According to a news agency that cited an official source, the government is likely to extend the current import management system for imports of specific information technology hardware products, such as laptops and tablets, for an additional three months. The review of the deadline is scheduled to take place on September 30.
The report from the agency stated that the total amount of IT products imports in 2023-24 was $8.4 billion, although the authorization was for approximately $9.5 billion. A significant portion of these imports originated from China.
An Earlier Mandate Was Drafted to Monitor Inbound Shipments
Several electronic devices, including laptops, tablets, all-in-one personal computers, ultra-small form factor computers, and servers, were subject to import restrictions by the government in August of 2023. Licenses or permissions from the government are required for the sale of products that are restricted. As a consequence of this, the government implemented an import management and authorization system in October of the previous year to import laptops, personal computers, and other types of information technology hardware products. Without negatively impacting the availability of goods in the market, the system is designed to monitor shipments of these products that are coming into the country.
It is permissible for importers to submit applications for numerous authorisations, and the authorizations that they successfully get will be valid until September 30, 2024. Authorizations will be granted for any number of consignments that are intended for imports up until September.
The Government Cleared Over 100 Applications Last Year
On the very first day of the new system’s deployment, which was November 1, 2023, the government approved more than one hundred applications, including those submitted by Apple, Dell, and Lenovo. These companies had requested authorization to import information technology hardware products with a value of about ten billion dollars.
There is going to be a formal request for an extension of the current system, as stated in a statement that was referenced in a media report. By extending the deadline by three months, the entire year will be covered. This means that there will be no disruptions in the industry throughout the current year. To ensure that India’s supply chain is reliable, the new license system applies to laptops, personal computers (including tablets), microcomputers, large or mainframe computers, and specific data processing units.
Personal computers, including laptops, were imported into the country at a value of $5.33 billion in 2022-23, which is a decrease from the $7.37 billion that were imported in 2021-22.
The online retailer Amazon has revealed an increase in its normal commission earning rates for select categories within its network of over 50,000 influencers ahead of the festive sale.
According to its site, for active creators who collaborate with Amazon, the updated commission structure offers influencers a significant rise ranging from 1.5x to 2x across a wide range of product categories, including fashion, beauty, and personal care products.
Director of shopping initiatives for India and emerging markets, Zahid Khan stated that Amazon is giving creators the tools and incentives they need to succeed during the festive season and beyond by drastically raising commission rates across important categories, the company is providing additional incentives through various programs to further back these creators.
Amazon Live Programs
With Amazon Live, sellers can stream video material as a way to promote their products or make sales. It can be used by sellers and marketers to show off their goods and sell them to people who might be interested. By showing a live demo of their product, sellers can talk to buyers and answer their questions right away.
Hundreds of producers will host over 1,500 live streams in a variety of categories for the Amazon Great Indian Festival (AGIF), including smartphones, home appliances, décor, fashion, and cosmetics, in addition to cost adjustments as part of the Amazon Live program.
Amazon Tackling Competition
Confronted with formidable competition from Flipkart in India’s e-commerce sector, Amazon has launched several new initiatives. The initiatives include the establishment of three new fulfillment centers in Delhi NCR, Guwahati, and Patna, which will help over 250,000 merchants.
Rufus, Amazon’s artificial intelligence chatbot, was also launched in India recently. Manish Tiwary had already left the company, and Sameer Kumar had been appointed to head of operations in India. These actions occur as Amazon addresses legislative obstacles and managerial changes, while Flipkart enhances its rapid-commerce footprint with the introduction of its “Minutes” service.
At the same time, renowned brands like Hero, TVS, and Bajaj are among the many electric and conventional two-wheelers that Flipkart is stocking up on in preparation for the festive season. Flipkart saw a sixfold increase in demand for two-wheelers in August 2024 compared to the previous year.
Amazon and Flipkart Going through Legal Trouble in India
An investigation into Amazon and Flipkart was ordered by the Competition Commission of India (CCI) in the year 2020. The CCI was concerned that the two companies were reportedly giving preference to certain listings and were encouraging particular merchants with whom they had business connections.
Investigators from the Competition Commission of India (CCI) concluded that Amazon and Flipkart had developed an environment in which preferred merchants appeared higher in search results, thereby displacing other vendors. The CCI investigators made this discovery in two distinct reports, each of which was around 1,696 pages long and submitted on 9 August.
According to both findings, which are not available to the public and are being published by a renowned media house for the very first time, each of the anti-competitive practices that were said to have occurred was investigated and confirmed to be genuine.
As per a report published by a media house, India is actively advocating for the inclusion of online gaming companies within the framework of the Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) systems. To implement stringent KYC rules and the mandatory reporting of suspicious activity by these organizations, the government has initiated internal conversations and is currently investigating potential methods to address these issues.
It is anticipated that New Delhi will bring up this matter once more at the upcoming conference of the Financial Action Task Force (FATF) in Paris. Officials from New Delhi are expected to bring attention to the fact that online gaming platforms such as Mahadev Apps are being used for money laundering.
An official’s statement reported in the report mentioned that India will once again submit its line of reasoning regarding the necessity of these platforms being governed by global standards.
The government’s goal, according to the report, is not to hamper the expansion of the online gambling industry but rather to safeguard it against the hazards of money laundering. Gaming platforms would be required to comply with Know Your Customer (KYC) standards and report suspicious transactions, including the identification of the beneficiaries of the transactions if the FATF were to bring the industry under the AML/CFT framework.
