorized intermediaries serve as nodes, transferring minted R-CBDC tokens from the central bank. The utilization and end-user interaction occur on an API-based framework, supported by an NPCI switch for routing interbank transactions.

Digital Rupee

India is one of the countries that is currently investigating the implementation of a central bank digital currency. In this blog section, we will discuss the latest updates on the digital rupee, also known as the central bank digital currency of India –

a.    The First Pilot in The Digital Rupee India – Wholesale Segment (e₹-W)

The Indian government initiated the trial of the digital rupee RBI in the wholesale segment, starting on November 1st, 2022. The primary use case involves settling transactions in the secondary market for government securities. The e₹-W is expected to enhance the interbank market’s efficiency, and settling in Central Bank money will reduce transaction costs by eliminating the need for settlement guarantee infrastructure or collateral to manage settlement risks.

The RBI has selected nine banks to take part in the pilot project for Digital Rupee India wholesale –

  1. State Bank of India
  2. Union Bank of India
  3. Bank of Baroda
  4. HDFC Bank
  5. ICICI Bank
  6. IDFC First Bank
  7. Kotak Mahindra Bank
  8. HSB
  9. Yes Bank

Use in the Wholesale Segment:

1. Interbank Settlements:

  • W-CBDC facilitates efficient interbank settlements.
  • Atomic swaps enhance settlement efficiency through automation.

2. Cross-Border Transactions Improvement:

  • Addresses challenges in high costs, low speed, and lack of transparency.
  • Accelerates settlement processes, overcoming time zone and exchange rate issues.

3. Money Market:

  • Facilitates trading in money markets like repo markets and interbank lending.
  • Enhances efficiency and transparency in pricing money market instruments.
  • Reduces counterparty risks and increases overall transparency.

B. Launch of First Pilot in The Digital Rupee India – Retail Segment (e₹-R)

The Reserve Bank of India (RBI) launched the first pilot of the Digital Rupee- Retail segment (e₹-R) on December 01, 2022.  

The Hon’ble Minister of State for Finance Shri Pankaj Chaudhary announced that the pilot program for e₹-R is currently available in selected locations within a closed user group (CUG) consisting of participating customers and merchants. The five cities where the pilot program is available are Mumbai, New Delhi, Bengaluru, Bhubaneswar, and Chandigarh. e₹-R is a digital token that serves as legal tender, with the same denominations as paper currency and coins. It is being distributed through banks, acting as financial intermediaries. e₹-R provides the same trust, safety, and settlement finality as physical cash, but does not accrue interest and can be converted to other forms of money, such as bank deposits.

The Minister provided additional details and revealed that the RBI has picked eight banks to take part in the retail pilot project. These banks are the State Bank of India, ICICI Bank, Yes Bank, IDFC First Bank, Bank of Baroda, Union Bank of India, HDFC Bank, and Kotak Mahindra Bank. These banks have chosen specific individuals or account holders to participate in the trials.

A new e₹ wallet had been created specifically for the pilot program. This is because e₹ is a part of the currency system, while other digital wallets belong to the payments system. Users can use the e₹-R through a digital wallet provided by participating banks, which can be accessed on mobile devices.

The Reserve Bank of India (RBI) only releases a single digital currency called Central Bank Digital Currency (CBDC) on behalf of the Indian government. This currency is a liability of the Central Bank.

The e₹-R is a digital token that represents legal tender and comes in denominations similar to paper currency and coins currently in circulation. These tokens will be distributed through intermediaries, such as banks, and users will be able to transact with e₹-R using digital wallets provided by the banks. These wallets can be stored on mobile phones or other devices.

These transactions can be of both types, that is Person to Person (P2P) and Person to Merchant (P2M), the latter (Person to Merchant) can be done through QR codes displayed at merchant locations.

Additionally, the retail industry would include the important aspects of physical currency, such as trust, safety, and the assurance of final settlement.

Use in the Retail Segment:

1. Retail Cross-Border Remittances:

  • Cost reduction and increased speed and reliability.
  • Especially beneficial for migrant workers sending money to families in India.

2. Microfinance:

  • Supports small loans and savings through secure digital platforms.
  • Embeds features like programmability, alternative underwriting models, and digital onboarding.

3. Programmability:

  • Streamlines direct disbursal for widening financial inclusion.

4. Offline Payments:

  • Suited for offline transactions, crucial for reaching the last layer.
  • CBDCs, as tokens, enable offline payments.

Empowering Transactions: Unveiling the Future of Digital Currency with the E-rupee App

Numerous banks have embraced the digital revolution by introducing dedicated e-rupee apps, catering to the evolving needs of their customers. Among the trailblazers in this transformative journey are notable banks such as State Bank of India (SBI), ICICI Bank, Kotak Mahindra Bank, Union Bank of India (UBI), Bank of Baroda, HDFC Bank, Canara Bank, Punjab National Bank (PNB), IDFC First Bank, IndusInd Bank, Axis Bank, Yes Bank, and Federal Bank.

These forward-thinking banks have recognized the significance of providing seamless, efficient, and secure digital currency services to their customers. The e-rupee apps serve as a gateway to a wide array of financial transactions, ranging from basic fund transfers to more complex activities like online payments, investment management, and digital currency exchanges. Users can experience the convenience of managing their finances at their fingertips, with the assurance of robust security measures implemented by these trusted banking institutions.

The advent of e-rupee apps marks a pivotal shift towards a cashless and digitally-driven economy, fostering financial inclusion and enhancing the overall banking experience for customers. With features such as real-time transaction tracking, personalized financial insights, and user-friendly interfaces, these apps aim to simplify the complexities associated with traditional banking processes. The competitive landscape among these banks further fuels innovation, with each institution striving to offer unique and value-added features to stay ahead in the dynamic digital financial services sector.

As these banking giants continue to invest in technology and user-centric solutions, the e-rupee apps not only signify a commitment to staying abreast of technological advancements but also reflect a dedication to providing unparalleled convenience and accessibility to customers in an increasingly digital era. The collaborative efforts of these banks contribute significantly to reshaping the landscape of banking services, making financial interactions more efficient, transparent, and tailored to the evolving needs of the modern-day consumer.

Here we are providing visual elements showcasing the distinct elements of e-rupee services of these banks. Through these visual cues, users can gain a firsthand glimpse into the innovative features and user interfaces that these banks offer within their respective e-rupee apps.

Key considerations for increasing adoption/ usage of CBDC

1. Policy Framework:

Anonymity:

  • Expectations of tiered anonymity with a transaction threshold.
  • Additional KYC for transactions beyond the threshold.

Data Privacy:

  • Strong, customized data privacy frameworks.
  • Prioritize citizens’ best interests and limit personally identifiable information.

2. Technology:

Scaling up Central Infrastructure:

  • Emphasis on modular DLT architecture for controllable decentralization.
  • Focus on increasing capacity with growing transactions and throughputs.

Operational Efficiency:

  • Expand operational capacity by setting distribution layer rules.
  • Let ecosystem players determine on-demand computing capacity.

3. Business Case:

Viable Business Case:

  • Define a viable business case, including typical and new CBDC features.
  • Incorporate features like programmability and offline capabilities.

Technology Enablers:

  • Open APIs play a key role in creating a level playing field.
  • Help ecosystem players innovate with supervised backend access.

Services:

  • Banks and non-banks build core value propositions for a CBDC portfolio.
  • Key areas include access-based services, user applications, e-wallets, processing support, and technology vendors.

The rollout of CBDC or e-Rupee marks a significant step in India’s digital transformation. With the recent phasing out of the INR 2,000 banknote, CBDC could become the ideal currency for trustworthy, resilient, and efficient financial transactions. Addressing potential implementation challenges, CBDC has the potential to enhance ease of doing business by overcoming geographical barriers. As cash usage declines, CBDC can provide stability, promote financial and environmental sustainability, foster financial inclusion, and catalyze innovation.

Key Takeaways

In conclusion, the introduction of the Digital Rupee, India’s Central Bank Digital Currency (CBDC), represents a significant milestone in the evolution of money and the payment landscape. This initiative aligns with the global trend of exploring and implementing CBDCs, with over 60 central banks around the world actively considering or implementing their own digital currencies.

The Digital Rupee is designed to combine the advantages of electronic payments, including enhanced efficiency, security, and financial inclusion, with the trust and stability that central bank-backed currency provides. It aims to promote digitization, streamline cash management, and offer the benefits of digital currencies without the associated risks of private cryptocurrencies.

Overseas Direct Investment: Comprehensive Study on the most Critical Investment Route

Overseas Direct Investment: Comprehensive Study on the most Critical Investment Route

Investment through Indian companies in foreign is a common phenomenon and several Indian companies have a presence in foreign companies by virtue of the formation of Joint Venture (JV) and Wholly Owned Subsidiaries (WOS). In contrast, Overseas Direct Investment by Indian residents has been revised to sanction overseas investment, with adequate manacles to prevent money from siphoning into foreign companies.

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Therefore, adequate measures and regulations have been introduced and are being revised constantly to prevent any such event.

Reserve Bank of India (RBI) with effect from August 2022 has incorporated erstwhile FEMA (Transfer or Issue of Foreign Security) Regulations, 2004 and FEMA (Acquisition and Transfer of immovable property outside India) Regulation 1915 (OI Rules), which has introduced FEMA (Overseas Investment) Rules, 2022 (OI Regulation) and earlier regulations are considered superseded.

The FEMA (Overseas Investment) Directions, 2022 contains operational requirements under OI Rules and OI Regulations, including guidance regarding the interpretation, a grouping of conditions (under 3 categories, i.e., General provisions, Specific provisions, and Other operational instructions to AD banks).

In addition to that, it also contains particular compliance requirements from former ODI Master Directions and does not fall under OI rules and regulations.

With that, overseas investment in foreign is constricted unless completed in accordance with FEMA Act, OI Rules, and Regulations. This blog provides you with an overview of the latest notified and revised rules and regulations, including board amendments in RBI ODI.

India’s outbound investments have undergone a significant transformation, not only in terms of their scale but also in their geographical distribution and the sectors they target. Analyzing the trends in direct investments over the past decade reveals that while both inbound and outbound investment flows were relatively slow in the early part of the decade, they gained momentum in the latter half.

Over the last decade or so, there has been a noticeable shift in the destinations of overseas investments. In the first half, these investments were primarily focused on resource-rich nations like Australia, the United Arab Emirates (UAE), and Sudan. However, in the latter half, there was a shift towards nations offering greater tax advantages, such as Mauritius, Singapore, the British Virgin Islands, and the Netherlands.

Indian companies primarily engage in foreign investments through mergers and acquisitions (M&A). A developing country like India continually seeks opportunities to invest abroad as it contributes to the overall economy. These overseas investments by Indian companies also play a role in enhancing the performance of the country’s service and manufacturing sectors and contribute to addressing the challenge of rising unemployment rates. With the increasing M&A activity, companies gain direct access to new and broader markets, as well as advanced technologies, allowing them to expand their customer base and establish a global presence.

Overview of Amendments in RBI ODI

Investments made by individuals residing in India in foreign countries broaden the scale and range of business activities for Indian entrepreneurs. They offer global avenues for expansion, enabling easier access to technology, research and development resources, access to a broader global market, and lower capital costs. These advantages enhance the competitiveness of Indian businesses and contribute to the strengthening of their brand reputation.

Furthermore, such overseas investments serve as significant catalysts for foreign trade and the transfer of technology. This, in turn, leads to increased domestic employment, higher levels of investment, and overall economic growth through these interconnected relationships.

In alignment with the principles of liberalization and the facilitation of a more business-friendly environment, the Central Government and the Reserve Bank of India have undertaken a progressive simplification of procedures and a rationalization of rules and regulations governed by the Foreign Exchange Management Act, 1999. As a significant step in this direction, a new Overseas Investment framework has been put into operation.

The Central Government has issued the Foreign Exchange Management (Overseas Investment) Rules, 2022, through Notification No. G.S.R. 646(E) dated August 22, 2022, and the Reserve Bank of India has notified the Foreign Exchange Management (Overseas Investment) Regulations, 2022, under Notification No. FEMA 400/2022-RB dated August 22, 2022. These regulations supersede the previous Notification No. FEMA 120/2004-RB dated July 07, 2004 (Foreign Exchange Management – Transfer or Issue of any Foreign Security – Amendment – Regulations, 2004) and Notification No. FEMA 7 (R)/2015-RB dated January 21, 2016 (Foreign Exchange Management – Acquisition and Transfer of Immovable Property Outside India – Regulations, 2015).

The new framework simplifies the existing system for overseas investments by Indian residents, extending its coverage to a broader spectrum of economic activities, and substantially reducing the necessity for seeking specific approvals. This, in turn, will alleviate the burden of compliance and the associated compliance costs.

Some of the significant changes introduced by the new rules and regulations:

  • Improved clarity in defining various terms and concepts.
  • Introduction of the “strategic sector” concept.
  • Elimination of the need for approval in several cases, including deferred payment of consideration, investments or disinvestments by Indian residents under investigation by investigative agencies or regulatory bodies, issuance of corporate guarantees for second or subsequent level step-down subsidiaries (SDS), and write-offs related to disinvestments.
  • Introduction of a “Late Submission Fee (LSF)” for delays in reporting.

Permission for Initiating Overseas Investments:

  1. An individual residing in India is allowed to make or transfer investments or financial commitments abroad under the general permission/automatic route, subject to the regulations outlined in the OI Rules, Regulations, and these guidelines. Consequently, overseas investments can be made in a foreign enterprise engaged in legitimate business activities, either directly or through second or subsequent-level step-down subsidiaries (SDS) or special-purpose vehicles (SPV).
  2. To make the intended financial commitment, the person should complete Form FC as provided in the “Master Direction – Reporting under the Foreign Exchange Management Act, 1999,” supported by the necessary documents, and approach the designated authorized dealer (AD) bank to facilitate the investment or remittance.
  3. In cases where approval is required, the applicant should approach their designated AD bank, which will then submit the proposal to the Reserve Bank of India (RBI) after conducting a thorough examination and providing specific recommendations. The designated AD bank, before forwarding the proposal, must submit relevant sections of Form FC in the online Overseas Investment Declaration (OID) application and include the transaction number generated by the application in their reference. The proposal should be accompanied by the following documents:
    • Background and brief details of the transaction.
    • Reason(s) for seeking approval mentioning the extant FEMA provisions.
    • Observations of the designated AD bank with respect to the following:
      • Prima facie viability of the foreign entity;
      • Benefits which may accrue to India through such investment;
      • Financial position and business track record of the Indian entity and the foreign entity;
      • Any other material observation.
    • Recommendations of the designated AD bank with confirmation that the applicant’s board resolution or resolution from an equivalent body, as applicable, for the proposed transaction(s) is in place.
    • Diagrammatic representation of the organisational structure indicating all the subsidiaries of the Indian entity horizontally and vertically with their stake (direct and indirect) and status (whether operating company or SPV).
    • Valuation certificate for the foreign entity (if applicable).
    • Other relevant documents properly numbered, indexed and flagged.

Mode of Payment

Regarding the method of payment for overseas investments made by an individual residing in India, the following provisions must be adhered to, as per regulation 8 of the OI Regulations. Additionally:

Pricing Guidelines

  1. Before facilitating any transaction related to overseas investments, the Authorized Dealer (AD) bank must ensure compliance with the regulations specified in rule 16 of the OI Rules. Regarding the documents to be collected by the AD bank, they should adhere to a policy approved by their board, which should consider factors including valuation based on internationally accepted pricing methodologies. The AD bank is required to establish and implement a board-approved policy within two months from the date of issuance of these guidelines.
  2. This policy can also address situations where valuation may not be mandatory, for instance, in cases involving transfers due to merger, amalgamation, demerger, or liquidation, where the price has been approved by a competent court or tribunal in accordance with Indian laws and/or the host jurisdiction. Another scenario could be when the price is readily available on a recognized stock exchange, and so on. The policy should also clearly specify additional documents, such as the audited financial statements of the foreign entity, which the AD banks may request to verify the legitimacy in cases where investments are being written off.

Obligations of the Person Resident in India

Reporting

  1. All reporting related to overseas investments made by individuals residing in India should follow the guidelines specified in regulation 10 of the OI Regulations. This reporting should be done through the designated Authorized Dealer (AD) bank using the updated reporting forms and instructions outlined in the “Master Direction – Reporting under the Foreign Exchange Management Act, 1999.” The reporting forms can be downloaded from the Reserve Bank’s website at www.rbi.org.in. Any incomplete submissions will be treated as non-submissions.
  2. Any acquisition of foreign securities resulting from the conversion of Indian Depository Receipts (IDRs) must be duly reported, either as Overseas Direct Investment (ODI) or Overseas Portfolio Investment (OPI), as applicable.
  3. The Annual Performance Report (APR) should be certified by a chartered accountant in cases where statutory audits are not applicable, including for resident individuals. It’s important to note that in cases where APR is required to be jointly filed, one investor may be authorized by the other investors to submit the APR, or they may jointly file the report.
  4. When a resident individual engages in overseas investments, they must adhere to the reporting requirements outlined in the OI Regulations. Additionally, reporting should also be carried out as per the Liberalized Remittance Scheme (LRS) guidelines when such investments are considered part of the LRS limit. It’s worth noting that the acquisition of foreign securities through inheritance or gift, in accordance with paragraph 2 of Schedule III of the OI Rules, is not counted against the LRS limit and, therefore, does not require reporting under the LRS.

