The article has been contributed by Nehal Mota, Co-Founder & CEO, Finnovate.
Talk of exemplary women entrepreneurs in India, and the names that come to mind are Kiran Mazumdar Shaw, Falguni Nayyar, and a few others. Today, the landscape for women entrepreneurs has vastly changed. Several young women entrepreneurs are emerging; who prefer the challenges of striking out on their own, over the security of a full-time job. However, the more things change, the more they remain the same.
What has not changed is that women must look at their finances more carefully and closely. It is not enough to have an insurance cover and a bank balance. You need to defend your financial turf and ensure that your wealth grows. The challenge is a lot more pronounced for women entrepreneurs. They do not have a secured income in business and while costs are front-ended, revenues and profits tend to be back-ended. Secondly, women need to look at multiple asset-class exposures to combine security, steady income, and capital growth. While there is no royal route, here is a Financial Fitness Planning model that women can explore.
Start off with a Financial Fitness Plan
The word Financial Fitness Plan sounds esoteric. However, a women entrepreneur living amidst uncertainty on the flows side deserves greater certainty of the future. While you cannot predict outcomes, you can plan for it. The Financial Fitness Plan must be predicated on the troika of asset allocation, regular investing, and the power of compounding. This ARC model lies at the core of what women entrepreneurs should follow. Asset allocation is the mix of equity, debt, and other assets. We will look at this point in greater detail later. Regular investing is about syncing investment outlays with your inflows via SIPs and syncing SIPs with goals. Lastly, compounding is the discipline and persistence of staying invested for the long term, since it is time and not timing that generates wealth in the long run.
First Building Block – Pay Yourself Adequately
Being a women entrepreneur calls for a high level of financial discipline. It essentially means that you cannot afford to splurge money on conspicuous consumption. However, there are basic necessities you have to take care of. Also, you have just one life to live, so as well make the best you can on a budget. One way to set the discipline is to allocate about 10-15% of your income flows to yourself. Here the focus should be on prioritizing. Put your needs first, since they are not negotiable. Once you are done with the needs, see how much of your wants and limited indulgences you can manage to address. Remember, the allocation of 10-15% here is the outer limit, so don’t exceed that limit.
Second Building Block – Get Adequate Insurance
Some insurances are optional but some are mandatory. Health coverage is mandatory since you don’t want to imperil your finances by paying medical bills. Start off with an adequate family floater health cover of Rs. 10-15 lakhs at the bare minimum. To save money on larger covers, go for a base plan plus a super top-up, so the deductible makes the plan economical. Do you really need life cover? If you have dependents, then life cover is mandatory for financial security for your family. In case you have a home loan or other liabilities, it makes sense to add term covers to cover such liabilities also. Insurance not only saves you the shock of sudden outflows but also protects the integrity of your assets and your Financial Fitness Plan.
Women and Tax Saving Investments
Third Building Block – Set Aside an Emergency Fund
If you suddenly need cash to attend to a family emergency or need to travel or take care of an ailing relative; you do need an emergency fund to fall back upon. How much of an emergency fund to create? Ideally, don’t create an emergency fund that is more than 6-12 months of your expenses. Set this aside in a liquid mutual fund so that it continues to earn some returns even as the fund remains idle and liquid. However, this should be the base level of emergency fund to always maintain and this money cannot be used for any other purposes. More importantly, if you draw down your emergency fund for a family exigency, make it a point to immediately replenish it. You can also fall back on this fund if business flows go into a temporary downcycle.
Fourth Building Block – Time to Plan a Roof over Your Head
One of the core building blocks to long-term security, apart from insurance, is your own home. With your own home, you don’t worry about changing residence or wondering what to do if you cannot afford to pay the rent. The quality of life matters a lot and hence you cannot compromise on that. The own home ensures that you have an asset to fall back upon, even at a later stage in your life. For that, you need to start planning early so that you have the resources to pay the upfront payments and the monthly EMIs. Start this quest when you are still in your late twenties, so your EMIs are completed early. About 30-35% of your total income can be set aside for paying for the home.
Last Building Block – Take Calculating Risks in Investing
You cannot go too far by investing in gold and bank FDs. They offer portfolio hedge and asset security, at best. Women entrepreneurs must leverage the power of equities. As an entrepreneur, you perfectly know that returns and risk are correlated and you need to extend that business argument to your investment strategy too. As we said earlier, use the equity mutual funds route to get a diversified package and adopt a SIP approach. That is less risky, more disciplined, and more fruitful in the long run.
