Will New Labour Codes Secure Wages and Social Security for 50 Crore Workers, Including Gig and Platform Workers?

Will New Labour Codes Secure Wages and Social Security for 50 Crore Workers, Including Gig and Platform Workers?

The introduction of four New Labour Codes introduced by the Government of India represents a significant step towards reforming and strengthening labour laws in India. The Code on Wages was enacted by the Parliament in August 2019, followed by the Industrial Relations Code in September 2020. Similarly, the Code on Social Security and the Occupational Safety, Health, and Working Conditions Code were also enacted by the Parliament in September 2020. These legislative actions signify a comprehensive effort to reform and streamline labor laws, addressing various aspects related to wages, industrial relations, social security, and occupational safety and health. The synchronized enactment of these codes demonstrates a holistic approach toward creating a more coherent and contemporary framework for labor regulations in the country.

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The landmark decision to consolidate 29 laws into four codes is a historic step toward providing women with not only job security but also respect, health, and various welfare measures. Through these labor reforms, there is a clear commitment to creating an environment that prioritizes the well-being of women in the workforce. Additionally, these changes are expected to significantly enhance the ease of doing business in the country, streamlining regulations and fostering a more conducive environment for both employers and employees. This forward-looking approach not only supports gender equality but also contributes to the overall economic development and business efficiency in the nation.

In this comprehensive reform, the government seeks to ensure that all workers have a statutory right to receive minimum wages and timely wage payments, fostering a more equitable and prosperous labour environment. To reduce ambiguity and legal disputes, these codes introduce uniform and straightforward definitions of ‘wages’ across all four labour-related regulations. Furthermore, the introduction of annual health check-ups and medical facilities aims to improve the overall well-being of workers, enhancing productivity and extending life expectancy.

These reforms also formalize the employment relationship by requiring the issuance of appointment letters to every employee, ultimately providing job security and enabling workers to claim statutory benefits such as minimum wages and social security. Additionally, the creation of a Re-skilling Fund demonstrates the government’s commitment to the skill development of workers, aligning with the changing demands of the job market.

Furthermore, the codes recognize the importance of addressing the needs of gig workers and platform workers by defining them and paving the way for the formulation of social security schemes funded by aggregators and government sources. This inclusive approach extends the benefits of the Employees’ State Insurance Corporation and the Employees’ Provident Fund Organization to unorganized workers, gig workers, and platform workers, along with their families.

The reforms also ensure that fixed-term employment (FTE) workers are entitled to the same benefits as permanent employees, promoting fairness and job security. Workers’ rights are further enhanced with provisions for annual leave with wages and the option to encash leave on demand, offering flexibility and financial security.

Moreover, the expansion of the Employees’ Provident Fund to all industries, irrespective of their scheduling, underscores the government’s commitment to improving social security and labour welfare across various sectors. In sum, these labour codes represent a transformative and forward-looking effort to foster a more inclusive, secure, and prosperous work environment for all workers in India.

The four Labour Codes aim to enhance worker protection, including those in the unorganized sector, by ensuring statutory minimum wages, social security, and healthcare. Some significant provisions of these Codes include:

  1. Establishing a statutory right for all workers to receive minimum wages and timely wage payments to support sustainable development and inclusivity.
  2. Introducing a consistent and easily enforceable definition of ‘wages’ across all four Labour Codes to prevent multiple interpretations and legal disputes.
  3. Providing annual health check-ups and medical facilities to enhance worker productivity and increase life expectancy.
  4. Requiring the issuance of appointment letters to every employee, formalizing employment contracts, increasing job security, and enabling workers to claim statutory benefits such as minimum wages and social security.
  5. Establishing a Re-skilling Fund for worker skill development.
  6. Defining gig workers and platform workers to create social security schemes, funded by aggregators and other sources, with contributions from both the Central and State Governments.
  7. Allowing the Central Government to extend benefits to unorganized workers, gig workers, platform workers, and their families through the Employees’ State Insurance Corporation and the Employees’ Provident Fund Organization.
  8. Granting fixed-term employment (FTE) workers entitlement to the same benefits available to permanent employees, including gratuity after one year of service.
  9. Ensuring that every worker is entitled to annual leave with wages after working for 180 days, compared to the current requirement of 240 days. Additionally, there is a provision for leave encashment on the worker’s request while in service at the end of the calendar year.
  10. Expanding the applicability of the Employees’ Provident Fund to all industries, as opposed to only scheduled industries as it stands presently.