Delay in Reporting

  1. If an individual residing in India has experienced a delay in filing or submitting the necessary forms, returns, or documents, they have the option to file or submit these documents and pay the Late Submission Fee (LSF) through the designated Authorized Dealer (AD) bank, as specified in regulation 11 of the OI Regulations.
  2. The Late Submission Fee (LSF) for delays in reporting transactions related to overseas investments will be calculated based on the following matrix:
Sr. No.Type of Reporting delaysLSF Amount (INR)
1Form ODI Part-II/ APR, FLA Returns, Form OPI, evidence of investment or any other return which does not capture flows or any other periodical reporting7500
2Form ODI-Part I, Form ODI-Part III, Form FC, or any other return which captures flows or returns which capture reporting of non-fund based transactions or any other transactional reporting[7500 + (0.025% × A × n)]

Notes:

a) “n” is the number of years of delay in submission rounded-upwards to the nearest month and expressed up to 2 decimal points.

b) “A” is the amount involved in the delayed reporting.

c) LSF amount is per return.

d) Maximum LSF amount will be limited to 100 per cent of ‘A’ and will be rounded upwards to the nearest hundred.

e) Where an advice has been issued for payment of LSF and such LSF is not paid within 30 days, such advice shall be considered as null and void and any LSF received beyond this period shall not be accepted. If the applicant subsequently approaches for payment of LSF for the same delayed reporting, the date of receipt of such application shall be treated as the reference date for the purpose of calculation of LSF.

f) The option of LSF shall be available up to three years from the due date of reporting/submission under OI Regulations. The option of LSF shall also be available for delayed reporting/submissions under the Notification No. FEMA 120/2004-RB and earlier corresponding regulations, up to three years from the date of notification of OI Regulations.

g) In case a person resident in India responsible for submitting the evidence of investment or filing any forms/returns/reports, etc. as per OI Regulations/earlier corresponding regulations, neither makes such submission/filing within the specified time nor makes such submission/filing along with LSF as provided in regulation 11 of OI Regulations, such person shall be liable for penal action under the provisions of FEMA, 1999.

(3) The LSF may be paid by way of a demand draft drawn in favour of “Reserve Bank of India” and payable at the Regional Office concerned (in accordance with UIN mapping given in the table below).

Sr.NoUIN with prefixUIN mapped to
1.AHRO Ahmedabad
2.BGRO Bengaluru
3.BL or BY or PJRO Mumbai
4.BN or CA or GA or GHRO Kolkata
5.CG or JM or JR or KA or ND or PT or WRRO New Delhi
6.HYRO Hyderabad
7.KO or MARO Chennai

Restrictions and prohibitions

  1. Authorized Dealer (AD) banks are prohibited from facilitating transactions involving any foreign entity engaged in activities mentioned in rule 19(1) of the Overseas Investment (OI) Rules or located in countries/jurisdictions as advised by the Central Government under rule 9(2) of the OI Rules. It’s important to clarify that financial products linked to the Indian Rupee include non-deliverable trades related to foreign currency-INR exchange rates, as well as stock indices connected to the Indian market, among other things.
  2. Individuals residing in India are not allowed to make financial commitments to a foreign entity that has invested or plans to invest in India at the time of such commitment or at any time thereafter, either directly or indirectly, resulting in a structure with more than two layers of subsidiaries. This restriction is in accordance with rule 19(3) of the OI Rules. It’s also specified that no additional layer of subsidiaries should be added to any structure that already has two or more layers of subsidiaries after the notification of the OI Rules/Regulations.

Please note that the term “subsidiary” is defined as an entity in which the foreign entity has control, which includes a stake of 10% or more in an entity, as per the OI Rules.

Financial commitment by an Indian entity

An Indian entity, subject to the overall limit specified in Schedule I of the Overseas Investment (OI) Rules and in compliance with Regulation 3 of the OI Regulations, is permitted to make financial commitments through Overseas Direct Investment (ODI) as outlined in Schedule I of the OI Rules, financial commitments through debt in accordance with Regulation 4 of the OI Regulations, and non-fund-based financial commitments in line with Regulations 5, 6, and 7 of the OI Regulations. Furthermore:

  1. In cases of security swaps, both legs of the transaction must adhere to the provisions of the Foreign Exchange Management Act (FEMA), as applicable.
  2. When a registered Partnership firm from India invests in a foreign entity, it is acceptable for individual partners to hold shares on behalf of the firm in the foreign entity, provided that the host country’s regulations or operational requirements necessitate such holdings.
  3. Financial commitments through debt [Regulation 4 of the OI Regulations] – Authorized Dealer (AD) banks are authorized to facilitate outward remittances for financial commitments through debt only after obtaining the necessary agreements/documents to ensure the legitimacy of the transaction. An Indian entity is not allowed to lend directly to its overseas second or subsequent-level step-down subsidiary (SDS). Additionally, a resident individual cannot make financial commitments through debt.
  4. Regarding financial commitments through Guarantees [Regulation 5 of the OI Regulations]:
    • In the case of performance guarantees, the specified time for contract completion is considered the validity period of the guarantee.
    • No prior approval from the Reserve Bank of India is required for remitting funds from India due to the invocation of a performance guarantee extended in accordance with OI Rules/Regulations.
    • Any guarantee, up to the amount invoked, will no longer be considered part of the non-fund-based financial commitment but will be categorized as a financial commitment through debt. The invocation of such guarantees must be reported in Form FC.
    • The roll-over of guarantees is not regarded as a new financial commitment. However, such roll-overs should be reported in Form FC.
    • A group company of the Indian entity may provide a guarantee in compliance with the OI Regulations if it is eligible to make ODI as per the OI Rules. Such a guarantee will count towards the utilization of the financial commitment limit of the group company and must be reported by the respective group company. In the case of a resident individual promoter, this guarantee will be counted towards the financial commitment limit of the Indian entity and reported accordingly. The concept of utilizing the net worth of the subsidiary/holding company by the Indian entity is no longer applicable. Additionally, when computing the financial commitment limit of the group company, any fund-based exposure of the group company to the Indian entity or of the Indian entity to the group company should be subtracted from the net worth of the group company.
  5. The provisions related to financial commitments through pledge/charge [Regulation 6 of the OI Regulations] are summarized below:
Security by Indian entityIn whose favourFacility availedAmount reckoned towards financial commitment
A) Pledge the equity capital of the foreign entity /its SDS outside India.AD bank or a public financial institution in India or an overseas lender.Fund/non-fund based facilities for Indian entity.Nil.
Fund/non-fund based facilities for any foreign entity/its SDSs outside India.The value of the pledge or the amount of the facility, whichever is less.
A debenture trustee registered with SEBI in India.Fund based facilities for Indian entity.Nil.
B) Create charge on its assets (other than A above) in India [including the assets of its group company or associate company, promoter and / or director].AD bank or a public financial institution in India or an overseas lender.Fund/non-fund based facility for any foreign entity/its SDS outside IndiaThe value of charge or the amount of the facility, whichever is less
Overseas or Indian lender.Fund/non-fund based facilities for Indian entity.Nil.
C) Create charge on the assets outside India of the foreign entity/ its SDS outside India.An AD bank in India or a public financial institution in India.Fund/non-fund based facility for any foreign entity/its SDS outside India.The value of the charge or the amount of the facility, whichever is less.
Fund/non-fund based facility for Indian entity.Nil.
A debenture trustee registered with SEBI in India.Fund based facilities for Indian entity.Nil

6. Financial commitments through pledges or charges must adhere to the following conditions:

  • The value of the pledge or charge, or the amount of the facility, whichever is less, will be considered against the financial commitment limit, provided that such a facility has not already been counted towards the prescribed limit.
  • The overseas lender for whom the pledge or charge is created must not be from a country or jurisdiction where financial commitments are not permitted under the Overseas Investment (OI) Rules.
  • The creation and enforcement of such pledges or charges must comply with the relevant provisions of the Foreign Exchange Management Act (FEMA) or the rules, regulations, or directions issued under FEMA.
  • The assets on which the charge is created must not be securitized.
  • If the duration of the charge is not specified upfront, it should align with the period of the facility (e.g., a loan or other financial facility) for which the charge has been established.
  • In case of the enforcement of a charge created on domestic assets, those domestic assets should only be transferred through a sale to a person residing in India.
  • When creating a pledge involving shares of an Indian company in favor of an overseas lender, the pledge should also comply with the existing FEMA provisions as outlined in the FEMA (Non-Debt Instruments) Rules, 2019.

(7) The provisions regarding Overseas Direct Investment (ODI) in financial services activities [as per paragraph 2 of Schedule I and paragraph 2 of Schedule V of the OI Rules] are summarized as follows:

Indian entityODI in foreign entitySubject to the financial commitment limit, reporting and documentation as per the OI Rules/Regulations and other applicable provisions as under
a) Engaged in Financial Services activityEngaged in Financial Services activitySubject to the provisions contained in paragraph 2(1) of schedule I of the OI Rules. Where such investment is in IFSC, the requisite approval by the financial services regulator concerned shall be decided within 45 days from the date of receipt of application complete in all respects failing which it shall be deemed to be approved
Not engaged in Financial Services activitySubject to the guidelines issued by the respective regulator
b) Not engaged in Financial Services activityEngaged in Financial Services activity except banking or insuranceIndian entity has posted net profits during the preceding three financial years. However, an Indian entity not meeting 3-year profitability condition may make such ODI in a foreign entity in IFSC in India.
Engaged in general and health insuranceApart from the 3 years profitability criteria, such insurance business is supporting the core activity undertaken overseas by such Indian entity. For instance, health insurance to support medical/hospital business, vehicle insurance to support the manufacturing/export of motor vehicles, etc.
c) Overseas investment in any sector by banks and non-banking financial institutions regulated by the Reserve Bank shall be subject to such other conditions as may be stipulated by the regulatory department concerned of the Reserve Bank in this regard.
d) A foreign entity will be considered to be engaged in the business of financial services activity if it undertakes an activity, which if carried out by an entity in India, requires registration with or is regulated by a financial sector regulator in India.
d) A foreign entity will be considered to be engaged in the business of financial services activity if it undertakes an activity, which if carried out by an entity in India, requires registration with or is regulated by a financial sector regulator in India.

(8) The limit on financial commitments is determined by paragraph 3 of Schedule I of the Overseas Investment (OI) Rules. Additionally:

  • The utilization of funds held in the Exchange Earners’ Foreign Currency (EEFC) account, as well as the amount obtained through the issuance of American Depository Receipts (ADR) or Global Depositary Receipts (GDR) and ADR/GDR stock-swap for making financial commitments, will be considered within the financial commitment limit. However, financial commitments made through these resources prior to the date of notification of the OI Rules/Regulations will not be counted towards the limit.
  • When the proceeds from External Commercial Borrowings (ECB) are used to make financial commitments, this utilization will be counted towards the financial commitment limit. However, only the portion of the ECB that exceeds the amount corresponding to the pledge or creation of a charge on assets, which has already been included in the financial commitment limit, will be counted.

Overseas investment by resident individuals

With effect from August 05, 2013, resident individuals (either individually or in conjunction with another resident individual or with an Indian entity) were granted the ability to engage in Overseas Direct Investment (ODI). A resident individual can make overseas investments following the guidelines provided in Schedule III of the Overseas Investment (OI) Rules. Additionally:

(1) If a resident individual has made an ODI without control in a foreign entity, and that foreign entity subsequently acquires or establishes a subsidiary or second or subsequent-level step-down subsidiary (SDS), the resident individual is not permitted to gain control in that foreign entity.

(2) Overseas investments involving capitalization, securities swaps, rights/bonus issues, gifts, and inheritances will be categorized as ODI or Overseas Portfolio Investment (OPI) based on the nature of the investment. However, investments, whether in listed or unlisted entities, through sweat equity shares, minimum qualification shares, and shares/interest under Employee Stock Ownership Plans (ESOP) or Employee Benefits Schemes, which do not exceed 10% of the foreign entity’s paid-up capital/stock and do not lead to control, will be categorized as OPI.

(3) In the case of security swaps, both legs of the transaction must comply with the provisions of the Foreign Exchange Management Act (FEMA), as applicable. If a security swap results in the acquisition of equity capital that does not conform to the OI Rules/Regulations (e.g., ODI in a foreign entity engaged in financial services activities or a foreign entity with a subsidiary/SDS), such equity capital must be divested within six months from the date of acquisition.

(4) Resident individuals are not permitted to transfer any overseas investments as gifts to individuals residing outside India.

(5) Shares/interest acquired under ESOP/Employee Benefits Schemes – Authorized Dealer (AD) banks may allow remittances for acquiring shares/interest in an overseas entity under schemes offered directly by the issuing entity or indirectly through a Special Purpose Vehicle (SPV) or SDS. If the investment qualifies as OPI, the employer must report it in Form OPI as per Regulation 10(3) of the OI Regulations. If the investment qualifies as ODI, the resident individual must report the transaction in Form FC.

(6) Foreign entities are allowed to repurchase shares issued to residents in India under any ESOP Scheme, provided that

(i) the shares were issued in compliance with the rules/regulations under FEMA, 1999,

(ii) the repurchase follows the terms of the initial offer document, and

(iii) the necessary reporting is conducted through the AD bank.

(7) While there is no specific limit on the amount of remittance made for the acquisition of shares/interest under ESOP/Employee Benefits Schemes or the acquisition of sweat equity shares, such remittances will count towards the Liberalized Remittance Scheme (LRS) limit of the individual concerned.

Overseas investment by a person resident in India, other than an Indian entity or a resident individual

A person residing in India, who is not an Indian entity or a resident individual, can engage in overseas investment in accordance with Schedule IV of the Overseas Investment (OI) Rules. Additionally:

(1) Mutual Funds (MFs) and Venture Capital Funds (VCFs)/Alternative Investment Funds (AIFs) registered with the Securities and Exchange Board of India (SEBI) may invest overseas in securities as specified by SEBI within an overall cap of USD 7 billion and USD 1.5 billion, respectively, as outlined in paragraph 2 of Schedule IV of the OI Rules. Furthermore, a limited number of eligible MFs are permitted to invest cumulatively up to USD 1 billion in overseas Exchange Traded Funds (ETFs), subject to SEBI’s approval. These investments shall be classified as Overseas Portfolio Investment (OPI), regardless of whether the securities are listed or not.

(2) MFs/VCFs/AIFs interested in availing this facility should approach SEBI for the necessary permissions. The operational details regarding eligibility criteria, individual limits, identification of recognized stock exchanges, the investible universe, monitoring of aggregate ceilings, etc., will be in accordance with the guidelines issued by SEBI. General permission is granted to these investors for selling the securities they acquire.

(3) An Authorized Dealer (AD) bank, including its overseas branch, may acquire or transfer foreign securities in accordance with the regulations and laws of the host country in the normal course of its banking business. The provisions in the OI Rules/Regulations do not apply to such acquisition or transfer of foreign securities by an AD bank.

(4) A bank in India, licensed by the Reserve Bank of India under the Banking Regulation Act, 1949, may acquire shares of the Society for Worldwide Interbank Financial Telecommunication (SWIFT) in line with SWIFT’s by-laws. This is permissible provided the bank has received permission from the Reserve Bank to join the ‘SWIFT User’s Group in India’ as a member.

(5) Any overseas investment made by a sole proprietorship or an unregistered partnership firm can be carried out by the proprietor or the individual partners within their limits under the Liberalized Remittance Scheme (LRS) as per Schedule III of the OI Rules. If the proposed investment is in a strategic sector, any application for an overseas investment exceeding the LRS limit should be made under the government approval route.

(6) Overseas investments by registered trusts and societies may be made under the approval route, in accordance with paragraph 1 of Schedule IV of the OI Rules.

