#India Market and Economy IN HINDI 2022

[daily-media]

Anurag Batra - Provides a Structured Platform to Entrepreneurs for Mentorship and Growth

Anurag Batra is the chairman and editor-in-chief of BW Businessworld group. Mr. Batra also founded the exchange4media group and he serves as the Chairman and Editor-in-Chief of exchange4media group which includes exchange4media.com, samachar4media.com and magazines like PITCH, IMPACT, Franchisee Plus and Realty Plus. Anurag Batra is also appointed by Government of India as the Chairman of an industry committee formed to come up with a vocational training framework for the media, communication and entertainment industry. At BW Businessworld BW Accelerate is an initiative started by Anurag Batra to provide a structured platform to entrepreneurs for mentorship and growth.

Anurag Batra is the chairman and editor-in-chief of BW Businessworld group. Mr. Batra also founded the exchange4media group and he serves as the Chairman and Editor-in-Chief of exchange4media group which includes exchange4media.com – India’s leading media industry website, PITCH – India’s only Advertising, Marketing and Media Magazine, IMPACT – The Marketing Weekly, Franchisee Plus – Business Opportunity Magazine, Realty Plus – India’s leading monthly real estate magazine and samachar4media.com/ – leading media industry website in Hindi.

Anurag Batra is also appointed by Government of India as the Chairman of an industry committee formed to come up with a vocational training framework for the media, communication and entertainment industry. At BW Businessworld BW Accelerate is an initiative started by Anurag Batra to provide a structured platform to entrepreneurs for mentorship and growth.

Anurag Batra in his latest article, articulates his views on the progress made by India as a country in its 75 years of independence. “Talking of progress, India at 75 is a nation that has made giant strides in science and technology. It now strives to establish itself as a leader in the field, evident in the whopping Rs 14,217 crore budgetary allocation for the Union ministry of science and technology for the 2022-23 fiscal. Agrarian India will transform too, with the government investing in another technology-driven Green Revolution. Yes, we are moving in the right direction with science and technology”, Anurag Batra expressed his hopes for the country.

Anurag Batra also highlighted another area where India has made considerable progress – Inclusion. He says that India at 75 values diversity, equity, and inclusion. According to Mr. Batra, India is in a better place with gender equality today and more opportunities are available for women. But there is so much more to be done. He asserts that the focus of the country should be women in rural India, considering that agriculture is still the occupation of a majority of Indians, half of whom are women. “Women comprise 48 per cent of the rural population. Even though agriculture contributes to around 18 per cent of India’s GDP, it is the primary source of income for half our population. We must provide access to healthcare, education and economic development for these women to be able to make a real difference to our society”, says Mr. Batra.

Gender inequality is a global issue. Reports suggest that gender inequality has cost the world $70 trillion since 1990. Anurag Batra expressed his concern that even in developed economies, women don’t earn as much as men and that they are not really equally represented in industry, business and politics. In the developing part of the world, they definitely enjoy less advantages in terms of education and healthcare. A change can only occur when each individual considers himself a stakeholder in gender equity. “Each of us should encourage, support, and mentor young women and help them achieve their dreams. It would be the right path toward creating a progressive world”, Anurag Batra concluded.

[orbemnews]