Major Achievements of New Labour Codes are as follows –

  • As of December 2023, the Shram Suvidha Portal has successfully generated 4,268,334 Labour Identification Numbers (LIN). Furthermore, inspection reports for 821,283 cases have been uploaded onto the portal, reflecting the ongoing efforts to monitor and manage labor-related activities.
  • The eSHRAM portal has been established with the aim of building a National Database of Unorganized Workers, incorporating Aadhaar details to facilitate the provision of social security benefits. Eligibility for registration on the eSHRAM portal is open to any worker operating in the unorganized sector with an age ranging from 16 to 59. This database encompasses a diverse range of workers, including migrant workers, construction workers, gig workers, platform workers, and more. As of December 2023, a noteworthy achievement has been reached, with a total of 29,23,93,908 e-cards issued through the portal, marking a significant step in the coverage and support for unorganized workers across the nation.
  • As of October 2023, the All India Consumer Price Index Number for Industrial Workers (CPI-IW) has experienced a rise of 0.9 points, reaching a value of 138.4 (one hundred thirty-eight point four). In terms of the one-month percentage change, there has been a 0.65% increase compared to the previous month. This is in contrast to the 0.91% increase recorded during the corresponding months of the previous year. These figures provide insights into the fluctuations in the cost of living and inflationary trends affecting industrial workers in India.
  • As part of the Nidhi Aapke Nikat 2.0 initiative, the Employees’ Provident Fund Organization (EPFO) extended its outreach to stakeholders across all districts of the country. The monthly ‘Nidhi Aapke Nikat’ program held on April 27th, 2023, covered 666 districts with 27,592 participants. The focus was on addressing grievances, resulting in 12,437 reported issues, of which 9,816 were successfully resolved. This effort underscores EPFO’s commitment to increasing accessibility, visibility, and resolving concerns for its stakeholders nationwide.
  • As part of the celebration of Azadi Ka Amrit Mahotsav (AKAM), the Employees’ Provident Fund Organization (EPFO) has initiated a special drive to promote the filing of e-nominations by its members. In the month of September 2023, a notable achievement was reached with the filing of 3.40 lakh e-nominations. Cumulatively, as of September 30, 2023, a total of 2.07 crore e-nominations have been successfully filed, reflecting the widespread participation of members in utilizing the digital nomination process facilitated by EPFO. This effort aligns with the organization’s commitment to modernize processes and enhance member convenience.
  • The provisional payroll data released by EPFO in November 2023 reveals a positive trend, indicating the addition of 891,583 net subscribers during the month of September 2023. This data underscores the ongoing growth and engagement within the Employees’ Provident Fund Organization, with a substantial number of individuals being added to the workforce during the specified period.
  • As part of the ‘Prayaas’ initiative, the field offices of EPFO have been actively distributing Pension Payment Orders (PPOs) to members of the Employees’ Pension Scheme 1995 on the day of their superannuation. Until September 30, 2023, the field offices conducted a total of 6,751 webinars to promote and educate stakeholders about the Prayaas initiative. Furthermore, during the month of September 2023 alone, 403 PPOs were successfully handed over to subscribers, highlighting the commitment of EPFO to streamline processes and enhance member services through proactive initiatives like Prayaas.
  • As part of the efforts to boost employment generation and mitigate the socio-economic impact of the Covid-19 pandemic, the Ministry of Labour & Employment introduced the EPFO-linked Aatmanirbhar Bharat Rojgar Yojana (ABRY) scheme on December 30, 2020. As of September 23, 2023, a total of 1,52,452 establishments have likely participated in the scheme, contributing to the broader objective of fostering economic recovery and job creation in the wake of the pandemic.

While the government has undertaken several initiatives to promote employment generation in both the organized and unorganized sectors of the economy, we emphasize the need for a substantial focus on physical outreach and alternative methods. This consideration arises from the fact that a significant portion of the labor force in India lacks access to the internet or smartphones. To ensure the inclusivity of employment-related initiatives, there is a necessity to incorporate strategies that reach individuals who may face barriers to online engagement, thereby ensuring a more comprehensive and effective approach to address the diverse needs of the labor workforce.

In this article, we will delve into some of the vital provisions and implications of these groundbreaking New Labour Codes, shedding light on their potential to improve the lives of countless workers across India.

4 New Labour Codes – a revolutionary approach to protecting the interests of workers

Labour laws in India had their origins in the British Raj, but over time, many of these laws had become obsolete and ineffective. Instead of safeguarding workers’ interests, some of these outdated labour codes had hindered their progress.

In response to this, the then-current government recognized the need to eliminate redundant or irrelevant labour laws. Consequently, the 29 existing labour laws were streamlined and consolidated into 4 new labour codes, a move that was expected to bring significant benefits to all stakeholders.

