Wazirx, an Indian cryptocurrency exchange, announced on 3 September 2024 through social networking site X that Phase 2 of INR withdrawals had been released ahead of schedule. This comes after the cyberattack that occurred on July 18 and resulted in the theft of more than $230 million worth of cryptocurrencies. Even though users are becoming increasingly aggravated by the restriction placed on cryptocurrency withdrawals, the exchange claimed.
Beginning today, all users who are entitled to do so are now able to withdraw up to the absolute maximum of 66% of their INR holdings. The 9th of September was the original date that the company had planned for this, however, it has moved it up to provide faster access.
In the aftermath of the cyberattack, Wazirx submitted a request to the High Court of Singapore for a moratorium by the Insolvency, Restructuring, and Dissolution Act to restructure its liabilities through the implementation of a scheme of arrangement. This filing intends to grant a respite period of thirty days to reorganize these liabilities.
Hold Off on Crypto Trading for Six Months
On 2 September 2024, Wazirx organized a virtual town hall session to explain the process of its restructuring. According to a report of the conference that was written by X user Budhil Vyas, the meeting did not provide clarification but rather raised issues with attendees. It was described by him that Wazirx did not address the most important questions that users had during the meeting, that comments were disabled, and that users were directed to send inquiries via email instead. During the exchange, positions that had been voiced in the past were restated without any new material being provided.
When consumers were asked when they would be able to trade cryptocurrency again, they responded, “Not for at least six months.” As a means of putting things right, they requested a six-month break in Singapore. People who are looking to get their money will find this to be unfavorable.
According to Vyas, Wazirx did not provide any clear explanation as to why users are required to fund legal costs, and their responses were ambiguous. During the same period, $6.3 million that was associated with the Wazirx hack was transferred to Tornado Cash, which raised concerns owing to the timing of the transfer with the meeting. In general, Wazirx’s communication continues to be opaque, which leaves customers with persistent concerns regarding the finances of their accounts.
In light of the ongoing political turmoil in Bangladesh, the Noida textile cluster and the little town of Tiruppur in Tamil Nadu are benefiting from an influx of multinational apparel firms looking for new factories to manufacture their goods.
In the past two weeks, Tiruppur’s knitwear export business has brought in orders worth INR 450 crore. This is because, as reported by a prestigious media company, brands from Germany, the Netherlands, and Poland are looking to India as a haven due to the turmoil in Bangladesh.
According to KM Subramanian, president of the Tiruppur Exporters’ Association (TEA), major stores including KiK, Zeeman, and Pepco have placed urgent orders for clothing costing around $3 each. The garments are expected to be delivered before Christmas and New Year.pajamas
A Surge in Interest in Knitwear From Well-Known International Labels
Kids’ clothes, pajamas, blouses, and nightgowns are among the knitted items included in the orders. According to Subramanian, this is an “unusual situation” because normally brands place their orders in December and January for the spring/fall season, or in June and July for the holiday season. The Tiruppur hub has never experienced such an unexpected increase in demand so close to Christmas.
Global brands have begun social audits at ten knitwear manufacturers in Tiruppur that were recently chosen, suggesting an uptick in future orders. By mid-September, we anticipate having finished the auditing process. “More orders will follow in the New Year if these factories meet global standards,” Subramanian said.
Noida Clothing Export Cluster Experiences a Surge in Zara Orders
The garment export sector in Noida has also been doing well; according to the Noida Apparel Export Cluster (NAEC), Zara‘s orders have increased by 15% in the past month compared to the same time last year. The NAEC president brought up the fact that Zara has placed an order for women’s dresses and tops ranging in price from $5 to $9, with a very tight deadline of 60 days for delivery.
Closest Rivalry Between Bangladesh and India in Garment Exports
Compared to Bangladesh’s $9.7 billion, India’s apparel exports in FY24 were $14.5 billion, with readymade garment exports hitting $3.9 billion in Q1 FY25. While India’s garment exports were 2.5 times larger than Bangladesh’s in the first quarter of FY25, the gap decreased to 3.2 times in FY24, according to CareEdge Ratings, showing that India’s market share was increasing.
Effect on the Bangladeshi Textile Sector
The building of the India-Bangladesh Friendship Pipeline (IBFP) has been put on hold by the Indian government as a response to the turmoil that has been occurring. It was mentioned in various media reports that this decision could have an impact on diesel, which is an essential resource for Bangladesh’s textile industry. This could potentially cause disruptions in the manufacture of garments in the country.
On 4 September 2024, the Ministry of Electronics and Information Technology (MeitY) initiated the second group of students to participate in the SAMRIDH program. MeitY’s S. Krishnan, the Secretary, was the one who initiated the program.