Overseas investment in an IFSC in India by a person resident in India

A person residing in India can engage in overseas investment within an International Financial Services Centre (IFSC) in India in accordance with Schedule V of the Overseas Investment (OI) Rules. Here are some additional details:

  1. A person residing in India, whether it’s an Indian entity or a resident individual, can make investments (including sponsor contributions) in the units of an investment fund or vehicle established in an IFSC as Overseas Portfolio Investment (OPI). This means that, in addition to listed Indian companies and resident individuals, unlisted Indian entities can also make such investments within an IFSC.
  2. The restriction on making Overseas Direct Investment (ODI) only in an operating foreign entity or not making ODI in a foreign entity engaged in financial services activities by resident individuals does not apply to investments made within an IFSC. However, such investments should not be made in any foreign entity engaged in banking or insurance. Such foreign entities in IFSC may have subsidiaries or second or subsequent-level step-down subsidiaries (SDS) in IFSC. They may also have subsidiaries or SDS outside IFSC where the resident individual does not have control over the foreign entity. A resident individual who has made ODI without control is not allowed to gain control in a foreign entity that subsequently establishes or acquires a subsidiary/SDS outside India.

Acquisition or Transfer of Immovable Property outside India

The acquisition or transfer of immovable property outside India is subject to the provisions outlined in Rule 21 of the Overseas Investment (OI) Rules. Additionally:

  1. An Authorized Dealer (AD) bank may permit an Indian entity with an overseas office to acquire immovable property outside India for the business and residential purposes of its staff. This is permissible as long as the total remittances do not exceed the following limits, which are specified for both initial and recurring expenses:
    • 15% of the average annual sales, income, or turnover of the Indian entity over the last two financial years or up to 25% of the net worth, whichever is higher.
    • 10% of the average annual sales, income, or turnover over the last two financial years.

Conclusion

In conclusion, overseas investments made by Indian residents play a crucial role in expanding the scale and scope of business activities for Indian entrepreneurs. These investments provide access to global opportunities for growth by facilitating technology transfer, research and development, access to wider markets, and reducing capital costs. They enhance the competitiveness of Indian entities and boost their brand value. Additionally, overseas investments contribute to foreign trade, technology transfer, domestic employment, increased investment, and overall global economic growth. The Hon’ble Prime Minister of India, Shri Narendra Modi is also promoting, “One Family. One Future. One Earth.”.

To support and facilitate overseas investments, the Central Government and the Reserve Bank of India have simplified procedures and rationalized rules and regulations under the Foreign Exchange Management Act, 1999. This effort has led to the operationalization of a new Overseas Investment regime, represented by the Foreign Exchange Management (Overseas Investment) Rules, 2022, and the Foreign Exchange Management (Overseas Investment) Regulations, 2022.

These regulations introduce several significant changes to the existing framework, including improved clarity in definitions, the introduction of the concept of “strategic sector,” the removal of the requirement for approval in specific cases, and the introduction of a “Late Submission Fee (LSF)” for reporting delays. These changes aim to reduce the compliance burden and associated costs, making overseas investments more accessible and efficient for Indian residents.

Overall, the regulatory amendments are designed to foster ease of doing business and promote overseas investments while ensuring proper oversight and compliance with FEMA Act, OI Rules, and Regulations. The revised framework supports Indian entrepreneurs in harnessing global opportunities and contributes to their success on the international stage.


Written & Compiled by CA Sunil Kumar Gupta

Founder Chairman, SARC Associates

sunilkumargupta.com

Employment Situation in New India

Employment Situation in New India

According to the vision outlined by Prime Minister Modi, India is making significant strides towards achieving a $5 trillion economy by 2024-25. Under his leadership, the economic recovery in the country continues to have a positive impact on employment situation in New India, thanks to the multiplier effect.

Justify Text Alignment

Furthermore, the Budget for 2023-24 has injected strong momentum into economic growth with a substantial 33% increase in the country’s capital investment, now totaling Rs  10 lakh crores. This boost in capital investment is poised to not only stimulate economic activities but also enhance employment prospects across the nation.

The surge in employment opportunities in India is evident through various indicators, including increased job enrollments in the organized sector, a growing number of registered companies, the proliferation of startups, and the emergence of numerous Unicorns in the country. This expansion of employment opportunities extends to new sectors like AI, cloud computing, data analytics, automation, and more.

The employment situation in New India is constantly evolving, and the employment situation in 2023 has witnessed significant transformations.

Current Employment Situation in India 2023 | Current Employment Situation in India

According to the Economic Survey released in January 2023, the Indian economy’s GDP is projected to experience growth in the range of 6% to 6.8% during the fiscal year 2023-24. This projection is based on the evolving economic conditions and global political developments.

The Indian economy’s growth is primarily being driven by private consumption, capital formation, and capital investment. This positive momentum has led to increased employment opportunities and a reduction in urban unemployment rates, along with higher registrations in the Employee Provident Fund.

Additionally, the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) has played a crucial role in providing direct employment in rural areas, while also creating indirect job opportunities for rural households to diversify their income sources.

The recent consumer confidence survey conducted by the Reserve Bank of India (RBI) in October 2023 (results of September 2023) reflects improved contemporary and future employment and income conditions.

The highlights of the Consumer Confidence Survey are as follows –

  • In September 2023, the Current Situation Index (CSI) achieved its highest level in four years, primarily due to survey participants expressing more positive evaluations of the current state of the overall economy and employment conditions.
  • Anticipations regarding the overall economic outlook, employment opportunities, income, and spending are set to continue their positive trajectory in the coming year. The Future Expectations Index (FEI) likewise achieved its highest point in four years during the most recent survey round.
  • Households maintain a strong sense of optimism about their future earnings, even though their current earnings sentiment has remained relatively stable at the levels observed in July 2023.

The employment rate in the country has shown growth during the current fiscal year, as supported by both official and unofficial sources. The Periodic Labour Force Survey (PLFS) indicates an increase from 50.7% in 2017-18 to 60.8% in 2022-23, whereas in urban areas, it increased from 47.6% to 50.4%. The LFPR for males in India increased from 75.8% in 2017-18 to 78.5% in 2022-23, while the corresponding increase in LFPR for females went from 23.3% to 37.0%. Moreover, the Labor Force Participation Rate (LFPR) has improved, indicating a positive trajectory for the Indian economy despite the initial pandemic-induced slowdown in early FY 2023.

According to the Overview of the Union Budget for the fiscal year 2023-24, increased investments in infrastructure and enhancing productive capacity have a substantial multiplier effect on both economic growth and employment. Furthermore, the government plans to set upto 100 laboratories within engineering institutions to focus on developing applications utilizing 5G services. This initiative aims to tap into a wide array of new opportunities, business models, and, importantly, employment prospects. These laboratories will encompass areas such as smart classrooms, precision farming, intelligent transport systems, and healthcare applications.

Significant aspects revealing Employment Situation of the Country:

1. Increase in EPFO Subscription

As on October 2023, 498058 total EPFO registration has been done and as on April 2023, the total new subscriber during March 2023 accounted to be 7,57,792, out of which, 5,67,149 were males and 1,90,630 were females. The newly joined members belong from the age of 18-21 years comprising 2,34,720, followed by the 22-25 years age group comprising 1,94,216.

In May 2023, 10,08,693 members have rejoined the EPFO membership, showing a significant increase compared to the previous year. These members have commutated their jobs and rejoined the establishments covered under EPFO and opted to transfer their accumulations rather than applying for final settlements. Therefore, extending the scope of social security protection.

2. QES Indicates the Surge in Employment

A “quarterly bulletin” refers to a periodic publication or report issued by an organization, such as a government agency, central bank, or a company, that provides information, analysis, and estimates about various economic, financial, or other relevant indicators for a specific quarter or three-month period. The term “estimates” in the context of a quarterly bulletin typically pertains to projections, forecasts, or assessments made by the organization regarding trends, statistics, or other data for the upcoming quarter or future periods. These estimates can include economic growth forecasts, inflation predictions, employment figures, trade balances, and more, which are essential for stakeholders, policymakers, and the public to understand and make informed decisions.

The current Quarterly Bulletin (published by National Sample Survey Office) is the 18th in the series for the quarter January–June 2023. The significant finding of the QES is –

Survey period Male Female Person
(1) (2) (3) (4)
April – June 2022 73.5 20.9 47.5
July – September 2022 73.4 21.7 47.9
October – December 2022 73.3 22.3 48.2
January – March 2023 73.5 22.7 48.5
April – June 2023 73.5 23.2 48.8
 Source: National Sample Survey Office

Key Findings of PLFS, Quarterly Bulletin (April –June2023) –

A. Increasing Trend in Labour Force Participation Rate (LFPR) 

The “Labor Force Participation Rate,” often referred to as the “Worker Population Ratio,” is a statistical measure that calculates the percentage of the working-age population (typically those aged 16 to 64 or 15 to 64, depending on the country’s definition) that is either employed or actively seeking employment. It is used to assess the proportion of people within a specific age group who are engaged in the labor force, which includes those who have jobs or are actively looking for work. This ratio is a key indicator in labor market analysis and provides insights into the economic participation of a particular demographic group within a given region or country

B. Increasing Trend in Worker Population Ratio (WPR)

WPR (in percent) in CWS in urban areas for persons of age 15 years and above –

Survey period Male Female Person
(1) (2) (3) (4)
April – June 2022 68.3 18.9 43.9
July – September 2022 68.6 19.7 44.5
October – December 2022 68.6 20.2 44.7
January – March 2023 69.1 20.6 45.2
April – June 2023 69.2 21.1 45.5
Source: National Sample Survey Office

C. Decreasing Trend in Unemployment Rate (UR) 

The “Unemployment Rate” is a widely used economic indicator that measures the percentage of the labor force that is currently without a job and actively seeking employment. It is typically calculated by dividing the number of unemployed individuals by the total labor force (the sum of employed and unemployed individuals). This rate serves as a critical measure of the health of an economy and its labor market. A higher unemployment rate often indicates economic challenges, while a lower rate suggests a more robust job market. Economists and policymakers closely monitor the unemployment rate to gauge the overall economic conditions and labor force dynamics in a specific region or country.

UR (in per cent) in CWS in urban areas for persons of age 15 years and above –

survey period Male Female Person
(1) (2) (3) (4)
April – June 2022 7.1 9.5 7.6
July – September 2022 6.6 9.4 7.2
October – December 2022 6.5 9.6 7.2
January – March 2023 6.0 9.2 6.8
April – June 2023 5.9 9.1 6.6
Source: National Sample Survey Office

3. Production Linked Incentive Schemes (PLI)

The Production Linked Incentive Schemes have been introduced by the Government of India in order to enhance production and economic growth, hence, increasing in employment of the country. As of June 2023, the value addition of 20% has been recorded in mobile manufacturing within the duration of 3 years.

Till March 2023, the actual investment of Rs. 62,500 crores has led to increased production or sales of above Rs. 6.75 lakh crores. This has resulted in the employment generation of about 3,25,000.

In FY 2022-23, about Rs 29000 crore has been disbursed under PLI schemes for 8 sectors, i.e.,

  • Large-Scale Electronics Manufacturing (LSEM),
  • IT Hardware,  
  • Bulk Drugs,
  • Medical Devices,
  • Pharmaceuticals,
  • Telecom & Networking Products,
  • Food Processing,
  • Drones & Drone Components.

All the sectors approved and designated within the PLI (Production-Linked Incentive) Schemes adhere to a comprehensive set of criteria that emphasize prioritizing essential technologies in which India can make significant advancements, leading to increased employment opportunities, higher exports, and broader economic advantages for the country. These sectors received approval after rigorous assessment by NITI Aayog and extensive discussions with relevant Ministries and Departments. As of the current date, there have been no proposals approved by the Union Cabinet to introduce additional sectors into the PLI Schemes.

These sectors are (i) Mobile Manufacturing and Specified Electronic Components, (ii) Critical Key Starting Materials/Drug Intermediaries & Active Pharmaceutical Ingredients, (iii) Manufacturing of Medical Devices (iv) Automobiles and Auto Components, (v) Pharmaceuticals Drugs, (vi) Specialty Steel, (vii) Telecom & Networking Products, (viii) Electronic/Technology Products, (ix) White Goods (ACs and LEDs), (x) Food Products, (xi) Textile Products: MMF segment and technical textiles, (xii) High efficiency solar PV modules, (xiii) Advanced Chemistry Cell (ACC) Battery, and (xiv) Drones and Drone Components.

The Indian Government’s Production Linked Incentive (PLI) Schemes aim to stimulate production, economic growth, and employment. By June 2023, a 20% value addition in mobile manufacturing has been achieved. Investments of Rs. 62,500 crores till March 2023 have led to over Rs. 6.75 lakh crores in production and the creation of approximately 3,25,000 jobs across 8 sectors. These sectors were chosen after thorough assessments by NITI Aayog and relevant Ministries, and there have been no new additions to the PLI Schemes as of the current date. In summary, the PLI Schemes are driving economic growth and job opportunities in India.

4. CAPEX (Capital Expenditure) to Increase Employment

In order to further boost the positive feedback loop of investment and job creation, the budget has taken the initiative once more by significantly raising the capital expenditure allocation. The budget for the fiscal year 2023-24 has witnessed a substantial increase of 37.4%, amounting to a staggering Rs. 10 lakh crore, compared to the Rs. 7.28 lakh crore in the Revised Estimates for 2022-23.

a.     Capital Investment as a driver of growth and jobs

To stimulate investments and create jobs, the 2023-24 budget is increasing spending on big projects by 37.4%. They plan to allocate 10 lakh crore rupees, a big jump from the 7.28 lakh crore rupees spent in the previous year.

b.    Startup Ecosystem

The Start-up India initiative launched on January 16, 2016, which includes 16 Action Points act as a guiding force for this initiative. The pre-eminent agenda behind the introduction of this initiative was to empower startups to grow with the assistance of technology and design.

Moreover, the scope of this initiative is not limited to startups, but it also has a catalytic effect on the Indian startup ecosystem and accelerates Indian entrepreneurs to build innovative solutions to fulfill domestic and global needs.

Apart from that, distinct measures have been taken under the Startup India initiative to transform India into a country of “job creators” rather than a county of “job seekers.”

India has emerged as the 3rd largest startup ecosystem globally in April 2023, containing over 115,064  DPIIT-recognized startups as on November 2023. India ranks in the 2nd position in innovation quality, holding the top position in terms of quality of scientific publications and quality of universities among other middle-class economies. Moreover, it is to be noted that innovation in India is not restricted to certain sectors, but it is being recognized that Indian startups have successfully resolved the issues of 56 diversified sectors. In FY 2023 (Q1 to Q3), Indian startups raised $7 billion fundings.

In addition to that, in the past few years, India’s startup ecosystem has reflected tremendous growth (2019-2022 till date) –

  • Total funding of startups has increased by 15X.
  • The number of investors has increased by 9X.
  • The number of incubators has increased by 7X.

The Indian unicorns (a term used to describe a privately owned startup company with a valuation of over $1 billion) are also flourishing in a fast-paced manner since these startups are not only developing or proposing innovative solutions and advanced technologies but are also contributing to the employment generation at a large scale. As of October 2023, India had a total of 1,12718 unicorns accounting for a valuation of $349.67 billion.

c.     Aviation Sector

In accordance with the UDAN scheme, a target has been set to establish at least 100 airports or heliports, or waterdromes by FY 2024. As of January 31, 2023, a total of 73 airports, including 9 heliports and 2 water aerodromes, that were previously unserved or underserved have been made operational through the UDAN scheme since 2017. It’s important to note that the UDAN scheme is an ongoing initiative, with periodic bidding rounds aimed at expanding its coverage to include additional destinations, stations, and routes.

This growth in the aviation sector will result in an increase in the demand for a more trained workforce such as pilots, cabin crew, aircraft maintenance engineers, airport professionals, and IT and support service professionals.

Therefore, it will improve the employment situation in new India, while contributing to economic growth.

d.    Make in India

Make in India, is an initiative launched in September 2014 by the government of India to facilitate investment, stimulate innovation, and build the best-in-class manufacturing infrastructure with the purpose to promote ease of doing business and enhance the development of skills.

Furthermore, “Make in India” also seeks a creative environment for investment, and advanced and efficient infrastructure, including the establishment of new sectors to lure foreign investments and forging a partnership between government and industry.

In simpler words, it is a solitary “Vocal for Local” approach introduced with the purpose to promote manufacturing in India to maximize the economic growth of the country but also to provide employment opportunities for our young labor force.

e.     Banking Sector

India has seen steady growth in the number of branches of banks, which has a direct correlation with the increase in employment.

The provided data shows a positive trend in the current employment situation in India 2023, certainly improved if compared to the current employment situation in India 2023. From growth in bank branches to initiatives such as Startup India/ Make in India, India’s economy is reflecting growth in the rate of employment.

Significant Schemes/ Sectors Contributing in Employment Generation

Certainly, India’s diverse economic sectors have been instrumental in employment generation, contributing significantly to the country’s job market. The “Digital India” initiative has propelled growth in the information technology and services sector, creating a multitude of job opportunities in software development, cybersecurity, and digital marketing.