The multilingual voice app helping Indians shop online Despite a rapid rise in the number of Indian internet users who don’t speak English as a first language, 60% won’t buy online due to language barriers, according to a 2017 report from accounting firm KPMG and Google (GOOG). One big challenge is using English keyboards for local languages, the report says. Niki, a voice-enabled e-commerce platform, is trying to solve this, providing a virtual assistant that lets people use voice commands to do their shopping, pay utility bills and book tickets online. Users speak to the app in their preferred language, requesting products or services. Niki then presents buying options from its suppliers. The company’s target market is people who don’t live in cities and do not speak English. “The internet was supposed to be an economic leveler,” Niki CEO and co-founder Sachin Jaiswal tells CNN Business. But he says only a small proportion of Indians are using internet services for digital transactions, “creating a huge gap between those who can participate in the growing digital economy and those who can’t.” “With Niki we are bridging the gap,” he adds. In the northern Indian state of Rajasthan, the app has been used for more than 10 million online transactions since 2018, by 550,000 households. Niki is currently available in Hindi, Bengali, Tamil and English, a common second language in some areas of India. The company is looking to introduce seven more languages, and hopes to expand to 10 more states by mid 2022, Jaiswal says. Thanks to a machine learning algorithm, Niki is able to understand variations and dialects within a language with increasing accuracy, says Jaiswal. When the app first launched, the algorithm had a 65% accuracy rate, fed by the data from 5 million conversations. Now, with a bank of over 250 million conversations, Niki can process voice commands with 95% accuracy, he says. ‘Like a local store’ The app differs from typical online marketplaces by limiting the number of buying options. Rather than replicating a supermarket, offering many similar products, Niki is more like a local store, presenting a few quality-controlled items from vetted suppliers, says Jaiswal. When users speak to Niki in their native language, the chatbot speaks back, imitating the interaction with a neighborhood shopkeeper. This appeals to the “culture of service” that many Indian consumers are used to, says Jaiswal. The app is free to download, with suppliers paying Niki a commission of between 2% and 25% to list on the app. Users can pay digitally or by cash on delivery. Most users prefer to pay in cash, says Jaiswal, but he expects this to change as digital banking and consumer trust in online transactions rises. ‘Turbo-charged digital adoption’ The pandemic has helped to accelerate the shift to digital payments. Consulting firm Accenture says in India, 67 billion transactions worth $270 billion are expected to shift from cash to cards and digital payments by 2023. “Covid-19 has turbo-charged digital adoption at a pace no bank could have predicted,” Sulabh Agarwal, Accenture’s global lead for payments, tells CNN Business. “The pandemic will permanently change how consumers shop and pay for products as they prioritize convenience above all else,” he says, adding that AI-enabled services, like messaging apps and voice-enabled devices, will support this transition. Startups like Niki, as well as the likes of Slang Labs, which provides a multilingual voice assistant to Indian e-commerce companies, and Voxta Communications, which builds voice bots that can understand multiple Indian languages, could help the trend. “We are unlocking the internet economy,” says Jaiswal, “for people living in small towns of India, who don’t speak English and have a very different cultural mindset and approach than the typical consumer.” Source link Orbem News #app #helping #Indians #multilingual #Online #shop #Voice

[digitalarpit]

Role of SMEs in making India Atmanirbhar

Role of SMEs in making India Atmanirbhar

“Atmanirbhar” is a Hindi term which means self-reliant or self-sufficient. Atmanirbhar Bharat is a policy introduced by our honourable Prime Minister, Mr Narendra Modi, in May 2020. When the COVID-19 was engulfing the nations world-wide, and crumbling the economies like playing cards, “Atmanirbhar Bharat” was launched as a ray of hope. This policy provides a platform for the budding and existing Small Medium Enterprises or SMEs to grow and flourish. According to the MSME Act 2006, an enterprise with an investment limit between 25 lakhs to 5 crores is recognized as a Small Enterprise and that having an investment limit between 5 crores to 10 crores is recognized as a Medium Enterprise.

Contributing to more than 17% of the GDP, SMEs are propelling Indian economy with vigour and gusto. Last decade has witnessed a spectacular increase in the number of SMEs, which have grown up to approximately around 48 million. With SMEs providing employment to around 40% of India’s working class, the public sector acting as the only source of employment has become a thing of the past now. SMEs are capable of minimizing unemployment without much engagement from the government, which makes them operationally more reliable. SMEs contribute around 45% of domestic industrial output and 40% of total exports, thereby helping to increase the manufactured and export products. With appropriate support systems, SMEs can match the potential to serve as the manufacturing units for large scale industries, enabling the large scale industries to reduce their dependence on foreign manufacturers.

Setting up large scale industries demands a humongous amount of raw materials and well-established infrastructure, which restricts them to particular regions of geography. SMEs are not bound by geographies and generally need minimal raw materials and average to below-average expertise to set up, which makes SMEs’ establishment a comparatively convenient affair. Atmanirbhar Bharat policy provides various financial support for the SMEs, that helps SMEs to avail capital investment without much difficulty. This further encourages SMEs to set up their footing even in remote locations within a very less time. With more and more SMEs springing up in rural locations, the opportunities for employment in remote places are also beginning to shoot up.  This can help to reduce the poverty rate and curb migration. SMEs such as solar energy generators are environment-friendly ventures. With proper guidance and instructions, SMEs can help in reducing environmental pollution to a large extent. Especially in these times of pandemic, SMEs can become effective elixirs for multiple woes of Indian economy.

