Once upon a time, in a united India, the royal families and their culture were revered. These families were well-known for supporting many local artists and craftspeople, in addition to living a life of extreme luxury. In recent decades, as India has undergone a metamorphosis into a new India, the current royal dynasties have also made great strides by promoting this indigenous art form on an international scale.
The role of royalty in India was reduced to a mere ceremonial one after its abolition in 1971 and the formation of a federal government. The cultural tapestry of India, however, still includes numerous royal families. Following in the footsteps of their famously artsy ancestors, the younger generation of this family is fighting for the preservation of cultural artifacts and bringing back long-lost practices in fields as diverse as architecture, painting, handloom weaving, and more.
Indian Royal Dynasties Dominate the Global Art Market – Beadwork of Gujarat
Princess Brijeshwari Kumari Gohil inherited a deep devotion to her ancestry from her family’s royal lineage in Bhavnagar, in the western Indian state of Gujarat. Sihor is a municipality in Bhavnagar and the seat of her ancestors. The young heiress is using technology to make the interesting past of Sihor accessible to the public. She is a descendant of Maharaja Raol Thakore Sahib Takhtsinhji Jaswantsinhji Sahib, who governed Bhavnagar from 1870 to 1896. For the sake of future generations and historians, the 28-year-old is digitizing the artworks, manuscripts, letters, registers, books, and even furniture housed at her Bhavnagar castle as part of her effort.
Among the sites that Gohil’s family has worked to preserve are the Narayani Heritage, the Gopnath Bungalow, and the Nilambag Palace, which is among the oldest heritage hotels in Gujarat. A boutique store showcasing local arts and crafts, including beading, is located within the palace. The metalworkers of Sihor are a particular emphasis because they are fighting for the survival of their profession as a result of falling demand.
The princess and her team have been able to investigate and resurrect old artifact designs thanks to her master’s degree in heritage preservation from Durham University in the UK. This has created employment opportunities for underprivileged craftspeople, allowing them to regain their ancestral livelihoods. In addition to establishing a market for handicrafts and piquing the interest of the younger generation in local heritage, the program has raised awareness about the arts in Sihor. Rising demand in India, the United States, the United Kingdom, Australia, Europe, etc. has put this art form back on the map.
Kota Miniature
Indian Royal Dynasties Dominate the Global Art Market – Kota Miniature
A young investment banker with a degree in economics and business from Cornell University, Jaidev Singh is a descendant of the Rajasthani Royal Kota family, which dates back to the 13th century. But right now, all he wants is to make Kota a tourist hotspot. The fact that Kota remains “undiscovered” is something he laments, especially because Rajasthan receives its share of tourists.
Not only does Singh’s family live in the magnificent Brijraj Bhawan Palace Hotel, but they are also actively involved in its maintenance as a boutique hotel.
He is also lending his support to the local artists who are creating the renowned miniature paintings of Kota, an art form that has been ignored by the government. Singh is helping to restore some of Kota’s most historic cenotaphs because he is passionate about historical architecture. The region of Kota, a city in Rajasthan situated along the Chambal River, is the birthplace of Kota Tiny, also known as “Kota Kalam” among locals.
The modern style of this art genre is based on European miniature painting. The clothing of the human characters is soft and luxurious, in contrast to their precise details. The humans in the story stand out because of their unique characteristics, which include almond-shaped eyes, thin and pointed brows, oval or almost round cheeks, and long, pointed noses. The royal family‘s efforts to get this art presented on a global platform have resulted in significant demand from the Western world for it.
Maheshwari Saris
It is the firm belief of Yeshwant Holkar, grandson of the final Maharaja of Maheshwar in the central Indian state of Madhya Pradesh, that the preservation of cultural legacy has a multiplicative effect. This 42-year-old runs a trio of stunning history homes that have been transformed into hotels. Two of these properties are located in his native state, and the third one is in Goa.
Holkar is also involved in initiatives to promote Maheshwar’s famous handlooms, such as the Maheshwari saris which have attracted the interest of international stars like Elizabeth Hurley and Pamela Anderson. To that end, members of the Holkar family have established two charitable organizations: Rehwa Society, which advocates for the preservation of traditional handloom fabrics, and Women Weaves, which modernizes these age-old weaves for export from India.
Royal families are doing more than just providing a platform for local craftspeople and artists; they are also helping to put them on the map internationally. Were it not for these families’ generosity, our priceless art form would have died out long ago, relegated to the pages of books for future generations. The government must step in to support these artistic areas if they are to continue growing.
This article has been contributed by Manyyaa Adlakkha, Founder, Vastu Guru Manyyaa.
Every business aims to be the best in the market. Every entrepreneur wants progress and success more than anything else. But seeing the amount of competition and rivalries that exist around us, it would be challenging for every business to be on the top. The success or failure of any business is influenced by a wide range of factors, it may be market dynamics, competition, management, financial challenges, operational issues or even customer dissatisfaction.
All businesses, big or small, are driven by profit margins, and to achieve their goals, they must all adjust to new strategies. In such circumstances, Astro-Numerology can aid companies in identifying their unique objectives and industry-appropriate tactics, since every business has a birth chart and a date of birth. These business charts can facilitate in identifying the nature of the companies and the related challenges and solutions.
Whether you want to choose a business name, form a partnership, come up with new business ideas or even expand your business, the combination of astrology and numerology can empower your business success and practically find a solution to all problems, as mentioned above.
How Astro-Numerology Empowers Business Health and Success?
Astro-numerology is a belief system that assigns symbolic meanings to planetary alignments, numbers and their corresponding vibrations. While some people believe that astrology and numerology can offer insights and guidance in various aspects of life, including business, health, and success, it’s essential to approach it with a critical mindset and find the right solution to empower your business growth. Here are some practical strategies in which Astro-numerology might can help with business health and success.
Business Name Analysis
Astro-numerology can help find a business name that represents the essence of the company and is symbolic or significant to the nature of the business. Using the date of birth of the business or the business owner, ideal syllables or an auspicious business name can be suggested. It will also provide insights into the company’s potential strengths, weaknesses, and compatibility with its intended market.
Forming Business Partnerships
Astro-numerology can evaluate a partner’s personality and energy compatibility. Using the interpretations, an Astro-numerology expert can pinpoint any shared strengths between two individuals as well as any issues in a partnership. It can also highlight the possible areas for growth and development as well as future disputes in a partnership.
New Business Ideas
Astro-numerology can guide your decision-making when it comes to new company ventures. It helps you determine the best business ideas based on your birth date. The combination of astrology and numerology can predict whether or not you will succeed in the new sector.
Business Expansion
Many companies have tried and failed multiple times in their quest to grow. But Astro-numerology can help determine the appropriate timing for business expansion. Based on the analysis of the business horoscope and numbers, you can plan business development depending on precise techniques.
Number 1: This number is associated with leadership, independence, and ambition. It signifies new beginnings, innovation, and pioneering efforts, making it favorable for entrepreneurs and start-ups.
Number 3: Number 3 is associated with creativity and communication. It represents expansion, growth, and expression, making it favorable for businesses in creative indutries like Media and Entertainment.
Number 8: This number is associated with prosperity, abundance, and success. It symbolizes financial mastery, achievement, and material wealth, making it favorable for businesses in Finance, Real Estate, or Investment oriented.
Number 9: Number 9 is associated with humanitarianism, wisdom, and spirituality. It represents completion, fulfilment, and universal love, making it favorable for businesses with Spiritual Focus.
Number 11: Number 11 is considered a master number in numerology, representing intuition, inspiration, and spiritual enlightenment. It symbolizes innovation, vision, and higher consciousness, making it favorable for businesses in cutting-edge industries or those focused on Personal Development.