There is one more suggestion. In a career spent chasing your business goals, you often overlook your personal goals like travelling, social work, arts, etc. It is never too late to undertake such activities and see if you can set aside about 10% for financial freedom, so you can pursue such ideas in the future! That is a positive way to end the thought process.
Recently, the 46th session of the Codex Alimentarious Commission (CAC), an international body established by the World Health Organisation and the Food and Agriculture Organisation of the United Nations with 188 member nations, was held in Rome, Italy, and during that session, the CAC commended India’s Standards on Millets and accepted the country’s proposal to create global standards for millets. The international meeting was a great success for India’s newly drafted group standard for fifteen different types of millets, which details eight quality characteristics. Sorghum and pearl millet both have standards in Codex at the moment.
Just like with pulses, India has proposed creating international standards for millets, with a focus on the following varieties: Finger millet, Barnyard millet, Kodo millet, Proso millet, and Little millet. Attendees from 161 member nations, including the EU, voted overwhelmingly in favor of the proposal at the conference held at FAO Headquarters in Rome.
In the past, millets were widely consumed in rural regions as a main source of nutrition in India. This was due to their high nutrient density, ease of cultivation, low water requirements, and lack of pesticide and insecticide use. But then the green revolution hit the nation in 1966 and 1967, and the government and many businesses began actively pushing it. But the present administration sees the promise in millets, and they are marketing them as a miracle crop that would end the global hunger and malnutrition problem.
India’s Campaign to Increase Millets’ Popularity Around the World
More than 102 nations sent representatives to a two-day conference on millets that India hosted in March 2023 when it was the G-20 president. The event took place in New Delhi. Topics covered during the international conference honoring the IYM 2023 included research and development, nutritional advantages, value chain development, market connections, and production and consumption of millets.
In 2023, India accounted for 20% of the world’s millet production and produced 80% of it in Asia, according to the Economic Survey of India.
The worldwide average millet yield is 1229 kg/ha, while India’s average production is 1239 kg/ha. Worldwide, India ranks first for millet production and second for exports. A variety of millets, such as Jowar, Raagi, Bajra, Ramdana, Cheena, and Saama, are cultivated in India. With a particular emphasis on millets, the Union Budget 2023–24 promised to transform the Indian Institute of Millet Research in Hyderabad into a world-class center for exchanging knowledge, expertise, and cutting-edge research to establish India as a leading center for millet research. Growing these healthy millets is an important part of small farmers’ roles in improving the health of the Indian population, which was recognized in the Union Budget 2023-24.
With the start of the International Year of Milletsand Other Ancient Grains (2023), India has joined the ranks of other countries actively participating in the IYM initiatives. India’s G-20 Presidency and the FAO’s global activities on millets at the IYM 2023 have helped bring together nations, research institutes, and civil society organizations to work towards the goal of zero hunger, which is the second Sustainable Development Goal set by the United Nations.
Millet Production Across India in Financial Year 2022, by State
Next-Gen Solution
Over the last 30 years, the United Nations has seen a disturbing increase in the frequency of severe weather events. According to scientists, these disasters have been made much worse by climate change. Sea levels are rising due to the fast melting of glaciers and ice sheets, and extreme weather events such as heatwaves, droughts, and floods are becoming more common. In addition, marine heatwaves have been caused by the warming of our oceans, and the Arctic Sea has seen a considerable decrease in ice covering. The consequences of climate change are already being felt by people, especially in terms of food insecurity. An extra 100 million people might fall into poverty by 2030, according to the World Bank’s climate change predictions. These figures show how urgent it is to try to lessen the impact of climate change on the food supply.
In this context, millets, which are well-known to address issues of food insecurity, agriculture, and the environment, take on a greater significance. Global experts now support the sustainable development and use of these nutri grains as a realistic solution to mitigate the effects of climate change and ensure a reliable supply of healthy food. As people throughout the world start to realize how bad climate change is, millet is rising in popularity as a possible crop for the future. With a shorter growth cycle than wheat and a water requirement 70% lower than rice, millets offer a complete solution to the issues brought about by climate change. According to the Food and Agriculture Organisation (FAO), millets offer several benefits that other, more often consumed cereals do not.
Roadblocks Hampering the Growth
According to ICRISAT, an organization jointly formed through an MoU between the Government of India and the CGIAR, By implementing interventions on the supply and demand sides, taking both the short and long term into account, one must ensure that millet production remains economically viable for farmers. It is important to keep the national food security factor in mind while crafting policies to increase millet production.