The Government of India has launched various policies and schemes that provide SMEs with the platform to initiate and expand. A government venture named “Indian Opportunities Venture” in partnership with SIDBI has been set up allocating around 50 billion INR to the micro, small and medium-sized enterprises. The Government of India is following a “cluster-based approach” to enhance the capability, productivity and competency of the SMEs. Around 20 items have been reserved solely for the SMEs to manufacture, providing them room to proliferate. SMEs are further encouraged by various accelerators, incubators and investors. They are wholeheartedly coming forward to hold their hands and become the guiding lighthouse of the SMEs, to help the SMEs through the initial course of growth.

The percolating mobile and internet network is further enabling the SMEs to spread their business both in rural and international markets. Currently, around 43% of SMEs are resorting to digital marketing, for promotion and trading purposes. Various social media apps such as Facebook, WhatsApp, Instagram etc., are assisting the SMEs to reach out to their customers even in the remotest corners directly, eliminating the woes of middlemen dependency as well as geographical barriers. It is estimated that by 2022, the number of smartphone users in India will reach up to 700 million. This will undoubtedly open a wider market and create bigger opportunities for the SMEs to grow. Even the government is helping to equip SMEs with digital portals like Government E-Marketplace, which were earlier available to only big businesses. SMEs can avail big government projects by listing their products and services on these portals. With an ever-growing market and appropriate support available for their growth and development, SMEs have the potential to become a major stakeholder of the Indian economy. SMEs growth can definitely increase people’s purchasing power, decrease urban-rural income gap, encourage regional development and improve the overall quality of life in general. Thus, SMEs are competent enough to support the five pillars of Atmanirbhar Bharat which are economy, infrastructure, technology-driven systems, vibrant demography and demand, thereby making India Atmanirbhar.

[vsplusonline]

Budget 2020 live updates | Nirmala Sitharaman proposes FDI in education, sector allocated over ₹99,000 crore

New Post has been published on https://apzweb.com/budget-2020-live-updates-nirmala-sitharaman-proposes-fdi-in-education-sector-allocated-over-%e2%82%b999000-crore/

Budget 2020 live updates | Nirmala Sitharaman proposes FDI in education, sector allocated over ₹99,000 crore

Union Finance Minister Nirmala Sitharaman’s second Budget is being presented in Lok Sabha. It is expected to announce measures to restore economic growth and to set out a clear road map for achieving the ambitious target of $ 5 trillion economy by 2025.

Here are the latest updates:

12.30 p.m.

A taxpayer charter is to be enshrined in the statutes to avoid citizen harassment. Major reforms proposed in recruitment in non-gazetted posts in government and public sector banks. Govt to set up National Recruitment agency for recruitment to non gazetted posts.

New National Policy on Official Statistics proposed. Clean, reliable, robust financial sector critical for economy.

12.20 p.m.

Indian Institute of Heritage and Conservation to be set up, with the status of a deemed university.

Five archaeological sites will be developed as world-class sites – Rakhigarhi, Haryana; Hastinapur, UP; Sivasagar, Assam; Dholavira, Gujarat; Adichanallur, TN.

A Tribal Museum is proposed in Ranchi.

Ministry of Culture – ₹3,150 crore.

India’s tourism sector grew at 7.8 per to 1.88 lakh crore from 1.75 lakh crore. ₹2,500 crore allocated to promote tourism

Coalition for Disaster Resilient Infrastructure launched from September 2019. Its implementation will be from January 2021.

₹4,400 crore allocated to promote clean air in cities with 1 million population.

She quotes the Thirukkural: Piniyinmai Selvam Vilaivinpam Emam Aniyenpa Naattiv Vaindhu (A country’s jewels are these five: unfailing health, farm productivity, and joy, a good defence, and wealth)

National Security is the top priority of this government. She compares Ayushman Bharat initiative to Thiruvalluvar’s emphasis on a healthy nation. As FM compares Mr. Modi with Thiruvalluvar, Opposition begins slogan shouting.

12.10 p.m.

The govt proposes to expand the national gas grid from 16,200 km to 27,000 km.

Soon there will be a policy to enable the private sector to build data centre parks throughout the country. Fibre to Home connections through Bharat Net will link 1 lakh gram panchayats this year itself. The Bharat Net programme will be allocated ₹6,000 crore.

Budget proposes to provide Rs.8,000 crore over five years for the National Mission on Quantum Technology and Applications.

‘Beti Bachao, Beti Padhao’ has yielded tremendous results, she says, and other Members in the House raise their voices against the Minister’s statement. Gross enrollment is higher than boys, she says. I would request you not to politicise the issue, FM tells Opposition MPs.

₹35,600 crore allocated for nutrition-related programmes.