Benefits of New Labour Code

New Labour Codes
  • Right to Minimum Wages for Everyone

4 labour laws are amalgamated into the Minimum Wage Code which has provided the “right to minimum wages” for the first time.

Labour Code (Wage Code) – 2019

  • For the first time since India’s independence, the government is actively working towards providing wage security, social security, and health security to workers in both organized and unorganized sectors.
  • The assurance of minimum wages extends to workers in both organized and unorganized sectors.
  • Review of minimum wage rates every five years.
  • Workers will get timely payment of their wages as a guaranteed right.
  • Male and female workers will receive equal remuneration for their work.
  • Approximately 400 million unorganized workers now have the right to a minimum wage, a significant development.
  • The introduction of a floor wage aims to eliminate regional disparities in minimum wage levels.
  • Determining minimum wages has been simplified by basing it on criteria like skill level and geographical locUnder National Data Governance Policy, GoI to set up 1 hundred labs in order to develop applications using 5G services in engineering institutions to realize a new range of opportunities, business models, and employment potential.
  • Increased wage ceiling from Rs 18,000 to Rs 24,000 in FY 28-08-2017.

In the recent G20 Summit, providing quality employment was one of the commitments. India is committed to promoting sustainable, quality, healthy, safe, and gainful employment. This commitment emphasizes the importance of employment that not only provides income but also contributes to overall well-being and safety.
Source: Make in India 3rd Edition | written and compiled by Mr. Sunil Kumar Gupta

  • Social Security for Everyone

In order to guarantee security for all workers, the Central Government consolidated nine Labour Laws into the Social Security Code. This step was taken to safeguard workers’ rights to insurance, pensions, gratuity, maternity benefits, and more.

Through this Code, a comprehensive legal framework for Social Security was established, ensuring that workers could fully access social security benefits.

Under this initiative, a systematic approach was put in place for contributions from both employers and workers. Additionally, the government had the capacity to subsidize contributions from workers in disadvantaged sections.

New Labour Codes

Social Security Code, 2020

  • By making a nominal contribution, individuals can access the privilege of receiving free medical treatment at ESIC hospitals and dispensaries.
  • The accessibility of ESIC will now be extended to workers across all sectors, including those in the unorganized sector.
  • The expansion of ESIC hospitals, dispensaries, and branches will now reach the district level, extending this service from the existing 566 districts to cover all 740 districts in the country.
  • ESIC benefits are extended to any worker involved in hazardous work, even if it’s just a single worker.
  • Platform and gig workers in emerging technology fields have the opportunity to join ESIC.
  • Plantation workers to get benefit of ESIC.
  • Institutions operating in hazardous areas are required to undergo mandatory registration with ESIC.

Expansion of Social Security

  • The pension scheme (EPFO) benefits will be extended to workers in both organized and unorganized sectors, including those who are self-employed.
  • A social security fund is being established to deliver all-encompassing social security support to the unorganized sector.
  • The necessity for a minimum service requirement to receive gratuity has been eliminated for fixed-term employees.
  • Fixed-term employees are entitled to receive the same social security benefits as permanent employees.
  • The establishment of a national worker database for the unorganized sector will be achieved through registration on a dedicated portal.
  • Employers with a workforce of over 20 employees are required to submit job vacancies online.
  • A Universal Account Number (UAN) will be introduced to cover ESIC, EPFO, and workers in the unorganized sector.
  • A Universal Account Number (UAN) based on Aadhaar to ensure effortless portability.

  • Right of Security to Workers in All Situations

To enhance workplace safety and occupational health for workers, the Occupational Safety, Health, and Working Conditions Code, 2020 has consolidated 13 existing labour laws. This Code prioritizes safeguarding the interests of workers in various sectors, including factories, mines, plantations, the motor transport industry, bidi and cigar workers, as well as contract and migrant workers.

New Labour Codes

OSH Code (Occupational, Safety, Health, Working Condition) – 2020

  • Numerous provisions within the OSH Code will improve the living conditions and well-being of Inter-State Migrant Workers.
  • The OSH Code has effectively resolved the discrepancies present in the Inter-State Migrant Workers Act, 1979. In the past, only workers hired by a contractor were acknowledged as Inter-State Migrant Workers. However, the updated provisions in the Code empower workers to become self-reliant by allowing them to self-register as Inter-State Migrant Workers on the national portal. This registration grants them a legal identity, enabling access to the benefits of various social security schemes.
  • An arrangement has been put in place for employers to offer an annual travel allowance to Inter-State Migrant Workers for their round-trip journey to their hometown.
  • Mandatory issuance of appointment letters to workers has been implemented.
  • Employers are required to provide workers with a mandatory and cost-free annual health check-up.
  • Workers engaged in construction and related activities, working in one state and relocating to another state, will receive benefits from the Building and other Construction Workers’ Cess fund.
  • The “One Nation – One Ration Card” initiative ensures that an Inter-State Migrant Worker can access ration benefits in the state where they are employed, while the rest of their family can avail these benefits in the state where they reside.
  • A national database will be established for Inter-State Migrant Workers.
  • Now, if a worker has worked for 180 days, they will be entitled to one day of leave for every 20 days of work completed, instead of the previous requirement of 240 days.