Gambling Controversy Exposed
An unlawful betting network that was connected to the Mahadev Online Book platform was discovered by the Enforcement Directorate (ED) in the 2023. This platform featured variety of games, including online cricket and card games. Match-fixing and money laundering through bitcoin are two activities that the ED believes the platform may have been involved in.
As indicated in the report, another official voiced his concerns regarding the transfer of funds across international borders, particularly in relation to gaming applications that are based in foreign countries but cater to users in India specifically.
Tighter Gaming Regulations
Despite the fact that compliance has been limited, the government has already made it mandatory for overseas gambling enterprises to register in India. The scope of the Prevention of Money Laundering Act (PMLA) was expanded by the government in March 2023 to include certain acts that are associated with virtual digital assets.
According to the study, there were initial concerns that online gaming platforms might be required to comply with PMLA due to their participation with cryptocurrencies. However, the obligations continue to be restricted to cryptocurrency exchanges, and gaming companies are not yet taken into consideration by the law.
We all must have heard about the multinational company, “Infosys.” With more than forty years of expertise in managing the systems and operations of multinational organizations, Infosys effectively guides its customers through their digital transformation journey.
India is frequently referred to as the globe’s IT hub, and the credit for this goes to a few jewels. Nandan Nilekani, the co-founder of Infosys, is one of them. He is the guy behind India’s “Aadhar Cards,” which have been used to register 131.68 crore individuals to date. He was the driving force behind India’s IT boom, beginning in 1978 when companies like Microsoft didn’t even exist.
He is a legend and an inspiration to the educated Indian middle class, who perceive him as a guy who has risen to exceptional levels in life only through hard work. After watching his father’s repeated work migrations and following migrations in his early days, he aspired to be an independent entrepreneur.
After acquiring an education from the IIT, where he learned to work hard and perform as part of a team, he was transformed from a small-town youngster to a confident and mature young man. He also grasped the necessity of giving back to society, which is an essential aspect of his persona that hasn’t changed over the years.
Read this article further, to know about the history and journey ofNandan Nilekani, starting from his early life, education, net worth, family, and more.
Nandan Nilekani – Biography
Name
Nandan Nilekani
Born
2 June, 1955
Nationality
Indian
Spouse
Rohini Nilekani
Education
St Joseph’s High school Dharwad, IIT Bombay (BTech)
Nandan Nilekani was born in Bangalore, Karnataka, on June 2, 1955. His parents, Durga and Mohan Rao Nilekani are from Sirsi, a small town in the Northern Karnataka region. Konkani is his first language. In addition to Konkani, he is fluent in Kannada, English, Marathi, and Hindi.
Nilekani attended Bishop Cotton Boys’ School and St. Joseph’s High School in Dharwad, Karnataka PU College Dharwad, and graduated from the Indian Institute of Technology Bombay in Mumbai with a bachelor’s degree in electrical engineering.
Nandan Nilekani – Family
Nandan Nilekani’s father’s and mother’s names are Mohan Rao Nilekani and Durga Rao Nilekani, respectively. His father was the general manager of Mysore and Minerva Mills, and he believed in Fabian Socialist ideas, which impacted Nilekani as a child. Vijay Nilekani, Nilekani’s older brother, works at the Nuclear Energy Institute in the United States.
Nilekani married Rohini Nilekani, whom he met during an IIT quiz contest. Nihar and Janhavi are their two children, both of whom have graduated from Yale University with a bachelor’s degree.
Nandan Nilekani with his Wife Rohini Nilekani
Nandan Nilekani – Career
Information Technology and Infosys
Company Logo of Infosys
He began his career in 1978 at Patni Computer Systems in Mumbai, when he met and was interviewed by N.R. Narayana Murthy. Nilekani, Murthy, and five of his other Patni colleagues resigned in 1981 to establish Infosys. Nilekani became the Chief Executive Officer of Infosys in March 2002 and held the position until April 2007, when he passed over the reigns to his colleague Kris Gopalakrishnan and became co-chairman of the executive board. Nilekani held many positions before becoming CEO in 2002, including managing director, chief operating officer, and president.
From March 2002 to April 2007, he was the company’s CEO. Infosys’ revenue grew exponentially during his five-year term as CEO. He returned to Infosys in 2017 when CEO Vishal Sikka left to become chairman. Upon his return, he relocated the company’s power center from California to Bengaluru.
Nilekani left Infosys in July 2009 to become the chairman of the Unique Identification Authority of India, which he accepted at the request of then Prime Minister Dr Manmohan Singh. As the head of the UIDAI, he was in charge of implementing the Multipurpose National Identity Card, or Unique Identity Card program in India.
This effort intends to equip every Indian inhabitant with a unique identity number, which will be used largely to effectively deliver social benefits. The means of identification was biometric, and the effort to construct a government database of India’s entire population has been dubbed “the world’s largest social enterprise.”
They created Aadhaar, an Indian biometric ID system that includes a database of population information and home locations for Indians. In April 2017, 1.14 billion Indians received their national identification number. Aadhaar was dubbed “the most advanced ID scheme in the world” by World Bank Chief Economist Paul Romer in 2016. This software has been chastised for invading people’s privacy and disclosing sensitive data.
He is the president of NCAER and a member of the ICRIER, which stands for, the Indian Council for Research on International Economic Relations’ Board of Governors. He also belongs to the Bombay Heritage Fund and the World Economic Forum Foundation’s advisory boards.