Number 22: Like 11, the number 22 is considered a master number in numerology, representing mastery, power, and practicality. It symbolizes the ability to turn dreams into reality and achieve extraordinary success, making it favorable for large-scale enterprises or businesses with global ambitions.
Number 33: The Lord of Wealth – 33 (Kuber) – 33 is considered the most fortunate number across all businesses. It’s important to keep in mind that not everyone will receive this number. Thse who were born on that day are extremely fortunater as a result of the extremely auspicious numbers 6, 15, and 24. People with birthdate 6, 15 or 24 can highly succeed in business and outperform in the corporate world if they use their birth date.
Estimated Compound Annual Growth Rate of the Astrology Market in the Asia-Pacific Region from 2022 to 2031
Beware of These Unlucky Numbers, Colors & Days
As per Astro-numerology, certain numbers are perceived as less favorable or unlucky due to their perceived associations with challenges or obstacles. If the position of stars and planets changes as per sun signs, the impact of these numbers can bring in bad luck. Let’s find out which numbers you should avoid if you want to empower business health and success.
People born on the 1st, 10th, 19th, or 28th are born leaders and make excellent businessmen They should avoid numbers- 8 and 1. Sunday and Saturday are also considered unlucky for them. They should not wear black and red colors
People born on the 2nd, 11th, 20th, or 29th are very creative and good diplomats. Their unlucky number are 6 and 4. Unlucky days are Friday and Saturday. They must avoid bright blue and pink.
People born on the 3rd, 12th, or 21st are successful in banking, finance, and marketing. Their unlucky numbers are 6 and 4 Friday and Saturday are unlucky for them. They should avoid bright blue and pink colors.
People born on the 4th, 13th, or 22nd are risk-takers. Their unlucky numbers are 2 and 9. Unlucky days are Monday and Tuesday. They should not wear or use white and red colours.
People born on the 5th, 15th, or 23rd have good communication and decision-making skills. These people have no specific unlucky numbers.
People born on the 6th, 15th, or 24th are good in the entertainment industry, luxury, or hotels. Their unlucky numbers are 9 and 2. Unlucky days are Monday and Tuesday. They should avoid red and white colors.
People born on the 7th, 16th, or 25th are good in the field of research. These people have no specific unlucky numbers.
People born on the 8th, 17th, or 26th are very hard-working and their unlucky numbers are 1 and 9. They must avoid red and orange colors and Sunday and Tuesday.
People born on the 9th, 18th, or 27th are good in the field of sports. Their unlucky numbers are 8, 4, and 9. Unlucky days are Saturday, Friday, and Tuesday. They must stay away from dark blue, black, and red colors. A slight change in your business as per astro-numerology can open opportunities for you and bring in prosperity, growth, and success.
The toy industry is one of the most promising export markets because of its high growth potential. Forecasts indicate that the Indian toy market will reach $3 billion by 2028, expanding at a CAGR of 12% from 2022 to 2028, as per the data shared by Invest India. This places it among the world’s fastest-growing industries.
The toy sector in India is growing its international footprint by sending more expensive toys to countries in Africa and the Middle East. A rise from 60% to 70% was enacted in Budget 2023 regarding the import tariff on toys. In 2021, the Toys Quality Control Order (QCO) was put into effect to guarantee the safety of imported and manufactured toys by increasing their standardization.
With a 52% drop in imports, a 239% increase in exports, and an improvement in the overall quality of the toys offered in the domestic market, the Indian toy sector saw tremendous growth in FY 2022-23 compared to FY 2014-15. The Indian Institute of Management (IIM) Lucknow, in collaboration with the Department for Promotion of Industry and Internal Trade (DPIIT), has undertaken a case study on the “Success Story of Made in India Toys” that takes these points into account.
The government’s initiatives have improved the production environment for the Indian toy business, according to the research. The report emphasized that between 2014 and 2020, a total of six years of hard work, doubled the number of manufacturing units, cut reliance on imported inputs from 33 percent to 12 percent, increased gross sales value by 10 percent CAGR, and improved worker productivity.
The survey found that zero-duty market access for locally manufactured toys in countries like Australia and the United Arab Emirates, as well as India’s integration into the global toy value chain, are contributing factors to the country’s rise to the position of the top exporter. According to the report, if India wants to make a name for itself in the toy industry and compete with China and Vietnam, it needs the government and the toy industry to work together on several fronts, including technological advancements, eCommerce, partnerships, exports, brand-building, communicating with parents and teachers, cultural diversity, collaboration with local artisans, etc.
The goal of Prime Minister Narendra Modi’s “Mann ki Baat” speech in August 2020 was to make India a major player in the toy industry. Government efforts to realise the vision include, among other things, the creation of comprehensive plans like the National Action Plan for Toys (NAPT) to encourage plaything design, plaything use as a teaching tool, plaything quality control, indigenous plaything clusters, etc.
Total Revenue of the Global Toy Market From 2019 to 2022
Revolutionary Sparks
This turnaround was greatly influenced by the ‘Make in India‘ project, which was spearheaded by the Indian government and aimed at strengthening domestic manufacturing skills. The toy industry reaped considerable benefits from this movement’s goal of revitalizing the nation’s industrial sector. As a safeguard against the flood of imported toys, local makers were given a boost by the implementation of higher customs taxes, which were increased from 20% to 60% in 2020 and then to 70% in 2023.
The noose around low-quality imports was further tightened by non-tariff measures, such as strict quality control standards and required testing for import shipments. The government’s dedication to improving the quality and safety standards of toys, both imported and domestically produced, was highlighted in 2021 with the adoption of the Quality Control Order (QCO) for toys.
In addition to regulatory measures, the government also took aggressive steps to encourage innovation and self-sufficiency in the industry. Promoting indigenous toys, encouraging startups, and showcasing Indian craftsmanship on global platforms have been made possible through programs like the National Action Plan for Toys (NAPT), the Toy Cluster under the Scheme of Funds for Regeneration of Traditional Industries (SFURTI), and the Indian Toy Fair 2021.
As a result of India’s participation in the global toy value chain and the elimination of tariffs on toys made in India in countries like the United Arab Emirates and Australia, the toy industry in India has also flourished. The international toy expo in Germany recently saw orders worth crores of rupees for Indian toys from countries like the United States, the United Kingdom, South Africa, and Germany, among others.
The incredible journey of endurance and strategic brilliance is exemplified by the evolution of the Indian toy sector into a global innovation hub. The sector has triumphed over import obstacles by embracing cultural diversity, innovation, and quality, with the help of the government and the dynamism of small and medium-sized enterprises (SMEs). Technology, sustainability, and worldwide competitiveness will play a pivotal role as it moves forward. This comeback is more than just a financial success; it is a tribute to India’s diverse cultural heritage and an indication of the country’s growing prominence in the international toy industry. It heralds a future in which play represents inclusivity, learning, and responsibility.
The Indian government has taken a bold step towards boosting the country’s gold reserves. The Reserve Bank of India (RBI) has been granted the authority to import gold without the burden of customs duty and the Agriculture Infrastructure and Development Cess (AIDC).
Traditionally revered in Indian culture as a symbol of wealth and prosperity, gold has received special attention from policymakers.
This government’s decision, notified on March 12, marks a pivotal moment in the country’s economic landscape, with implications that extend far beyond the glittering precious metal.
Let’s delve into the intricacies of this exemption, its impact on the Indian economy, and the rationale behind this significant policy shift.
As the world’s second-largest consumer of gold, after China, India’s relationship with the metal is multifaceted, shaping not only personal adornment but also economic policies and trade dynamics.