Women Empowerment Through New Labour Codes in India

  • Women workers have the right to work in all categories of establishments.
  • Women now possess the right to work during nighttime with their consent, and employers must ensure adequate safety and facilities for women workers during night shifts.
  • In 2017, amendments were made to the Maternity Benefit Act to extend paid maternity leave for female workers from 12 weeks to 26 weeks and mandate the availability of crèche facilities in all establishments employing 50 or more workers.
  • Industrial Relations (IR) Code

Through the amalgamation of three Labour Laws into the Industrial Relations Code, the Central Government has taken measures to protect the interests of both Trade Unions and workers. This Code encompasses various provisions aimed at ensuring the harmony and minimizing potential disputes between industrial units and workers in the future.

Towards the end of disputes (Industrial Relations Code) –

  • In the event of job loss, workers will be eligible for benefits under the Atal Bimit Vyakti Kalyan Yojna.
  • The Atal Bimit Vyakti Kalyan Yojna offers financial assistance to organized sector workers who lose their jobs, serving as a form of unemployment allowance. This benefit is available to workers enrolled in the ESI Scheme.
  • During the retrenchment process, workers will receive 15 days’ worth of wages dedicated to re-skilling. These wages will be directly deposited into the worker’s bank account, facilitating their ability to acquire new skills.
  • Accelerated delivery of justice to workers via the Tribunal.
  • Resolution of workers’ disputes in the Tribunal within one year.
  • Industrial Tribunals will consist of two members to expedite the resolution of cases.
  • In industrial establishments, a Trade Union that secures 51 percent of the votes will be acknowledged as the exclusive negotiating union with the authority to engage in agreements with employers.
  • In industrial establishments where no trade union garners 51 percent of the votes, a negotiating council of trade unions will be formed to facilitate agreements with the employer.

Welfare of Inter-State Migrant Workers

The government has devoted considerable effort to enhance the welfare of Inter-State Migrant Workers. Measures have been implemented to fortify the legal framework concerning these workers.

For the benefit of Inter-State Migrant Workers and those in need, the Central Government has expedited various schemes, such as Garib Kalyan and the delivery of free food grains to households.

Benefits of Codification

  • Single Registration; Single License; Single Statement; Minimum Forms
  • Common definitions
  • Reduction of Committees
  • Web-based surprise inspection
  • Use of technology – Electronic registration and licensing
  • Reduction of compliance cost and disputes

Impact of New Labour code

The impact of the new Labour Codes in India is multifaceted and has several implications for the labour landscape, the economy, and society as a whole:

  1. Enhanced Worker Protection: The introduction of statutory rights to minimum wages and timely wage payments provides workers with financial security, reducing the risk of exploitation and poverty among the labour force. This can lead to improved living standards for a significant portion of the population.
  2. Formalization of Employment: Requiring employers to issue appointment letters formalizes employment relationships, increasing job security and ensuring that workers can claim their rightful benefits. This formalization can lead to more stable employment conditions for workers.
  3. Skill Development: The creation of a Re-skilling Fund emphasizes the importance of keeping the workforce up to date with evolving job market demands. This can lead to a more skilled and adaptable labour force, contributing to economic growth.
  4. Inclusion of Gig Workers: Recognizing and providing social security benefits to gig and platform workers acknowledges the changing nature of work. This can improve the working conditions and welfare of a significant segment of the workforce.
  5. Equal Treatment for Fixed-Term Employees: Ensuring that fixed-term employees receive the same benefits as permanent employees promotes fairness in employment practices and job security for a wider range of workers.
  6. Improved Health and Well-being: The provision for annual health check-ups and medical facilities enhances workers’ overall health and productivity. Healthier workers tend to be more efficient and have a longer work life, contributing to economic growth.
  7. Streamlined Definitions and Regulations: The introduction of uniform definitions of ‘wages’ simplifies compliance for employers and reduces legal disputes. This can lead to more efficient labour market operations and less administrative burden for businesses.
  8. Social Security Expansion: Extending social security benefits to unorganized workers, gig workers, platform workers, and their families provides a safety net for a larger portion of the workforce. This can reduce economic vulnerabilities and improve social welfare.
  9. Promotion of Gender Equality: Provisions promoting gender equality can empower women to participate more actively in the labour force, potentially leading to increased economic output and improved social inclusivity.
  10. Economic Growth and Productivity: Overall, the Labour Codes can contribute to economic growth by ensuring a more efficient and inclusive labour market. With a protected and skilled workforce, businesses can operate more effectively, leading to increased productivity and, in turn, economic growth.
  11. Reduced Administrative Burden: Simplifying regulations and compliance can reduce the administrative burden on businesses, making it easier for them to focus on growth and expansion.
  12. Legal Clarity: The Labour Codes bring about legal clarity with standardized definitions and regulations. This can reduce legal disputes and lead to a more predictable and stable labour environment.
  13. Improved Working Conditions: The codes have provisions for better working conditions and safety, ensuring that workers are healthier and more motivated, which can lead to improved productivity.