Nilekani, to promote his book Imagining India: The Idea of a Renewed Nation, has been on The Daily Show with Jon Stewart. He also gave a TED talk about his vision for India’s future in 2009.
NASSCOM
NASSCOM was founded by Harish Mehta, Ashank Desai, Nandan Nilekani, Shiv Nadar, and Narayana Murthy. The National Association of Software and Service Companies (NASSCOM) is an Indian non-governmental trade association and advocacy group focused on advancing the country’s technology industry. Established in 1988, NASSCOM operates as a nonprofit organization, playing a crucial role in shaping and supporting the Indian tech sector.
EkStep
EkStep is a non-profit literacy and numeracy platform. Nilekani is the chairman of EkStep. EkStep, which was founded by the Nilekani with an initial investment of $10 million (about INR 65 crore), aims to solve the ‘learning problem’ by developing a technology-driven platform to assist youngsters in enhancing their ‘learning outcomes’ from a young age. EkStep plans to achieve so through gamified applications available on the Google Play Store.
Politics
In March 2014, Nilekani joined the Indian National Congress and contested the Bangalore South Lok Sabha seat election. He lost by 228,575 votes versus Bhartiya Janta Party’s candidate Ananth Kumar. He joined a committee in December 2016 to look at how consumers in India may make better use of digital payments.
NCAER
Nilekani is the president of the NCAER, which stands for, National Council of Applied Economic Research. NCAER is India’s oldest and biggest non-profit economic research think tank, situated in New Delhi. NCAER, which was launched in 1956, conducts sponsored research and independent economic policy research projects for governments and businesses.
Its research spans practically every aspect of economics, from forecasting to poverty studies. NCAER is one of only a few think tanks in the world that collects primary survey data from homes, businesses, customers, and individuals on a scientific, nationwide scale. The NCAER’s social and economic data sets are frequently utilized in Indian research and analysis.
Nandan Nilekani has made around 20 personal investments to date, which are as follows :
Date
Organization Name
Round
Amount
Mar 13, 2020
Juggernaut
Series A
$672K
Feb 24, 2020
RailYatri
Series B
$14.3M
Feb 24, 2020
IntrCity
Series B
$14.3M
Sep 26, 2018
PharmEasy
Series C
$50M
Apr 27, 2018
IntrCity
Series B
$8M
Apr 27, 2018
RailYatri
Series B
$8M
Sep 19, 2017
Power2SME
Series E
$26M
Jul 11, 2017
ThePrint
Venture Round
₹450M
Jul 1, 2017
Felis Creations
Angel Round
₹5.5M
Dec 26, 2016
ShopX
Venture Round
$5M
Oct 19, 2016
IntrCity
Venture Round
$3M
Nandan Nilekani – Books
Imagining India: The Idea of a Renewed Nation
Rebooting India: Realizing a Billion Aspirations
Nilekani co-authored his third book with Tanuj Bhojwani, “The Art of Bitfulness: Keeping calm in the digital world” which was released in January 2022.
Doctor of Science (Honoris Causa) by IIT Bombay during the Institute’s 57th Convocation
2017
Lifetime Achievement Award from E & Y, CNBC- TV 18 conferred India Business leader award for the outstanding contributor to the Indian Economy-2017, and India Today magazine ranked him 12th in India’s 50 most powerful people of 2017 list
2011
NDTV Indian of the Year’s Transformational Idea of the Year Award, and Doctor of Law degree by the Rotman School of Management at the University of Toronto
2009
‘Legend in Leadership Award’ by the Yale University, and the Time magazine placed Nilekani in the Time 100 list of ‘World’s Most Influential People’
2006
Padma Bhushan, and Businessman of the Year by Forbes Asia
2005
Joseph Schumpeter Prize for innovative services in the economy, economic sciences and politics
2004
Corporate Citizen of the Year at the Asia Business Leaders Award (2004) organised by CNBC
FAQs
Is Nandan Nikaleni still with Infosys?
Nandan Nikaleni is the Non-executive chairman of Infosys.
What is the net worth of Nandan Nikaleni?
The net worth of Nandan Nikaleni is $3.4 billion (September 2024).
What are Nandan Nilekani’s education qualifications?
Nandan Nilekani is a graduate of the Indian Institute of Technology Bombay in Mumbai with a bachelor’s degree in electrical engineering.
What is Nandan Nilekani age?
The age of Nandan Nilekani is 69 years, he was born on June 2, 1955.
Jensen Huang is a Taiwanese-American business executive and entrepreneur known for co-founding NVIDIA Corporation, a leading technology company specializing in graphics processing units (GPUs) and artificial intelligence (AI). Almost 30 years ago, Jensen Huang co-foundedgraphics-chip maker NVIDIAalong with his two friends, Chris Malachowsky and Curtis Priem.
Recently, his net worth rose by $7 billion, making his real-time net worth $35.4 billion as of June 1st, 2023. This makes him the 37th richest person in the world.
Jensen Huang is currently serving as the President and CEO of NVIDIA Corporation. He owns about 3.6% or 86.9 million shares of the company. NVIDIA is a platform for computing that operates at the intersection of graphics, HPC, and AI. As per recent reports, the company temporarily joined the exclusive club of $1 trillion companies, joining the likes of Apple, Google, and Microsoft. NVIDIA has its headquarters in Santa Clara, California with more than 10,000 employees, with its offices located in the United States, Europe, the Middle East, and Asia.