The Government of India has set a goal of cultivating 300 businesses, and as part of its 100-day agenda, it will choose and provide support to 125 startups through possible accelerators. This will allow them to reach their future goal. A statement released by MeitY said that the interested accelerator may apply for the second cohort of SAMRIDH.
By the National Policy on Software Products (NPSP)-2019, the ministry has revealed that it is actively trying to promote the expansion of India’s software product industry. According to the ministry, the Indian software product industry, which includes startups, is receiving support from a variety of programs.
These programs include Centres of Excellence (CoEs), the Technology Incubation and Development of Entrepreneurs (TIDE) program, the Next Generation Incubation Scheme (NGIS), the Information and Communication Technology Grand Challenges, and Gen-Next Support for Innovative Startups (GENESIS), among others.
Addressing SAMRIDH: Encouraging Software Startups in India
According to the National Policy on Software Products–2019, SAMRIDH is a flagship program of MeitY that supports the acceleration of startup companies. Launched in August 2021, the SAMRIDH initiative has the objective of providing financial assistance to 300 software product companies, with a total expenditure of INR 99 crore, over four years. With the help of potential and established accelerators throughout India, SAMRIDH is being implemented. These accelerators offer services to startups such as making their goods market-fit, developing a business strategy, connecting them with investors, and expanding their operations internationally. Additionally, MeitY is providing matching capital of up to INR 40 lakh. MeitY Startup Hub (MSH), which is part of Digital India Corporation (DIC), is the organization that is putting the plan into action.
Commenting on the development, Edul Patel, co-founder and CEO, Mudrex stated, “The government’s continued commitment to nurturing India’s startup ecosystem through initiatives like the SAMRIDH programme is well appreciated. The launch of the second cohort is an exciting development, especially for smaller startups. Having access to top accelerators that provide crucial mentorship, funding, and resources is a game changer for young entrepreneurs. The matching funding of up to INR 40 lakh, combined with guidance on making products market-fit and scaling internationally, provides invaluable support to entrepreneurs who are just starting up. This initiative truly encourages budding entrepreneurs in building tech solutions from India to the world.”
Multi-Agent Accelerator System for SAMRIDH
Twenty-two accelerators from 12 different states were chosen to participate in the inaugural cohort of SAMRIDH after open requests for ideas were issued. The list of accelerators includes organizations that receive support from the government, academic institutions, entities from the business sector, and platforms that provide finance for early-stage start-ups. A multi-level screening procedure is then utilized by these accelerators to choose five to ten companies in each of the following categories: health technology, education technology, agriculture technology, consumer technology, financial technology, software as a service (SaaS), and sustainability.
Zerodha co-founder Nikhil Kamath introduced the ‘Innovators Under 25’ at the most recent WTFund Summit in Mumbai. An inaugural event was held to celebrate the establishment of WTFund, the first non-equity grant fund in India, to support innovation among entrepreneurs under the age of 25. Jeet Adani, Kishore Biyani, Nithin Kamath, Jay Kotak, Ananya Birla, and Shashwat Goenka were among the notable individuals who attended the event.
WTFund’s Initial Group of Trailblazers
Kamath introduced the first round of WTFund grantees at the summit; they were fifteen entrepreneurs from fields as diverse as healthcare, artificial intelligence, and sustainable consumer goods with ambitious ideas. To drive innovation and challenge conventional businesses, the program seeks to equip young minds with the resources they need.
The role of young entrepreneurs in creating India’s future was highlighted by Kamath. Anyone, from 25 to 80 years old, may be an entrepreneur and create the next great product. “But, come on, the enthusiasm, determination, and boldness usually come more naturally when you’re younger,” he said.
To support nine startups now and nine thousand young businesses tomorrow, Kamath said, “We’re dedicated to building an India that isn’t afraid to take risks and step outside our comfort zones.” He went on to say that he hopes to aid thousands of startups in the future. Whoever decides to build their own aspirations instead of helping someone else realize theirs will lead India in the coming decade. The diversity of India’s innovation landscape is on full display among the fifteen grantees.
Assistance Extending Beyond Monetary Grants
With non-equity awards of up to INR 20 lakh, WTFund provides more than only financial aid. The young entrepreneurs learn from established professionals in the field while keeping complete control of their companies. This direction, together with access to accounting and legal services, and strategic alliances with industry heavyweights, provides them with the groundwork they need to expand their firms.