Gold imports in India have been subject to customs duty and the Agriculture Infrastructure and Development Cess (AIDC), acting as barriers to the seamless importation of this valuable resource.
At present, the import duty on gold, silver findings, and coins of precious metals is at 15%, comprising a Basic Custom Duty (BCD) of 10%, along with 5% for the Agriculture Infrastructure Development Cess (AIDC).
Even the Reserve Bank of India (RBI), tasked with managing the nation’s foreign exchange reserves, was not exempt from these levies until the recent policy change.
According to the latest reserve management report from the Reserve Bank of India, as of September 2023, the central bank possessed a total of 800.79 tonnes of gold, inclusive of gold deposits amounting to 39.89 tonnes. Out of this total, 388.06 tonnes were held in overseas locations, while 372.84 tonnes were held domestically.
The decision to waive these charges for the RBI signifies a notable departure from past practices and signals a fundamental shift in India’s approach to gold imports.
The exemption granted to the RBI not only strengthens the central bank’s position in managing foreign exchange reserves but also underscores the government’s commitment to enhancing financial stability.
RBI Governor Shaktikanta Das informed reporters during the customary post-policy review press conference on April 5 that the accumulation of gold reserves is a component of our reserve deployment strategy.
“We are building up a gold reserve that is a part of our reserve deployment,” a media report quoted Das.
With gold prices often rising during economic uncertainty, bolstering gold reserves can serve as a vital buffer against external shocks and contribute to the country’s sovereign wealth.
By allowing the RBI to import gold without additional levies, the government is not only recognizing the central bank’s pivotal role in financial management but also sending a positive signal to the gold market in India.
This move aligns with global trends of central banks diversifying their reserves, positioning gold as a safe-haven asset in times of economic volatility. The policy shift reflects a broader strategy to promote reserve diversification, support the domestic gold market, and fortify India’s overall economic resilience in a rapidly changing world.
“Equity markets have gained while bond yields and US dollar have remained volatile. The overall outlook is challenged by continuing geopolitical conflicts, disruptions in trade routes and high public debt burden,” RBI chief said in his statement after the monetary review.
Implications of the Exemption
The exemption granted holds significant implications for various aspects of the Indian economy.
Here are some key points to consider:
Boost to Gold Reserves
This decision allows the RBI to increase its gold reserves, strengthening the country’s overall foreign exchange holdings. According to the World Gold Council, India’s official gold reserves stood at 695.31 metric tons as of December 2023, representing 6.7% of total foreign reserves.
Cost Advantage for the RBI
Importing gold without levies provides a cost advantage to the RBI, enabling more strategic management of foreign exchange reserves. With gold prices fluctuating, this exemption allows the RBI to capitalize on favorable market conditions without the burden of additional costs.
“In the Reserve Bank, we have embarked on strengthening and building up higher (forex) reserves. Our reserves are around USD 620 billion at the moment. Individual emerging market economies have to insulate and protect their economies from the spillovers of global currency movements and fluctuations,“ RBI head Shaktikanta Das has said. The RBI’s forex reserves rose to an all-time high of USD 645.6 billion as of March 29, 2024.
Breaking: RBI Governor Shaktikanta Das announces India’s Foreign Exchange reserves have surged to a record-breaking $645.6 billion as of March 29, 2024! 💰💥 This milestone showcases India’s economic strength and resilience. #CongressManifesto pic.twitter.com/gh6wVfzIJ5
The exemption can potentially stabilize the gold market in India, impacting market sentiment and prices due to the RBI’s significant gold purchases.
According to data from the India Bullion and Jewellers Association (IBJA), gold price in India is around Rs 71,210 per 10 gm as of April 8. As per market analysts, the gold rate may range around Rs 75,000 per 10 gm in the coming weeks.
“Gold prices have surged on safe-haven demand,” said the Monetary Policy Statement, 2024-25 Resolution of the Monetary Policy Committee (MPC) April 3 to 5, 2024.
Gold prices are currently reaching near record-high levels in both domestic and international markets, largely due to increasing speculation that the US central bank could implement its first rate cut as soon as June.
The impact of this exemption goes beyond the surface of gold importation. By reducing dependence on imports and promoting financial stability, the RBI’s increased flexibility in gold imports sets a new precedent for economic management. This move aligns with the government’s goal of enhancing sovereign wealth and fostering a more robust gold market in India.
As per the World Gold Council: “Gold is an important component of central bank reserves because of its safety, liquidity and return characteristics – the three key investment objectives for central banks. As such, they are significant holders of gold, accounting for around a fifth of all the gold that has been mined throughout history.”
The exemption granted to the RBI from paying customs duty and cess on gold imports has profound implications for the Indian economy.
Reduced Dependence on Imports
India heavily relies on gold imports, with cumulative imports surging by 38.76% reaching USD 44 billion from April to February in 2023-24, as per data from the Ministry of Commerce and Industry. Gold imports jumped substantially by 90.0 percent during October to February 2023-24 period, reflecting strong retail demand.
“Gold prices rallied in Q4 of 2023-24 as financial markets priced in deeper policy rate cuts for 2024 as reflected in lower bond yields and a weaker US dollar. The hardening of gold prices continued in Q1:2024 to record high in March on growing expectations of interest rate cuts by the US Fed, coupled with demand by central banks and Chinese investors,” as per RBI’s monetary policy report released on Friday, April 5th.
The exemption to RBI helps reduce the country’s dependence on external sources for gold supply, enhancing India’s self-sufficiency in the gold market.
On March 28, the Reserve Bank of India authorized Indian Overseas Bank, Punjab National Bank, and Union Bank of India to exclusively import gold for the fiscal year 2024-25, effective from April 1st.
RBI has also listed 11 other banks to import gold and silver both from April 1.
Banks act as intermediaries in the importation process, assisting gems and jewelry makers in acquiring the necessary gold for their operations.
Foreign Exchange Management
The RBI plays a crucial role in managing India’s foreign exchange reserves. By importing gold without additional levies, the RBI can diversify its reserves and manage foreign exchange fluctuations more effectively. This strengthens the RBI’s ability to maintain a stable exchange rate and manage any external shocks.
“The Indian rupee (INR) has remained largely range-bound as compared to both its emerging market peers and a few advanced economies during 2023-24. The INR was the most stable among major currencies during this period. As compared to the previous three years, the INR exhibited the lowest volatility in 2023-24. The relative stability of the INR reflects India’s sound macroeconomic fundamentals, financial stability and improvements in the external position,” RBI Governor Das said in a statement after the monetary policy review.
On the external financing side, India’s foreign portfolio investment (FPI) flows saw a significant turnaround in 2023-24. Net FPI inflows stood at USD 41.6 billion during 2023-24, as against net outflows in the preceding two years (USD 14.1 billion in 2021-22 and USD 4.8 billion in 2022-23). “This is the second highest level of FPI inflow after 2014-15,” Das said in his statement.
Enhancing Sovereign Wealth
Accumulating gold reserves enhances the country’s sovereign wealth. As gold prices tend to rise in times of economic uncertainty, having substantial gold reserves can act as a buffer against external shocks and support the Indian economy in challenging times.
“In January, the Reserve Bank of India made a significant addition to its gold reserves, acquiring 8.7 tonnes. This marks the most substantial purchase since July 2022, elevating the RBI’s total gold holdings to 812.3 tonnes—up from 803.58 tonnes in December 2023. Data from the World Gold Council confirms this increase. The strategy behind the central bank’s gold accumulation is to diversify its foreign exchange reserves and provide a buffer against foreign currency fluctuations, as noted by financial experts,” a senior manager at Kotak Mahindra Bank said.