Today, NVIDIA is making headlines for hitting a market value of $1 trillion. It is all because of Jensen Huang’s dedication, a story of humility, perseverance, and focus that has led the company to where it is today.
Jensen Huang – Biography
Name
Hen-Hsun “Jensen” Huang
Birthplace
Tainan, Taiwan
Born
February 17, 1963
Nationality
Taiwanese-American
Residence
Los Altos, California
Education
Oregon State University(BS), Stanford University(MS)
Profession
Entrepreneur, Business Tycoon, Electrical Engineer
Position
Co-founder, President, and CEO, NVIDIA Corporation
The motherland of Jensen Huang is Taiwan’s Tainan. As a child, he did not have a very enjoyable life. He spent half of his childhood in Taiwan and Thailand. Shortly after, when he was nine years old, his family immigrated to the US. After a brief stay in Oneida, Kentucky, they eventually moved to Oregon, where he attended Aloha High School just outside of Portland.
In an interview, Huang had mentioned, that his aunt and uncle, who had only recently immigrated to Washington state, sent Jensen and his brother inadvertently to Oneida Baptist Institute in Kentucky, which was regarded as a reform school rather than a prep school.
As a kid, Jensen had to go through a lot. At his school, he used to clean toilets in the dorm. However, Huang says, it taught him to always do his best in everything. At the age of 15, Jensen Huang finished third in the junior doubles division of the U.S. Open Table Tennis Championship.
Jensen Huang – Career and Education
Huang showed an early interest in technology and engineering, which led him to pursue a degree in electrical engineering.
Huang attended Oregon State University, where he earned his bachelor’s degree in electrical engineering in 1984. He later pursued a master’s degree in electrical engineering from Stanford University.
He worked as an executive at LSI Logic and a microprocessor designer at Advanced Micro Devices, Inc. (AMD) after graduating from college. Huang co-founded NVIDIA in 1993 at the age of 30.
How Nvidia Grew From Gaming To A.I. Giant, Now Powering ChatGPT
Jensen Huang – Personal Life
Jensen Huang is known for being a private individual when it comes to his personal life. However, it is known, he met his future wife Lori Mills, who used to be his lab partner in his college freshman year. The couple has two children.
Huang is a well-known figure in the technology sector, so his interviews and public appearances tend to be more about his work and the advancements of NVIDIA than about his personal life. He is known to keep a low-key and reserved demeanor, concentrating on his duties as NVIDIA’s CEO and the company’s influence on the technology industry.
Jensen Huang – Founding of NVIDIA
In 1993, Huang, along with Chris Malachowsky and Curtis Priem, co-founded NVIDIA Corporation. The company initially focused on producing graphics chips for gaming and multimedia applications. Huang has served as the company’s president and CEO from its inception. Under his leadership, the company grew to become a dominant player in the computer graphics industry. The company’s GPUs became widely used in gaming, professional visualization, data centers, and AI applications.
Throughout his career, Jensen Huang has been known for his passion for technological innovation. Through his devotion, NVIDIA has consistently introduced groundbreaking products and technologies. Notable innovations include the development of the GeForce graphics cards, the CUDA parallel computing platform, and the invention of the GPU-based deep learning framework known as “cuDNN.”
In addition, Huang has also fostered collaborations and partnerships with various industry leaders, including companies like Audi, BMW, Mercedes-Benz, and Microsoft, to integrate NVIDIA’s technology into their products and services. These partnerships have helped drive advancements in autonomous vehicles, robotics, healthcare, and other industries. Curtis Priem’s net worth is $30 million (2023).
Jensen Huang has been involved in various philanthropic initiatives, including supporting education, research, and technology advancements.
He has donated $30 million to Stanford University, his alma mater, to construct the new Jen-Hsun Huang School of Engineering Center. The structure is the second of Stanford’s Science and Engineering Quad’s four structures. It was created by Portland, Oregon’s Bora Architects, and it was finished in 2010. He has also donated $2 million to his alma mater Oneida Baptist Institute for the construction of Huang Hall, a new girls’ dormitory and classroom building.
In addition, Huang gave his other former university, Oregon State University, $50 million in 2022 as part of a $200 million gift for the establishment of a supercomputing institute on campus.
Furthermore, Jensen Huang has played a significant role in the establishment and management of NVIDIA Ventures, the venture capital arm of NVIDIA. NVIDIA Ventures focuses on investing in startups and companies that are aligned with NVIDIA’s strategic interests, including AI, autonomous vehicles, robotics, and more. The fund has invested in numerous promising companies, helping to foster innovation and drive industry advancements. Through NVIDIA, Jensen and his team have done over 43 investments. One of their recent investments was Ayar Labs on May 24, 2023, when they raised $25 million in funds.