Beyond providing financial support, Kamath wants the fund to help young entrepreneurs grow their businesses and have a positive impact on the sector. With the help of WTFund’s resources, these innovators will be able to conquer the obstacles of startup life and set themselves up for sustained success.
The WTFund Summit marks a fresh chapter for India’s startup scene, bringing together influential Indian businesspeople to support the country’s aspiring innovators. The fund paves the way for game-changing innovations in many different fields by providing essential funding to young entrepreneurs.
After ChatGPT, the AI market had a boom! For content platforms, AI tools like ChatGPT and Perplexity are serving as pet robots. If your client has a tech-related website, you can ask ChatGPT: “Give me link magnet ideas for my website in the technology niche.” The AI will then suggest relevant, potentially high-value topics.
In the changing world of Search Engine Optimization (SEO), combining Artificial Intelligence (AI) with link building has made it easy. It could offer new ways to increase your website’s ranking and profile. In this article, we will see how you can use ChatGPT to make your SEO backlinking faster, easier and better.
These days, the mix of Artificial Intelligence (AI) and connecting websites has changed how we improve our online presence. It’s a big change. Now, there are many AI tools available. These tools have changed connecting websites from being hard and taking a long time to something simple and fast.
AI’s powers go beyond simple automation. It supercharges research, careful contact work, and smart study of link-building. These tools help a lot, easily finding potential connections while also analyzing and understanding what competitors are doing. This would be hard to do without them.
The strength of AI shows when it can provide custom ways to reach people, a big change in getting important links back. AI-driven tools for reaching out to help make contact with customers automatically. They also add a personalized feel.
These special messages, helped by AI programs, connect more deeply with link sources. They make it much more likely that strong backlinks will be built. This personal way also helps to make better and deeper ties in your special group, setting the stage for long-lasting friendships and working together.
For getting links on the internet, making good content is very important. It should be interesting and make others want to link back to it naturally. Getting this right needs careful mixing of quality, importance and interest.
Content excellence is non-negotiable. Making good content that talks directly to what your audience wants and likes is very important. Here, tools that use AI to create content become very helpful friends.
These tools help make content and also make good, important pieces. that connect with the people you want to reach. By using AI, the information becomes more than just words on a screen. It becomes attractive to joiners and makes your site a trusted place for knowledge and expertise.
Including eye-catching elements in your content plan can greatly help create more links. AI technology helps here too. It can give a hand in making exciting pictures, deep videos or fun digital content.
These parts make it better for users and get them more involved. They draw in connectors as well. Pictures help others understand better and also make them want to share. This naturally helps get more links and makes your website better known on the internet.
Leverage AI in Web Link Building Activities
These smart tools do more than just gather data. They give you useful information that changes the way you do things. Using AI tools not only keeps tabs on how well your bought links are doing but also reveals more complex information about how users behave and change rates.
See clearly which links bring the most people, which ones lead to more involvement, and importantly, which ones turn visitors into customers. This level of detail in data lets you make good choices. You can change and improve your plans based on real-world proof instead of guessing.
Predict a situation where special studies using smart technology show that many articles on important websites send lots of visitors to your site. But, one kind of content gets way more people to do what you want.
With this knowledge, you can target your work on making more of certain types of content or seeking guest post chances that fit with that theme. This focused strategy makes sure your work on getting links isn’t just about getting them but also brings real results for your business.
Predictive link building, helped by AI systems, gives us a forward-looking advantage. These programs look at patterns, what people buy and changes in the business world to guess good chances to connect early on. This ability to predict helps you act ahead of others in finding and making use of chances before they get popular.
For example, an AI system might spot a growing interest in a specific area of your job. With this thought, you can make content or start contact campaigns around that new subject. This will make your website a reliable place before the trend becomes very popular. This plan helps you get important links to your site and make it known as an early user and expert in the field.
Mastering AI-Powered Link Building
Natural Link Building: Try to get links by making real connections, working with influencers, and taking part in business events. AI tools help you by finding important people and making useful connections for you.
Spying on Competitors: Tools driven by AI help you see what your rivals are doing. They show how they get their backlinks and find chances for you to do the same in the future. By using this info, you can change and make your strategies better. This will help you be ahead in link building.
AI and link building work together to greatly improve your SEO. This makes your website rank better in general. AI not only gathers information but also makes your plans smarter. This helps your website do better in search results, bring in more people without forcing it, and make them more likely to become paying clients.
Carefully study every part of your plan for building connections. It lets you change your ways just right to fit what makes you ranked on search sites. The result? Your website slowly moves up the search results pages. This brings in more natural visitors and raises the chance of getting them to convert.