The introduction of the Labour Codes in India represents a significant step toward reforming labour laws and has far-reaching implications for workers, employers, and the broader economy. The impact is expected to be positive, promoting better labour conditions, inclusivity, and economic growth. However, the successful implementation and enforcement of these codes will be critical to realizing these potential benefits fully.

Conclusion

In conclusion, the introduction of the four Labour Codes in India represents a transformative step towards reforming and strengthening labour laws in the country. These codes, which include the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health, and Working Conditions Code, 2020, are not only significant in their scale but also in their potential to create a more equitable, secure, and prosperous work environment for all.

These codes address various aspects of labour rights and welfare, with a primary goal of safeguarding the interests of workers, especially those in the unorganized sector. Some of the notable provisions include the establishment of a statutory right to minimum wages and timely wage payments, simplified definitions of ‘wages’ to reduce ambiguity, annual health check-ups and medical facilities to enhance worker well-being, and the mandatory issuance of appointment letters to formalize employment relationships.

Additionally, these codes recognize the changing nature of work and the emergence of gig workers and platform workers in new technology sectors. They lay the groundwork for social security schemes for these workers, funded through contributions from aggregators and government sources. This inclusivity extends the benefits of social security to unorganized workers, gig workers, and platform workers, along with their families.

Moreover, the codes promote fairness and job security by ensuring that fixed-term employment (FTE) workers are entitled to the same benefits as permanent employees. Workers are also granted enhanced rights, such as annual leave with wages and the option to encash leave. The extension of the Employees’ Provident Fund to all industries, irrespective of their scheduling, further underscores the government’s commitment to improving social security and labour welfare.

These labour codes are not just an exercise in legal reform; they signify a comprehensive shift towards better protection, security, and welfare for all workers in India. They aim to reduce disputes, ensure faster resolution of labour issues, and provide social security for workers across various sectors and backgrounds. By streamlining and consolidating labour laws, they reduce the compliance burden and contribute to economic and social development.

Furthermore, the specific focus on Inter-State Migrant Workers and women workers adds an essential dimension to these reforms. Provisions for Inter-State Migrant Workers enable them to gain legal identity and social security benefits, while women workers are granted rights to work at night with safety measures in place. The extension of maternity leave and mandatory crèche facilities underlines the commitment to women’s empowerment.

In essence, the four Labour Codes represent a holistic and forward-looking approach to labour reform. They aim to protect the interests of workers, reduce disputes, and promote social security and well-being. As India continues to evolve and diversify its labour force, these codes offer a promising foundation for a more inclusive, equitable, and secure work environment for all its workers. They signify a significant stride towards progress and prosperity in the labour sector, aligning with the nation’s aspirations for sustainable growth and inclusivity.


Written & Compiled by CA Sunil Kumar Gupta

Founder Chairman, SARC Associates

sunilkumargupta.com

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.

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.

Contribution of Artificial Intelligence in Financial Services To Boost Economy of New India

Contribution of Artificial Intelligence in Financial Services To Boost Economy of New India

Has a chatbox ever asked you to open a savings account? Does ever a computerized assistant resolve your queries in minutes?

Justify Text Alignment

In this blog, we will understand how Artificial Intelligence drives the Indian economy.

The world of AI is tremendously booming and it can be seamlessly seen that no industry or sector has remained untouched by its prevalence. And the world of finance and banking is also among those worlds which are also anchoring the power of kick-fast change in AI.

AI is intelligence demonstrated through machines, as opposed to natural intelligence present in humans and animals. It contains streamlined programs and procedures, including its ability to perform automated routine tasks, improve customer service, and assist businesses in achieving success, not only in the financial sector, but also in other sectors such as telecommunications, manufacturing, and more. 