Gold Reserves of Largest Gold Holding Countries Worldwide as of 2nd Quarter 2023
Rationale Behind the Exemption
By acknowledging the RBI’s crucial responsibility in maintaining financial stability and diversifying foreign exchange reserves, the government aims to empower the RBI to effectively manage the economy’s monetary aspects.
Granting this exemption to the RBI also serves as a positive signal to gold importers in India, showcasing the government’s commitment to facilitating gold imports and supporting the domestic gold market. This move is poised to attract more investors and stimulate economic activity within the gold sector, fostering growth opportunities and bolstering the overall economic landscape.
Furthermore, the decision aligns with the global trend of central banks diversifying their reserves, with gold being recognized as a safe-haven asset. Allowing the RBI to import gold without levies not only promotes reserve diversification but also enhances the stability and strength of India’s foreign exchange holdings. This strategic move positions the country favorably in the international financial arena.
Central banks around the world, including those of Russia, China, Turkey, Kazakhstan, and Poland, have been actively buying gold as part of their reserve management strategies. They view gold as a valuable asset for diversifying their holdings and enhancing financial stability.
Unwavering demand from central banks has been supportive of gold demand again this year and helped offset weakness in other areas of the market, keeping 2023 demand well above the ten-year moving average.
“In addition to monetary policy, geopolitical uncertainty is often a key driver of gold demand, and in 2024 we expect this to have a pronounced impact on the market. Ongoing conflicts, trade tensions, and over 60 elections taking place around the world are likely to encourage investors to turn to gold for its proven track record as a haven asset. We know that central banks often cite gold’s performance in times of crisis as a reason to buy, which suggests demand from this sector will stay high this year and may help to offset a slowdown in consumer demand due to elevated gold prices and slowing economic growth,” Louise Street, Senior Markets Analyst at the World Gold Council, commented.
In essence, the rationale behind this exemption underscores a multi-faceted approach aimed at promoting financial stability, fostering economic growth, and empowering the RBI in its pivotal role. By exempting the RBI from import levies on gold, the government paves the way for a more robust and resilient economy, reinforcing India’s position as a key player in the global financial landscape.
India ranked as the second-largest gold importer globally following China, possesses approximately 14% of the world’s gold reserves, amounting to around 27,000 tonnes.
Conclusion
Embracing a Golden Future
By leveraging gold as a strategic asset, India is poised to navigate economic uncertainties with greater resilience and fortitude.
Fortifying Financial Resilience
The exemption granted to the RBI signifies a pivotal step towards fortifying India’s financial resilience and sovereignty. As the RBI accumulates gold reserves free from additional levies, the country enhances its sovereign wealth and insulates itself against external shocks. With gold prices serving as a reliable hedge during turbulent times, India’s decision to exempt the RBI from import levies underscores a proactive approach to safeguarding the nation’s economic well-being.
Paving the Path to Prosperity
This exemption not only streamlines the gold import process but also signals a positive outlook for investors and industry stakeholders. As India embraces its rich cultural affinity for gold while embracing modern economic strategies, the future shines bright with possibilities for growth and prosperity.
Shaping a Resilient Economic Landscape
By empowering the central bank to diversify its reserves and strengthen its financial position, India is laying the groundwork for a more stable and robust economy. This strategic move aligns with global trends in reserve management and positions India as a forward-thinking player in the international arena.
“All central banks are moving towards de-dollarization strategies.As rightly pointed out, this could be a big & bold move by the Govt.of Bharat towards stabilizing the Indian Rupee!,” said Building MyGold-‘Bharat ka pehla Gold Bank’ Founder & CEO Amol Bansal. MyGold is a distinct platform or an app that addresses various shortcomings commonly found in existing digital gold platforms.
The MyGold app offers users the flexibility to monetize physical gold lying in homes and bank lockers. With features like ‘Upload Gold’ for digitizing existing idle gold at home or in the bank, and ‘Sell Gold’ for converting gold into money, users can easily manage their gold assets with a simple appointment booking.
Future Implications
As the Reserve Bank begins to import gold without the burden of customs duty and cess, the future implications of this decision loom large on the horizon. The exemption granted to the RBI opens doors to a myriad of possibilities that could shape the Indian gold market in the years to come.
Here are some key future implications to consider:
Diversification of Investment Portfolios
With the RBI’s increased ability to import gold at a lower cost, there is a potential for a shift towards diversification in investment portfolios. According to the World Gold Council, central banks across the globe have been increasing their gold reserves, with purchases reaching 273.9 tonnes in the third quarter of 2023. One tonne of gold is equal to 1000 kg of gold.
Technological Advancements
The exemption granted to the RBI could pave the way for technological advancements in the gold market. Innovations in digital platforms, blockchain technology, and secure transactions may revolutionize the way gold is traded and stored, offering greater convenience and transparency to consumers.
Global Market Influence
The RBI’s enhanced capacity to import gold without levies could position India as a significant player in the global gold market. Increased gold reserves and strategic imports may impact international prices, fostering stronger ties with gold-producing nations and shaping India’s role in the global economic landscape.
The government’s decision to allow the RBI to import gold without levies may spark broader policy reforms in the gold sector. Discussions on regulatory frameworks, trade agreements, and market interventions could take center stage, paving the way for a more dynamic and resilient gold market in India.
The future implications of the RBI’s exemption from customs duty and cess on gold imports hold the promise of transforming the Indian gold market into a hub of innovation, investment diversification, and global influence. As stakeholders navigate these uncharted waters, the evolving landscape presents both opportunities and challenges that will shape the trajectory of the gold market in India and beyond.
Navigating the realm of gold imports without paying customs duty and cess poses a set of potential challenges that must be carefully considered.
One key concern is the impact on the domestic gold market dynamics. With the RBI’s increased ability to import gold at a reduced cost, there may be fluctuations in supply and demand, potentially leading to price volatility and market uncertainties. Balancing the need for a stable market with the benefits of reduced import levies will require a delicate equilibrium.
Furthermore, the exemption granted to the RBI could also raise questions about fair competition within the gold industry. As the central bank gains a cost advantage in importing gold, there may be implications for other market participants, including gold traders, jewelers, and investors. Ensuring a level playing field and addressing any disparities that may arise from this exemption will be crucial to maintaining a healthy and transparent gold market ecosystem in India.
Another challenge that may arise from allowing the RBI to import gold without levies is the potential impact on revenue generation for the government. Customs duty and cess on gold imports serve as significant sources of revenue, contributing to the country’s fiscal resources. The exemption could lead to a shortfall in revenue, prompting the government to explore alternative sources or adjust fiscal policies accordingly to mitigate any adverse effects.
However, the revenue department is pretty happy with the revenue generated by gold imports this fiscal.
“Gold imports have given us good revenue….In nine months this fiscal, gold imports are at 617 tonnes. So gold imports should exceed 800 tonnes at this rate,” Revenue Secretary Sanjay Malhotra had said in an interview to Moneycontrol in February.
Moreover, managing the increased gold reserves accumulated by the RBI as a result of this exemption could present logistical challenges. Safeguarding and effectively utilizing these reserves to support financial stability and economic growth will require strategic planning and prudent decision-making.
Overall, while the decision to allow the RBI to import gold without paying import levies brings significant advantages, it also brings a set of challenges that need to be carefully addressed. By proactively addressing these challenges and implementing effective mechanisms to mitigate any potential drawbacks, India can harness the benefits of this policy change while safeguarding the integrity and stability of its gold market and economy.
While the implications of this exemption are still unfolding, it is evident that this move will have a profound impact on various stakeholders, from consumers and investors to policymakers and experts.
As India navigates through the complexities of this policy change, it is essential to closely monitor its effects on the economy and assess the long-term implications for the country’s financial well-being.