Use AI to Build Web Relationships
On the Internet, Using AI Technology with strategies not only gives significant chances to grow but also, matters and affects the things on the Internet. When you add AI-based tools to your website, you put a site in the lead to new changes. It helps make it last a long time and do well.
An AI study shows that certain types of website connections from certain sites make your website much easier to find. This data helps you concentrate on getting more good backlinks for your website. This makes it more important and helpful to search engines.
When we buy links online, AI tools help us keep an eye on how well they are doing.
They also reveal more complicated information about how people behave and whether they are turning into customers.
Artificial intelligence enables us to see which links drive the most people to our website and which ones engage them the most.
We can use this data to determine which links convert visitors into customers.
Good decisions can be made with the help of detailed data provided by AI tools.
By using real-world evidence rather than just guesses, we can change and improve our plans.
A study of artificial intelligence might demonstrate that certain types of content attract more visitors.
We can then create more of this type of content or look for other websites where it can be shared.
Writing articles for other websites is easier when we know which content works better.
Our business will benefit greatly if we choose topics that people find interesting and relevant.
Based on patterns and changes in what people are interested in, artificial intelligence can predict future opportunities.
This enables us to move quickly and seize opportunities before others do.
Being ahead of the curve using AI insights enables us to become early experts in a given sector.
Besides drawing significant traffic to our website, this builds our reputation as industry experts and leaders in our field.
Using AI for link building creates many chances to improve your internet presence. When AI is used together with link-building plans, it makes things grow more than ever before. This mix lets businesses stand out and be seen more on the internet.
FAQ
How to use AI for link building?
AI can help you find the relevant websites in your niche which can make link-building easier.
Can AI do backlinks?
Yes, lots of tools with AI can analyse the website’s sources and help one find the best potential link sources.
How to use Chat Gpt for link building?
Chat GPT can be best used to find relevant websites and keywords. The AI tool can also help build personalized connections.
What is automated link building?
Automated link building is making the process of link building with the least human effort by automating the whole process.
Is link building useful?
Link building is essentially an important aspect of SEO. Link building can help bring quality traffic to the website which can eventually help in getting potential customers.
The advent of digital identities, secure payment methods, and online transactions has had a profound impact on India’s government and the provision of public services in the last several years. Thanks to these advancements, India is now at the forefront of citizen-centric digital solutions, and its digital ecosystem is booming in many different areas, such as retail, healthcare, education, and finance.
With a considerable financial commitment of INR 2,817 crore, including a central government share of INR 1,940 crore, the ‘Digital Agriculture Mission’ was approved on September 2, 2024, by the Union Cabinet Committee, which was chaired by Prime Minister Narendra Modi, to bring about a comparable revolution in the agriculture sector.
Appreciating this move, Akshat Jain, CEO of KLK India stated, “Mission Digital Agriculture represents a transformative step in empowering India’s farmers. By leveraging cutting-edge technology and sustainable energy solutions like solar, we can revolutionize agricultural productivity, enhance resource efficiency, and improve the livelihoods of millions. At KLK Ventures, we believe that integrating renewable energy into digital farming tools not only boosts crop yield but also reduces costs for farmers, creating a more resilient and self-reliant agricultural sector. The future of farming is digital, and solar will be its driving force”.
The goal of the Digital Agriculture Mission is to provide a framework within which different digital agriculture projects can thrive. The Digital General Crop Estimation Survey (DGCES), the creation of Digital Public Infrastructure (DPI), and the support of IT projects by the federal, state, and academic sectors are all part of this.
Two primary components, Agri Stack and Krishi Decision Support System, form the foundation of the scheme.
Furthermore, the purpose encompasses ‘Soil Profile Mapping,’ which seeks to empower digital services focused on farmers to deliver accurate and fast information to the agriculture sector.
AgriStack: To Streamline Services and Scheme
AgriStack is a Digital Public Infrastructure (DPI) that aims to simplify the delivery of services and schemes to farmers, with a focus on their needs. The Farmers’ Registry, the Crop Sown Registry, and the Geo-referenced village maps make up its three main parts.
An essential component of AgriStack is the implementation of a ‘Farmer ID,’ which functions as a reliable digital identification for farmers and is comparable to the Aadhaar card.
The State Governments or Union Territories will generate and keep track of these IDs, and they will be associated with a variety of data about farmers, such as land records, livestock ownership, crops planted, and benefits received. Nineteen states have inked memorandums of understanding with the Ministry of Agriculture, a step towards a more coordinated effort between the federal and state governments to implement AgriStack. The Digital Crop Survey and Farmer IDs were pilot programs in six different states.