We will appoint a task force to look into the issue of low age of girls entering motherhood.

SC and OBC development – ₹85,000 crore

ST development – ₹53,700 crore

Senior citizens and persons with disabilities – ₹9,000 crore.

12 noon

The National Infrastructure Pipeline presents a huge employment opportunity. A National Logistics Policy to be released soon.

Chennai-Bengaluru Expressway to be started.

Within 100 days of the governments formation, it has eliminated unmanned level crossings, and aimed to achieve electrification of 27000 km of lines. We plan a large solar power capacity for Indian Railways, alongside the rail track on the land owned by the Railways.

The government also proposes a Bengaluru suburban rail project at a cost of ₹18,600 crore.

Govt to monetize 12 lots of national highways by 2024. 100 more airports will be developed by 2024 to support UDAN.

Budget proposes to provide ₹1.7 lakh crore for transport infrastructure in 2021. Aircraft fleet size will increase to 1,200 planes by 2024.

Govt urges the States to replace the existing energy meters with prepaid smart meters.

Budget to provide ₹22,000 crore to power and renewable energy sector.

11.50 a.m.

An Investment Clearance Cell to be set up to provide end to end facilitation services, including free investment advisory, information related to land banks. It will work through a portal. Five new smart cities have been planned.

India needs to attract large investments in electronics manufacturing. She proposes a scheme for encouraging investment in this. She also proposes a National Technical Textiles Mission with an outlay of ₹1,480 crore over 4 years to cut down imports.

All ministries will issue quality standards. A new scheme, NIRVIK will be launched. Reversion of duties and taxes on exported products to be launched this year

Each district is to become an export hub, she says. Budget to provide ₹27,300 crore for development and promotion of industry and commerce in 2021

11.45 a.m.

Minister proposes FDI and ECB in education.

150 higher education institutions to start apprenticeships. Urban Local Bodies to provide internships opportunities for fresh engineers for a year.

In order to provide quality education to students of deprived sections, it is proposed to start a degree level full-fledged online education programme.

Under the Study in India programme, an INDSAT exam is proposed to be held in Asian and African countries. A National Police University and National Forensic Science University are proposed.

There is a shortage of qualified medical doctors. For this, it is proposed to attach a medical college to existing district hospitals under PPP mode.

Education sector – ₹99,300 crore

Skill development – ₹3,000 crore.

11.40 a.m.

Swachch Bharat mission to get ₹12,300 crore

The Minister moves on to wellness, water and sanitation.

Fit India movement is a vital part of the fight against non-communicable diseases.

The government proposes to set up hospitals in Tier-II and Tier-III cities with the private sector using PPP.

The Minister also proposes to expand Jan Aushadhi Kendra.

Health sector allocation – ₹69,000 crore.

Swachch Bharat mission – ₹12,300 crore

11.30 a.m.

Railways to launch Kisan Rail for cold storage

The Indian Railways will set up Kisan Rail for cold storage of perishable goods through the PPP model. Krishi UDAN will be launched by the Ministry of Civil Aviation on international and national routes.

For the horticulture sector, with its current produce of 311 million metric tonnes exceeds the production of foodgrains. For better marketing and exports we will support States which support ‘one product, one district’.

Integrated farming systems in rain-fed areas will be established.

Youth and fishery extension work to be enabled by rural youth as Sagar Mitras, 500 fish farmer producing organisations to be set up.

Financing on negotiable warehousing receipts has already crossed ₹6,000 crore.

Agricultural credit target has been set at ₹15 lakh crore. All eligible beneficaries of PM Kisan will be covered under Kisan Credit Card scheme.

MNREGA will be dovetailed to create fodder farms.

By 2022-23, she proposes raising fish production to 200 lakh tonnes.

58 lakh SHGs have been mobilised to alleviate poverty.

The fund allocation for all these steps: for the sector comprising agriculture, allied activities – ₹2.83 lakh crore.

11.21 a.m.

Govt committed to doubling farm income by 2022

The government is committed to doubling farm income by 2022.

The first thing is to encourage State governments to implement model laws passed by the central government — Model Agri Land Leasing Act, 2016, APMC, 2017 and Contract Farming, 2018.

The second action point is comprehensive measures for 100 water-stressed districts.

The third action point is to provide 20 lakh farmers with stand-alone solar pumps. We shall also help another 15 lakh farmers to solarise their farms.

The fourth is to encourage balanced use of all kinds of fertilisers. This is to change the current incentive regimes, she says.