“Skill India” has been instrumental in upskilling the workforce and fostering employment situation in New India across various sectors by providing training in industries like manufacturing, healthcare, and retail. India is now prioritizing substantial investments in the skill development of its youth like never before. One of the schemes under “Skill India” – Pradhan Mantri Kaushal Vikas Yojana, which has significantly empowered the nation’s young talent at the grassroots level. As part of this program, the Hon’ble Prime Minister revealed that approximately 1.5 crore young individuals have undergone skill training to date. Furthermore, new skill centers will be established in close proximity to industrial hubs, enabling seamless collaboration between industries and skill development institutes. This collaborative approach aims to equip the youth with the necessary skills required for improved employment situation in New India.

Artificial Intelligence (AI) is driving the growth of data science and AI-related jobs, offering opportunities in machine learning, data analysis, and automation. Robotics, including medical robotics, is reshaping industries and employment. In manufacturing, robots improve efficiency, creating jobs for engineers and technicians. Medical robotics enhances healthcare, requiring skilled professionals for operation. Research and development in robotics demand engineers and AI experts. Service and social robots, from customer service to education, open opportunities in maintenance and programming. Robotics contributes to employment across diverse sectors, from healthcare to research and service industries.

The agriculture sector, on the other hand, continues to be a significant source of employment for millions of farmers, laborers, and agribusiness professionals, especially in rural areas. India’s agriculture sector plays an important role in the world economy and is the fundamental source of occupation for around 60% of the rural population. The country comprises 2nd largest agriculture land globally employing over half of country’s population.

The renewable energy sector has not only contributed to sustainable energy solutions but also created jobs in solar panel manufacturing, wind turbine maintenance, and research in green technologies. In the pharmaceutical and healthcare sector, research, drug manufacturing, and healthcare services have led to job opportunities for scientists, pharmacists, doctors, and healthcare professionals. Currently, Green Hydrogen production in the country is in the research and development (R&D) and pilot phases, resulting in limited foreign currency savings and employment situation in New India. However, the National Green Hydrogen Mission sets ambitious objectives, aiming to achieve savings of approximately Rs 1 lakh crore through reduced imports and the creation of around 6 lakh jobs by the year 2030. As per the ‘Renewable Energy and Jobs Annual Review 2022’ by the International Renewable Energy Agency (IRENA), the biogas sector in India contributed to the creation of 85,000 jobs.

E-commerce and the tech industry have given rise to jobs in logistics, online retail, app development, and customer service. The financial technology (FinTech) sector is fostering employment in financial services, including digital banking, payment processing, and financial analytics. Space exploration and satellite technology have opened avenues for engineers, scientists, and space professionals.

The biotechnology and telemedicine sectors, catalyzed by the COVID-19 pandemic, have created jobs in research, vaccine production, and telehealth services, enhancing the healthcare industry and generating employment situation in New India for healthcare workers and technology specialists.

These sectors represent a vast spectrum of job opportunities, ranging from highly technical and specialized roles to labor-intensive positions, collectively contributing to employment generation and the economic advancement of India.

Measures to Increase Employment in India

Employment Generation Schemes/ Programmes of the Government of India

Sr. No.Name of the Scheme/ ProgrammeMinistryAbout Scheme
1Atmanirbhar Bharat Rojgar Yojana (ABRY)Ministry of Labour and EmploymentThe scheme was launched in October 1st, 2020 as part of Atmanirbhar Bharat Package 3.0 with the objective to incentivize employers to generate new employment along with social security benefits and restoration of loss of employment during the Covid-19 pandemic.

Website link – https://labour.gov.in/aatmanirbhar-bharat-rojgar-yojana-abry
2National Career Service (NCS) ProjectMinistry of Labour and EmploymentThe portal has been introduced to transform the National Employment Service in order to provide distinct career-related services like job matching, career counseling, vocational guidance, information on skill development courses, apprenticeships, internships, etc.   It includes three significant components – NCS Portal (www.ncs.gov.in); Model Career Centres; and Interlinking of Employment Exchanges.

Website link – https://www.ncs.gov.in/
3Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA)Ministry of Rural DevelopmentMGNREGA is projected to provide at least 100 days of guaranteed wage employment in a financial year to every rural household whose adult members volunteer to do unskilled manual work.   

Website link – https://nrega.nic.in/MGNREGA_new/Nrega_home.aspx
4Pt. Deen Dayal Upadhyaya Grameen Kaushlya Yojana (DDU-GKY)Ministry of Rural DevelopmentDDU-GKY is a placement-linked skill development program launched for rural poor youth (covering the age group of 15-35 years) under the National Rural Livelihoods Mission (NRLM) in September 2014.  

Website link – http://ddugky.info/
5PM- SVANidhi SchemeM/o Housing & Urban AffairsPM SVANidhi Scheme was launched on June 01, 2020, to offer collateral-free working capital loans to Street Vendors, vending in urban areas, to resume their businesses which were adversely affected due to the COVID-19-induced lockdown.   

Website Link – https://pmsvanidhi.mohua.gov.in/
6Prime Minister’s Employment Generation Programme (PMEGP)Ministry of Micro, Small & Medium EnterprisesPMEGP which is a major credit-linked subsidy programme targets to generate self-employment opportunities through establishment of micro-enterprises in the non-farm sector by helping traditional artisans and unemployed youth.   

Website Link – https://msme.gov.in/1-prime-ministers-employment-generation-programme-pmegp
7National Apprenticeship Promotion Scheme (NAPS)Ministry of Skill Development and EntrepreneurshipNAPS was launched in August 2016 to promote the Apprenticeship in India by providing financial incentives, technology and advocacy support.  The scheme has the following two components – Sharing of 25% of prescribed stipend subject to a maximum of Rs. 1500/- per month per apprentice with the employers and Sharing of basic training cost up to a maximum of Rs. 7,500 per apprentice.   

Website Link – https://msde.gov.in/en/schemes-initiatives/apprenticeship-training/naps
8Production-Linked Incentive (PLI) Scheme13 MinistriesProduction Linked Incentive (PLI) Schemes has been announced by Hon’ble Finance Minister, Smt Nirmala Sitharaman with an outlay of INR 1.97 Lakh Crores across 14 key sectors with the motto to create national manufacturing champions and to create 60 lakh new jobs, and an additional production of 30 lakh crore during next 5 years.  

Website Link – https://www.investindia.gov.in/production-linked-incentives-schemes-india
Source: dge.gov.in

Flagship programmes of the Government that have the potential to generate productive employment opportunities  

1Digital IndiaMinistry of Electronics and Information Technologyit is a flagship programme of the Government of India introduced with a vision to transform India into a digitally empowered society and knowledge economy.   

Website Link – https://www.digitalindia.gov.in/
2Atal Mission for Rejuvenation and Urban Transformation (AMRUT)Ministry of Housing and Urban AffairsThe AMRUT mission was been introduced with the mission to provide basic services (e.g. water supply, sewerage, urban transport) to households and build amenities in cities to improve the quality of life for all, especially the poor and the disadvantaged is a national priority.   

Website Link – http://tcpo.gov.in/atal-mission-rejuvenation-and-urban-transformation-amrut-reforms
3Make in IndiaDPIIT, Ministry of Commerce & Industry‘Make in India’ initiative was launched on September 25, 2014 to facilitate investment, boost innovation, building best in class manufacturing infrastructure, ease of doing business and improving skill development. 

Website Link – https://www.makeinindia.com/
4Smart CitiesMinistry of Housing & Urban AffairsThe primary motive of the Mission is to promote cities that provide core infrastructure, clean and sustainable environment and give a decent quality of life to their citizens through the application of ‘smart solutions’.  

Website Link – https://smartcities.gov.in/
5Shyama Prasad Mukherji Rurban MissionM/o Rural DevelopmentSPMRM follows the vision of Development of a cluster of villages that conserves and nurture the essence of rural community life emphasizing on equity and inclusiveness without compromising with the facilities perceived to be essentially urban in nature.   

Website Link – https://rurban.gov.in/#gsc.tab=0
6The National Industrial CorridorMinistry of Commerce & IndustryTo coordinate the development of the industrial corridors, with smart cities linked to transport connectivity, drive India’s growth in manufacturing and urbanization.  

Website Link – https://www.nicdc.in/
7Stand up India SchemeDepartment of Financial Services, Ministry of Finance):It is a Scheme for financing SC/ST and/or Women Entrepreneurs with the motto to facilitate bank loans between 10 lakh and 1 Crore to at least one Scheduled Caste (SC) or Scheduled Tribe (ST) borrower and at least one woman borrower per bank branch for setting up a greenfield enterprise.  

Website Link – https://www.standupmitra.in/
8Start Up IndiaDPIIT, Ministry of Commerce & IndustryIt is a flagship initiative of the Government of India, intended to catalyse startup culture and build a strong and inclusive ecosystem for innovation and entrepreneurship in India.  

Website Link – https://www.startupindia.gov.in/
9Pradhan Mantri Awas Yojana – UrbanMinistry of Housing & Urban AffairsIt is a flagship Mission of Government of India being implemented by Ministry of Housing and Urban Affairs (MoHUA), was launched on 25th June 2015. Its mission is to address urban housing shortage among the EWS/LIG and MIG categories including the slum dwellers by ensuring a pucca house to all eligible urban households by the year 2022, when Nation completes 75 years of its Independence. PMAY(U) adopts a demand driven approach wherein the Housing shortage is decided based on demand assessment by States/Union Territories.

Website Link – https://pmay-urban.gov.in/about
10Swachh Bharat Mission- GrameenMinistry of Jal ShaktiTo accelerate the efforts to achieve universal sanitation coverage and to put the focus on sanitation, the Prime Minister of India had launched the Swachh Bharat Mission on 2nd October 2014. Under the mission, all villages, Gram Panchayats, Districts, States and Union Territories in India declared themselves “open-defecation free” (ODF) by 2 October 2019, the 150th birth anniversary of Mahatma Gandhi, by constructing over 100 million toilets in rural India.   

Website Link – https://swachhbharatmission.gov.in/sbmcms/index.htm
11Swachh Bharat Mission – Urban (SBM-U), Ministry of Housing & Urban AffairsSBM-U launched on 2nd October 2014 targets to make urban India free from open defecation and achieving 100% scientific management of municipal solid waste in 4,041 statutory towns in the country.   

Website Link – https://mohua.gov.in/cms/swachh-bharat-mission.php#:~:text=The%20Swachh%20Bharat%20Mission%20%2D%20Urban,Elimination%20of%20open%20defecation
12Pradhan Mantri Garib Kalyan Yojana (PMGKY)Ministry of Labour and EmploymentPMGKY is a scheme introduced by the Government of India which has  contributed in both 12% employer’s share and 12% employee’s share under Employees Provident Fund (EPF), totaling 24% of the wage for the wage month from March to August, 2020 for  the establishments having upto 100 employees with 90% of such employees earning less than Rs. 15000/-.   

Website Link – https://www.epfindia.gov.in/site_docs/PDFs/Circulars/Y2020-2021/SchemeCOVID_24_10042020.pdf 
Source: dge.gov.in

Conclusion

In conclusion, India is making remarkable strides in achieving its vision of becoming a $30 trillion economy in next 30 years or $5 trillion economy by 2024-25, thanks to strong leadership and proactive economic policies. The recent budget for 2023-24 has injected a significant impetus into economic growth with a substantial increase in capital investment, which is set to stimulate economic activities and enhance employment situation in New India throughout the nation. India’s employment landscape is constantly evolving, and the employment situation in 2023 has witnessed substantial transformations.

The Indian economy’s growth is primarily driven by factors like private consumption, capital formation, and capital investment. This positive momentum has translated into increased employment situation in New India and reduced urban unemployment rates, alongside higher registrations in the Employee Provident Fund. The Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) has played a pivotal role in providing direct employment in rural areas and creating indirect job opportunities for rural households.

The Consumer Confidence Survey, conducted by the Reserve Bank of India (RBI), reflects improved contemporary and future employment and income conditions. Households in India maintain a strong sense of optimism about their future earnings, signaling positive growth in the employment sector.

Moreover, various government schemes and initiatives are instrumental in creating employment opportunities across the country. Schemes like Atmanirbhar Bharat Rojgar Yojana (ABRY), Pradhan Mantri Rojgar Protsahan Yojana (PMRPY), National Career Service (NCS), and Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) have been essential contributors to job creation.

India’s startup ecosystem is booming, and the country ranks as the 3rd largest startup ecosystem globally. The surge in unicorns and the growth in various industries, such as renewable energy, biotechnology, and telemedicine, have created numerous job opportunities. The Production Linked Incentive (PLI) Schemes introduced by the government aim to stimulate production, economic growth, and employment, with significant results already evident.

Other initiatives like Digital India, Skill India, Make in India, and the Smart Cities mission are fostering employment in sectors like information technology, manufacturing, and urban development. The rise of sectors like artificial intelligence, agriculture, and robotics further contributes to employment generation and the economic advancement of the nation.

In summary, India’s employment landscape is on a positive trajectory, with a diversified range of schemes and sectors actively contributing to job creation and the country’s economic growth. India’s journey towards becoming a $5 trillion economy by 2024-25 is not just a vision; it’s a testament to the nation’s commitment to providing better employment situation in New India for its citizens and driving economic prosperity.


Written & Compiled by CA Sunil Kumar Gupta

Founder Chairman, SARC Associates

sunilkumargupta.com

Chandrayaan 3: India’s Leap towards Lunar Excellence

Chandrayaan 3: India’s Leap towards Lunar Excellence

Humanity’s fascination with the Moon has spanned centuries, from ancient myths to the modern era of space exploration. In this exciting journey, India has emerged as a prominent player with its Chandrayaan series of missions. Among these, Chandrayaan-3 shines as a beacon of scientific and technological advancement, promising to extend our understanding of the Moon and beyond.

In the realm of space exploration, India continues to make remarkable strides with its ambitious space missions. Among these endeavors, the Chandrayaan series stands out as a testament to India’s scientific prowess and its dedication to unraveling the mysteries of the cosmos. The Chandrayaan-3 is the country’s ongoing lunar mission that promises to further expand our understanding of the Moon and space exploration as a whole.

Unveiling the Chandrayaan Saga

The Chandrayaan series is a testament to India’s space agency, the Indian Space Research Organisation (ISRO), and its dedication to unraveling the mysteries of the cosmos. Beginning with Chandrayaan-1 in 2008, the series marked a significant milestone for India, as it discovered evidence of water molecules on the lunar surface. This groundbreaking revelation challenged existing theories about the Moon’s history and potential as a stepping stone for future space exploration.

Credit: ISRO

On October 22, 2008, India’s inaugural lunar mission, Chandrayaan-1, achieved a successful launch from SDSC SHAR, Sriharikota. The spacecraft effectively maintained an orbit around the Moon, maintaining a distance of 100 km above the lunar surface. Its primary mission involved conducting chemical, mineralogical, and photo-geologic mapping of the Moon. To achieve this, the spacecraft was equipped with a total of 11 scientific instruments, developed collaboratively by experts from India, the USA, UK, Germany, Sweden, and Bulgaria.

Building on the success of Chandrayaan-1, ISRO launched Chandrayaan-2 in 2019. The Chandrayaan-2 mission stands as a notably intricate endeavor, signifying a substantial technological advancement in comparison to previous ISRO missions. It encompassed three integral components: an Orbiter, a Lander, and a Rover, all aimed at investigating the uncharted South Pole of the Moon. This mission’s core objective involves enriching lunar scientific understanding by conducting comprehensive examinations of various aspects, including topography, seismography, mineral distribution and identification, surface chemical composition, thermal characteristics of the uppermost soil layer, and the composition of the delicate lunar atmosphere. What sets this mission apart is its comprehensive scope, aiming to study not only specific lunar regions but also encompassing the exosphere, surface, and sub-surface areas in a unified mission.

Currently, ISRO has launched Chandrayaan-3 on July 14, 2023, at 14:35 Hrs. IST from the Second Launch Pad, SDSC-SHAR, Sriharikota. As on August 20th 2023, the Lander Module is currently positioned in a orbit of 25 km x 134 km. The anticipated commencement of the powered descent is scheduled for August 23, 2023, at approximately 1745 Hrs. IST.

Credit: ISRO

Detailed Overview of Chandrayaan-3

Chandrayaan-3 serves as a subsequent mission to Chandrayaan-2, aiming to showcase a comprehensive capacity for secure lunar surface landing and subsequent rover movement. This mission comprises both Lander and Rover components and launched using LVM3 from SDSC SHAR, Sriharikota. The propulsion module’s role encompasses transporting the Lander and Rover configuration until they reach a lunar orbit of 100 km. Notably, the propulsion module is equipped with the Spectro-polarimetry of Habitable Planet Earth (SHAPE) payload, designed to conduct spectral and polarimetric measurements of Earth while situated in lunar orbit.