The six states are as follows: Tamil Nadu (Virudhnagar), Uttar Pradesh (Farrukhabad), Gujarat (Gandhinagar), Maharashtra (Beed), Haryana (Yamuna Nagar), and Punjab (Fatehgarh Sahib).
Krishi Decision Support System – To Integrate Remote Sensing Data on Crops
As part of an all-encompassing geospatial system, the Krishi Decision Support System (DSS) will incorporate meteorological, agricultural, soil, and water resource data acquired by remote sensing. As part of the effort, 29 million hectares of soil profile inventory have already been mapped, and precise soil profile maps on a 1:10,000 scale for about 142 million hectares of agricultural land are planned.
Experiments with crop-cutting will utilize the Digital General Crop Estimation Survey (DGCES) to produce accurate yield estimates, further improving the precision of agricultural output, as part of the Digital Agriculture Mission.
Nearly 2,50,000 educated local youth and Krishi Sakhis stand to gain from the mission’s projected expansion of agricultural employment opportunities, both directly and indirectly.
The mission’s use of data analytics, artificial intelligence, and remote sensing would enhance the delivery of services to farmers, such as making government schemes, agricultural loans, and real-time warnings easier to access.
What Lies Beyond?
In addition to the Digital Agriculture Mission, the Union Cabinet gave its approval to six other significant projects, totaling INR 14,235.30 crore.
To guarantee food security and resilience to climate change by 2047, INR 3,979 crore will be allocated to Crop Science. Additionally, INR 2,291 crore will be used to enhance Agricultural Education, Management, and Social Sciences to assist students and researchers. To improve income from livestock and dairy, INR 1,702 crore has been set aside for Sustainable Livestock Health and Production, and INR 1,129.30 crore is earmarked for Sustainable Development of Horticulture. Furthermore, Krishi Vigyan Kendra will be fortified with INR 1,202 crore, while Natural Resource Management will receive INR 1,115 crore.
These all-encompassing methods can improve the lives of millions of farmers in India by utilizing digital technologies to increase agricultural sector productivity, efficiency, and sustainability. India plans to further establish itself as a world leader in technologically advanced solutions for vital economic areas by bringing the digital revolution to the agricultural sector.
On September 6, 2024, in Surat, Gujarat, Prime Minister Narendra Modi will inaugurate the “Jal Sanchay Jan Bhagidari” program, a joint venture with community partners. Jal Shakti Abhiyan: Catch the Rain is hoping to gain further traction with this project.
The Government of Gujarat has endeavored to mobilize citizens, local bodies, industries, and other stakeholders to ensure a water-secured future, inspired by Prime Minister Narendra Modi’s vision of a whole society, whole government approach to water conservation with a strong emphasis on community partnership and ownership. This campaign aims to show how community ownership and engagement may help achieve Modi’s goal of water security. Improving rainwater gathering and attaining long-term water sustainability will be greatly assisted by the recharge structures created under the initiative.
Jal Sanchay Jan Bhagidari Campaign’s Aims
The Prime Minister’s steadfast commitment to water conservation is shown in the Jal Sanchay Jan Bhagidari initiative. This effort is inspired by his strong advocacy for sustainable water management, which he frequently emphasizes in his talks. Everyone from citizens to businesses and government agencies must work together to ensure water security, according to the prime minister, who has stressed this point on multiple occasions.
A paradigm for water conservation in Gujarat that is firmly based on community engagement and CSR-driven projects, the Jal Sanchay Jan Bhagidari program seeks to broaden this approach. The goal of the program is to bolster the Jal Shakti Abhiyan: Catch the Rain campaign, which is the Prime Minister’s plan to make use of every drop of rain.
With this program, India hopes to pave the way for future water conservation initiatives. Sustainable water management is crucial to the nation’s development, and by highlighting Gujarat’s innovative model, it hopes to motivate collective action in this direction.
Effects and Prospects for the Future
By providing a blueprint for similar CSR-driven programs, the “Jal Sanchay Jan Bhagidari” project hopes to energize people to do more to save water. Through the program, Gujarat’s achievements will be highlighted, potentially inspiring other states and union territories to follow suit. The participation of State Nodal Officers from various parts of the nation at this launch ceremony highlights the initiative’s significance on a national level.
Launching “Jal Sanchay Jan Bhagidari” is a major milestone on India’s path to water security. Through the utilization of community involvement and CSR funding, this endeavor has the potential to revolutionize water conservation efforts nationwide, guaranteeing a sustainable water future for upcoming generations.
This initiative is poised to set a new benchmark for water conservation initiatives across the country by utilizing the power of community engagement and CSR funding. This will ensure that future generations will have access to water that is sustainable.