Therefore, taking the economy on the path of automation. 

Undoubtedly, Artificial Intelligence has been evolving in India since 1950s, from the neonatal stage, when the idea of AI culture had coined to a complete boom state, where AI was intensively being used to store large data, VRs, ARs, and IoTs – India is taking every possible initiative to embed AI in every nook and corner of society

India’s National Strategy for AI has been prepared by NITI Ayog (a premier policy think tank of the Indian Government through providing directional and policy inputs) to harness the power of AI in distinct fields. AI’s practical and effort approach can adequately address societal needs in distinct aspects of healthcare, agriculture, education, smart cities, infrastructure, smart mobility and transportation.

With the advent of the 21st century, due to its incredible advances in data processing, collection, and computation power, electronics has become ubiquitous in almost every sector, be it the manufacturing or the service sector. Further, AI is now deployed in distinct tasks and decision-making to allow better connectivity and productivity. 

Basic Pillars Which Contribute To The Development of AI

Basic Pillars Which Contribute To The Development of Artificial Intelligence
  1. Talent

Talent is the strongest pipeline for India to be successful and no doubt, India does have the resources for the same. Since India has the largest youth population in the world (around 66% of the population), and with the Indian government’s emphasis on continual training of a high-skilled workforce, India can soon become an AI hub. 

Moreover, India produces twice as many master-level engineering graduates as the United States, which provides it a competitive edge over other countries. And India is moving in the right direction through the introduction of initiatives like AI for Youth (commenced in 2020) to make the youth ready for future AI developments. 

Taking this initiative forward, “Responsible AI For Youth 2022”  was created by the National E-governance Division, Ministry of Electronics and Information Technology, Government of India in collaboration with Intel. It is launched by the Ministry of Electronics and IT. 

  1. Research 

India has the largest AI research community in the world and since 2010, it stands 4th in the largest producer of AI-relevant scholarly papers. It provides an edge to India’s youth population to increase their outreach, especially with their counterparts in the United States.

A two-tier integrated approach is introduced to magnify the core and applied research in AI –

  • Centers of Research Excellence in Artificial Intelligence (CORES), it will emphasize on the core research of AI.
  • International Center for Transformational Artificial Intelligence (ICTAI), this tier will help in establishing an ecosystem for the application based technological development and deployment.
  1. Patents

Since 2012, India ranks in the 10th position in the top 10 AI patent-producing countries, due to the immense increase in AI-driven inventions. Moreover, personal devices and computing, business, telecommunications, including life science are the four largest categories for AI patents in India. 

Collectively, these are associated with over 70% of India’s AI patents and reflect that Indian innovators have emphasized on applying AI to traditional strengths. In the past two decades, India has come a long way in AI patenting, since, the benefit of using patents to protect their devices is reflected. 

  1. AI Companies and Investments

More than 50% of Indian companies applying AI to their products are active in business analytics, medicine, finance, sales, retail, and customer relations.

NASSCOM has predicted that by FY 2026, industrial and automotive, healthcare, retail and CPG and BFSI will contribute 60% of possible AI-driven value to India. Moreover, AI companies and investments are continually bouncing back, considering that private companies’ investment in India has witnessed steady growth from 2015 to 2019. 

  1. Cloud Computing

India is using market cloud computing as a proxy for AI chips to support its AI computing needs since it does not have the domestic manufacturing capacity to manufacture AI chips. Also, India is lagging behind in cloud computing, yet contemporary, cloud bared markets are growing because of the rising demand for computing power. 

Be it talent, research, patents, investment in AI, or cloud computing – India has been moving in the right direction utilizing its population strength by introducing varied initiatives to promote AI in distinct fields.

In addition to that, the government has introduced “AIRAWAT”  (AI Research, Analytics, And Knowledge Assimilation Platform) which is a cloud platform for big data analytics and assimilation, with the power-optimized AI computing infrastructure using advanced AI processing. 

Apart from that, the Indian government has been investing in other schemes such as Digital India with the purpose to boost AI, IoT, big data, and robotics, including providing subsidies to startups under “Start-up India.”

From the given information, we can easily understand that the Indian government has been working on all aspects to make AI a reality in India, from establishing institutes to providing cloud support and AI research. This in return, is contributing to business growth through financial inclusions since, due to the development of AI in the financial services and sector, students can easily access the loan facility for education, training, or even to establish their business. 