Credit: ISRO

Lander Payloads: The Lander is equipped with various scientific instruments, including Chandra’s Surface Thermophysical Experiment (ChaSTE), which serves to measure both the thermal conductivity and temperature. Another important addition is the Instrument for Lunar Seismic Activity (ILSA), responsible for assessing seismic activity in the vicinity of the landing site. Additionally, the Langmuir Probe (LP) is integrated into the Lander’s payload suite to effectively estimate plasma density and its fluctuations. An interesting inclusion is the passive Laser Retroreflector Array provided by NASA, strategically incorporated to facilitate lunar laser ranging studies.

Rover Payloads: The Rover, on the other hand, carries distinctive scientific tools, such as the Alpha Particle X-ray Spectrometer (APXS) and the Laser Induced Breakdown Spectroscope (LIBS). These instruments play a crucial role in analyzing the elemental composition of the terrain surrounding the landing site.

Comprising an indigenous Lander module (LM), Propulsion module (PM), and a Rover, Chandrayaan-3 is driven by the objective of developing and showcasing novel technologies essential for interplanetary missions. A pivotal capability of the Lander is its aptitude for executing a gentle landing at a designated lunar location. Subsequently, the Rover will be deployed to conduct on-site chemical analyses of the lunar surface as it navigates its path.

Both the Lander and the Rover house scientific payloads tailored for conducting experiments on the lunar terrain. Operating from the launch vehicle injection to the final lunar orbit at a 100 km circular polar distance, the Propulsion Module (PM) plays a vital role in transporting the Lander (LM) and then detaching it upon arrival. Adding to its significance, the Propulsion Module features an additional scientific payload, enhancing its value by facilitating experiments post-separation of the Lander Module.

The GSLV-Mk3 has been selected as the designated launcher for Chandrayaan-3. This launch vehicle will position the integrated module into an Elliptic Parking Orbit (EPO), characterized by dimensions approximately 170 km x 36,500 km.


Chandrayaan-3’s mission encompasses the following key objectives:

Demonstration of Safe and Soft Lunar Landing: This involves showcasing the ability to safely land on the lunar surface with precision.

Rover Mobility on the Moon: Chandrayaan-3 aims to demonstrate the maneuvering capabilities of a rover on the lunar terrain.

In-Situ Scientific Experiments: The mission seeks to conduct scientific analyses directly on the lunar surface.

To fulfill these objectives, Chandrayaan-3 incorporates a range of advanced technologies within its Lander module:

Altimeters: Cutting-edge altimeter systems, including Laser and RF-based technologies, are employed for precise altitude measurements.

Velocimeters: The mission utilizes Laser Doppler Velocimeter and Lander Horizontal Velocity Camera systems to measure and analyze velocities.

Inertial Measurement: Laser Gyro-based Inertial referencing and Accelerometer packages contribute to accurate measurements and references.

Propulsion System: An advanced propulsion setup consists of 800N Throttleable Liquid Engines, 58N attitude thrusters, and Throttleable Engine Control Electronics.

Navigation, Guidance & Control (NGC): The mission employs intricate software elements for designing the powered descent trajectory and ensuring optimal navigation, guidance, and control.

Hazard Detection and Avoidance: A specialized Lander Hazard Detection & Avoidance Camera, accompanied by Processing Algorithms, enhances safety measures during landing.

Landing Leg Mechanism: An innovative landing leg mechanism is incorporated to facilitate safe touchdown.

To validate these advanced technologies in terrestrial conditions, several crucial Lander tests have been planned and successfully executed:

Integrated Cold Test: Demonstrates integrated sensors and navigation performance via helicopter-based test platforms.

Integrated Hot Test: A closed-loop performance test is carried out involving sensors, actuators, and NGC systems using a tower crane as the test platform.

Lander Leg Mechanism Test: Performance testing of the landing leg mechanism is conducted on a lunar simulant test bed, simulating various touch-down conditions.

These meticulous tests and technologies collectively contribute to Chandrayaan-3’s ability to achieve its mission objectives while ensuring the safety and success of this advanced lunar exploration endeavor.

Impact Beyond the Stars: ISRO’s Achievements Fuel India’s GDP, Employment, and Economic Growth

The global spotlight is now illuminated on the remarkable strides made by the Indian Space Research Organisation (ISRO), and its influence transcends the cosmos. ISRO’s monumental achievements are not only rewriting the history of space exploration but are intricately woven into the tapestry of India’s economic advancement, employment surge, and overall growth trajectory.

Amidst the awe-inspiring feats of launching satellites and missions to celestial bodies, ISRO’s contributions extend their reach to significantly bolstering India’s Gross Domestic Product (GDP). By prioritizing indigenous development of space technology, ISRO has nurtured an ecosystem that propels economic growth while reducing reliance on costly imports.

The diverse spectrum of roles required for space technology development – encompassing engineers, scientists, technicians, and support personnel – has prompted the creation of specialized education and training programs. This not only enriches the workforce but empowers individuals with skills that are transferable to various industries, magnifying the impact on employment opportunities.

Beyond Earth’s bounds, ISRO’s strategic collaborations with international agencies and commercial partners unlock avenues for economic expansion. Technology transfers, joint ventures, and satellite launches forged through these partnerships not only elevate India’s technological standing but also draw investments that catalyze economic growth.

In essence, ISRO’s celestial triumphs are sowing seeds of progress that transcend space. They resonate across India’s economic landscape, underpinning GDP growth, amplifying employment prospects, and nurturing an atmosphere of innovation that positions India at the forefront of global technological evolution.

ISRO, the Indian Space Research Organisation, plays a pivotal role in fostering economic development and employment in India:

Economic Growth: ISRO’s focus on indigenous space technology development has reduced dependency on expensive imports, positively impacting the country’s balance of payments. The organization’s satellite launches, remote sensing capabilities, and satellite-based services contribute significantly to various sectors of the economy, including agriculture, telecommunications, disaster management, and urban planning. These applications enhance productivity and economic output. India has now standing as one of the important exporters to the world.

Employment Generation: The multifaceted nature of ISRO’s work necessitates a highly skilled workforce. ISRO employs a wide range of professionals, including scientists, engineers, technicians, and support staff. Additionally, the organization’s endeavors stimulate job creation indirectly by fostering research, development, and manufacturing in the private sector and academia. Education and training programs related to space technology further enhance employability.

International Collaborations: ISRO’s collaborations with international space agencies and commercial partners facilitate technology transfer, joint ventures, and satellite launches. These partnerships attract foreign investments and promote the growth of the space industry in India, thereby creating more job opportunities and contributing to economic development.

Conclusion

As the countdown to Chandrayaan-3’s launch approaches, the excitement among scientists, space enthusiasts, and the general public is palpable. This mission is more than the sum of its parts; it represents a leap towards greater understanding, a stride towards technological excellence, and a testament to human curiosity and ingenuity.

Chandrayaan-3 stands on the cusp of history, waiting to leave its mark on the annals of space exploration. India’s journey to the Moon continues to inspire awe, fuel dreams, and ignite the spark of discovery. As the nation prepares to achieve another lunar milestone, it carries with it the hopes and aspirations of a nation poised to explore new frontiers and venture into the cosmos like never before.


Written & Compiled by CA Sunil Kumar Gupta

Founder Chairman, SARC Associates

sunilkumargupta.com

Breaking Barriers to Trade [Chapter two: India]

Breaking Barriers to Trade [Chapter two: India]

On April 15th, 2023 an insightful session has been hosted by the Rt Hon’ble Bareness Verma at Lalit Hotel, which has also been live streamed on zoom. The event is a trilogy under “The Global Influence Club” which benefits women entrepreneurs by providing them with an opportunity to commence business.

The Rt. Hon’ble Baroness Verma welcomes the prestigious panellists followed by the informative and professionally led discussions revolves around trade barriers and women entrepreneurs. Besides the emphasize of the event, the most attractive aspect of event was our “National Anthem” which shows that the roots of Indian culture are being well  respected, not just by Indians but as well as entire world

The event included 2 plenary discussions, the first highlighted the “What are the barriers to entrepreneurship, how can we overcome these, and what are the solutions?” and “Role of leadership, collaboration and knowledge sharing” which was moderated by Yashodhara Dasgupta, Director, UK INDIA Business Council  and the panellists were –

  • Dr. Nataliey Bitature- Chief of Staff- Simba Group, Uganda
  • Pooja Chauhan, Chairperson, Amity Humanity Foundation, Proprietor Pooja Chauhan & Associates 
  • Mr. Rana Vikram Anand, Head Pan Bank Liability Group, Customer Service & Synergy IndusInd Bank
  • Anisha Singh – Founder, She Capital 
  • Sumedha Naik, CEO and Founder, Syntellect 
  • Dr. Kalpana Saroj, Chairperson- Kamani Tubes Limited Chairperson- Kalpana Saroj Global Aviation Pvt Ltd, KS creations and Sai Krupa Sugar Factory, Member, Governing Council – IIM Bangalore 
  • Shruti Gonsalves, MD & CEO Sewa Grih Rin Ltd 
  • Jeeth Sanghavi, Celebrity Coach & Founder Boxx Era Transformation Expert Nutritionist International/National Tennis & Boxing Athlete

Smt. Smriti Irani, Hon’ble Cabinet Minister and Member of Lok Sabha delivered her message for the event through a video in order to contribute to the greater cause of the society, especially to show her support to the women entrepreneurs, Smt. Smriti Irani sent us an insightful message.

The second plenary discussion was moderated by me, Sunil Kumar Gupta on “Role of Government and barriers to finance for women entrepreneurs” pertaining mentioned panellists –

  • Sujeet Kumar, Chairman of the Committee on Petitions of Rajya Sabha. 
  • HE Joyce Kakuramatsi Kikafunda, The High Commissioner of the Republic of Uganda,
  • Sangeeta Khorana, PhD, MILE, SHFEA, MIEX,Professor of Economics, Director, Centre for Trade, Development and Transition Economics 
  • Priyanka Bhide, Director, Kubernein Initiative 
  • Rajendra Bagade, Senior Partner, SARC Associates

The panel 2 discussion was commenced with introduction of panellists, followed by in-depth discussion on initiatives commenced by India, Uganda, and United Kingdom, highlighting the policies/ initiatives started by each government respectively. The highlighted schemes of India, UK and Uganda in the first 3 questions were on the following topics-

i) Women Entrepreneurship Platform (WEP) launched by NITI Ayog, Government of India in 2017, its website is wep.gov.in which acts as an aggregate connect for funding, incubation, market linkages, business development services, and Innovations.

ii) Uganda Women Entrepreneurship Programme which initiated by Government of Uganda which aimed at improving access to financial service to women and equipping them to skill for enterprise growth, value addition and marketing and according to you, what are other important measures Uganda government can take.

iii) Women’s Business Council relaunched in 2019 to focus on the sectors that have the most significant gender pay gaps and to drive forward progress to improve women’s representation within the workplace, respectively.

The Sh. Sujeet Kumar, Her Excellency of Uganda Joyce and Ms. Sangeeta Khorana has commendably answered the questions, emphasizing on the actual facts and figures. One common thing which was noticed in the answers of all the mentioned panellists was the spirit to create a business – friendly environment, which would allow women to give a kickstart to their career in respective fields.

MP Sh. Sujeet Kumar is serving the nation, and his state of Odisha. He is also an Engineer turned Lawyer, and is currently practising law at the Odisha High Court & Supreme Court of India and has founded LexMantra LLP (www.lexmantra.net), a boutique law firm. Previously, he worked at the World Economic Forum (WEF) in Geneva, Switzerland, and for United Nations Development Program (UNDP) and for Infosys Technologies Ltd. in India. He was an Asia Pacific Leadership Fellow (APLP) at the East West Centre, Hawaii (2009).

The ideas and visions of Sh. Sujeet Kumar is a proof of his expertise. He has pointed out the need of introducing documentation and government websites in native language of states, such as to open bank. He insisted that only presence of a scheme or policy is not enough without a passageway for it to be benefitting the relevant targets.

Besides this, he has also talked about, PM Awas Yojana and how it has sanctioned over 122.69 lakh houses and have released Central assistance of Rs 73.13 lakhs till date, among other topics.

Moreover, the High Commissioner of the Republic of Uganda, HE Joyce and Ms Sangeeta Khorana have ensured that Government of Uganda and United Kingdom, respectively has actively been supporting women entrepreneurs worldwide.

Further, the last question was based on “financial support to women entrepreneurs in India” highlighting the financial initiatives taken by Government of India such as MUDRA Yojana, provides loans upto 10 lakhs, Stand Up India scheme providing bank loans between 10 lakhs to 1 crore, Startup India providing seed money of 30 lakh, and Credit Guarantee Scheme for MSMEs providing loans upto 5 lakhs and 2 crores to women.

Thereafter there were insightful answers by Sh. Rajendra Bagade, Senior Partner of SARC on the Access to Finance and Taxation benefits. He has talked about how certain tax incentives can be availed to women entrepreneurs in order to allow them to attain maximum benefits.

Undoubtedly, tax is one of the significant fields, which influence the business and exemption to women entrepreneurs who can directly or indirectly reduce the financial burden. This will also allow women entrepreneurs to generate more revenue. He also suggested that government must introduce certain more tax benefits for women entrepreneurs which seems in need of the present time.

The answers by all the panellists driven from real life experience and challenges they have faced in certainly made the discussion more insightful and perceptive.

In my opinion, this has correctly pointed out the issue, since, women in India, especially in backward are not literate enough to understand English and in some areas even Hindi. The introduction of documentation and government websites in native language of State or UT will allow women to obtain a better understanding, hence, more chances of women being able to avail benefits of the schemes.

In a long run, this could also allow women to commence small scale business or commence savings, etc.

After the penal discussion, presentation and workshops were conducted by the Rt. Hon’ble Baroness Verma herself, highlighting some of the real-life experiences, which has helped her shape the future of thousands and hundreds of women globally. Moreover, the event also enabled insightful discussions on soft and hard skills, women’s fears, how to boosts confidence, leaderships, among others.

The event like these does not only brings like-minded people together, but it also brings women forward to speak about the challenges they face in this world, which is getting more advanced with time.

Besides this, the panellists like Ms. Mahak Garg, Ms. Priyanka Bhide, talked about importance of education for women, challenges women face in raising finance to start business, among other insightful topics.

Maybe someday, the homemakers or housewives will become the part of these events, only to reflects how they have been shaping the future of global economy by only supporting their husbands, brothers, fathers, mothers, and sisters.

In my opinion, “The women are a nurture by its nature and their contribution in society is much more than it seems. A woman is not only learning how to be herself in the world, but she is acting as a teacher for everyone around us, creating history in distinct fields, supporting their family in whatever way she can.”

I myself, provides complete support to women entrepreneurs of the entire world in order to contribute to achieving equality and equity. Feel free to contact me on my website – https://www.sunilkumargupta.com/

On April 15th, 2023 an insightful session has been hosted by the Rt Hon’ble Bareness Verma at Lalit Hotel, which has also been live streamed on zoom. The event is a trilogy under “The Global Influence Club” which benefits women entrepreneurs by providing them with an opportunity to commence business.

The Rt. Hon’ble Baroness Verma welcomes the prestigious panellists followed by the informative and professionally led discussions revolves around trade barriers and women entrepreneurs. Besides the emphasize of the event, the most attractive aspect of event was our “National Anthem” which shows that the roots of Indian culture are being well  respected, not just by Indians but as well as entire world

The event included 2 plenary discussions, the first highlighted the “What are the barriers to entrepreneurship, how can we overcome these, and what are the solutions?” and “Role of leadership, collaboration and knowledge sharing” which was moderated by Yashodhara Dasgupta, Director, UK INDIA Business Council  and the panellists were –

  • Dr. Nataliey Bitature- Chief of Staff- Simba Group, Uganda
  • Pooja Chauhan, Chairperson, Amity Humanity Foundation, Proprietor Pooja Chauhan & Associates 
  • Mr. Rana Vikram Anand, Head Pan Bank Liability Group, Customer Service & Synergy IndusInd Bank
  • Anisha Singh – Founder, She Capital 
  • Sumedha Naik, CEO and Founder, Syntellect 
  • Dr. Kalpana Saroj, Chairperson- Kamani Tubes Limited Chairperson- Kalpana Saroj Global Aviation Pvt Ltd, KS creations and Sai Krupa Sugar Factory, Member, Governing Council – IIM Bangalore 
  • Shruti Gonsalves, MD & CEO Sewa Grih Rin Ltd 
  • Jeeth Sanghavi, Celebrity Coach & Founder Boxx Era Transformation Expert Nutritionist International/National Tennis & Boxing Athlete

Smt. Smriti Irani, Hon’ble Cabinet Minister and Member of Lok Sabha delivered her message for the event through a video in order to contribute to the greater cause of the society, especially to show her support to the women entrepreneurs, Smt. Smriti Irani sent us an insightful message.