In this insightful conversation with StartupTalky for Nutrition Week, Janardhan Swahar, Founder, Managing Director, and CEO of YCook India Pvt. Ltd., shares the journey behind venturing into the healthy, residue-free snack niche. He discusses YCook’s innovative sterilization process, the challenges of building a sustainable supply chain, and the importance of staying ahead of consumer trends. Swahar also highlights YCook’s commitment to environmental responsibility and the company’s future goals for product expansion.
StartupTalky: What inspired you to venture into the healthy, residue-free snack niche, and how do you see the demand for such products evolving?
Mr. Swahar: Our venture into the healthy, residue-free snack niche was driven by a simple-sounding yet profound vision- an affirmative to offer ‘good food for all.’ We wanted to ensure that healthy, affordably priced, and convenient choices of food become available to all people. As we researched further, we became aware that true ‘good food’ exists in nature’s offerings without artificial enhancements. This led us to manufacture steamed snacks that have a shelf life of one year without preservatives or additives. It all started with one single question: “How does food spoil?” Our curiosity-brought-forth technology developed one simple question, which took us to an assiduous development of technology that not only preserves food but retains nutrition.
We came across the demand for health-conscious, convenient, nutritious, and residue-free snacks. Amplified awareness regarding additives and preservatives in food led to the growing demand for clean-label, allergen-free products. It is a trend we see continuing, as people become more health-conscious and look more and more for clarity and transparency in the origins of their foods.
StartupTalky: Can you explain Y-Cook’s unique sterilization process and how it ensures the long shelf life of your products without preservatives?
Mr. Swahar: YCook has a cutting-edge sterilization method, known as retort processing, where air is extracted from the pack of produce and then steamed. Retort processing is a heat treatment process that sterilizes and extends the shelf life of food by destroying microorganisms that cause spoilage. This locks in the nutrients and flavor naturally while eliminating preservatives. Maintaining headspace and minimal residual water enables our foods to stay fresh for up to 12 months without refrigeration.
Besides extending its life, it guarantees the integrity and taste of the food, much healthier for the consumers. Our patented and distinctive retort processing method successfully preserves the freshness of farm produce while enabling us to handle varying textures of the produce effectively.
StartupTalky: What key challenges did you face while establishing a supply chain, when working directly with farmers? How did you overcome them?
Mr. Swahar: Establishing a supply chain while working directly with farmers brought up many challenges, particularly in educating farmers about sustainable practices and quality consistency. We work with about 1,800 farmers from South India and offer them training and resources to ensure the building of soil health and promote residue-free farming. We have created a reliable supply chain with proper compensation and a great bond of relationship, for the produce to be fresh and good in quality.
Some major innovations in meeting these challenges have been through the implementation of blockchain technology, which enables us to trace all our products right back to the individual farmers who grew them, thus giving much-needed visibility. This strengthens traceability, verifies the authenticity of our supply chain, and amplifies our commitment to quality and sustainability by allowing our customers to have faith in the origin and quality of their food. Our distribution in India involves engaging a network of distribution partners who further ensure that products regularly reach retailers, hence making the products easily accessible to consumers. In some instances, we also provide direct supplies to retailers to maintain the smoothness of the process of distribution.
StartupTalky: How do you stay ahead of consumer trends and continue to innovate in the healthy food industry?
Mr. Swahar: Innovation is at the very core of YCook, ongoing monitoring of consumer trends and growth of demand for vegan and allergen-free products is followed by elaboration of new offerings responding to these needs. Our R&D is committed to regular study of new technologies and methods that allow improving product quality and creating genuinely unique minimally processed snacks. We further retain our leading position within the healthy food industry thanks to our close attention to consumer preferences and our sustainable approach.
We are equally committed to making snacking not only nourishing but also satisfying. We continuously innovate and introduce international flavor profiles like teriyaki, wasabi, Italian herbs, and barbeque to meet the consumers’ demand for new tastes and preferences. These are not only about developing new flavors but are also about the high standards of quality and transparency created by consumer demands nowadays. We also focus on small single-serve packs to make trying out new flavors more accessible to portion-conscious consumers.
StartupTalky: What steps does Y-Cook take to ensure environmental responsibility in its production and packaging processes?
Mr. Swahar: YCook is committed to environmental responsibility throughout all the production processes. We care that the land is farmed in such a way as to be sustainable, that farmers are taught about soil health, and that wastes are managed effectively. We minimize our packaging while making sure it will be good for the environment. Energy-efficient production is our focus to reduce environmental damage, ensuring growth in ecological sustainability.