She then quotes the Aathichudi by Auvaiyar. Bhoomi Thiruthi Unn (Take care of your land first).

The next is a proposed village storage scheme run by self-help groups. Women SHGs can get assistance from NABARD or Mudra.

11.20 a.m.

She reads out a Kashmiri poem, which she then translates in Hindi.

Hamaara watan Khilte Shalimar bagh ke tarah

Hamara watan Dal lake mein Khilte hue Kamal jaisa hai

Naujawano ke garam Khoon jaisa hai

Mera watan tera watan hamara watan, Duniya ka sabse pyara watan

Our country is like a blooming Shalimar Bagh,

Our country is like a lotus blooming in Dal Lake

Its like the warm blood flowing through our youth’s veins

My country, your country, our country, The world’s most adorable country.

11.10 a.m.

The implementation of schemes and programmes that directly benefited the poor and the disadvantaged was sped up and scaled up, says the Finance Minister. She lists Ayushman Bharat, UPI, affordable housing through PMAY etc. The milestones achieved are unprecedented, globally recognised, she says.

We have moved on from a growth rate of just over 4% to around 7% in 2014-19.

Inflation was 9% in the last two decades, she says. We are now the fifth largest economy in the world, says Nirmala Sitharaman.

Our government shall work towards taking the country forward so that we can leapfrog to the next level of wealth, prosperity and well-being, she says.

Three prominent themes in the Budget are — aspirational India, economic development for all, a caring society that is both humane and compassionate.

The digital revolution which has placed India in a unique position globally will govern the future. We shall aim speedy delivery of services, she says.

11 a.m.

Nirmala Sitharaman begins her Budget speech

House is in session. Speaker Om Birla is in the Chair. Papers are laid on the table.

Finance Minister Nirmala Sitharaman rises to lay on the table the report of the 15th Finance Commission.

Ms. Sitharaman then presents a statement of estimated receipts and expenditure.

She then rises to present the Union Budget 2020-21. “In May 2019, Prime Minister Narendra Modi received a massive mandate to form the government again. People of India have unequivocally given their janaadesh for not just political stability, but have also reposed their faith in our economic policy. Let our businesses be innovative, healthy and solvent with use of technology.

Ms. Sitharaman presents a picture of “vibrant India” with what she calls the “gentle breeze of technology” to uplift minorities.

The Minister calls GST as historic and mourns the passing of Arun Jaitley, whom she calls the “architect of GST”. GST has integrated the country economically, she says, and has resulted in the formalisation of the economy. The turnaroud time for trucks has reduced by 20%. Inspector Raj has vanished, she says.

The average family has saved 4% of its monthly spending on account of reduced GST rates. We have added 60 lakh new taxpayers, she says.

10.45 a.m.

Merge ‘Make in India’ with ‘Assemble in India’ to create jobs: Eco Survey

The economic survey 2019-20 urged the government to integrate ‘Make in India’ with ‘Assemble in India’ to create 4 crore jobs by 2025. The survey pointed out that the current international trade environment presents an opportunity for India to chart a China-like, labour intensive, export trajectory. This in turn will create jobs for the youth, the survey said.

Officials check the Union Budget 2020 documents outside the Parliament building in New Delhi   | Photo Credit: R.V. Moorthy

  By integrating ‘Assemble in India for the world’ into ‘Make in India’, India can raise its export market share to about 3.5% by 2025 and 6% by 2030. This will create 8 crore by 2030, the survey said.

Delhi should get even more in this Budget, says Kejriwal

“People of Delhi hope that the Centre will protect the interests of Delhi. In view of the elections, Delhi should get even more. The budget will show how much the BJP cares about Delhi,” said Delhi Chief Minister Arvind Kejriwal in a tweet on Saturday.

10 a.m.

Congress hopes Union Budget will provide relief to salaried class, invest in rural India

The Congress expressed hope that the Union Budget 2020 would provide relief to the salaried class through tax cuts and invest in rural India besides providing a healing touch to the common man and industry facing “hardship” since demonetisation.

Congress chief spokesperson Randeep Surjewala said the last budget led to crashing consumption levels, soaring unemployment and falling GDP.

“Budget 2019= Consumption crashed, Unemployment soared, Farm distress surged, Incomes declined, Investments slumped, Public spending fell, GDP nose dived!,” Mr. Surjewala tweeted.

“Yet, Modiji gave Corporate Tax Cuts of ₹1,45,000 crore. Let Budget 2020 give tax cuts to Salaried Class and invest in Rural India,” he said.

– PTI

9.45 a.m.