The second plenary discussion was moderated by me, Sunil Kumar Gupta on “Role of Government and barriers to finance for women entrepreneurs” pertaining mentioned panellists –

  • Sujeet Kumar, Chairman of the Committee on Petitions of Rajya Sabha. 
  • HE Joyce Kakuramatsi Kikafunda, The High Commissioner of the Republic of Uganda,
  • Sangeeta Khorana, PhD, MILE, SHFEA, MIEX,Professor of Economics, Director, Centre for Trade, Development and Transition Economics 
  • Priyanka Bhide, Director, Kubernein Initiative 
  • Rajendra Bagade, Senior Partner, SARC Associates

The panel 2 discussion was commenced with introduction of panellists, followed by in-depth discussion on initiatives commenced by India, Uganda, and United Kingdom, highlighting the policies/ initiatives started by each government respectively. The highlighted schemes of India, UK and Uganda in the first 3 questions were on the following topics-

i) Women Entrepreneurship Platform (WEP) launched by NITI Ayog, Government of India in 2017, its website is wep.gov.in which acts as an aggregate connect for funding, incubation, market linkages, business development services, and Innovations.

ii) Uganda Women Entrepreneurship Programme which initiated by Government of Uganda which aimed at improving access to financial service to women and equipping them to skill for enterprise growth, value addition and marketing and according to you, what are other important measures Uganda government can take.

iii) Women’s Business Council relaunched in 2019 to focus on the sectors that have the most significant gender pay gaps and to drive forward progress to improve women’s representation within the workplace, respectively.

The Sh. Sujeet Kumar, Her Excellency of Uganda Joyce and Ms. Sangeeta Khorana has commendably answered the questions, emphasizing on the actual facts and figures. One common thing which was noticed in the answers of all the mentioned panellists was the spirit to create a business – friendly environment, which would allow women to give a kickstart to their career in respective fields.

MP Sh. Sujeet Kumar is serving the nation, and his state of Odisha. He is also an Engineer turned Lawyer, and is currently practising law at the Odisha High Court & Supreme Court of India and has founded LexMantra LLP (www.lexmantra.net), a boutique law firm. Previously, he worked at the World Economic Forum (WEF) in Geneva, Switzerland, and for United Nations Development Program (UNDP) and for Infosys Technologies Ltd. in India. He was an Asia Pacific Leadership Fellow (APLP) at the East West Centre, Hawaii (2009).

The ideas and visions of Sh. Sujeet Kumar is a proof of his expertise. He has pointed out the need of introducing documentation and government websites in native language of states, such as to open bank. He insisted that only presence of a scheme or policy is not enough without a passageway for it to be benefitting the relevant targets.

Besides this, he has also talked about, PM Awas Yojana and how it has sanctioned over 122.69 lakh houses and have released Central assistance of Rs 73.13 lakhs till date, among other topics.

Moreover, the High Commissioner of the Republic of Uganda, HE Joyce and Ms Sangeeta Khorana have ensured that Government of Uganda and United Kingdom, respectively has actively been supporting women entrepreneurs worldwide.

Further, the last question was based on “financial support to women entrepreneurs in India” highlighting the financial initiatives taken by Government of India such as MUDRA Yojana, provides loans upto 10 lakhs, Stand Up India scheme providing bank loans between 10 lakhs to 1 crore, Startup India providing seed money of 30 lakh, and Credit Guarantee Scheme for MSMEs providing loans upto 5 lakhs and 2 crores to women.

Thereafter there were insightful answers by Sh. Rajendra Bagade, Senior Partner of SARC on the Access to Finance and Taxation benefits. He has talked about how certain tax incentives can be availed to women entrepreneurs in order to allow them to attain maximum benefits.

Undoubtedly, tax is one of the significant fields, which influence the business and exemption to women entrepreneurs who can directly or indirectly reduce the financial burden. This will also allow women entrepreneurs to generate more revenue. He also suggested that government must introduce certain more tax benefits for women entrepreneurs which seems in need of the present time.

The answers by all the panellists driven from real life experience and challenges they have faced in certainly made the discussion more insightful and perceptive.

In my opinion, this has correctly pointed out the issue, since, women in India, especially in backward are not literate enough to understand English and in some areas even Hindi. The introduction of documentation and government websites in native language of State or UT will allow women to obtain a better understanding, hence, more chances of women being able to avail benefits of the schemes.

In a long run, this could also allow women to commence small scale business or commence savings, etc.

After the penal discussion, presentation and workshops were conducted by the Rt. Hon’ble Baroness Verma herself, highlighting some of the real-life experiences, which has helped her shape the future of thousands and hundreds of women globally. Moreover, the event also enabled insightful discussions on soft and hard skills, women’s fears, how to boosts confidence, leaderships, among others.

The event like these does not only brings like-minded people together, but it also brings women forward to speak about the challenges they face in this world, which is getting more advanced with time.

Besides this, the panellists like Ms. Mahak Garg, Ms. Priyanka Bhide, talked about importance of education for women, challenges women face in raising finance to start business, among other insightful topics.

Maybe someday, the homemakers or housewives will become the part of these events, only to reflects how they have been shaping the future of global economy by only supporting their husbands, brothers, fathers, mothers, and sisters.

In my opinion, “The women are a nurture by its nature and their contribution in society is much more than it seems. A woman is not only learning how to be herself in the world, but she is acting as a teacher for everyone around us, creating history in distinct fields, supporting their family in whatever way she can.”

I myself, provides complete support to women entrepreneurs of entire world in order to contribute to achieving equality and equity.

On April 15th, 2023 an insightful session has been hosted by the Rt Hon’ble Bareness Verma at Lalit Hotel, which has also been live streamed on zoom. The event is a trilogy under “The Global Influence Club” which benefits women entrepreneurs by providing them with an opportunity to commence business.

The Rt. Hon’ble Baroness Verma welcomes the prestigious panellists followed by the informative and professionally led discussions revolves around trade barriers and women entrepreneurs. Besides the emphasize of the event, the most attractive aspect of event was our “National Anthem” which shows that the roots of Indian culture are being well  respected, not just by Indians but as well as entire world.

The event included 2 plenary discussions, the first highlighted the “What are the barriers to entrepreneurship, how can we overcome these, and what are the solutions?” and “Role of leadership, collaboration and knowledge sharing” which was moderated by Yashodhara Dasgupta, Director, UK INDIA Business Council  and the panellists were –

  • Dr. Nataliey Bitature- Chief of Staff- Simba Group, Uganda
  • Pooja Chauhan, Chairperson, Amity Humanity Foundation, Proprietor Pooja Chauhan & Associates 
  • Mr. Rana Vikram Anand, Head Pan Bank Liability Group, Customer Service & Synergy IndusInd Bank
  • Anisha Singh – Founder, She Capital 
  • Sumedha Naik, CEO and Founder, Syntellect 
  • Dr. Kalpana Saroj, Chairperson- Kamani Tubes Limited Chairperson- Kalpana Saroj Global Aviation Pvt Ltd, KS creations and Sai Krupa Sugar Factory, Member, Governing Council – IIM Bangalore 
  • Shruti Gonsalves, MD & CEO Sewa Grih Rin Ltd 
  • Jeeth Sanghavi, Celebrity Coach & Founder Boxx Era Transformation Expert Nutritionist International/National Tennis & Boxing Athlete

Smt. Smriti Irani, Hon’ble Cabinet Minister and Member of Lok Sabha delivered her message for the event through a video in order to contribute to the greater cause of the society, especially to show her support to the women entrepreneurs, Smt. Smriti Irani sent us an insightful message.

The second plenary discussion was moderated by me, Sunil Kumar Gupta on “Role of Government and barriers to finance for women entrepreneurs” pertaining mentioned panellists –

  • Sujeet Kumar, Chairman of the Committee on Petitions of Rajya Sabha. 
  • HE Joyce Kakuramatsi Kikafunda, The High Commissioner of the Republic of Uganda,
  • Sangeeta Khorana, PhD, MILE, SHFEA, MIEX,Professor of Economics, Director, Centre for Trade, Development and Transition Economics 
  • Priyanka Bhide, Director, Kubernein Initiative 
  • Rajendra Bagade, Senior Partner, SARC Associates

The panel 2 discussion was commenced with introduction of panellists, followed by in-depth discussion on initiatives commenced by India, Uganda, and United Kingdom, highlighting the policies/ initiatives started by each government respectively. The highlighted schemes of India, UK and Uganda in the first 3 questions were on the following topics-

i) Women Entrepreneurship Platform (WEP) launched by NITI Ayog, Government of India in 2017, its website is wep.gov.in which acts as an aggregate connect for funding, incubation, market linkages, business development services, and Innovations.

ii) Uganda Women Entrepreneurship Programme which initiated by Government of Uganda which aimed at improving access to financial service to women and equipping them to skill for enterprise growth, value addition and marketing and according to you, what are other important measures Uganda government can take.

iii) Women’s Business Council relaunched in 2019 to focus on the sectors that have the most significant gender pay gaps and to drive forward progress to improve women’s representation within the workplace, respectively.

The Sh. Sujeet Kumar, Her Excellency of Uganda Joyce and Ms. Sangeeta Khorana has commendably answered the questions, emphasizing on the actual facts and figures. One common thing which was noticed in the answers of all the mentioned panellists was the spirit to create a business – friendly environment, which would allow women to give a kickstart to their career in respective fields.

MP Sh. Sujeet Kumar is serving the nation, and his state of Odisha. He is also an Engineer turned Lawyer, and is currently practising law at the Odisha High Court & Supreme Court of India and has founded LexMantra LLP (www.lexmantra.net), a boutique law firm. Previously, he worked at the World Economic Forum (WEF) in Geneva, Switzerland, and for United Nations Development Program (UNDP) and for Infosys Technologies Ltd. in India. He was an Asia Pacific Leadership Fellow (APLP) at the East West Centre, Hawaii (2009).

The ideas and visions of Sh. Sujeet Kumar is a proof of his expertise. He has pointed out the need of introducing documentation and government websites in native language of states, such as to open bank. He insisted that only presence of a scheme or policy is not enough without a passageway for it to be benefitting the relevant targets.

Besides this, he has also talked about, PM Awas Yojana and how it has sanctioned over 122.69 lakh houses and have released Central assistance of Rs 73.13 lakhs till date, among other topics.

Moreover, the High Commissioner of the Republic of Uganda, HE Joyce and Ms Sangeeta Khorana have ensured that Government of Uganda and United Kingdom, respectively has actively been supporting women entrepreneurs worldwide.

Further, the last question was based on “financial support to women entrepreneurs in India” highlighting the financial initiatives taken by Government of India such as MUDRA Yojana, provides loans upto 10 lakhs, Stand Up India scheme providing bank loans between 10 lakhs to 1 crore, Startup India providing seed money of 30 lakh, and Credit Guarantee Scheme for MSMEs providing loans upto 5 lakhs and 2 crores to women.

Thereafter there were insightful answers by Sh. Rajendra Bagade, Senior Partner of SARC on the Access to Finance and Taxation benefits. He has talked about how certain tax incentives can be availed to women entrepreneurs in order to allow them to attain maximum benefits.

Undoubtedly, tax is one of the significant fields, which influence the business and exemption to women entrepreneurs who can directly or indirectly reduce the financial burden. This will also allow women entrepreneurs to generate more revenue. He also suggested that government must introduce certain more tax benefits for women entrepreneurs which seems in need of the present time.

The answers by all the panellists driven from real life experience and challenges they have faced in certainly made the discussion more insightful and perceptive.

In my opinion, this has correctly pointed out the issue, since, women in India, especially in backward are not literate enough to understand English and in some areas even Hindi. The introduction of documentation and government websites in native language of State or UT will allow women to obtain a better understanding, hence, more chances of women being able to avail benefits of the schemes.

In a long run, this could also allow women to commence small scale business or commence savings, etc.

After the penal discussion, presentation and workshops were conducted by the Rt. Hon’ble Baroness Verma herself, highlighting some of the real-life experiences, which has helped her shape the future of thousands and hundreds of women globally. Moreover, the event also enabled insightful discussions on soft and hard skills, women’s fears, how to boosts confidence, leaderships, among others.

The event like these does not only brings like-minded people together, but it also brings women forward to speak about the challenges they face in this world, which is getting more advanced with time.

Besides this, the panellists like Ms. Mahak Garg, Ms. Priyanka Bhide, talked about importance of education for women, challenges women face in raising finance to start business, among other insightful topics.

Maybe someday, the homemakers or housewives will become the part of these events, only to reflects how they have been shaping the future of global economy by only supporting their husbands, brothers, fathers, mothers, and sisters.

In my opinion, “The women are a nurture by its nature and their contribution in society is much more than it seems. A woman is not only learning how to be herself in the world, but she is acting as a teacher for everyone around us, creating history in distinct fields, supporting their family in whatever way she can.”

I myself, provides complete support to women entrepreneurs of entire world in order to contribute to achieving equality and equity.

On April 15th, 2023 an insightful session has been hosted by the Rt Hon’ble Bareness Verma at Lalit Hotel, which has also been live streamed on zoom. The event is a trilogy under “The Global Influence Club” which benefits women entrepreneurs by providing them with an opportunity to commence business.

The Rt. Hon’ble Baroness Verma welcomes the prestigious panellists followed by the informative and professionally led discussions revolves around trade barriers and women entrepreneurs. Besides the emphasize of the event, the most attractive aspect of event was our “National Anthem” which shows that the roots of Indian culture are being well  respected, not just by Indians but as well as entire world.

The event included 2 plenary discussions, the first highlighted the “What are the barriers to entrepreneurship, how can we overcome these, and what are the solutions?” and “Role of leadership, collaboration and knowledge sharing” which was moderated by Yashodhara Dasgupta, Director, UK INDIA Business Council  and the panellists were –

  • Dr. Nataliey Bitature- Chief of Staff- Simba Group, Uganda
  • Pooja Chauhan, Chairperson, Amity Humanity Foundation, Proprietor Pooja Chauhan & Associates 
  • Mr. Rana Vikram Anand, Head Pan Bank Liability Group, Customer Service & Synergy IndusInd Bank
  • Anisha Singh – Founder, She Capital 
  • Sumedha Naik, CEO and Founder, Syntellect 
  • Dr. Kalpana Saroj, Chairperson- Kamani Tubes Limited Chairperson- Kalpana Saroj Global Aviation Pvt Ltd, KS creations and Sai Krupa Sugar Factory, Member, Governing Council – IIM Bangalore 
  • Shruti Gonsalves, MD & CEO Sewa Grih Rin Ltd 
  • Jeeth Sanghavi, Celebrity Coach & Founder Boxx Era Transformation Expert Nutritionist International/National Tennis & Boxing Athlete

Smt. Smriti Irani, Hon’ble Cabinet Minister and Member of Lok Sabha delivered her message for the event through a video in order to contribute to the greater cause of the society, especially to show her support to the women entrepreneurs, Smt. Smriti Irani sent us an insightful message.

The second plenary discussion was moderated by me, Sunil Kumar Gupta on “Role of Government and barriers to finance for women entrepreneurs” pertaining mentioned panellists –

  • Sujeet Kumar, Chairman of the Committee on Petitions of Rajya Sabha. 
  • HE Joyce Kakuramatsi Kikafunda, The High Commissioner of the Republic of Uganda,
  • Sangeeta Khorana, PhD, MILE, SHFEA, MIEX,Professor of Economics, Director, Centre for Trade, Development and Transition Economics 
  • Priyanka Bhide, Director, Kubernein Initiative 
  • Rajendra Bagade, Senior Partner, SARC Associates

The panel 2 discussion was commenced with introduction of panellists, followed by in-depth discussion on initiatives commenced by India, Uganda, and United Kingdom, highlighting the policies/ initiatives started by each government respectively. The highlighted schemes of India, UK and Uganda in the first 3 questions were on the following topics-

i) Women Entrepreneurship Platform (WEP) launched by NITI Ayog, Government of India in 2017, its website is wep.gov.in which acts as an aggregate connect for funding, incubation, market linkages, business development services, and Innovations.

ii) Uganda Women Entrepreneurship Programme which initiated by Government of Uganda which aimed at improving access to financial service to women and equipping them to skill for enterprise growth, value addition and marketing and according to you, what are other important measures Uganda government can take.

iii) Women’s Business Council relaunched in 2019 to focus on the sectors that have the most significant gender pay gaps and to drive forward progress to improve women’s representation within the workplace, respectively.

The Sh. Sujeet Kumar, Her Excellency of Uganda Joyce and Ms. Sangeeta Khorana has commendably answered the questions, emphasizing on the actual facts and figures. One common thing which was noticed in the answers of all the mentioned panellists was the spirit to create a business – friendly environment, which would allow women to give a kickstart to their career in respective fields.