How AI is Helping The Financial Services | Contribution of AI in Financial Services To Boost Indian Economy | AI in Financial Services

The field of Artificial Intelligence has enormously evolved since the introduction of revolutionary techniques and algorithms using automated tools. This revolutionized growth of AI in financial services and sectors has significantly been an impetus for the Indian economy.

The majority of banks and financial institutions use and recognize the true benefits of Artificial Intelligence. They are using it to respond to their customers at a faster pace around the clock. Not only does AI help provide a better customer experience, but it also frees up the personnel, improves the security measures of the institutions, and ensures that they are moving in the right direction when it comes to technology. 

Here are some of the ways Artificial Intelligence is helping in the financial services and sectors:

Contribution of Artificial Intelligence in Financial Services To Boost Indian Economy

1. Risk Assessment and Management

Till now, fintech, banks, and other financial institutions were using human resources to assess and manage their risks. Whether it was loan eligibility checking, trading, or banking, human resources were the way to go. 

But with the implementation of AI, these tasks have now become much easier to perform. With the advancement of data sciences and machine learning algorithms, Artificial Intelligence is becoming even smarter in risk assessment and management for financial institutions. 

2. Process Automation

One of the best things about an AI is that it can do the same thing again and again without getting tired, in other words – automation. With the help of AI, financial institutions can automate repetitive and mundane tasks with ease and efficiency. This allows valuable human resources to focus on the other important tasks and projects.

3. Reducing Human Error

Humans tend to make mistakes regardless of how experienced or gifted they are. According to recent studies, more than 90% of cloud breaches and financial frauds are caused by human errors. There have been several cases where the loss of valuable data, capital, and resources has been caused by minor human errors. 

With the implementation of artificial intelligence, these errors have dropped drastically. In other words, AI reduces human errors and saves valuable data and resources while preventing cyberattacks and frauds.

4. Better Customer Interaction

Virtual assistants (VAs) and chatbots can do what regular human resources can not, they can be available for customers 24/7 and offer relevant solutions. Thanks to the implementation of Artificial Intelligence, chatbots and VAs have become even smarter in their workings. 

Of course, the customers of any financial institution still need human interaction to solve difficult problems. Still, thanks to the help of AI, virtual assistants can respond to customer’s needs with minimal effort. 

5. Cyberattack and Fraud Detection and Prevention

Any financial institution, whether it is banks, insurance companies, or brokerage firms, they are always in danger of fraud and cyberattack. And it’s not just the business houses themselves, it’s also their customers who are prone to cyber crimes. 

However, thanks to the implementation of AI, fraud, and cyberattacks are detected and prevented regularly keeping both the financial institution and its customer safe. 

6. Compliance

AI can successfully streamline compliance alert systems to near-perfection, considering that it is built to learn from compliance officers’ data, especially in today’s data-driven compliance environment, AI technology is tremendously improving the efficiency of compliance operations by lowering expenses. 

One of the best examples of “how AI helps in ensuring compliance” could be its usage in IT solutions to address the problem of wasting time and money every day. 

Apart from that, Artificial Intelligence successfully automates the workflow, therefore, minimum time and human resources are necessary to support compliance operations. In addition to that, AI minimizes the possibility of human error which could occur due to the availability of a sheer volume of data.

7. Financial Inclusion

With AI and data analytics, financial products are seamlessly available to a large part of the population, even those with no formal bank account, payslip, or digital financial track record. 

The access to small financial loans have now become feasible, since the entire process is automated and scalable. In addition to that, fintech companies have found a pathway to monetize the regulatory stumbling blocks which have kept traditional banks from lending money to the poor. With the introduction of AI, the idea of money lending has taken a new shape that’s “data available on customer’s mobile.” Therefore, creating a mobile digital credit score, a reality, which was once a dream. 

Financial inclusion has established a new pathway, where a needy person can easily obtain a loan from the banks and financial institutions, thus pushing Indian youth on the path of “entrepreneurship” rather than seeking jobs. Therefore, fulfilling one more agenda of the Indian government that’s “employment generation.”

Such development has marked the emergence of new business models, with traditional banks parenting with fintech to provide digital credit score services, including the emergence of non-bank fintech in a digital lending space.

Apart from that, the use of AI is tremendously increasing to screen loans and select financial product sale recommendations. This is done based on historical data, therefore, eliminating the possibility of prejudice

Benefiting youth with easy access to loans, AI has become a tool for maximizing the access of financial services to farmers using data and machine learning (major components of AI) algorithms to eliminate the possibility of fraud and allow seamless access of funds to credit-worthy farmers

That can allow the government to limit farmers’ suicide in India, since easy access to loans and credit facilities will resolve farmers’ problems by ensuring direct access to equipment for irrigation, fertilizers, etc. Therefore, it will result in better cultivation and profit. 