StartupTalky: What is Y-Cook’s business model and how it drives your operations?
Mr. Swahar: YCook’s business model is built on vertical integration, which drives our operations by ensuring complete control over the quality of our products from farm to table. We source fresh, residue-free produce directly from farmers trained in global Good Agricultural Practices. The commitment to quality starts at the source and is maintained throughout the entire production process.
Innovation and quality lie at the heart of the vertical business model YCook innovates. Our approach to technological production goes beyond sustainable practices: energy-efficient processes and waste management. Fresh wastes from our factory are processed and used as cattle fodder in the surrounding villages, which helps the local farmers and reduces waste. It also includes recyclable packaging materials and water conservation methods; over 70% of the used water is recycled.
All our facilities have been certified for HACCP, FSSC 22000, and Organic certifications, epitomizing our quality and natural goodness. We pioneered the ‘steamed snack’ category and for this innovation, we received global recognition. Today, YCook products are available in 15 countries around the world and 20 states across India, with innovative offerings such as the “Fire Kissed Corn Ribs” showcased at SIAL Paris. This vertically integrated model ensures operational efficiency and also supports sustainable agriculture that enables us to offer consistently high-quality healthy snacks for our customers.
StartupTalky: How are you positioning Y-Cook to capitalize on the trends towards clean-label, allergen-free, and vegan products?
Mr. Swahar: With such emerging trends, we are well-positioned to take advantage of these. Our whole product range is clean-label, free from allergens, and vegan-friendly. Innovation is key for us, working to create new products that would fit these very particular eating styles and align with consumer needs for healthier and more transparent food. This helps place YCook in the important position of trend leader growth and loyalty among consumers with its residue-free and plant-based snacks.
StartupTalky: What tools and technologies are most important to your production process, and how do they enhance product quality?
Mr. Swahar: Sterilization is a basic element of our production technology. We preserve the quality and nutrition of our products naturally, without preservatives, by removing air and steaming the produce. Modern packaging technologies for extending shelf life and preserving freshness are also employed. These tools, coupled with tight quality control, mean that every product that leaves the walls of YCook meets the highest standards of health and taste. As our dedicated Quality Control and Assurance department continuously monitors every aspect of the production process, from the pH and temperature of water during the initial wash to final product quality.
StartupTalky: With a growing emphasis on nutrition, what role do you see Y-Cook playing in educating consumers about healthy eating and making nutritious food more accessible?
Mr. Swahar: YCook is keen on offering healthy foods while still creating awareness among consumers about the importance of healthy eating. A recent study by NielsenIQ shows that 64% of global consumers are actively trying to eat healthier, while 49% consider health and wellness when deciding on their food purchases. Our dedication to promoting healthy eating is further demonstrated through innovation. For instance, the global healthy snacks market is likely to expand by 6.6% CAGR between 2021 and 2028.
Our products are available in 15 countries and 20 states across India, making healthy food options widely accessible. This expansion supports a growing demand for nutritious snacks, a market expected to reach $32.88 billion by 2027, with Asia-Pacific as one of the fastest-growing regions.
We engage our consumers through different platforms, creating awareness of residue-free food with minimal processing, which is healthy and beneficial for one’s overall health. We help professionals and parents by making healthy food choices faster and more readily available. We believe that by making healthy food choices more convenient, we can contribute to a healthier society.
StartupTalky: What advice do you have for new entrepreneurs in the food technology industry?
Mr. Swahar: We would advise the new entrepreneur never to stop innovating, nor to compromise on quality. First, understand the market and be prepared to evolve with the changing consumer preferences. Developing a strong, motivated team is of paramount importance, hence, the sustainability focus is a key lever to success. Success in the food technology industry comes from a commitment to constant improvement and a passion for creating products that have positive impacts on people’s lives.
StartupTalky: What are Y-Cook’s future goals for product expansion and reaching new markets, and how do you plan to achieve them?
Mr. Swahar: YCook is very ambitious about the future. We will extend our line of products with further innovative snacks that are farm-traceable, and residue-free, and continue to reach new global markets where demand for clean-labeled healthy snacks is arising. We plan to extend our reach into additional international markets beyond our current presence in 15 countries. We will achieve this by further investing in R&D, strengthening the supply chain, and leveraging emerging trends for sustainability for business growth and expanded reach.
The Agricultural and Processed Food Export Development Authority (Apeda), which is responsible for facilitating exports of agricultural products, has set a goal of $1 billion to promote Indian alcoholic and non-alcoholic beverages internationally over the next several years, in response to the robust demand for Indian spirits around the world. One goal of Apeda’s ‘Make in India’ campaign has been to boost sales of Indian spirits to key international markets.