From 18 million metric tonnes in 2018 to 45 million metric tonnes in 2030, that is the yearly production target set by the government for millets. Compared to rice, millet now has a significantly lower average productivity of only 1 to 1.5 t/ha. Therefore, the country’s food security could be jeopardized if there was an attempt to convert rice-growing land to millets without first identifying which areas to target.
Moreover, according to Tapas Chandra Roy, a certified Farm Advisor on millet, millet processors in India face a problem with the grain recovery rates of the machinery they use, which are just 70 to 80%. There are more broken and unhulled grains in the final product because of the decreased efficiency. The efficiency of dehulling millets is influenced by the speed of the impeller. You are aware that millet grains vary in size, shape, and husk content, which makes them challenging to work with. It takes two different kinds of dehullers to properly dehusk all kinds of millets; using just one won’t cut it. A double-stage dehuller is necessary for the removal of the husk from Kodo and Barnyard Millet due to the many seed coatings that these varieties feature.
Millets’ husks are notoriously difficult to collect and separate from the processing unit’s effluent, which frequently ends up blended in with the finished product. Processing and disposing of millet husks is a challenge for many millet processors. An answer might be possible if value-added items could be made from millet husks.
Making certain items with only millet ingredients becomes quite challenging due to millet’s complete absence of gluten. Improving nutrient availability while decreasing anti-nutritional components still needs additional study and development.
Mumbai, February 27, 2024: India’s prominent branded apparel manufacturing conglomerate, Kewal Kiran Clothing Limited (KKCL), proudly presented its flagship brand ‘KILLER’ to its retailers from across India, exhibiting its transformation from a denim wear-focused brand to an edgy fashion brand. In a display that was as creative as it was compelling, this transition was portrayed by showcasing the upcoming AW’24 collection of over 1000 products, of which almost 75% are top-wear products followed by close to 20% in bottom-wear products, and the rest includes footwear, undergarments, and a host of accessories.
KILLER’s Autumn-Winter 2024 ensemble promises to offer a complete fashion wardrobe solution for today’s young and dynamic. Leveraging the capabilities of India’s largest indigenous manufacturing facility, KILLER is poised to unveil a captivating array of garments under the thematic umbrella of ‘OPTIMISM’ in the upcoming Autumn-Winter ’24 collection that will be made available across urban, tier 1, and tier 2 markets, with a retail footprint of 350 exclusive stores, more than 1800 MBOs and 800 departmental stores. Behind each meticulously crafted piece lies KILLER’s unwavering dedication to craftsmanship and innovation, evident in the meticulous selection of premium fabrics and the infusion of cutting-edge design elements.
Commenting on this development, Mr. Hemant Jain, Joint Managing Director – Kewal Kiran Clothing Limited, said, “In recent years, we have emerged as a robust organization to take full advantage of the growth of the fashion market in India and leverage our strengths to penetrate fashion markets across the world. The overwhelming response to our flagship brand KILLER’s event today is a moment of pride and satisfaction for me as the brand continues to enjoy as well as further gain its popularity among the Indian youth. And KILLER has now transformed into a complete youth fashion brand.”
Fashion enthusiasts, particularly those inclined towards self-expression, can expect a range of men’s designs embodying ‘Edgy’ and ‘Fashion Forward Looks’. Encapsulating this, the exclusive trade show organized by the brand at Taj Vivanta, Delhi had an innovative theme – ‘fusion of creativity and destruction’. Embracing the notion that innovation often arises from deconstruction, the brand symbolized this concept through a facade installation of denim art. This artwork served as a metaphor for breaking down conventional boundaries to create something entirely new and innovative. In the realm of creativity, destruction shouldn’t always be viewed negatively; rather, it can be seen as a vital step toward genuine innovation. This perspective encourages a mindset where challenges are embraced as opportunities for growth and reinvention.
Adding to this, Mr. Hemant Jain said, “This year will witness a lot of bold moves by KILLER. With an unwavering commitment, we are now directing all our energy towards refining and optimizing our flagship asset, KILLER, ensuring it attains peak performance and continues to set new benchmarks in the fashion industry. All our diverse customer touchpoints will reflect the new avatar of KILLER, thereby offering an enhanced brand experience while making it convenient for the consumers to obtain entire fashion looks.”