FAQs
What is the recent announcement regarding gold import by RBI?
The Indian government has allowed the Reserve Bank of India (RBI) to import gold without having to pay customs duty and the Agriculture Infrastructure and Development Cess (AIDC).
What are the implications of this exemption?
This exemption has significant implications for the Indian economy, gold market, and financial stability. It opens up new opportunities for RBI to manage its gold reserves more efficiently.
How will this exemption impact the Indian economy?
The exemption is expected to have a positive impact on the Indian economy by potentially boosting the gold market, increasing financial stability, and enhancing RBI’s ability to manage its gold reserves effectively.
What is the rationale behind this significant policy shift?
The rationale behind this exemption is to streamline the process of gold import by RBI, enhance its operational efficiency, and align with the government’s efforts to promote economic growth and stability.
In 2024, the Indian furniture business is getting ready for a revolutionary ride to create the rooms of tomorrow so people can live better. The sector is poised for unprecedented expansion due to factors like changing consumer tastes, advancements in technology, and an increasing demand for new ideas. It is becoming increasingly clear that global manufacturers have a significant impact on the industry’s trajectory.
In 2023, the size of the Indian furniture market reached $23.9 billion. The forecasted market size, according to IMARC Group, is US$ 54.3 billion in 2032, with a compound annual growth rate (CAGR) of 9.3 percent from 2024 to 2032. A growing emphasis on home spaces, driven by shifting lifestyle patterns and trends in remote work, has increased the demand for furniture that is both useful and visually beautiful, according to the report.
To make 2024 a more inviting year, it’s important to be aware of the innovations and strategic expansions that global furniture makers are planning to provide to the Indian market. Many multinational corporations are preparing to enter or increase their footprint in the Indian market, thanks to the country’s rising middle class and strong economy, according to research.
In addition, cutting-edge innovations like AR and VR integrated into the furniture shopping experience are predicted to become more popular. This innovation will bring in manufacturers from around the world, making the business even more engaging, and it will also improve the shopping experience for customers.
As a result of pent-up and deferred demand, an analysis by RedSeer Strategy Consultants predicts that the online furniture and home market share in India will reach $40 billion by 2026. The research also predicted that the online home furnishings market will expand at a CAGR of 39% between 2018 and 2026. Lights, mattresses, home furniture, and décor are all part of the home category on the internet. In the online furniture business, RedSeer Strategy Consultants predicts a tripling of shoppers by 2026, accompanied by an anticipated 1.8-fold increase in annual expenditure per client. 1Lattice projects that by 2025, the online furniture industry will have grown to Rs. 16,000 crore ($1.92 billion), a compound annual growth rate (CAGR) of 27%.
Established participants in India’s organized furniture retail industry are either reorganizing their operations or just cutting back on their presence, while a new group of enterprises is entering the market. When it comes to food, fashion, and fast-moving consumer goods, for instance, the Kishore-Biyani-led Future group has decided to concentrate on those areas, while separating its home furnishings segment into its own company. In addition, companies like Urban Ladder aim to increase earnings, become Amazon vendors, and reach more customers at a lower cost by creating experience zones.
Size of Furniture Market in India in 2022, With Estimates Until 2027
Global Powers vs. India
The worldwide furniture industry is expected to have grown from its current size of $860.5 billion, expanding at a CAGR of 6% from 2021 to 2030. With a market value of $3.5 billion in 2022 and a compound annual growth rate (CAGR) of 15% from 2018 to 2022, India’s share in global furniture exports is approximately 1.12%. When looking at global furniture imports in 2022, the top four countries were the United States ($86.76 billion), Germany ($24.44 billion), the United Kingdom ($14.54 billion), and France ($13.8 billion). India has a lot of untapped market potential, according to these numbers. Among the countries that import furniture to the US, Germany, and the UK, India currently accounts for 2.48%, 1.99%, and 1.66%, respectively. These percentages show that these potential markets have room for growth and that India may take advantage of it by increasing its presence there.
Key Rivals and Future Prospects
In 2022, according to the ITC Trade Map, the top countries for furniture exports were China with $130.89 billion, Vietnam with $21.08 billion, Germany with $18.4 billion, Italy with $17.17 billion, Mexico with $12.78 billion, Poland with $12.08 billion, and the US with $10.1 billion.
When it comes to export supremacy, China and Germany couldn’t be more different. Several factors, including cheap labor, increased innovation and technology, and government subsidies and incentives, have contributed to China’s furniture sector’s rapid expansion. Germany, on the other hand, has been rather successful thanks to its innovative technologies, commitment to environment-friendly practices, and well-deserved reputation for superior craftsmanship.
On the other hand, India has a few benefits over China, like cheaper labor, which means its products can be priced more competitively. The expanding purchasing power of India’s middle class also bodes well for the country’s furniture industry. Also, the nation can offer some distinctive furnishings to the global market by capitalizing on its design prowess and wealthy cultural history.
The sector may concentrate on building upon its strengths while tackling problems and opportunities for growth if it first identifies where India has a competitive advantage. With this plan, India may become a major player in the international furniture industry.
When these factors are considered, the Indian furniture sector is poised for a historic year in 2024, one that will be defined by collaboration, sustainability, and innovation. The research-based findings highlight the importance of being flexible and strategic as the industry deals with a world where customer expectations are always changing and global factors have an impact. We are on the cusp of an exciting new period of transition in the Indian furniture sector, thanks to the global manufacturers that are investing in our growth.
FAQs
Which are the top countries for furniture exports?
According to ITC Trade Map, the top countries for furniture exports were China with $130.89 billion, Vietnam with $21.08 billion, Germany with $18.4 billion, Italy with $17.17 billion, Mexico with $12.78 billion, Poland with $12.08 billion, and the US with $10.1 billion.
What will be the Indian market size by 2027?
The Indian furniture market is expected to be $39 billion by 2027.
What will be the worldwide furniture industry by 2030?
The worldwide furniture industry is expected to have grown from its current size of $860.5 billion, expanding at a CAGR of 6% from 2021 to 2030.
A discount broker, or a low-cost broker, is a type of brokerage firm that provides trading services at a significantly lower cost than traditional full-service brokers. In contrast to full-service brokers, discount brokers generally do not offer personalized investment advice or comprehensive research services. Instead, their primary focus is executing trades efficiently and providing essential tools and resources for investors to manage their investment portfolios.
These brokers grant access to various investment products, including stocks, derivatives, commodities, and currencies. This diverse array of investment options enables individuals to diversify their portfolios and capitalize on different market opportunities. Discount brokers are renowned for efficient trade execution, with orders typically processed swiftly and accurately. This feature can be particularly advantageous for traders who rely on timely execution to seize market opportunities as they arise.
Selecting the right discount broker in India is a pivotal decision for investors aiming to optimize their trading experience and maximize returns. With many available options, choosing the best broker warrants a careful evaluation of several key factors.
This article looks into the various aspects you should look into so that you can make informed decisions that align with your financial goals and preferences, thus improving your overall investing experience.
Brokerage fees are the charges levied by brokers for carrying out trades on behalf of their clients. These fees can vary greatly among brokers and significantly impact the profitability of trading activities. Verifying that the broker’s fee structure is transparent and easy to understand is critical. Hidden charges or intricate fee structures might result in unplanned costs, reducing potential savings.
While low brokerage fees are undoubtedly necessary, avoiding sacrificing service quality and the strength of the broker’s trading platforms is also critical. Striking the correct balance between cost-effectiveness and service quality is essential for optimizing the trading experience and returns.
Research Tools and Analysis
Conducting thorough research and analysis is crucial for making well-informed investment decisions. When evaluating brokers, it’s essential to look for those that offer comprehensive market research reports covering various asset classes, sectors, and market trends. These reports can provide valuable insights into potential investment opportunities, giving you a competitive edge in identifying lucrative prospects.