In terms of alcoholic beverage exports, India is presently ranked forty-first globally. An opportunity for expansion exists due to the rising demand for Indian spirits on a global scale, according to a statement from the Commerce Ministry.
Major markets for the country’s alcoholic beverage exports in 2023–24 included the UAE, Singapore, Angola, Kenya, and the Netherlands, with a total value of over INR 2,200 crore. The spirits export value of India reached USD 325 million in 2022–23 and is projected to have strong development due to the high demand for Indian spirits.
Diageo India (United Spirits Ltd) to Set Its Foot in the UK
According to the announcement made by APEDA, Diageo India (United Spirits Ltd), one of the most prominent alcohol and beverage firms in India, is planning to introduce Godawan, an artisanal single malt whisky that is produced in Rajasthan, to the United Kingdom. This will be a significant step forward for the Indian spirits industry.
Godawan is being manufactured by the Government of India as part of their Make in India effort, which has resulted in an investment of more than two hundred crore rupees. By the year 2030, the government of India has set an ambitious goal of achieving a total export value of $2 trillion, with $1 trillion consisting of products and $1 trillion consisting of services. The transformational programs that we are working on, such as Make in India and Atmanirbhar Bharat, are integrally connected to this goal.
Godawan is a shining example of the effectiveness of these programs, according to the Additional Secretary of the Ministry of Commerce and Industry. These programs are pushing India’s transformation into a global manufacturing hub.
Rajesh Agrawal, Additional Secretary of the Ministry of Commerce and Industry, and Debra Crew, Chief Executive Officer of Diageo Plc, along with Abhishek Dev, Chairman of APEDA, and Hina Nagarajan, MD and CEO of Diageo India, were the individuals who jointly flagged off the first batch of Godawan to the United Kingdom, as stated by the ministry. Other senior representatives were also present. At the International Food and Drinks Event (IFE) that took place in London in March of this year, Godawan Single Malt whisky was one of the featured beverages. The introduction of Godawan in the United Kingdom and the beginning of exports were both facilitated by this first step. The six-row barley that is used in the production of Godawan has been sourced from within the neighborhood, which contributes to the enhancement of the agricultural income of the local farmers of the Alwar region through the establishment of backward linkages.
The Public Provident Fund (PPF) is a centrally sponsored savings-cum-investment program renowned for its investor-friendly characteristics and long-term rewards. Under the Income Tax Act of 1961, the principal, interest, and maturity amounts will all remain tax-free because the scheme is classified as EEE (exempt-exempt-exempt).
Over the years, the PPF regulations have undergone multiple revisions by the Centre. The Department of Economic Affairs also issued a circular announcing significant adjustments to the PPF standards last month under the Ministry of Finance. Starting October 1, 2024, the Postal Savings Fund (PSF) regulations will be altered to address issues including children opening PPF accounts, individuals holding multiple PPF accounts, and Non-Resident Indians (NRIs) extending their PPF accounts through the post office’s National Savings Schemes.
“The powers to regularise irregular small savings accounts are vested with the Ministry of Finance,” states a circular printed by the ministry on August 21, 2024. As a result, the Ministry of Finance should refer all situations involving unusual accounts to this department for reconciliation.
Establishing a PPF Account in a Minor’s Name
Post Office Savings Account (POSA) interest will be paid on these types of irregular accounts until the person (minor) turns 18 and can start an account legally. Following that, the relevant interest rate will be settled.
The date the minor attains legal adult status or the date the person becomes eligible to open the account, shall be used to determine the maturity period for such accounts.
Two or More PPF Accounts
Assuming the deposit stays within the annual ceiling, the principal account will earn interest at the scheme rate. (An investor’s preferred account at any Post Office or agency bank where they wish to maintain their holdings after regularisation is known as the “Primary Account”).
So long as the main account doesn’t go over the annual investment limit, the funds in the second account can be combined with the first. Even after the merger, the main account will keep earning interest at the current scheme rate. There will be no interest charged on any refunds made to the second account if there is an excess balance.
From the date of opening, any additional accounts beyond the primary and second accounts will earn zero percent interest.
Account Extension for Non-resident Indians
The account holder, who is an Indian citizen who became an NRI during the duration of the account, will be granted the POSA rate of interest until 30th September 2024, provided that their PPF account was opened under the Public Provident Fund Scheme (PPF), 1968 and Form H did not specifically ask about the account holder’s residency status. After then, the interest rate on such an account will be zero percent.
Nitin Konde