Ahead of Budget, Sensex slumps over 200 pts, Nifty tests 11,900

Market benchmark Sensex slumped over 200 points in opening session on Saturday ahead of the release of the Union Budget.

After shedding 279 points in early trade, the 30-share BSE index was trading 124.96 points or 0.31% lower at 40,598.53, and the broader NSE slipped 23.10 points, or 0.19%, to 11,939.

In the previous session, Sensex settled 190.33 points, or 0.47%, lower at 40,723.49, after the Economic Survey suggested relaxing fiscal deficit target to boost growth from a decade low.

Likewise, the broader NSE Nifty shed 73.70 points, or 0.61%, to finish at 11,962.10.

    9.15 a.m.

‘Bahi-khata’ makes a comback in this years’ budget presentation

Like last year, Finance Minister Nirmala Sitharaman carried the 2020 Union Budget documents in a red bag, reminiscence of the traditional bahi-khata.

Finance Minister Nirmala Sitharaman holds budget papers during a photo opportunity as she leaves her office to present the Budget in the Parliament in New Delhi, India   | Photo Credit: Reuters

  Earlier, Finance Ministers in different governments used to carry a briefcase to present budget, which was considered as a tradition of colonial past.

Ms. Sitharaman is presenting the full Budget for 2020-21. She is carrying the Budget documents in a red silk bag with national emblem.

During the Atal Behari Vajpayee government, the then Finance Minister Yashwant Sinha broke the one colonial tradition of budget presentation at 5 p.m. Since then all governments have been presenting the budget at 11 a.m.

Bahi-Khata is referred to books of account maintained by traditional Indian businessmen.

    Better to focus on growth than on fiscal deficit in current situation: CEA

Ahead of Finance Minister Nirmala Sitharaman’s second Budget, Chief Economic Adviser K.V. Subramanian suggested the government should focus on growth rather than being rigid on fiscal deficit in times of slowing economy.

Union Finance Minister Nirmala Sitharam with MoS Finance Anurag Thakur and Finance Budget team during photo shoot on the eve of the Union Budget presentation, at North Block office in New Delhi   | Photo Credit: Sushil Kumar Verma

  The government can look at option of increasing market borrowing to fund higher expenditure by the government in 2020-21, he said adding that if need be, the government can resort to higher market borrowing this fiscal.

“So, we’ve delineated the overall stance that needs to be taken in times like this. India has been in such situations earlier as well. There’s always a delicate balance between spurring growth and keeping the fiscal (situation) in order,” Mr. Subramanian told PTI in an interaction.

“The view that we have articulated is that it’s better at this point to lean on growth. When you look at the debt-to-GDP ratio, the denominator is the GDP, and our analysis has also shown that when GDP growth increases, the debt-to-GDP ratio falls as well,” he said.

It is time to focus on growth and, therefore, cutting expenditure is not an option, probably because at a time like this, growth needs to be taken care of, he added.

– PTI

    Fiscal deficit hits 132% of Budget Estimate till December

The government’s fiscal deficit touched 132.4 per cent of the full-year target at December-end mainly due to slower pace of revenue collections, official data showed on Friday.

In actual terms, the fiscal deficit or gap between expenditure and revenue was Rs 9,31,725 crore, the data released by the Controller General of Accounts (CGA) showed.

The government aims to restrict the gap at 3.3 per cent of the GDP or Rs 7,03,760 crore in the year ending March 2020.

  Source link

[theyellowcoin]

Have Command over Translation and Conquer the World

After healthcare, translation is the second fastest growing industry in the service sector. Organisations and people with good translation skills are marking big profits in the truly expandable world of business.

According to the Bureau of Labour Statistics, translation is going to be the fifth fastest growing occupation by 2022. After the economic recession of 2008, the maximum numbers of multinational corporations are shifting their focus from Europe and America to emerging economies of BRICS countries, South East Asia, Middle East and some parts of Africa and South America. As businesses are shifting their bases and annexing the new territories and markets the knowledge about the language and culture of these explored market is must for the businesses those want expand.

Hyundai, Samsung, and LG are the leading brands in automobiles and consumer electronics in India, but all these three companies are from South Korea. People in India are either comfortable in Hindi or English, whereas Korean is the language of aliens for them which they neither understand or they can communicate. Therefore, if these brands want to survive and grow in the Indian market they must employ people who are familiar with the local languages as well as the Korean language which is almost impossible. Hence, hiring translators of the Korean language is the only solution to fill the communication gap.