About KILLER
A premium fashion brand for men, KILLER is the first truly international Indian brand created and owned by Kewal Kiran Clothing Limited. A brand that is youthful, trendy, vibrant, and with an attitude. KILLER enjoys a leadership position in the premium menswear segment and is one of the largest-selling denim brands in India. Started as a jeans brand, the KILLER product portfolio today includes men’s ready-to-wear jeans, trousers, cargos, capris, shirts, jackets, tee-shirts, athleisure, innerwear (vests and briefs), footwear (shoes, socks), time-wear, eyewear and other accessories (belts, bracelets, etc). The designs of KILLER are synonymous with the rebellious streak of youth. KILLER products are retailed across EBOs (350+), K-Lounge (150+) Large format stores (800+) and MBOs (1800+) to be closer to its consumers and evolve the brand with the changing times.
National Pension System (NPS) is an easily accessible versatile retirement savings option in India. It is available for a wide range of individuals, irrespective of their employment status or sector, making it a robust scheme for investment and tax saving.
NPS follows a defined contribution model, where subscribers contribute to their pension accounts. Unlike defined benefit schemes, there is no fixed payout upon exiting the system. Instead, the accumulated wealth in NPS depends on the contributions made and the investment income generated over time.
The good news is that if you start investing wisely now, it will be easy to reach your savings goal. The National Pension System (NPS) is a great way to save for retirement for Indians irrespective of their age, service, business, residing city or state.
The Indian government has recently tweaked some guidelines for partial withdrawal of retirement funds with effect from February 1, 2024.
Let’s explore NPS further, including its eligibility criteria, potential returns, key features, and advantages. Let’s delve into its operational mechanisms, withdrawal regulations, and investment opportunities.
The National Pension System (NPS) is a social security program introduced by the Government of India. It is available to employees across different sectors, including public, private, and unorganized, except those serving in the armed forces.
When Was NPS Introduced?
The government abolished the old pension scheme and launched NPS on January 1, 2004. It was earlier only for new Central government employees and it was compulsory for them.
Later in May 2009, the government introduced NPS for all Indian citizens.
At present, all government employees, Central and State, have to mandatorily invest in NPS. The NPS enables individuals to make regular investments in a pension scheme throughout their employment. However, it is optional for private sector employees and individuals like Non-Resident Indians (NRIs) and Overseas Citizenship of India (OCIs).
Aims and Objectives
The NPS scheme is aimed at providing retirement benefits to all Indian citizens.
The scheme promotes disciplined savings during one’s career.
It encourages people to save for their post-retirement life.
It helps people meet their expenses and navigate through retirement with ease.
You can open an NPS account as an individual or through your employer/company.
You can contribute to your account every year till you attain the age of 60.
Your employer can also contribute a certain amount periodically.
After attaining 60 years of age, you can withdraw 60% of the accumulated amount.
The rest of the 40% amount should be invested in the pension fund.
The pension fund will ensure a steady monthly pension income.
In case of the death of the subscriber, the entire accumulated pension wealth shall be paid to the nominees or legal heirs of the subscribers, on a case-to-case basis.
Eligibility Criteria
Indian citizens, including residents, non-residents, and overseas citizens of India, are eligible to open an NPS account.
NPS subscriber needs to be between the age of 18 and 70 years as of the date of submission of his/her application to the Point of Presence (POP)/POP-SP.
Your corporation/organization has adopted the NPS scheme.
Must adhere to Know Your Customer (KYC) norms.
NPS is an individual account, it cannot be opened for others or third parties.
NRIs and Overseas Citizenship of India (OCIs) can open an NPS account. NRIs and OCIs are allowed to open Tier I accounts under NPS both on a repatriable and non-repatriable basis.
Here’s what this means:
Repatriable Basis: NRIs and OCIs can open Tier 1 NPS accounts on a repatriable basis, wherein they can remit funds from their Non-Resident External (NRE) or Non-Resident Ordinary (NRO) accounts to make contributions to their NPS accounts. The funds invested through this mode are considered repatriable, meaning they can be taken back or transferred abroad along with the accrued benefits.
Non-Repatriable Basis: Alternatively, NRIs and OCIs can also open Tier 1 NPS accounts on a non-repatriable basis. In this case, the contributions are made using funds that cannot be repatriated, such as those held in their Non-Resident Ordinary (NRO) accounts.
By allowing NRIs and OCIs to invest in NPS, India’s retirement savings scheme becomes accessible to a broader segment of the population, including those living abroad but wanting to save for their retirement in India. This expansion aligns with the government’s efforts to promote long-term savings and financial security among NRIs and OCIs.
NPS presents two types of accounts: Tier 1 and Tier 2.
Tier 1 serves as a retirement account with tax advantages and limited withdrawal options, catering to long-term savings needs. On the other hand, Tier 2 offers greater flexibility, allowing easier access to funds and addressing various short-term financial objectives.
Who Can Join NPS?