Jensen Huang – Awards and Recognitions
Jensen Huang continues to lead NVIDIA as its CEO, driving the company’s growth and innovation in the fields of AI, graphics, and computing. His vision and dedication have played a pivotal role in shaping the modern technology landscape and establishing NVIDIA as a global leader in its industry. Having said that, Jensen Huang has received many prestigious awards in his life. Below is the list of awards won by him:
Entrepreneur of the Year (1999) – The award was conferred by Ernst & Young for recognizing Jensen Huang’s entrepreneurial journey and achievements
Dr. Morris Chang Exemplary Leadership Award (2003) –Awarded by the Fabless Semiconductor Association in recognition of Jensen Huang’s leadership in advancing the growth, innovation, and long-term prospects of the fabless semiconductor industry
Daniel J. Epstein Engineering Management Award – Awarded by the University of Southern California. He is also a recipient of an honorary doctorate from Oregon State University in 2009
Listed in World’s Top 50 Influencers(2018) – Jensen Huang was recognized in edge computing by the Edge 50
Best-performing CEO (2019) – Recognised by the Harvard Business Review, highlighting Huang’s leadership qualities
100 most influential people in the world (2021) – Recognised by Time in their Time 100 annual list of 100 most influential people in the world
Robert N. Noyce Award (2021) – Granted by the Semiconductor Industry Association (SIA), recognizing Jensen Huang’s achievements in the semiconductor industry
Supplier CEO of the Year (2020) – Awarded by Eurostars AutomotiveNewsEurope, acknowledging Huang’s impressive contributions to the automotive and semiconductor industry
Best CEO of 2023 – Awarded by The Economist after the explosive dominance of NVIDIA’s fleet of AI GPUs
Jensen Huang to receive Lifetime Achievement Award at 2024 Engineering Emmys
Jensen Huang – Unknown Facts
While serving as the president and CEO of NVIDIA, Jensen Huang has more to his personality with some fascinating facts. Here are some lesser-known facts:
After Jeff Bezos of Amazon, Jensen Huang is the only other US CEO to surpass the trillion-dollar valuation threshold for a business they co-founded. NVIDIA only did so for a brief period, but it might do so again in the future.
Jensen Huang plays to play computer games, which is the main reason behind co-founding NVIDIA. Huang along with his two friends, wanted to improve the graphics of the PCs to enhance the gaming experience.
Jensen Huang co-founded NVIDIA on his 30th birthday.
Jensen Huang has a deep love for leather jackets. He is often seen wearing leather jackets, which have become somewhat of a trademark for him. He is known for his casual and approachable attire, often choosing leather jackets even at formal events.
Huang is an advocate for sustainable transportation and has a keen interest in electric cars. He has been an early adopter and supporter of electric vehicles, owning several electric cars himself.
Huang has a strong passion for visual arts. He has an appreciation for architecture, design, and aesthetics, which has influenced the design philosophy of NVIDIA’s products.
Jensen Huang – Top Quotes
Here are some of the top statements spoken by Jensen Huang during his various keynote speeches:
“The age of AI is in full throttle”
“This is an amazing time for the computer industry and the world, as the mobile cloud matures, the age of AI is beginning.”
“Software is eating the world, but AI is going to eat software.”
“People are going to use more and more AI. Acceleration is going to be the path forward for computing. These fundamental trends, I completely believe in them.”
“Someday trillions of AI devices and machines will populate the earth in homes, office buildings, warehouses, stores, farms, factories, and hospitals. In fact, the building themselves will be AIs with AIs moving about them. These AI will sense, infer, and act accordingly at the location.”
Conclusion
Jensen Huang Co-founded NVIDIA at the age of 30. Despite having a difficult childhood, his vision and dedication have played a pivotal role in shaping the modern technology landscape and establishing NVIDIA as a global leader in its industry. He is also a philanthropist, and his foundation has donated millions of dollars to education initiatives.
FAQs
Who is Jensen Huang?
Jensen Huang is a Taiwanese-American business executive and entrepreneur known for co-founding NVIDIA Corporation, a leading technology company specializing in graphics processing units (GPUs) and artificial intelligence (AI).
When was NVIDIA founded?
Jensen Huang along with his other co-founders, founded NVIDIA in 1993.
Who are the founders of NVIDIA?
Jensen Huang, Curtis Priem, and Chris Malachowsky are the founders of NVIDIA.
Who is the wife of Jensen Huang?
Lori Huang is the wife of Jensen Huang.
What is Jensen Huang nationality?
Jensen Huang is a Taiwanese-American businessman.
What is the net worth of Jensen Huang?
The net worth of Jensen Huang is $101.5 billion (September 2024).
According to a report published by a renowned media house, the Competition Commission of India has entered the final stage of its anti-trust lawsuit against Amazon and Flipkart. The regulator is seeking financial documents from the two e-commerce giants to determine the penalty.
The specifics of the annual revenue will be used to assist in determining the penalties in the case that has been going on for four years after the defense of the two companies has been heard.
Fine up to 10% on Global Turnover
An update to the competition legislation was made in 2023 that allows the regulator to fine companies up to 10% of their global revenue or income from the last three fiscal years for anti-competitive actions. According to various media reports that were published earlier, the anti-trust regulator is poised to impose penalties on Amazon for alleged anti-competitive behavior. A notice was going to be published very soon, and the investigation arm of the CCI confirmed the accusations that were brought against Amazon Seller Services Pvt Ltd.
Ecommerce Companies in India Are Under Strict Scanner
Increased surveillance has been directed towards the Amazon in India. A question that was posed by the Minister of Commerce, Piyush Goyal, in August was whether or not the exponential expansion of e-commerce companies in the country was a “matter of concern” or something that should be celebrated.
The government is also keeping a close eye on businesses that engage in quick trade. On 20th September a media report stated that the trade promotion organization DPIIT forwarded a complaint against rapid commerce companies that it had received from a retail sector body to the CCI. The report also stated that the commission had the option of taking suo motu notice of the matter.
What Exactly Are Investigation’s Findings?
An investigation into Amazon and Flipkart was ordered by the Competition Commission of India (CCI) in the year 2020. The CCI was concerned that the two companies were reportedly giving preference to certain listings and were encouraging particular merchants with whom they had business connections.