Additionally, consider whether the broker provides analysis resources such as financial statements, company profiles, real-time news updates, market commentary, and economic indicators. These resources can keep you informed about the latest developments and help you stay ahead of the curve.
Furthermore, some brokers offer advanced tools like back-testing and simulations, which allow you to test trading strategies using historical data. This feature is invaluable as it enables you to evaluate the effectiveness of your plan before implementing it in live markets.
Estimated Revenue of Neobrokers in Select Countries
Trading Platform
Trading platforms are software applications or online services that provide users with an interface to buy, sell, and monitor various financial instruments. When evaluating trading platforms, it’s crucial to consider their user-friendliness and intuitive design. The platform should have a well-organized and easy-to-navigate interface, making it simple to place trades and access essential features without complications.
Additionally, fast order execution is a critical factor to consider. The platform should offer swift order processing, enabling you to capitalize on market opportunities promptly. Delayed order processing can lead to missed trades and potential losses, hampering your overall trading performance.
Another crucial aspect to evaluate is the platform’s customization options. The trading platform should allow you to personalize the layout, settings, and preferences according to your unique trading style.
Customer support refers to the assistance and resources provided by the company to ensure customer satisfaction with their products or services. When evaluating brokers, it is essential to consider the availability and quality of their customer support.
You should look for brokers that offer support beyond just trading hours, with 24/7 availability. This ensures that any queries or concerns can be addressed promptly without waiting for extended periods. Additionally, it is essential to assess the various channels through which customer support is accessible, such as phone, email, live chat, and social media platforms. Having multiple communication options can provide convenience and cater to different preferences.
Reliability
A reputable broker guarantees that your trading operations run smoothly, that your funds are secure, and that your orders are processed swiftly. Choose a broker regulated by respected financial institutions, such as the Securities and Exchange Board of India (SEBI). Look for brokers with a solid financial foundation, a proven track record in the sector, and beneficial financial reports. This decreases the possibility of the broker experiencing financial troubles or insolvency.
The broker’s trading platform should also be stable, with no interruptions or technical concerns. Checking for reliability increases your faith in the broker’s capacity to deliver a secure, stable, and trustworthy trading environment, reducing potential dangers and disruptions to your trading activity.
Scalability
Scalability refers to the ability of a system, product, or service to handle an increasing amount of work or accommodate growth capably. In terms of trading, the platform should be capable of handling increased trading volumes, advanced order types, and additional features as your trading activity expands.
When assessing brokers, looking for those with robust IT infrastructure, scalable server capacity, and flexible architecture is essential. These elements ensure the platform can support increased user traffic and trading activity without experiencing performance degradation or bottlenecks. A scalable system can adapt to your evolving needs, providing a consistent and reliable trading experience even as your trading volume and complexity increase.
Additionally, consider brokers that offer scalable customization options for their trading platforms, research tools, and account settings. Scalable customization allows you to tailor the trading experience to your specific preferences and trading style as your needs evolve.
In conclusion, when choosing a discount broker in India, it is essential to examine many important variables to ensure a smooth and pleasant trading experience. Low brokerage costs, powerful research tools and analysis, user-friendly trading platforms, dependable customer support, and regulatory compliance are all essential considerations when making decisions. By carefully evaluating these aspects, traders can identify a discount broker who matches their goals, interests, and risk tolerance, paving the path for successful and rewarding investment journeys in India’s dynamic market.
FAQs
What are the benefits of using a discount broker?
The benefits of using discount broker include:
Lower brokerage fees compared to full-service brokers.
Access to various investment products for portfolio diversification.
Efficient trade execution for timely capitalizing on market opportunities.
What are some drawbacks of using a discount broker?
Some of the Drawbacks are as follows:
Limited personalized investment advice and research compared to full-service brokers.
Requires more self-directed research and analysis for informed investment decisions.
How can I find the best discount broker for me in India?
Research and compare different discount brokers based on the factors mentioned above. Consider your trading style, budget, and investment goals to identify a broker that best suits your needs.
Are you looking for a quick and easy way to attract new customers? Consider using Google Ads!
While many brands rely on organic traffic and search engine optimization, these things often take time to deliver results.
If you need fast results to scale and grow, use Google Ads for small businesses.
However, with increasing competition and rising ad costs, business owners are questioning whether Google advertising is still a practical marketing strategy.
To know the answer, keep reading this article.
Google Ads – Are They Worth It for Small Business?
Yes, they are!
If you’ve ever looked for something online, you’ve come across an ad on Google. As the majority of people around the world rely on Google for information or making purchases, it is the best platform for running ads.
It will help you to reach your ideal audience and increase your brand awareness. With Google Ads, you can display what your business is offering to people around the world who use Google to find things.
With privacy regulations affecting Facebook’s attribution, many small business owners are increasingly turning to Google ads. Here are the three main reasons why, as a small business owner, you should advertise on the platform:
· Precise targeting to reach new customers
· Affordable clicks directing traffic to your website
· Quick opportunities for growth with positive returns
However, remember that there’s no one-size-fits-all solution. Just because some small businesses find success with their advertising campaigns doesn’t guarantee it for everyone.
You need to tailor your strategy to your goals and audience to get results. Google Ads Management Sunshine Coast can help you with this. Their team of ads specialists will design highly targeted Google ad campaigns for your business, bringing in leads.
Why Use Google Ads for Small Business?
When you’re running a small business, two things matter most –
● Building brand awareness
● Acquiring customers
The problem lies in competing with larger businesses on a limited ad budget, and that’s where you can benefit from Google ads.
Here are some reasons why you should use Google ads for small business:
Target by Search Intent
PPC search ads help you to place your business or service at the top of Google’s search results. This means that if you optimize your ads, you can reach potential customers who are searching for your products.
Powerful Tools
When you use Google Ads, you get access to a powerful set of tools like – ad management, Google’s AI, and analytics tools. You can use them to connect with your target audience without spending excessive money on other paid tools.
Target Multiple Industries
Using search ads allows you to reach people across different industries without spending much. By adding keywords specific to each industry, there’s no need to spend time and money creating separate product pages.
Simply use different keywords to guide customers to the same store. Here’s an example: Searching for “gardening tools” or “organic plants” can trigger ads directing users to your plant shop.
Reach Nearby Users
Small businesses often benefit from local customers, and Google can help you with it. With features like Google My Business and Geotargeting, you can easily attract local customers. If someone in your area searches for a service you provide, your ad can appear on top and direct them to your business.
Instant & Trackable Results
Small businesses need steady and measurable growth. Google Ads can help you track metrics and offer instant results to know what’s working for your branding strategy. With access to all this information, you can make better decisions and scale your business for return on investment.
Tips to Run Google Ads for Small Business
To make the most of Google Ads for your small business, follow these tips:
1. Plan and Setup Clean Objectives
Before starting a Google Ads campaign, create a plan with specific goals in mind, whether it’s boosting email sign-ups, generating leads, increasing sales, or growing account registrations. A well-defined objective is important for targeting the right audience.
2. Set a Budget
Determine the maximum amount you’re willing to spend on your Google Ads campaign. Consider factors like search term popularity, campaign conversion rates, and conversion rates per campaign when planning your budget. Regularly check the budget report in your Google Ads account for insights.
3. Avoid broad keywords
Select keywords that are relevant to your business goals. Using overly broad terms may display your ads to the wrong audience, wasting both time and money. Experiment and test different keywords to find what works best for your ad.