NPS is designed to be inclusive and accessible to a wide range of individuals, irrespective of their employment status, sector, or residency status, making it a versatile retirement savings option in India.
Who Regulates NPS?
The National Pension System is regulated and administered by the Pension Fund Regulatory and Development Authority (PFRDA). The PFRDA is a statutory regulatory body established by the Government of India in 2003 through the PFRDA Act of 2013.
PFRDA plays a critical role in creating a robust and trustworthy pension system, with a focus on protecting the interests of pension subscribers and promoting the long-term growth and sustainability of the sector.
Subscribers Under the National Pension System in India From Financial Year 2014 to 2023
How to Open an NPS Account?
Choose a Pension Fund Manager (PFM)
Before opening an NPS account, you need to select a Pension Fund Manager from those available. The PFM will manage your investments under the NPS scheme. You can choose from various PFMs registered with the Pension Fund Regulatory and Development Authority.
Currently, there are 10 Pension Fund Managers who manage investments by NPS subscribers:
NPS participants have the option to choose up to three pension fund managers, each specializing in different asset classes. Investors can allocate their funds across various asset classes, including equity (E), government bonds (G), corporate bonds (C), and alternative asset classes (A).
For example: A subscriber can choose the SBI Pension Fund Manager for equities, the Kotak Pension Fund Manager for government securities, HDFC Pension Fund Manager for corporate bonds.
You can exercise flexibility within NPS by adjusting your fund manager once per year and altering your investment scheme up to four times annually.
Select the NPS Service Provider
After choosing a PFM, one needs to select an NPS Service Provider (NSP) through which he/she wants to open an NPS account. NSPs are entities authorized by the PFRDA to facilitate NPS account opening and related services. Banks, financial institutions, and other entities can act as NSPs.
Fill out the NPS Registration Form
One can obtain the NPS registration form from the selected NSP, either online or through their physical branches. Fill out the form with accurate personal and nominee details, as well as investment preferences.
Provide KYC Documents
One needs to submit Know Your Customer (KYC) documents along with the registration form. Typically, documents such as an Aadhaar card, PAN card, passport, proof of address, and a passport-size photograph are required for KYC verification.
Choose Account Type
Decide whether one wants to open a Tier-1 or Tier-2 NPS account. Tier-1 accounts are mandatory for NPS subscribers and have restrictions on withdrawals, while Tier-II accounts are optional and offer more flexibility.
Contribute Funds
Make an initial contribution towards your NPS account. The minimum contribution amount varies depending on the NSP and the mode of contribution (online or offline). Subscribers can open an NPS account online by visiting the eNPS website through PAN & Bank account details.
eNPS Website
Receive PRAN
Upon successful registration, a Permanent Retirement Account Number (PRAN) by the Central Recordkeeping Agency (CRA) will be allocated. PRAN is a unique 12-digit identification number assigned to each NPS subscriber.
Choose Investment Option
Select your preferred investment option and asset allocation pattern among the available choices provided by the chosen PFM. NPS offers various investment options, including equity, corporate bonds, government securities, and alternative investment funds.
Regular Contributions
Once the NPS account is active, one can make regular contributions towards retirement savings. One can set up automatic contributions through his/her bank account or make manual contributions as per convenience.
By following these steps, one can successfully open an NPS account in India and start building his/her retirement corpus through the National Pension System.
It’s advisable to thoroughly understand the terms and conditions, as well as the investment options available, before opening an NPS account.
Returns
The returns on NPS investments are dependent on the performance of the assets in which the funds are invested. This makes NPS a market-linked product. One cannot predict the amount of return one will receive upon retirement in advance. However, NPS has so far yielded 9-12% annualized returns, higher than other tax-saving investment schemes like the Public Provident Fund (PPF).
Where Does NPS Invest Your Funds?
NPS is a market-linked product that allows one to invest in a variety of assets, such as stock (equity), government debt (bonds), corporate debt, and alternative assets like real estate investment trusts (REITs) or infrastructure investment trusts (InvITs).
With NPS, one also has the flexibility to determine the allocation of investments across different asset classes.
Vikash Kumar Sharma, a telecom engineer at Nokia, shared his investment strategy. At 30 years old, he has been investing for 5 years. He expects his savings to reach Rs 2 crore by the time he turns 60. “Out of this, Rs 1.23 crore will be available immediately, while the remaining Rs 82 lakhs will be invested in the market to provide a monthly pension.” He anticipates a 10% return, considering this investment option lucrative, tax-friendly, and secure.
Everything You Want to Know About NPS | National Pension System | India’s Retirement Pension Scheme
How Are Funds Invested in NPS?