Investigators from the Competition Commission of India (CCI) concluded that Amazon and Flipkart had developed an environment in which preferred merchants appeared higher in search results, thereby displacing other vendors. The CCI investigators made this discovery in two distinct reports, each of which was around 1,696 pages long and submitted on 9 August.
According to both findings, which are not available to the public and are being published by a renowned media house for the very first time, each of the anti-competitive practices that were said to have occurred was investigated and confirmed to be genuine.
The founder and chief executive officer of the educational technology giant BYJU’s, Byju Raveendran, has expressed his profound sympathy for the recent difficulties that the company and its personnel have encountered.
Raveendran gave his employees the assurance that he would support and be committed to the future of the company, even though there were allegations of layoffs and financial troubles.
Raveendran Expresses His Gratitude via Letter
Raveendran acknowledged the “turbulent times” that BYJU’s has been navigating in a letter that he sent to his staff. He also expressed his gratitude for the dedication that the employees of the company have shown him.
The payout will not be very large, but by this weekend, every single person who is employed by the company will receive a tiny amount. “Even if this is not even close to what you deserve, it is the best that I can give you at this moment. In addition, I assure you that on the day we take control of our company, you will receive a greater portion than what is considered to be your fair share,” Raveendran stated in the letter. The plea that he made to employees was that they continue to be dedicated to their responsibilities and continue teaching at the company, as reported by a media group.
“You have my sincere apologies. Despite the fact that you have performed to the best of your abilities, we have not been able to reward you for the work that you have done. Please accept my sincere apologies for this, as it is not appropriate. In the past three months, we have been confronted with a perfect storm of legal disputes, financial concerns, and obstacles that none of us could have prepared for. But you have maintained your composure throughout it all,” he commented further.
According to Raveendran, All employees have demonstrated that they are committed to the ultimate calling of a teacher, which is to educate, to inspire, and to guide.
Company’s Plans to Address Challenges
Raveendran provided an overview of the company’s strategies to overcome the difficulties and secure the company’s continued viability over the long run. It was his assurance to the staff that BYJU’s would continue to be dedicated to its purpose of providing students all over the world with a quality education and that the company would be taking proactive actions to better both its financial condition and its operations.
He further asserted that lenders located in the United States have submitted a weak case, asserting that they have a claim on the Indian assets of the company. However, according to the deal that company has signed with them, they do not have any rights to have access to these assets. They are not legally represented by the so-called trust that is supposed to represent them in India. The majority of these lenders are not represented by this specific entity. “Nevertheless, the fact of the matter is that I am no longer in charge of the company’s financial accounts, he stated. Raveendran expressed his understanding of the stress that this situation currently places on company’s employees and assures them that case will end up in company’s favour.
A comparable decline has occurred in the fundraising efforts of Chinese venture capital firms, which has led to a reduction in the number of new businesses that are established in China on an annual basis.
The Chinese startup scene was portrayed in a recent media piece as being in a grave state, with founders, investors, and venture capitalists expressing negative remarks.
According to a report citing information from a Beijing-based executive, the entire industry has recently perished before our eyes. There is no longer any spirit of entrepreneurship. The entire sector is saddened to see this.
IT Juzi’s Data Reveals a Sad Story
Data from IT Juzi, which was quoted in the research, indicates that the number of firms that have been established in China up to this point in 2024 is just 260. This figure is on course to go below the goal of 1,202 in 2023 and represents a 99% decrease from the highest point of 51,302 in 2018.
It was stated by the CEO of IT Juzi in comments that were published on X that the data do not represent all companies. He also stated that despite the fact that China’s venture capitalists and founders have been facing issues in recent times, the country still possesses “great creativity and entrepreneurial spirit.”
On the other hand, venture capital fundraising has experienced a comparable decline. Since the beginning of the year, funds denominated in Yuan have raised the equivalent of $5.38 billion, which is a significant decrease from the peak of about $125 billion in 2017. According to Preqin, a privately held London-based investment data company, dollar-denominated funds have raised less than one billion dollars, which is a significant decrease from the high of $17.3 billion dollars in 2022.
The Present Scenario
The collapse of China’s startup scene occurs at a time when the country’s economy is still slowing down and continues to cool overall, according to new data released recently.
In the meantime, Beijing’s industrial policies have contributed to the worsening of economic imbalances, which in turn are contributing to the current economic downturn. In addition, the anti-corruption campaign, the “common prosperity” drive, and the crackdown on the private sector that President Xi Jinping has implemented have all contributed to a reduction in entrepreneurial activity.
According to the research, state-run funds have assumed a more significant role as a result of an increase in the number of investors’ withdrawals, and they currently account for around 80 percent of the total capital in the market.
The investment managers of these funds are also required to guarantee returns, which encourages them to look for opportunities with low risk or to steer money to Beijing’s designated priorities.
Gifting is a traditional practice all over the world and with improved bonding at the workplace corporate gifting has gained considerable importance in recent times. To start a corporate gifting business in India, a strategic approach is needed. Such an approach should encompass market research, knowledge about the industry with a strong foundation in business basics. Identifying the audience, understanding the nuances of the corporate gifting world, building strong bonding with the buyers, and setting up a healthy operational environment are the key steps for a successful business.
In this article, we shall elaborate on how to start a corporate business in India by covering various aspects such as branding, legalities, research, growth strategies, etc. Let us understand each step in detail and gain good insight into the world of corporate gifting business.