AI not only resolves credit and funds-associated issues for farmers, youth, or entrepreneurs, but it also provides financial services/ assistance to startups, MSMEs, and emerging tech companies.

With the introduction of AI, financial inclusion has become a reality, where everyone has access to financial services since it facilitates branchless banking that not only minimizes the cost of banking but also makes financial services accessible. 

From AI-based chatbots resolving your query 24*7 to communicate through messaging apps, including educating customers about their financial health, AI has taken over the world.

India is the fastest growing economy with a significant contribution to the development of AI, considering that India has the finest AI research concentrated institutes such as IITs, IIITs, and IISc. 

And let’s not forget, that India is home to a highly skilled workforce, which matches the distinct technological market and a large start-up ecosystem that adds to over 77,000 DPIIT-recognized startups accessing 655 districts of the country as of August 2022. 

Realizing the potential, the Indian government is also taking the necessary initiatives to steer the country and position it among the top leaders in AI. 

Moreover, as per a recent study, AI is estimated to boost India’s annual growth rate by 1.3% by 2035 and has the potential to add 1 trillion to the Indian economy in 2035. 

From this data, we can conclude that AI plays an important role in the development of the Indian economy as a whole.  

However, with tremendous growth, AI also brings “privacy and data protection issues” which are far from only one. Concerns range from threats to privacy to threats to human dignity and safety.

Artificial Intelligence – Issues

Artificial Intelligence is developing at a fast pace and it seems like it could grow so immensely that it would be challenging for humans to control it. Moreover, AI systems developed by humans are working in every possible intelligence they could, now humans are themselves threatened by its development. 

  1. Threat to Privacy

An AI program recognizes speech, understands natural language, and is capable of understanding every conversation via emails and telephone calls. Therefore, the amount of data stored in AI models could impose the risk of data security and privacy violations. 

Proposed Solution –

  • The usage of “state of art encrypted methods” can be used to ensure data security and privacy violations.
  • The use of “low encrypted cloud software” must be avoided.
  1. Threat to Human Dignity

AI has replaced humans in many industries, however, there is no doubt that in the near future, it will replace humans working in dignified positions such as nurses, surgeons, etc. Therefore, the functions performed by AI systems are a substitute for us (humans) that devalues and deteriorates human flourishing.

Proposed Solution –

  • Despite massive improvements in AI technology, any minor fault can impose major risk, especially in the case of the use of AI in hospitals. Therefore, the presence of a doctor is essential to avoid such situations.
  • Software engineers or developers should come up with a hybrid model, where AI technology could assist doctors/ surgeons/ or other practitioners, rather than completely taking over the work. This will prevent the devaluation of human flourishing.
  1. Threat to Safety

AI systems are self-improving and advanced, which can become so mighty in comparison to humans that it could be challenging to prevent them from achieving their goals, which can result in unintentional consequences. 

Therefore, AI applications, which are in direct contact with humans or are integrated into the human body, impose safety risks, since they can be misused and hacked. 

Artificial intelligence is certainly a blessing, only if used for the right purpose and to minimize interference in human lives.

Proposed Solution –

  • Strong and unique passwords and two-factor authentication must be used to prevent hacking.
  • Search engines must be blocked from tracking.
  • Evict the unused applications and extensions.
  • Online browsing must be done through a secure VPN.

Conclusion

“India is all set to be an AI hub, with the right acquisition of talent (youth), research, patents, AI companies, investment, and cloud computing.”

From the introduction of metaverse to bitcoins/ cryptocurrency, indeed the world is on a rollercoaster ride of growth and development.

AI can change the financial services and sector completely, by allowing intelligent automation, labor and capital augmentation, and innovation diffusion which will help in ensuring technical feasibility, availability of structured data, regulatory barriers, and other benefits. Maybe someday, AI would be advanced enough to improve human relationships and resolve ethical issues.

India has emerged as the 3rd largest startup ecosystem globally, containing over 77,000 DPIIT-recognized startups across 656 districts of India as of 29th August 2022. As of September 2022, India had a total of 107 unicorns accounting for a valuation of $340.79 billion. The Indian unicorns (a term used to describe a privately owned startup company with a valuation of over $1 billion) are flourishing in a fast 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.

Moreover, researchers have seen that AI has the potential to add 1 trillion dollars to the Indian economy in 2035. However, this is not the only factor responsible for economic growth. To know more on what are the factors that will lead to a $30 trillion economy, read it on our upcoming blog.

Something to think about!

Written & Compiled by CA Sunil Kumar Gupta

Founder Chairman, SARC Associates

sunilkumargupta.com