In the NPS system, investments are spread across asset classes identified as ECG – Equity (E), Corporate Debt (C), Government Securities (G), and Alternative Investment Funds (A). These classes present diverse risk-return profiles and provide exposure to various market instruments.
NPS provides two investment avenues, Auto and Active choice. Under the Active choice, one has the autonomy to determine the distribution of assets in their portfolio, which means, one has a say in their asset mix. In the Auto choice, funds are allocated in assets automatically based on your age and risk profile, with both options capping equity allocation at 75%.
Within the Auto Choice feature of NPS, there are three options available:
Aggressive: With a maximum equity exposure of 75% until the age of 35
Moderate: Providing a maximum equity exposure of 50% until the age of 35
Conservative: Offering a maximum equity exposure of 25% until the age of 35
New Partial Withdrawal Clause
Can onewithdraw funds from NPS for early retirement? Yes, one can. If one wants to take some money out of their NPS savings before the age of 60 or when they retire, one can do so without closing their NPS account.
However, NPS subscribers are allowed to make partial withdrawals, subject to certain terms and conditions.
Who Is Eligible for Partial Withdrawal of NPS
One must have been in the NPS for at least three years.
One can’t withdraw more than 25% of the money one has put into their NPS account, without counting what the employer added, when one applies for withdrawal. One can’t take out any profits earned. For example: If someone has put in Rs 5 lakh and wants to withdraw, he/she can take out Rs 1.25 lakh only.
One can only withdraw money three times while they are in the NPS. If one wants to withdraw more later, one can only take out what they have added since their last withdrawal.
What Are the Predefined Conditions Where Partial Withdrawals Are Allowed?
When the subscriber fills out the withdrawal form, he/she can take out some of the money put into the pension account, but not more than 25% of what he/she has contributed, excluding any contributions from the employer, as per the PFRDA circular released on January 12, 2024.
The subscriber can only use this money for specific reasons:
Paying for children’s higher education, including adopted children.
Covering the costs of children’s weddings, including adopted children.
Buying or building a house or apartment in the subscriber’s name or jointly with the spouse. But if the subscriber already owns a house or apartment (not inherited), he/she can’t withdraw money for this reason.
Paying for treatment of certain serious illnesses, like cancer, kidney failure, (end-stage renal failure), primary pulmonary arterial hypertension, multiple sclerosis, major organ transplant, coronary artery bypass graft, aorta graft surgery, heart valve surgery, stroke, myocardial infarction, coma, total blindness, paralysis, accidents of serious/life-threatening nature or Covid-19.
Covering medical expenses and other costs related to any disability or incapacity the subscriber has.
Paying for training or improving the subscriber’s skills.
Covering expenses incurred by the subscriber for starting an own business or a venture.
Documentation Needed for Withdrawal
The subscriber is required to have these documents to withdraw money from NPS:
Filled withdrawal application form
PRAN Card in original
Proof of Identity (Attested copies)
Proof of Address (Attested copies)
A cancelled cheque
However, if the subscriber is suffering from any illness as specified above, the withdrawal request can be submitted by any of his/her family members.
Pre-mature Exit
Premature exit is allowed if the subscriber wants to retire early or if he/she does not want to continue NPS before the age of 60 years. However, this exit is only possible if the subscriber has completed 10 years from the date of joining NPS.
At exit, the subscriber should invest at least 80% of the accumulated amount to purchase a pension fund. This will provide a monthly pension. The rest of the 20% of the accumulated wealth can be taken as a lump sum amount.
Note: If the accumulated amount is less than Rs 2.5 lakh, then the subscriber can withdraw the entire amount as a lump sum. In this case, there is no need to go for a pension fund.
In the Case of Retirement
Upon retirement, the regulations governing NPS withdrawals are outlined as follows:
The retirement age for NPS is 60 years. One’s contribution to NPS stops when he/she turns 60. At least 40% of the accumulated wealth should be invested in purchasing a pension fund. To receive a monthly pension post-retirement, this is mandatory.
One can withdraw 60% of the accumulated wealth as a lump sum amount from NPS. However, if the accumulated fund is less than or equal to Rs 5 lakh, then he/she can withdraw the entire amount in one go. One doesn’t need to purchase any pension fund.
Few other options:
If one wants, he/she can purchase the pension fund up to 100% of the accumulated fund.
If one wants, he/she can delay the withdrawal of the eligible lump sum amount and keep the fund invested till the age of 75 years.