The corporate gifting business is a kind of business that works along with the corporates who believe in appreciating their work life with gifts. It can be a corporate gift to their employees, clients, or partners. This is their way of laying a strong relationship while appreciating their work. It is doing healthy business.
Preferences and Trends in Corporate Gifting
Overview of the Corporate Gifting Sector
So, you wanna dive into the world of corporate gifting in India? Buckle up, buttercup! This sector revolves around companies giving gifts to clients, employees, and partners to show appreciation and strengthen relationships. It’s like Tinder, but for businesses.
Trends and Preferences in Corporate Gifting
Think beyond the generic pen sets and diaries, folks! The current trend is all about personalized, eco-friendly, and locally sourced gifts. Green is the new black, baby! Keep an eye on what’s hot in the corporate gifting scene to stay ahead of the curve.
Market Research and Identifying Target Audience
Indian Gifting Market
Conducting Market Research in the Corporate Gifting Industry
Don your detective hat and Sherlock that market, my friend! Study your competition, understand customer needs, and sniff out opportunities. Market research is your compass in this corporate gifting jungle.
Defining Your Target Audience and Niche
Know thy audience, my dear Watson! Identify who needs your gifting mojo – startups, big corporations, or maybe even pet rock enthusiasts. Find your sweet spot and tailor your gifts to hit the bullseye with your target market.
Setting Up Your Corporate Gifting Business
Choosing a Business Structure
Sole proprietorship, partnership, or maybe even a cool LLC – pick your poison! Choose a business structure that suits your needs and protects your assets. It’s like choosing your Hogwarts house but with less magic and more paperwork.
Registering Your Business and Obtaining Licenses
Get your paperwork ducks in a row, my friend! Register your business, obtain the necessary licenses, and dot the i’s and cross those t’s. Compliance is key to keeping the corporate gifting gods happy.
Procuring and Managing Inventory
Sourcing High-Quality Products for Corporate Gifting
Quality over quantity, darling! Source unique and high-quality products that scream sophistication and thoughtfulness. Whether it’s artisanal chocolates or customized bobbleheads, make sure your gifts shine brighter than a diamond in a goat’s butt.
Inventory Management and Stock Control
No room for chaos in the gift closet, mate! Keep tabs on your inventory, track stock levels, and channel your inner Marie Kondo to declutter and organize like a boss. Efficient inventory management is the secret sauce to a smooth-sailing corporate gifting business.
Building Relationships with Suppliers and Manufacturers
Establishing Supplier Partnerships
Building good relationships with suppliers is key to running a successful corporate gifting business. Look for suppliers who offer quality products at competitive prices and are reliable in terms of delivery and customer service. Networking events, trade fairs, and online platforms can help you find the right partners for your business.
Negotiating Pricing and Terms with Manufacturers
Negotiating pricing and terms with manufacturers is crucial to maintaining healthy margins in your business. Be prepared to negotiate volume discounts, payment terms, and exclusivity agreements where possible. Building a strong relationship based on trust and mutual benefit will help you secure the best deals for your business.
Developing a Strong Brand Identity and Marketing Strategy
Crafting Your Brand Story and Unique Selling Proposition
To stand out in the competitive corporate gifting market, you need a strong brand identity and a compelling unique selling proposition (USP). Define what sets your business apart from the competition and create a brand story that resonates with your target audience. This will help you attract and retain customers who align with your values and offerings.
Creating a Marketing Plan for Your Corporate Gifting Business
A well-thought-out marketing plan is essential for reaching potential customers and growing your business. Utilize a mix of online and offline marketing channels such as social media, email campaigns, influencer partnerships, and events to showcase your products and services. Engage with your audience regularly to build brand awareness and drive sales.
As a business owner in India, it’s important to understand the taxation and Goods and Services Tax (GST) regulations that apply to your corporate gifting business. Consult with a tax professional to ensure compliance with the latest tax laws and regulations to avoid any legal issues down the line.
Compliance with Consumer Protection Laws
Ensure that your business operations comply with consumer protection laws to build trust with your customers and protect your brand reputation. Be transparent about product pricing, terms, and conditions, and handle customer complaints or returns promptly and professionally. Prioritize customer satisfaction to build long-term relationships with your clients.
Scaling and Diversifying Your Corporate Gifting Business
Expanding Your Product Range and Services
To scale and diversify your corporate gifting business, consider expanding your product range to cater to a wider audience. Introduce new and trending products, customization options, and packaging services to attract different customer segments and stay ahead of market demands.
Strategies for Scaling and Growing Your Business Operations
Implement strategic growth strategies such as investing in technology, optimizing supply chain processes, and hiring skilled employees to scale your business operations efficiently. Monitor key performance indicators, track customer feedback, and adapt your business strategies to drive sustainable growth and long-term success.
In conclusion, starting a corporate gifting business in India can be a rewarding endeavor for entrepreneurs willing to invest time, effort, and strategic planning. By following the guidelines outlined in this article, you can lay a strong foundation for your business, navigate the complexities of the industry, and position yourself for long-term success. Remember to stay abreast of market trends, nurture relationships with suppliers and clients, and adapt to the evolving needs of the corporate gifting landscape. With dedication and a customer-centric approach, your corporate gifting business in India can thrive and make a lasting impact in the realm of corporate relations and gift-giving.
FAQ
What is the best way to register a corporate gifting business in India?