4. Use Dynamic Keyword Insertion
Take advantage of Google’s Dynamic Keyword Insertion (DKI. It automatically inserts relevant terms into your ad’s headlines or descriptions based on the search query. This dynamic approach will improve your ad relevance.
5. Limit Locations
Tailor your ad targeting to specific locations relevant to your business. Exclude areas outside your shipping range or show ads only to users in your local vicinity.
6. Study the Competition
Learn from competitors by analyzing their keyword usage and bidding strategies. Use Google’s keyword tool and conduct online research to understand successful approaches. Conduct a SWOT analysis to identify your strengths and weaknesses compared to competitors.
7. Avoid Spending on Branded Keywords
Bid on branded keywords only if competitors are trying to divert your traffic. If you’re already ranking organically for your brand keywords and no one is competing, spending on these keywords might result in unnecessary competition against yourself.
8. Run Relevant Ads
Only run ads that address customer pain points and provide value. Make sure your ad copy and headline are relevant and quickly address the searcher’s needs. Avoid running ads that do not contribute meaningfully to your audience.
9. Hire a Google Ads Agency
Hiring a Google Ads agency can be a wise choice if handling Google Ads is too time-consuming or burdensome. Agencies optimize your campaigns for optimal effectiveness by bringing their skills and experience to the table. Google Ads Management Sunshine Coast agency can help you perform better.
How Much Should You Spend on Google Ads?
The ideal Google Ads budget varies based on factors like location, company size, and industry. Keep in mind that the cost of your ads depends on the specific product or service you’re promoting.
Start with a budget in the range of $2000 to $8000. Focus on activities like optimization, keyword research, and data tracking to understand what works for you.
Conclusion
So, if you are contemplating using Google Ads, we hope you have your answer. While running ads on Google is a good growth strategy, it is not a magical solution. To make it work for your small business, plan ahead and create a budget. You can also hire a Google Ads agency for the best results.
This article has been contributed by Rohan Arora, Co-Founder, Evolve.
In today’s world, technology has become an integral part of our lives. And it’s not just limited to entertainment or work, it has also revolutionized the way we approach mental health care. With the advent of teletherapy, mental health apps, and online support groups, people now have access to a plethora of tools to manage their mental well-being.
Teletherapy, also known as online therapy, has taken the mental health world by storm. It is a super convenient alternative to traditional in-person therapy that connects individuals with licensed therapists through video conferencing platforms from the comfort of their own homes. This format is a game-changer as it eliminates transportation issues, and geographical barriers, making therapy accessible to people in remote areas or those with mobility constraints.
The best part? Teletherapy provides a sense of anonymity and privacy to individuals who may not feel comfortable discussing their mental health issues in person. This sense of privacy leads to greater openness and honesty during sessions, which can significantly enhance the effectiveness of therapy.
The Role of Technology in Mental Health Support
There are many ways technology, particularly apps, are being used to support mental health. Here are some of the key ways:
Accessibility: Maybe you live in a remote area or finding childcare to get to an appointment is tough. Mental health apps can provide support and resources 24/7, regardless of location. Evolve is available globally on the Play Store & App Store and is used by individuals from 50+ countries. This is only possible because of technology and the access people have to apps to support their own mental health.
LGBTQ Community: Members of the LGBTQ+ community may be uncomfortable accessing traditional therapy methods due to a variety of factors. By having access to a therapist via technology or having access to a mental health app, they are empowered to manage their own mental health and are more likely to be able to get the help they need and deserve. Evolve strives to be a mental health platform that is inclusive to all and helps individuals deal with minority stress factors like homophobia, rejection, and bullying.
Personalized Self-Care: Using apps of technology for your mental health can help you practice self-care on your own terms. This could be via meditations, journaling, online support groups on Zoom or something else that you prefer. This allows you to take charge of your self-care routine. We offer each of these services on Evolve, allowing users to create personalized self-care routines and manage their pain points so they can flourish.
Coping Skills: Many apps offer guided meditations, relaxation techniques, and mindfulness exercises. These can help you manage stress, and anxiety, and improve your overall well-being. Evolve offers these techniques and allows users to make their screen time more productive, their coping skills more positive, and manage their stress better.
Timely support: An app, an online community, or even online therapy sessions can help you manage your mental health better and get the help and support you need via technology. During COVID and lockdown, this was a key feature in helping people meet their emotional and mental health needs. Evolve’s interactive therapies, guided meditations, and self-care tools allow users to find timely support at any time, whenever they need a moment to get back to balance.
Embracing Technology for Mental Well-being
Mental health is a crucial aspect of our overall well-being, and with the help of technology, it has become more accessible than ever before! Teletherapy, online support groups, and mental health apps have revolutionized the way we approach mental health. They provide a convenient and community-based approach for individuals seeking to improve their mental well-being.
However, it is essential to use technology mindfully, understand its limitations, and seek professional help when necessary. By finding the perfect balance between technology and human support, we can all lead fulfilling and happy lives. So, let’s embrace technology and take a step toward mental well-being!
This article has been contributed by Rajeev Vijayan, Co-Founder & CEO, The Able Mind.
Feeling overwhelmed by work these days? You’re not alone. In today’s lightning-fast world, work often becomes our entire universe. But what about the well-being of the people behind the work? Don’t just focus on fancy ping pong tables, sleep pods and free lunches – true employee well-being goes way deeper. It’s about crafting a work environment that fosters the overall health and happiness of your team.
In stark contrast to the bygone era where success was often carved through ruthlessness, leaving a trail of casualties in its wake, the modern corporate world thrives on a different kind of power. Here, success is built on the collective strength of a team. It’s about inspiring and empowering employees to believe in themselves and the shared vision, ultimately propelling everyone towards a common goal. It’s a win-win scenario where individual achievements become stepping stones for collective triumphs.
In March 2023, Indeed commissioned the Forrester Consulting Group to conduct a global survey of employees to gauge the current state of workplace wellbeing. The survey indicated a harsh reality – that only 24 percent of employees in Indian organisations experience high levels of wellbeing at their workplaces and over 75% reported low levels. This isn’t just a number – it’s a wake-up call. Prioritizing mental wellness in the workplace isn’t optional anymore, it’s essential.
Challenges and Misconceptions
Here’s the shocker. Some leaders still believe mental health concerns don’t exist in their workforce, or that it’s all a big fuss and people should not be mollycoddled or that employees are productivity robots fuelled by coffee and ambition alone. They’ve shifted their focus from a people-centric approach to one solely focused on results but while achieving results is crucial, it’s the people who deliver those results.
Challenges in Prioritizing Employee Well-being
So, why do we overlook employee well-being even though it benefits everyone? Let’s break it down:
Misguided Beliefs: The outdated notion that success means long hours, constant “busyness,” and cutthroat competition (“dog-eat-dog world”) still lingers. This mentality is a recipe for burnout and disregards employee well-being.
Short-Term Focus: Some companies prioritize immediate results over investing in their employees’ long-term well-being. They might see wellness initiatives as unnecessary costs with no clear impact on quarterly profits.
It cannot be measured: Unlike sales figures or productivity, there’s no single, clear-cut way to quantify a happier, healthier workforce. This can lead some companies to view mental health initiatives as a vague expense with an uncertain return on investment.
Lack of Personal Awareness: The impact of a stressful work environment on mental and physical health can be a blind spot for some leaders, especially those from a different generation. Their own experiences and professional growth in a less connected world could make them less aware of the social, financial, and peer pressures faced by today’s new generation entering an increasingly connected and complex world. This can lead to missing the warning signs of burnout and the negative effects of fostering excessive competition in a hyper-connected world.
A well-being culture promotes both employee engagement (think productivity, retention, and customer satisfaction) and well-being (impacting presenteeism, absenteeism, turnover, and productivity). You can’t focus on one at the expense of the other – both need to be addressed to create a healthy, productive workplace that fosters mental peace within your employees.