If any wants, one can delay:
Only the lump sum withdrawal
Only the pension
Both lump sum withdrawal and pension
If any subscriber wants, he/she can opt for withdrawal of a lump sum amount in phases (up to 10 installments). However one should purchase a pension fund before the phased withdrawal.
Income Tax Benefits
Income tax benefits on the National Payment System are available under the following sections:
Tax Benefits to Employees on Self-Contribution
Employees contributing to NPS are eligible for the following tax benefits on their contribution:
Tax deduction up to 10% of salary (Basic + DA) under Section 80 CCD(1) within the overall ceiling of Rs 1.50 lakh under Section 80 CCE.
Tax deduction up to Rs 50,000 under Section 80 CCD(1B) over and above the overall ceiling of Rs 1.50 lakh under Section 80 CCE.
Tax Benefits to Employees on Employer’s Contribution
Eligible for tax deduction up to 10% of salary (Basic + DA) (14% if such contribution is made by Central Government) contributed by the employer under Section 80 CCD(2) over the limit of Rs 1.50 lakh provided under Section 80 CCE.
Tax Benefits to Self-Employed
Individuals who are self-employed and contributing to NPS are eligible for the following tax benefits on their contribution:
Tax deduction of up to 20% of gross income under Section 80 CCD (1) within the overall ceiling of Rs 1.50 lakh under Section 80 CCE.
Tax deduction up to Rs 50,000 under Section 80 CCD(1B) over and above the overall ceiling of Rs 1.50 lakh under Section 80 CCE.
NPS offers individuals the opportunity to invest in a diversified portfolio of assets and potentially generate competitive returns over the long term, though with some degree of risk associated with market fluctuations.
It is essential for subscribers to understand the market dynamics and their risk tolerance when investing in the National Pension System. One can select their preferred investment option or go for the auto choice.
Key Points to Remember
Start investing in NPS now to build a larger retirement corpus, ensuring a bigger pension when you reach 60 and begin receiving monthly payments for life.
Secure your old age and ensure ongoing financial stability for your family with NPS, offering a pension plan that continues payments to your spouse for life after your passing.
After turning 35, investments gradually transition from stocks to safer options yearly, shielding retirement savings from market fluctuations as retirement age approaches.
You have the flexibility to determine your annual investment amount, allowing you to start modestly and gradually increase your contributions as your confidence grows. Simply invest a minimum of Rs 1,000 per year to begin.
NPS allows tax deductions beyond Section 80C, with investments of up to Rs 50,000, enabling an extra annual saving of up to Rs 15,600.
Benefit from tax-free returns with NPS—savings on investment, returns, and final maturity amount—providing a rare triple tax advantage exclusive to select investment products.
In a world where social media is supreme, number of followers and likes decide your identity and person’s worth, a new breed of influencers is emerging, wielding ‘nay’ sword, and criticism as their purpose to make their digital presence. They are no other but ‘De-influencers’.
“Stop buying supplies, things you will regret buying’, ‘im de-influencing you’, ‘de-influencing you from the most viral makeup of 2023’, ‘what not to $$$’ are the kind of headlines and headers that are making trends on social media platforms like YouTube, Instagram, and Tiktok (banned in India). It is noteworthy that #Deinfluencing has over 1 billion views.
This new breed of voices is making waves, disrupting the traditional norms of curated content and aspirational lifestyles in the world of consumerism. Meet the De-influencers – individuals who are shaking up the normal trend by challenging myths, debunking misinformation, and fostering critical thinking among their communities, peers, followers, and subscribers.
As social media platforms continue to dominate our digital landscape, concerns about authenticity and accountability have come to the forefront. In response, De-influencers have emerged as beacons of transparency, skepticism, and critical thinking.
What Is Their Mission?
De-influencers are on a mission to peel back the layers of influencer culture and encourage their audience to think critically about the content they consume or about the cream that they apply on their tender skin and the appliances used in their kitchen.
Debunking Myths and Misinformation
At the heart of de-influence lies a commitment to truth and accuracy. De-influencers use social platforms like Facebook, Instagram, and X (earlier called Twitter) to debunk myths, challenge misinformation, and provide evidence-based perspectives on a wide range of topics.
Whether it’s dissecting pseudoscientific claims, fact-checking viral trends, or critiquing misleading marketing tactics, these individuals are on a mission to separate fact from fiction in the digital realm.
In the era of digitalization, a new term has been coined to encapsulate individuals who prioritize what not to do, what not to behave, what not to eat, what not to watch, or what not to opt for with an aim to creating genuine engagement, powerful thought process and meaningful impact by likes, subscriptions, and followers.