The best ways to register are sole proprietorship, partnership, and limited liability partnership (LLP).
What are effective marketing strategies for a corporate gifting business in India?
Digital marketing, social media, content marketing, networking, and offline marketing channels are the best for a corporate gifting business.
What licenses and permits are required to start a corporate gifting business in India?
Some local regulations are necessary and licenses, such as GST registration, shop and establishment license, and any industry-related permits.
How much investment is required to start a corporate gifting business in India?
The investment for a corporate gifting business depends on factors like the scale of operations, product range, inventory, marketing, and technology.
HBOT is an effective therapy that has received positive attention in this regard. Earlier it was possible to receive this therapy only in hospitals or some clinics. But now, startups are trying to bring HBOT to the common people to make it more available. Through the provision of hyperbaric oxygen chambers for home use, they are actually changing the face of healthcare systems.
These portable and convenient devices make healing treatments accessible in the comfort of your own living space. Now, let us look at how startups are fronting this shift and making HBOT an everyday affair.
What is Hyperbaric Oxygen Therapy?
Hyperbaric Oxygen Therapy is a process in which a patient is placed in a pressurized chamber and inhales pure oxygen. This promotes an increase in the capacity of blood to transport oxygen. An increased amount of oxygen results in quicker repair of damaged tissues, less inflammation, and an even better general physiological state.
In healthcare facilities such as hospitals and clinics, hyperbaric chambers are utilized to manage conditions such as carbon monoxide poisoning and decompression sickness among others. However, the use of HBOT is not limited to this. It can be used for purposes such as wound healing, anti-aging, muscle recovery for athletes, or even some mental disorders.
However, despite these approaches being established, they remained costly and hard to obtain until recently. That’s where startups come in – to disrupt the market and provide better services for consumers.
The Rise of Hyperbaric Oxygen Chamber for Home Use
Now, several innovative companies are already creating hyperbaric oxygen chambers for home use. These companies recognized the potential of making this effective treatment more available and lower cost. They understood that no one wants to go to a clinic or spend plenty of money to pay for therapy every time they have issues.
By utilizing portable and easy-to-use chambers, startups enable people to enjoy the advantages of HBOT without leaving their homes. This represents a paradigm shift in health and well-being. It is the new revolution in the medical field that allows patients to choose how they want to recover.
Why Are Startups Focusing on Home-Based HBOT?
The principle of startups is built on ideas such as innovation and the disruption of existing markets. They analyze the market needs and offer products that help to simplify life. In the case of hyperbaric oxygen therapy, there were a few clear problems:
High costs: There are costly conventional therapies that can go over thousands of dollars for a single session.
Limited access: One major challenge is that HBOT is hard to get for those living far from specialised clinics.
Inconvenience: Moreover, getting treatment means booking regular sessions, commuting, and taking time out of the day.
These are problems that startups are solving by developing hyperbaric oxygen chambers that are affordable for home use. These portable chambers are much more cost-effective than clinical treatments. In addition, they provide an option for individuals to set up appointments for therapy at their own convenience.
How Home-Based Hyperbaric Chambers Work
A majority of chambers found in home use settings are of soft-sided types that are easily portable. Special attention is paid to making them safe, efficient, and convenient for users. Here’s how they work:
Set-Up: The chamber is inflated either by manpower or by using an electric pressured air pump.
Oxygen Flow: Upon entering, users inhale oxygen via a mask or through the oxygen source in the press chamber.
Pressure Regulation: The chamber increases the pressure that way the oxygen gets to dissolve in the body tissues of the human body.
Therapy Session: On average, each session usually takes approximately 60-90 minutes depending on the needs of the user.
These chambers can be applied to various health-related processes ranging from recovering from an injury to improving overall health.
The Benefits of Using a Hyperbaric Oxygen Chamber for Home
Bringing home a hyperbaric chamber for home use has several advantages. Here are some of the top advantages:
Convenience
One of the perceived benefits is convenience. No more setting off to a clinic, no more waiting for an appointment. The flexibility of having a hyperbaric oxygen chamber at home means that therapy can be set at any time to suit your convenience.
Cost-Effectiveness
Some people may think that setting up a home-based chamber might be expensive, but in the long term, it is cheaper than having to pay for every session at a clinic. Some startups even provide financing plans so that it becomes affordable for most people who are in require of its services.
Personalized Health Care
The ability to have a chamber in the home gives users the flexibility of customizing the health care that they receive. This makes them very flexible since they can change the frequencies and intensity of their treatments based on how they feel at any given period.
Accelerated Recovery
For instance, some athletes apply hyperbaric oxygen therapy to treat and rehabilitate their injuries more effectively. It also helps in reducing inflammation and aiding in tissue repair thus enabling them to get back to training without this their tissues will not recover.
Wellness Boost
HBOT is also applied to enhance overall body functioning because some people consider it as a general treatment. An increased supply of oxygen can mean improved energy, better concentration, and even an immunity boost.
Conclusion
Startups are leading the efforts to provide hyperbaric oxygen therapy right in homes. They are providing better health care by inventing and marketing portable and affordable hyperbaric oxygen chambers. HBOT, its effectiveness, and positive outcomes on people have been subjected to multiple criticisms; however, what once was elusive can now be easily accessed.
New startups are emerging and innovating in this area; thus, the hyperbaric oxygen chamber for home use is on the brink of revolutionizing health tech. Thus the new frontier of wellness gives a peek into the future of home-based, customized medical care.
Nitin Konde