MP Sh. Sujeet Kumar is serving the nation, and his state of Odisha. He is also an Engineer turned Lawyer, and is currently practising law at the Odisha High Court & Supreme Court of India and has founded LexMantra LLP (www.lexmantra.net), a boutique law firm. Previously, he worked at the World Economic Forum (WEF) in Geneva, Switzerland, and for United Nations Development Program (UNDP) and for Infosys Technologies Ltd. in India. He was an Asia Pacific Leadership Fellow (APLP) at the East West Centre, Hawaii (2009).

The ideas and visions of Sh. Sujeet Kumar is a proof of his expertise. He has pointed out the need of introducing documentation and government websites in native language of states, such as to open bank. He insisted that only presence of a scheme or policy is not enough without a passageway for it to be benefitting the relevant targets.

Besides this, he has also talked about, PM Awas Yojana and how it has sanctioned over 122.69 lakh houses and have released Central assistance of Rs 73.13 lakhs till date, among other topics.

Moreover, the High Commissioner of the Republic of Uganda, HE Joyce and Ms Sangeeta Khorana have ensured that Government of Uganda and United Kingdom, respectively has actively been supporting women entrepreneurs worldwide.

Further, the last question was based on “financial support to women entrepreneurs in India” highlighting the financial initiatives taken by Government of India such as MUDRA Yojana, provides loans upto 10 lakhs, Stand Up India scheme providing bank loans between 10 lakhs to 1 crore, Startup India providing seed money of 30 lakh, and Credit Guarantee Scheme for MSMEs providing loans upto 5 lakhs and 2 crores to women.

Thereafter there were insightful answers by Sh. Rajendra Bagade, Senior Partner of SARC on the Access to Finance and Taxation benefits. He has talked about how certain tax incentives can be availed to women entrepreneurs in order to allow them to attain maximum benefits.

Undoubtedly, tax is one of the significant fields, which influence the business and exemption to women entrepreneurs who can directly or indirectly reduce the financial burden. This will also allow women entrepreneurs to generate more revenue. He also suggested that government must introduce certain more tax benefits for women entrepreneurs which seems in need of the present time.

The answers by all the panellists driven from real life experience and challenges they have faced in certainly made the discussion more insightful and perceptive.

In my opinion, this has correctly pointed out the issue, since, women in India, especially in backward are not literate enough to understand English and in some areas even Hindi. The introduction of documentation and government websites in native language of State or UT will allow women to obtain a better understanding, hence, more chances of women being able to avail benefits of the schemes.

In a long run, this could also allow women to commence small scale business or commence savings, etc.

After the penal discussion, presentation and workshops were conducted by the Rt. Hon’ble Baroness Verma herself, highlighting some of the real-life experiences, which has helped her shape the future of thousands and hundreds of women globally. Moreover, the event also enabled insightful discussions on soft and hard skills, women’s fears, how to boosts confidence, leaderships, among others.

The event like these does not only brings like-minded people together, but it also brings women forward to speak about the challenges they face in this world, which is getting more advanced with time.

Besides this, the panellists like Ms. Mahak Garg, Ms. Priyanka Bhide, talked about importance of education for women, challenges women face in raising finance to start business, among other insightful topics.

Maybe someday, the homemakers or housewives will become the part of these events, only to reflects how they have been shaping the future of global economy by only supporting their husbands, brothers, fathers, mothers, and sisters.

In my opinion, “The women are a nurture by its nature and their contribution in society is much more than it seems. A woman is not only learning how to be herself in the world, but she is acting as a teacher for everyone around us, creating history in distinct fields, supporting their family in whatever way she can.”

I myself, provides complete support to women entrepreneurs of entire world in order to contribute to achieving equality and equity.

On April 15th, 2023 an insightful session has been hosted by the Rt Hon’ble Bareness Verma at Lalit Hotel, which has also been live streamed on zoom. The event is a trilogy under “The Global Influence Club” which benefits women entrepreneurs by providing them with an opportunity to commence business.

The Rt. Hon’ble Baroness Verma welcomes the prestigious panellists followed by the informative and professionally led discussions revolves around trade barriers and women entrepreneurs. Besides the emphasize of the event, the most attractive aspect of event was our “National Anthem” which shows that the roots of Indian culture are being well  respected, not just by Indians but as well as entire world.

The event included 2 plenary discussions, the first highlighted the “What are the barriers to entrepreneurship, how can we overcome these, and what are the solutions?” and “Role of leadership, collaboration and knowledge sharing” which was moderated by Yashodhara Dasgupta, Director, UK INDIA Business Council  and the panellists were –

  • Dr. Nataliey Bitature- Chief of Staff- Simba Group, Uganda
  • Pooja Chauhan, Chairperson, Amity Humanity Foundation, Proprietor Pooja Chauhan & Associates 
  • Mr. Rana Vikram Anand, Head Pan Bank Liability Group, Customer Service & Synergy IndusInd Bank
  • Anisha Singh – Founder, She Capital 
  • Sumedha Naik, CEO and Founder, Syntellect 
  • Dr. Kalpana Saroj, Chairperson- Kamani Tubes Limited Chairperson- Kalpana Saroj Global Aviation Pvt Ltd, KS creations and Sai Krupa Sugar Factory, Member, Governing Council – IIM Bangalore 
  • Shruti Gonsalves, MD & CEO Sewa Grih Rin Ltd 
  • Jeeth Sanghavi, Celebrity Coach & Founder Boxx Era Transformation Expert Nutritionist International/National Tennis & Boxing Athlete

Smt. Smriti Irani, Hon’ble Cabinet Minister and Member of Lok Sabha delivered her message for the event through a video in order to contribute to the greater cause of the society, especially to show her support to the women entrepreneurs, Smt. Smriti Irani sent us an insightful message.

The second plenary discussion was moderated by me, Sunil Kumar Gupta on “Role of Government and barriers to finance for women entrepreneurs” pertaining mentioned panellists –

  • Sujeet Kumar, Chairman of the Committee on Petitions of Rajya Sabha. 
  • HE Joyce Kakuramatsi Kikafunda, The High Commissioner of the Republic of Uganda,
  • Sangeeta Khorana, PhD, MILE, SHFEA, MIEX,Professor of Economics, Director, Centre for Trade, Development and Transition Economics 
  • Priyanka Bhide, Director, Kubernein Initiative 
  • Rajendra Bagade, Senior Partner, SARC Associates

The panel 2 discussion was commenced with introduction of panellists, followed by in-depth discussion on initiatives commenced by India, Uganda, and United Kingdom, highlighting the policies/ initiatives started by each government respectively. The highlighted schemes of India, UK and Uganda in the first 3 questions were on the following topics-

i) Women Entrepreneurship Platform (WEP) launched by NITI Ayog, Government of India in 2017, its website is wep.gov.in which acts as an aggregate connect for funding, incubation, market linkages, business development services, and Innovations.

ii) Uganda Women Entrepreneurship Programme which initiated by Government of Uganda which aimed at improving access to financial service to women and equipping them to skill for enterprise growth, value addition and marketing and according to you, what are other important measures Uganda government can take.

iii) Women’s Business Council relaunched in 2019 to focus on the sectors that have the most significant gender pay gaps and to drive forward progress to improve women’s representation within the workplace, respectively.

The Sh. Sujeet Kumar, Her Excellency of Uganda Joyce and Ms. Sangeeta Khorana has commendably answered the questions, emphasizing on the actual facts and figures. One common thing which was noticed in the answers of all the mentioned panellists was the spirit to create a business – friendly environment, which would allow women to give a kickstart to their career in respective fields.

MP Sh. Sujeet Kumar is serving the nation, and his state of Odisha. He is also an Engineer turned Lawyer, and is currently practising law at the Odisha High Court & Supreme Court of India and has founded LexMantra LLP (www.lexmantra.net), a boutique law firm. Previously, he worked at the World Economic Forum (WEF) in Geneva, Switzerland, and for United Nations Development Program (UNDP) and for Infosys Technologies Ltd. in India. He was an Asia Pacific Leadership Fellow (APLP) at the East West Centre, Hawaii (2009).

The ideas and visions of Sh. Sujeet Kumar is a proof of his expertise. He has pointed out the need of introducing documentation and government websites in native language of states, such as to open bank. He insisted that only presence of a scheme or policy is not enough without a passageway for it to be benefitting the relevant targets.

Besides this, he has also talked about, PM Awas Yojana and how it has sanctioned over 122.69 lakh houses and have released Central assistance of Rs 73.13 lakhs till date, among other topics.

Moreover, the High Commissioner of the Republic of Uganda, HE Joyce and Ms Sangeeta Khorana have ensured that Government of Uganda and United Kingdom, respectively has actively been supporting women entrepreneurs worldwide.

Further, the last question was based on “financial support to women entrepreneurs in India” highlighting the financial initiatives taken by Government of India such as MUDRA Yojana, provides loans upto 10 lakhs, Stand Up India scheme providing bank loans between 10 lakhs to 1 crore, Startup India providing seed money of 30 lakh, and Credit Guarantee Scheme for MSMEs providing loans upto 5 lakhs and 2 crores to women.

Thereafter there were insightful answers by Sh. Rajendra Bagade, Senior Partner of SARC on the Access to Finance and Taxation benefits. He has talked about how certain tax incentives can be availed to women entrepreneurs in order to allow them to attain maximum benefits.

Undoubtedly, tax is one of the significant fields, which influence the business and exemption to women entrepreneurs who can directly or indirectly reduce the financial burden. This will also allow women entrepreneurs to generate more revenue. He also suggested that government must introduce certain more tax benefits for women entrepreneurs which seems in need of the present time.

The answers by all the panellists driven from real life experience and challenges they have faced in certainly made the discussion more insightful and perceptive.

In my opinion, this has correctly pointed out the issue, since, women in India, especially in backward are not literate enough to understand English and in some areas even Hindi. The introduction of documentation and government websites in native language of State or UT will allow women to obtain a better understanding, hence, more chances of women being able to avail benefits of the schemes.

In a long run, this could also allow women to commence small scale business or commence savings, etc.

After the penal discussion, presentation and workshops were conducted by the Rt. Hon’ble Baroness Verma herself, highlighting some of the real-life experiences, which has helped her shape the future of thousands and hundreds of women globally. Moreover, the event also enabled insightful discussions on soft and hard skills, women’s fears, how to boosts confidence, leaderships, among others.

The event like these does not only brings like-minded people together, but it also brings women forward to speak about the challenges they face in this world, which is getting more advanced with time.

Besides this, the panellists like Ms. Mahak Garg, Ms. Priyanka Bhide, talked about importance of education for women, challenges women face in raising finance to start business, among other insightful topics.

Maybe someday, the homemakers or housewives will become the part of these events, only to reflects how they have been shaping the future of global economy by only supporting their husbands, brothers, fathers, mothers, and sisters.

In my opinion, “The women are a nurture by its nature and their contribution in society is much more than it seems. A woman is not only learning how to be herself in the world, but she is acting as a teacher for everyone around us, creating history in distinct fields, supporting their family in whatever way she can.”

I myself, provides complete support to women entrepreneurs of entire world in order to contribute to achieving equality and equity.

On April 15th, 2023 an insightful session has been hosted by the Rt Hon’ble Bareness Verma at Lalit Hotel, which has also been live streamed on zoom. The event is a trilogy under “The Global Influence Club” which benefits women entrepreneurs by providing them with an opportunity to commence business.

The Rt. Hon’ble Baroness Verma welcomes the prestigious panellists followed by the informative and professionally led discussions revolves around trade barriers and women entrepreneurs. Besides the emphasize of the event, the most attractive aspect of event was our “National Anthem” which shows that the roots of Indian culture are being well  respected, not just by Indians but as well as entire world.

The event included 2 plenary discussions, the first highlighted the “What are the barriers to entrepreneurship, how can we overcome these, and what are the solutions?” and “Role of leadership, collaboration and knowledge sharing” which was moderated by Yashodhara Dasgupta, Director, UK INDIA Business Council  and the panellists were –

  • Dr. Nataliey Bitature- Chief of Staff- Simba Group, Uganda
  • Pooja Chauhan, Chairperson, Amity Humanity Foundation, Proprietor Pooja Chauhan & Associates 
  • Mr. Rana Vikram Anand, Head Pan Bank Liability Group, Customer Service & Synergy IndusInd Bank
  • Anisha Singh – Founder, She Capital 
  • Sumedha Naik, CEO and Founder, Syntellect 
  • Dr. Kalpana Saroj, Chairperson- Kamani Tubes Limited Chairperson- Kalpana Saroj Global Aviation Pvt Ltd, KS creations and Sai Krupa Sugar Factory, Member, Governing Council – IIM Bangalore 
  • Shruti Gonsalves, MD & CEO Sewa Grih Rin Ltd 
  • Jeeth Sanghavi, Celebrity Coach & Founder Boxx Era Transformation Expert Nutritionist International/National Tennis & Boxing Athlete

Smt. Smriti Irani, Hon’ble Cabinet Minister and Member of Lok Sabha delivered her message for the event through a video in order to contribute to the greater cause of the society, especially to show her support to the women entrepreneurs, Smt. Smriti Irani sent us an insightful message.

The second plenary discussion was moderated by me, Sunil Kumar Gupta on “Role of Government and barriers to finance for women entrepreneurs” pertaining mentioned panellists –

  • Sujeet Kumar, Chairman of the Committee on Petitions of Rajya Sabha. 
  • HE Joyce Kakuramatsi Kikafunda, The High Commissioner of the Republic of Uganda,
  • Sangeeta Khorana, PhD, MILE, SHFEA, MIEX,Professor of Economics, Director, Centre for Trade, Development and Transition Economics 
  • Priyanka Bhide, Director, Kubernein Initiative 
  • Rajendra Bagade, Senior Partner, SARC Associates

The panel 2 discussion was commenced with introduction of panellists, followed by in-depth discussion on initiatives commenced by India, Uganda, and United Kingdom, highlighting the policies/ initiatives started by each government respectively. The highlighted schemes of India, UK and Uganda in the first 3 questions were on the following topics-

i) Women Entrepreneurship Platform (WEP) launched by NITI Ayog, Government of India in 2017, its website is wep.gov.in which acts as an aggregate connect for funding, incubation, market linkages, business development services, and Innovations.

ii) Uganda Women Entrepreneurship Programme which initiated by Government of Uganda which aimed at improving access to financial service to women and equipping them to skill for enterprise growth, value addition and marketing and according to you, what are other important measures Uganda government can take.

iii) Women’s Business Council relaunched in 2019 to focus on the sectors that have the most significant gender pay gaps and to drive forward progress to improve women’s representation within the workplace, respectively.

The Sh. Sujeet Kumar, Her Excellency of Uganda Joyce and Ms. Sangeeta Khorana has commendably answered the questions, emphasizing on the actual facts and figures. One common thing which was noticed in the answers of all the mentioned panellists was the spirit to create a business – friendly environment, which would allow women to give a kickstart to their career in respective fields.

MP Sh. Sujeet Kumar is serving the nation, and his state of Odisha. He is also an Engineer turned Lawyer, and is currently practising law at the Odisha High Court & Supreme Court of India and has founded LexMantra LLP (www.lexmantra.net), a boutique law firm. Previously, he worked at the World Economic Forum (WEF) in Geneva, Switzerland, and for United Nations Development Program (UNDP) and for Infosys Technologies Ltd. in India. He was an Asia Pacific Leadership Fellow (APLP) at the East West Centre, Hawaii (2009).

The ideas and visions of Sh. Sujeet Kumar is a proof of his expertise. He has pointed out the need of introducing documentation and government websites in native language of states, such as to open bank. He insisted that only presence of a scheme or policy is not enough without a passageway for it to be benefitting the relevant targets.

Besides this, he has also talked about, PM Awas Yojana and how it has sanctioned over 122.69 lakh houses and have released Central assistance of Rs 73.13 lakhs till date, among other topics.

Moreover, the High Commissioner of the Republic of Uganda, HE Joyce and Ms Sangeeta Khorana have ensured that Government of Uganda and United Kingdom, respectively has actively been supporting women entrepreneurs worldwide.

Further, the last question was based on “financial support to women entrepreneurs in India” highlighting the financial initiatives taken by Government of India such as MUDRA Yojana, provides loans upto 10 lakhs, Stand Up India scheme providing bank loans between 10 lakhs to 1 crore, Startup India providing seed money of 30 lakh, and Credit Guarantee Scheme for MSMEs providing loans upto 5 lakhs and 2 crores to women.

Thereafter there were insightful answers by Sh. Rajendra Bagade, Senior Partner of SARC on the Access to Finance and Taxation benefits. He has talked about how certain tax incentives can be availed to women entrepreneurs in order to allow them to attain maximum benefits.