In total 196 countries of the world, people speak more than 7000 languages and among these 20 languages play a vital role in the international business; prominent are English, Chinese, Arabic, Japanese, Korean, Russian, German, French and Spanish. All these languages are popular in countries which are the global economic powers and have expertise in both manufacturing and service sector.

Businesses cannot sustain merely on technology and quality, communication with the local target audience and media bridges the gap between them. Here, professional translators in cities like Delhi and Mumbai play a vital role for converting all types corporate and promotional communication in the local languages. They coordinate with the management, communication planners, advertising & PR team and with other key members of the organisation. A good translator sensibly understand the need of the marketers and requirement of the market, after a thorough analysis, he/she do the translation of a document or message considering the culture and socio-economic factors of the target market.

There are n numbers of language translation agencies in Delhi , but, do they all provide quality translation or not is a big question. Before hiring professional translation services in India, an organisation should strictly check the qualifications of the translators, past projects, details of clients and testimonials of the agency. No doubt after doing a rigorous research, businesses can find some good translation agencies in Delhi and their professional services can surely help in magnifying the image and improving the revenue of a business organisation. From the aforesaid discussion, you can easily analyse the demand of professional translators in the growing global market. Then, don't wait polish your translation skills and let the world follow you!

[vsplusonline]

Don't slow down in a slowdown

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Don't slow down in a slowdown

The Indian economy is in an undeniable slowdown. GDP growth rate has been slowing down for six quarters in a row. For an average marketer, the slowdown looks a tad confusing. In the past, slowdown was associated with high inflation, falling Sensex and currency depreciation. Nothing of that sort has been recorded. Our headline inflation is low at around 4%, Sensex has got into the habit of recording lifetime highs every week and there has been no serious depreciation of Indian Rupee.

While the economists worry about defining the nature of slow-down and possible remedies to get us out of the slowdown, we as marketers need to find ways to make our marketing monies work harder.

How to play the slowdown? 1) Temper expectations from rural market Nielsen’s report on Q3 FMCG growth had a clear call out – “In recent periods, rural growth is slowing down at a much faster rate compared to urban.” Rural India contributes 36% to overall FMCG spends and has historically been growing 3-5% points faster than urban. However, Q3 report was the first time in seven years where consumption growth in rural areas was slower compared with that of urban markets. Rural consumption grew at 5% urban India grew at a better pace with an 8%. In Q3 of 2018, rural had clocked 20% growth and urban India had clocked 14% growth.

Marketers need to temper their growth projections from rural India. Probably, till such time that farm incomes start showing a rise, marketers could divert their incremental growth energies to urban India.

2) Pick your markets Various reports indicate that slowdown is not a uniform phenomenon across India. Nielsen India‘s report titled ‘India FMCG Growth Snapshot’ indicates that deceleration is being driven by North and West zones. According to the report, Haryana, Madhya Pradesh, Uttar Pradesh, Maharashtra and Assam are leading the slowdown.

Bain and Company in its report on India’s consumption story has identified that growth in consumption will not be secular but led by 10 large “breakthrough” states: Kerala, Karnataka, Andhra Pradesh, Telangana and Tamil Nadu in the south; Delhi, Haryana and Punjab in the north; and Maharashtra and Gujarat in the west.

Marketers have to reassess traditional marketing prioritization methodology and give more emphasis on those markets where their brand has recorded growth over last 5-6 quarters. Historical category growth and penetration should not be the yardstick for market prioritization.

The reprioritization will have implications on how media monies are deployed. For instance, going by the observation of Bain and Company on breakthrough states, it appears that focus for TV investments should be on regional language channels rather than on Hindi GEC channels as much of Hindi heartland does not feature as breakthrough states.

3) Go for Premiumization India’s consumption profile is changing. It is estimated that by 2030, India will move from being an economy led by the bottom of the pyramid, to one led by the middle class. Nearly 80% of households in 2030 will be middle-income, up from about 50% today. The middle class will drive 75% of consumer spending in 2030. Premiumization and category addition will drive a significant share of incremental spend on eating (food and beverages at home, and dining out), looking good (personal care and apparel) and staying connected (mobile phones, data packs and gadgets).

Marketers could do well to launch premium offerings primarily targeted at the well-heeled and the salaried. It can either be an extension of their well established brands or a new one with a clear and sharper premium focus. After three decades, HUL launched a new brand, ‘Love & Care’ in the laundry category targeted at affluent Indians. Even the venerable Margo soap went in for a glycerine variant to attract premium audience.