But where does one start? Here are some actionable strategies and practices to create a culture of mental well-being for your team:
Formal Mental Health Policy: Establish a company policy outlining your commitment to mental health and the resources available to employees. This policy should ensure that existing policies (performance management, feedback shift work, project staffing, rewards) are aligned with building a holistic well-being and engagement culture.
Open Communication is Key: Silence is the enemy of progress. Create a safe space for employees to discuss mental health concerns. Lead by example and normalize open communication. Talk about your own experiences with stress and challenges, and actively listen to your team’s concerns.
Stop romanticising‘busy-ness’: Burnout is a real and serious issue. Encourage employees to take breaks, use their vacation days, and disconnect when they are focusing on their personal lives. Consider flexible work arrangements or compressed workweeks to give them control over their schedules while absolutely recognizing and communicating that work-life balance does not mean a 9am – 5pm workday. Work-life balance is about priorities and the employee and organization each other’s priorities when required.
Effective Support System: Wellbeing equals resilience. A resilient employee is better equipped to navigate challenges. And the good news? Resilience can be learned. But wellbeing needs daily focus. Like mandatory skill-upgrading training, companies need to offer ongoing support for emotional well-being – workshops, open cultures, proactive measures to ensure timely and effective support so employees can bring their best selves to work everyday. 78% of all workplace issues are spillovers from personal life.
We are dealing with people where the stigma associated with seeking support is real and everyone’s become really good at bottling up their feelings – resulting in a pent-up volcano of festering emotional turbulences. The need for anonymity, accessibility and constant support is crucial and needs to be built into the support framework.
Walk the Talk: Let’s be honest, claiming employee well-being is a top priority is practically the new “free candy!” in the corporate world. Everyone’s saying it, but is anyone offering the keys to the vault (or at least a comfy beanbag chair)? Ideally, employees should arrive at work with their personal woes neatly compartmentalized, tucked away like a forgotten gym membership. But guess what? Turns out, 78% of employee well-being issues seep in from that very personal life you’d rather have them leave outside. Organizations can’t just preach well-being like a motivational poster. They need to bake it into the company culture, the policies, the breakroom conversations and in their communication. Awareness campaigns, workshops, trainings are great, but just not enough. One needs to have a plan to address employee well-being issues, not just a strategy.
Market Size of the Wellness Industry Worldwide from 2019 to 2022 with Forecast to 2027
Guess what translates directly to profit? Less grumpy emails, fewer sick days, and people who actually want to stay (imagine that!). Also, happy employees mean less presenteeism – you know, those warm bodies who show up but aren’t really there. Now that’s a productivity boost that can be measured on the bottom line and creates a win-win.
A mentally healthy workforce is a productive and thriving workforce. By implementing these strategies, you can create a positive and supportive work environment where your employees feel empowered to prioritize their well-beingand bring their best selves to work every day.
This article has been by contributed by Saloni Anand, Co-Founder, Traya.
In the realm of personalized health solutions, where innovation meets individual needs, customer retention isn’t just a metric but a testament to the efficacy of your product and the trust you build amongst consumers. Retaining customers not only ensures a steady revenue stream but also increases the lifetime value of each user. However, in an industry afflicted by skepticism and evolving demands, encouraging loyalty requires an extensive approach that revolves around providing a world-class experience.
At the heart of customer retention lies the effectiveness of the solution provided. Users must gain tangible benefits from the personalized health solution, addressing their basic needs effectively. Whether it’s managing chronic conditions, achieving their fitness goals, or optimizing overall wellness, the solution should deliver results that resonate with the user’s objectives. This efficacy serves as the foundation upon which long-term relationships are built.
Customization is essential for keeping customers in personalized health solutions. Each person has unique health goals, preferences, and situations. So, adjusting the experience to fit these specifics not only increases satisfaction but also strengthens the bond between the user and the solution. By providing personalized recommendations, insights, and actions, businesses show their dedication to meeting the specific needs of each user.
Enhancing Engagement through Personalized Communication
One crucial way to keep customers in healthcare is to communicate with them in a personalized and relevant manner. This includes using their name, preferences, history and needs to customize your messages and interactions. For instance, you can send reminders, tips, feedback, and offers based on their individual health goals and conditions. You can connect with them through various channels like email, text, phone, video, or chat. Personalizing your messages can make customers feel valued, understood, and engaged with your healthcare services.
Seamless Support and Engagement in Health Services
Beyond the solution itself, delivering a world-class experience includes seamless customer support and engagement. Timely and empathetic resolution of queries and issues instills confidence in users, positioning the business as a trusted source of information and support.
Utilizing Technology and Data Analytics for Health Solutions
To effectively implement these strategies, businesses need to make effective use of technology and data analytics. By monitoring users’ progress, understanding their behaviors, and analyzing their health data, businesses can offer personalized interventions proactively. Artificial intelligence is an effective way of identifying patterns, predicting needs, and providing tailored recommendations, thereby improving the overall user experience. This involves utilizing the latest tools, platforms, or solutions to enhance efficiency, quality, or accessibility.
For instance, leveraging artificial intelligence can optimize processes and insights, while mobile apps or sensors can monitor, track, or manage customers’ health. Embracing technology and innovation allows businesses to meet evolving customer expectations, gain a competitive edge in the healthcare market, and stay ahead of the curve.
Furthermore, active engagement is key to maintaining retention. Regular follow-ups, incentives, and loyalty programs incentivize users to stay committed to their health journey. By nurturing a sense of accountability and motivation, businesses can drive sustained engagement and loyalty among their user base.
Building Community for Enhanced Engagement
Building a lively community around personalized health solutions strengthens customer relationships. Forums, social media groups, and online communities provide platforms for users to share experiences, seek advice, and support one another. Actively engaging in these communities not only fosters a sense of belonging but also yields valuable insights for improving the solution and meeting evolving needs. Encouraging users to share their stories, experiences, or successes further enhances engagement.
For instance, establishing online forums or groups enables customers to ask questions, exchange information, or provide support, as well as share testimonials. Moreover, hosting events, workshops, or webinars enables customers to connect, learn, and participate actively. Cultivating a sense of community is essential for boosting customer loyalty, retention, and advocacy.
Soliciting Feedback and Continuous Improvement
Central to optimizing the customer experience is soliciting feedback and measuring satisfaction. Regular surveys and assessments help gauge customer sentiment, identify pain points, and uncover areas for improvement.
Innovation and Agility in Health Solutions
Innovation and agility are indispensable in staying ahead of the curve in the personalized health solution space. As trends and technologies evolve, businesses must continuously adapt and introduce new features, services, or products to meet evolving customer needs. By embracing innovation, businesses demonstrate their commitment to delivering cutting-edge solutions that resonate with users and differentiate them from competitors.
Value-Added Health Services Beyond Expectations
An additional method to maintain customers in the healthcare sector is by delivering value-added services that go beyond their basic expectations. These services aim to elevate their experience, convenience, or outcomes with your healthcare offerings. For instance, offering home delivery of medication kits, loyalty programs, discounts, referrals, or educational resources can greatly enhance your customer satisfaction and distinguish you from competitors. Ultimately, these offerings can encourage repeat product usage and word-of-mouth referrals.
In conclusion, customer retention in personalized health solutions goes beyond simple transactional relationships, it includes a commitment to efficacy, personalization, and trust. By delivering a world-class experience grounded in solution efficacy, personalization, community-building, and continuous innovation, businesses can forge enduring connections with their users, driving long-term loyalty and success in the dynamic landscape of personalized health solutions.
Mamta Kumari