Undoubtedly, tax is one of the significant fields, which influence the business and exemption to women entrepreneurs who can directly or indirectly reduce the financial burden. This will also allow women entrepreneurs to generate more revenue. He also suggested that government must introduce certain more tax benefits for women entrepreneurs which seems in need of the present time.

The answers by all the panellists driven from real life experience and challenges they have faced in certainly made the discussion more insightful and perceptive.

In my opinion, this has correctly pointed out the issue, since, women in India, especially in backward are not literate enough to understand English and in some areas even Hindi. The introduction of documentation and government websites in native language of State or UT will allow women to obtain a better understanding, hence, more chances of women being able to avail benefits of the schemes.

In a long run, this could also allow women to commence small scale business or commence savings, etc.

After the penal discussion, presentation and workshops were conducted by the Rt. Hon’ble Baroness Verma herself, highlighting some of the real-life experiences, which has helped her shape the future of thousands and hundreds of women globally. Moreover, the event also enabled insightful discussions on soft and hard skills, women’s fears, how to boosts confidence, leaderships, among others.

The event like these does not only brings like-minded people together, but it also brings women forward to speak about the challenges they face in this world, which is getting more advanced with time.

Besides this, the panellists like Ms. Mahak Garg, Ms. Priyanka Bhide, talked about importance of education for women, challenges women face in raising finance to start business, among other insightful topics.

Maybe someday, the homemakers or housewives will become the part of these events, only to reflects how they have been shaping the future of global economy by only supporting their husbands, brothers, fathers, mothers, and sisters.

In my opinion, “The women are a nurture by its nature and their contribution in society is much more than it seems. A woman is not only learning how to be herself in the world, but she is acting as a teacher for everyone around us, creating history in distinct fields, supporting their family in whatever way she can.”

I myself, provides complete support to women entrepreneurs of entire world in order to contribute to achieving equality and equity.

On April 15th, 2023 an insightful session has been hosted by the Rt Hon’ble Bareness Verma at Lalit Hotel, which has also been live streamed on zoom. The event is a trilogy under “The Global Influence Club” which benefits women entrepreneurs by providing them with an opportunity to commence business.

The Rt. Hon’ble Baroness Verma welcomes the prestigious panellists followed by the informative and professionally led discussions revolves around trade barriers and women entrepreneurs. Besides the emphasize of the event, the most attractive aspect of event was our “National Anthem” which shows that the roots of Indian culture are being well  respected, not just by Indians but as well as entire world.

The event included 2 plenary discussions, the first highlighted the “What are the barriers to entrepreneurship, how can we overcome these, and what are the solutions?” and “Role of leadership, collaboration and knowledge sharing” which was moderated by Yashodhara Dasgupta, Director, UK INDIA Business Council  and the panellists were –

  • Dr. Nataliey Bitature- Chief of Staff- Simba Group, Uganda
  • Pooja Chauhan, Chairperson, Amity Humanity Foundation, Proprietor Pooja Chauhan & Associates 
  • Mr. Rana Vikram Anand, Head Pan Bank Liability Group, Customer Service & Synergy IndusInd Bank
  • Anisha Singh – Founder, She Capital 
  • Sumedha Naik, CEO and Founder, Syntellect 
  • Dr. Kalpana Saroj, Chairperson- Kamani Tubes Limited Chairperson- Kalpana Saroj Global Aviation Pvt Ltd, KS creations and Sai Krupa Sugar Factory, Member, Governing Council – IIM Bangalore 
  • Shruti Gonsalves, MD & CEO Sewa Grih Rin Ltd 
  • Jeeth Sanghavi, Celebrity Coach & Founder Boxx Era Transformation Expert Nutritionist International/National Tennis & Boxing Athlete

Smt. Smriti Irani, Hon’ble Cabinet Minister and Member of Lok Sabha delivered her message for the event through a video in order to contribute to the greater cause of the society, especially to show her support to the women entrepreneurs, Smt. Smriti Irani sent us an insightful message.

The second plenary discussion was moderated by me, Sunil Kumar Gupta on “Role of Government and barriers to finance for women entrepreneurs” pertaining mentioned panellists –

  • Sujeet Kumar, Chairman of the Committee on Petitions of Rajya Sabha. 
  • HE Joyce Kakuramatsi Kikafunda, The High Commissioner of the Republic of Uganda,
  • Sangeeta Khorana, PhD, MILE, SHFEA, MIEX,Professor of Economics, Director, Centre for Trade, Development and Transition Economics 
  • Priyanka Bhide, Director, Kubernein Initiative 
  • Rajendra Bagade, Senior Partner, SARC Associates

The panel 2 discussion was commenced with introduction of panellists, followed by in-depth discussion on initiatives commenced by India, Uganda, and United Kingdom, highlighting the policies/ initiatives started by each government respectively. The highlighted schemes of India, UK and Uganda in the first 3 questions were on the following topics-

i) Women Entrepreneurship Platform (WEP) launched by NITI Ayog, Government of India in 2017, its website is wep.gov.in which acts as an aggregate connect for funding, incubation, market linkages, business development services, and Innovations.

ii) Uganda Women Entrepreneurship Programme which initiated by Government of Uganda which aimed at improving access to financial service to women and equipping them to skill for enterprise growth, value addition and marketing and according to you, what are other important measures Uganda government can take.

iii) Women’s Business Council relaunched in 2019 to focus on the sectors that have the most significant gender pay gaps and to drive forward progress to improve women’s representation within the workplace, respectively.

The Sh. Sujeet Kumar, Her Excellency of Uganda Joyce and Ms. Sangeeta Khorana has commendably answered the questions, emphasizing on the actual facts and figures. One common thing which was noticed in the answers of all the mentioned panellists was the spirit to create a business – friendly environment, which would allow women to give a kickstart to their career in respective fields.

MP Sh. Sujeet Kumar is serving the nation, and his state of Odisha. He is also an Engineer turned Lawyer, and is currently practising law at the Odisha High Court & Supreme Court of India and has founded LexMantra LLP (www.lexmantra.net), a boutique law firm. Previously, he worked at the World Economic Forum (WEF) in Geneva, Switzerland, and for United Nations Development Program (UNDP) and for Infosys Technologies Ltd. in India. He was an Asia Pacific Leadership Fellow (APLP) at the East West Centre, Hawaii (2009).

The ideas and visions of Sh. Sujeet Kumar is a proof of his expertise. He has pointed out the need of introducing documentation and government websites in native language of states, such as to open bank. He insisted that only presence of a scheme or policy is not enough without a passageway for it to be benefitting the relevant targets.

Besides this, he has also talked about, PM Awas Yojana and how it has sanctioned over 122.69 lakh houses and have released Central assistance of Rs 73.13 lakhs till date, among other topics.

Moreover, the High Commissioner of the Republic of Uganda, HE Joyce and Ms Sangeeta Khorana have ensured that Government of Uganda and United Kingdom, respectively has actively been supporting women entrepreneurs worldwide.

Further, the last question was based on “financial support to women entrepreneurs in India” highlighting the financial initiatives taken by Government of India such as MUDRA Yojana, provides loans upto 10 lakhs, Stand Up India scheme providing bank loans between 10 lakhs to 1 crore, Startup India providing seed money of 30 lakh, and Credit Guarantee Scheme for MSMEs providing loans upto 5 lakhs and 2 crores to women.

Thereafter there were insightful answers by Sh. Rajendra Bagade, Senior Partner of SARC on the Access to Finance and Taxation benefits. He has talked about how certain tax incentives can be availed to women entrepreneurs in order to allow them to attain maximum benefits.

Undoubtedly, tax is one of the significant fields, which influence the business and exemption to women entrepreneurs who can directly or indirectly reduce the financial burden. This will also allow women entrepreneurs to generate more revenue. He also suggested that government must introduce certain more tax benefits for women entrepreneurs which seems in need of the present time.

The answers by all the panellists driven from real life experience and challenges they have faced in certainly made the discussion more insightful and perceptive.

In my opinion, this has correctly pointed out the issue, since, women in India, especially in backward are not literate enough to understand English and in some areas even Hindi. The introduction of documentation and government websites in native language of State or UT will allow women to obtain a better understanding, hence, more chances of women being able to avail benefits of the schemes.

In a long run, this could also allow women to commence small scale business or commence savings, etc.

After the penal discussion, presentation and workshops were conducted by the Rt. Hon’ble Baroness Verma herself, highlighting some of the real-life experiences, which has helped her shape the future of thousands and hundreds of women globally. Moreover, the event also enabled insightful discussions on soft and hard skills, women’s fears, how to boosts confidence, leaderships, among others.

The event like these does not only brings like-minded people together, but it also brings women forward to speak about the challenges they face in this world, which is getting more advanced with time.

Besides this, the panellists like Ms. Mahak Garg, Ms. Priyanka Bhide, talked about importance of education for women, challenges women face in raising finance to start business, among other insightful topics.

Maybe someday, the homemakers or housewives will become the part of these events, only to reflects how they have been shaping the future of global economy by only supporting their husbands, brothers, fathers, mothers, and sisters.

In my opinion, “The women are a nurture by its nature and their contribution in society is much more than it seems. A woman is not only learning how to be herself in the world, but she is acting as a teacher for everyone around us, creating history in distinct fields, supporting their family in whatever way she can.”

I myself, provides complete support to women entrepreneurs of entire world in order to contribute to achieving equality and equity.

On April 15th, 2023 an insightful session has been hosted by the Rt Hon’ble Bareness Verma at Lalit Hotel, which has also been live streamed on zoom. The event is a trilogy under “The Global Influence Club” which benefits women entrepreneurs by providing them with an opportunity to commence business.

The Rt. Hon’ble Baroness Verma welcomes the prestigious panellists followed by the informative and professionally led discussions revolves around trade barriers and women entrepreneurs. Besides the emphasize of the event, the most attractive aspect of event was our “National Anthem” which shows that the roots of Indian culture are being well  respected, not just by Indians but as well as entire world.

Add video – national anthem

The event included 2 plenary discussions, the first highlighted the “What are the barriers to entrepreneurship, how can we overcome these, and what are the solutions?” and “Role of leadership, collaboration and knowledge sharing” which was moderated by Yashodhara Dasgupta, Director, UK INDIA Business Council  and the panellists were –

  • Dr. Nataliey Bitature- Chief of Staff- Simba Group, Uganda
  • Pooja Chauhan, Chairperson, Amity Humanity Foundation, Proprietor Pooja Chauhan & Associates 
  • Mr. Rana Vikram Anand, Head Pan Bank Liability Group, Customer Service & Synergy IndusInd Bank
  • Anisha Singh – Founder, She Capital 
  • Sumedha Naik, CEO and Founder, Syntellect 
  • Dr. Kalpana Saroj, Chairperson- Kamani Tubes Limited Chairperson- Kalpana Saroj Global Aviation Pvt Ltd, KS creations and Sai Krupa Sugar Factory, Member, Governing Council – IIM Bangalore 
  • Shruti Gonsalves, MD & CEO Sewa Grih Rin Ltd 
  • Jeeth Sanghavi, Celebrity Coach & Founder Boxx Era Transformation Expert Nutritionist International/National Tennis & Boxing Athlete

Smt. Smriti Irani, Hon’ble Cabinet Minister and Member of Lok Sabha delivered her message for the event through a video in order to contribute to the greater cause of the society, especially to show her support to the women entrepreneurs, Smt. Smriti Irani sent us an insightful message.

The second plenary discussion was moderated by me, Sunil Kumar Gupta on “Role of Government and barriers to finance for women entrepreneurs” pertaining mentioned panellists –

  • Sujeet Kumar, Chairman of the Committee on Petitions of Rajya Sabha. 
  • HE Joyce Kakuramatsi Kikafunda, The High Commissioner of the Republic of Uganda,
  • Sangeeta Khorana, PhD, MILE, SHFEA, MIEX,Professor of Economics, Director, Centre for Trade, Development and Transition Economics 
  • Priyanka Bhide, Director, Kubernein Initiative 
  • Rajendra Bagade, Senior Partner, SARC Associates

The panel 2 discussion was commenced with introduction of panellists, followed by in-depth discussion on initiatives commenced by India, Uganda, and United Kingdom, highlighting the policies/ initiatives started by each government respectively. The highlighted schemes of India, UK and Uganda in the first 3 questions were on the following topics-

i) Women Entrepreneurship Platform (WEP) launched by NITI Ayog, Government of India in 2017, its website is wep.gov.in which acts as an aggregate connect for funding, incubation, market linkages, business development services, and Innovations.

ii) Uganda Women Entrepreneurship Programme which initiated by Government of Uganda which aimed at improving access to financial service to women and equipping them to skill for enterprise growth, value addition and marketing and according to you, what are other important measures Uganda government can take.

iii) Women’s Business Council relaunched in 2019 to focus on the sectors that have the most significant gender pay gaps and to drive forward progress to improve women’s representation within the workplace, respectively.

The Sh. Sujeet Kumar, Her Excellency of Uganda Joyce and Ms. Sangeeta Khorana has commendably answered the questions, emphasizing on the actual facts and figures. One common thing which was noticed in the answers of all the mentioned panellists was the spirit to create a business – friendly environment, which would allow women to give a kickstart to their career in respective fields.

MP Sh. Sujeet Kumar is serving the nation, and his state of Odisha. He is also an Engineer turned Lawyer, and is currently practising law at the Odisha High Court & Supreme Court of India and has founded LexMantra LLP (www.lexmantra.net), a boutique law firm. Previously, he worked at the World Economic Forum (WEF) in Geneva, Switzerland, and for United Nations Development Program (UNDP) and for Infosys Technologies Ltd. in India. He was an Asia Pacific Leadership Fellow (APLP) at the East West Centre, Hawaii (2009).

The ideas and visions of Sh. Sujeet Kumar is a proof of his expertise. He has pointed out the need of introducing documentation and government websites in native language of states, such as to open bank. He insisted that only presence of a scheme or policy is not enough without a passageway for it to be benefitting the relevant targets.

Besides this, he has also talked about, PM Awas Yojana and how it has sanctioned over 122.69 lakh houses and have released Central assistance of Rs 73.13 lakhs till date, among other topics.

Moreover, the High Commissioner of the Republic of Uganda, HE Joyce and Ms Sangeeta Khorana have ensured that Government of Uganda and United Kingdom, respectively has actively been supporting women entrepreneurs worldwide.

Further, the last question was based on “financial support to women entrepreneurs in India” highlighting the financial initiatives taken by Government of India such as MUDRA Yojana, provides loans upto 10 lakhs, Stand Up India scheme providing bank loans between 10 lakhs to 1 crore, Startup India providing seed money of 30 lakh, and Credit Guarantee Scheme for MSMEs providing loans upto 5 lakhs and 2 crores to women.

Thereafter there were insightful answers by Sh. Rajendra Bagade, Senior Partner of SARC on the Access to Finance and Taxation benefits. He has talked about how certain tax incentives can be availed to women entrepreneurs in order to allow them to attain maximum benefits.

Undoubtedly, tax is one of the significant fields, which influence the business and exemption to women entrepreneurs who can directly or indirectly reduce the financial burden. This will also allow women entrepreneurs to generate more revenue. He also suggested that government must introduce certain more tax benefits for women entrepreneurs which seems in need of the present time.

The answers by all the panellists driven from real life experience and challenges they have faced in certainly made the discussion more insightful and perceptive.

In my opinion, this has correctly pointed out the issue, since, women in India, especially in backward are not literate enough to understand English and in some areas even Hindi. The introduction of documentation and government websites in native language of State or UT will allow women to obtain a better understanding, hence, more chances of women being able to avail benefits of the schemes.

In a long run, this could also allow women to commence small scale business or commence savings, etc.

After the penal discussion, presentation and workshops were conducted by the Rt. Hon’ble Baroness Verma herself, highlighting some of the real-life experiences, which has helped her shape the future of thousands and hundreds of women globally. Moreover, the event also enabled insightful discussions on soft and hard skills, women’s fears, how to boosts confidence, leaderships, among others.

The event like these does not only brings like-minded people together, but it also brings women forward to speak about the challenges they face in this world, which is getting more advanced with time.

Besides this, the panellists like Ms. Mahak Garg, Ms. Priyanka Bhide, talked about importance of education for women, challenges women face in raising finance to start business, among other insightful topics.

Maybe someday, the homemakers or housewives will become the part of these events, only to reflects how they have been shaping the future of global economy by only supporting their husbands, brothers, fathers, mothers, and sisters.

In my opinion, “The women are a nurture by its nature and their contribution in society is much more than it seems. A woman is not only learning how to be herself in the world, but she is acting as a teacher for everyone around us, creating history in distinct fields, supporting their family in whatever way she can.”

I myself, provides complete support to women entrepreneurs of entire world in order to contribute to achieving equality and equity.