4) Focus on Modern Trade and E-commerce The share of modern trade has been continuously increasing and has now crossed the threshold 10% of total FMCG sales. Nielsen India have estimated that share of e-commerce in FMCG sales is expected to grow to 5 per cent in 2022 from 2 per cent in 2019.

In a year or two, it is likely that even for a mass market FMCG brand, modern trade and ecommerce could contribute more than 15% of total sales volume. Brands should plan for a differentiated media strategy to target such shoppers dialling up spend on digital media. Even options like shifting substantial trade promotion monies to ecommerce portals and managing categories with modern trade may prove to be very profitable. Brands that manage to garner largest share of ecommerce and Modern Trade could end up as the most profitable brand.

5) Invest in Brand Love “Lipstick effect” is a well-documented economic observation. According to proponents of the theory, when facing an economic crisis, consumers will like to indulge but will favour less expensive luxury goods. The name has its origin in the fact that lipstick sales shot up during the Great Depression of the 1930s.

Often in a slowdown, brands have a temptation of running promotions rather than building the “Brand Love”. This is contrary to what believers of Lipstick Effect will argue. It is also well established that emotional campaigns work the hardest. A study was conducted by The Institute of Practitioners in Advertising (IPA) by utilizing the data from 1400 advertising campaigns. It was clearly established that emotional campaigns work the hardest – nearly twice as hard as rational campaigns (promotion campaigns). When brand invests in emotional campaign, it would be wise to synchronize and invest in “bottom funnel” campaign probably using digital media. Such an approach will ensure Share of Mind is translated to Share of Market.

Thus in a slowdown, contrary to popular belief, it pays to advertise behind Brand Love than on promo campaigns alone.

6) Manage Brand Portfolio Marketers should devise and adopt a brand portfolio management approach to maximize the RoI. As an example, marketers could run an aspiration mother brand campaign that is designed to have a large halo on the entire portfolio. Smaller SKUs and lower priced variants in the portfolio could then get disproportionate benefit resulting in higher sales.

Brand portfolio management is all about developing and maximizing halos (cross brand elasticity). Rigorous analytics can help to identify the donors and recipients of “Halos” and thus develop a portfolio strategy that adds to the marketing RoI.

7) Do not underinvest Across various marketing mix models we have developed, it is clear that Advertising has an “S” shaped response. The same has been extensively documented across various journals.

Implications for marketers is clear. If you invest below the threshold point, the entire advertising budget is wasted. Threshold point depends on the brand size, category and the advertising copy. Rigorous analytics can identify the threshold and saturation levels for the brand. Modern day machine learning algorithms have made it easier to determine and also enhanced the reliability of the findings.

Marketers should invest in analytics and ensure that they do not underinvest as that would lead to wastage of precious marketing monies. In fact, if a brand is unable to invest at threshold levels, it could be a better strategy to remain silent and mount a BTL campaign. Thus, proportional slashing of budgets in wake of slow down induced budget cuts is not recommended.

8) Play ESOV game The most normal reaction of marketers in a slowdown is to trim advertising budget. However, data suggests that marketers need to do exactly the opposite. Basis data collated in 2009 downturn, Neilsen came up with a hardworking metric called “Excess SoV” (ESOV = SOV – SOM). It was found that ESOV had a definitive correlation with share growth.

On an average, a 10 point difference between SOV and SOM led to 0.5% of extra market share growth. However, ESOV was found to be working harder for brands with greater emotional appeal and those who had a higher share of market. For instance, brand leaders achieved 1.4% of share growth per 10% of ESOV, compared to 0.4% for challenger brands. For every brand, analytics can help required Excess SOV for the target market share gain. Downturn is the best time to mount a share gain exercise with ESOV as category heat is expected to be moderate.

9) Milk existing assets Marketers have tendency to commission a new creative or go in for a change in creative strategy. Copy Wear-out is the most often quoted reason for change in campaign. Millward Brown had conducted a global study and articulated that “response generated by a TV ad doesn’t change much over time. True “wear out” of a TV ad is rare, and many TV ads could have a longer useful life than advertisers realize. Other studies have also established that “Copy Wear-out” is very rare especially for a brand campaigns. It is only promotion led campaign that have definitive shelf life.

To maximize RoI of marketing monies, advertisers could resist the need to change creative assets and instead find ways to extract more out of existing assets.

The bottom-line: For a well-prepared marketer, slowdowns can be an opportunity to increase profitability and market share. If you are prepared to fight the slowdown blues.

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