As traditional influencers fade into the background, de-influencers are stepping into the spotlight, reshaping the landscape of online influencer marketing and paving the way for a new class of intellectuals and experts who will decide what is not to be done in the digital arena.
In recent years, influencer marketing has skyrocketed in popularity and effectiveness, becoming a go-to strategy for online promotion. With millions of internet users regularly browsing social media platforms for entertainment, inspiration, and product recommendations, it’s no surprise that marketers are leveraging the influence of social media’s most prominent figures.
As of 2023, the global influencer marketing market has reached a staggering value of USD 21.1 billion, more than triple since 2019. This fast growth shows how influencer marketing has become a big industry on its own. And every year, influencer platforms are getting bigger and more valuable, allowing brands and creators to team up in ways never seen before.
Promoting Critical Thinking
In an age where clickbait headlines and viral content abound, de-influencers serve as ambassadors of critical thinking. They encourage their followers to question mainstream narratives, challenge societal norms, and approach information with a healthy dose of skepticism. By fostering critical thinking skills, de-influencers empower their audience to make informed decisions and navigate the complexities of the digital world more effectively and clearly.
De-influence is about more than just debunking myths and promoting critical thinking – it’s also about driving meaningful social change. De-influencers often use their platforms to raise awareness about important issues, advocate for marginalized communities, and amplify voices that are often unheard or overlooked. From promoting environmental sustainability, reporting the unknown, narrating what was unseen, or advocating for social justice, these individuals are harnessing the power of social media for good.
Here are some Indian examples of de-influencers, who challenge the mainstream narratives and promote critical thinking on social media platforms:
Ravish Kumar (X or former Twitter): Ravish Kumar is a prominent Indian journalist known for his incisive reporting and critical analysis of current affairs. Through his X account (3.5 million followers) and Instagram (4.3 million followers), he often challenges misinformation, questions government policies, and encourages followers to think critically about social and political issues.
Faye D’Souza (X, Instagram): Faye D’Souza is a journalist and former executive editor of Mirror Now, known for her no-nonsense approach to journalism. On platforms like Twitter (1.1 million followers) and Instagram (1.7 million followers), she addresses misinformation, calls out false narratives, and advocates for transparency and accountability in governance.
Dhruv Rathee (YouTube, X): Dhruv Rathee is a YouTuber and social activist known for his videos on politics, economics, and social issues. Through his YouTube channel (14.8 million subscribers) and X ( 1.7 million followers) account, Rathee challenges mainstream media narratives, debunks misinformation, and promotes critical thinking among his followers.
The Wire (YouTube, X): The Wire is an independent news and analysis platform in India known for its investigative journalism and critical commentary on politics, society, and economics. Through its YouTube channel ( 5.03 million subscribers) and X (1.3 million followers) account, The Wire provides in-depth analysis, fact-checks, and exposes misinformation to promote informed discourse among its audience.
Alt News (X, Facebook): Alt News is a fact-checking website in India that debunks misinformation and fake news circulating on social media platforms. Through its X (519 K followers) and Facebook accounts ( 242K followers), Alt News provides evidence-based information, corrects false narratives, and promotes critical thinking to combat the spread of misinformation online.
Revant Himatsingka or Food Pharmer (Instagram, X): Revant Himatsingka creates thoughtful, often humorous videos to educate Indians about health, social issues, and life. His main goal for the next few years is to stop FMCG companies from marketing junk food as healthy food. He is teaching Indians how to read food labels of packaged food. Revant, who is in favor of clean businesses, has 1.5 million Insta followers, 66,867 LinkedIn followers, and 290K YouTube subscribers. In April 2023, he went viral for critiquing Cadbury‘s Bournvita sugar content, suggesting a tagline change. Cadbury responded with a legal notice, stating their product contained 7.5 grams of added sugar per serving, within recommended limits. On December 23, the influencer announced on Instagram that Cadbury had reduced added sugar by 15 percent, calling it a ‘big win’.
In a world saturated with superficial content and shallowness, de-influencers are helping people by bringing reasons and thought-provoking answers to questions, that usually consumers neglect, fail to ask, or hesitate to question.
Unlike traditional influencers who measure success in likes and followers, de-influencers emphasize connection-building and thought-provoking exercises, to bring about a ‘difference’ in the commonly accepted views, and traditions of the society.
What Is It That De-influencers Are Trying to Tell?
In essence, most of the ‘de-influencers’ on social media apps are real influencers in sheep’s clothing. This is the real-time question one needs to ask as readers, viewers, consumers, and clients. Are they really helping us decide what is right or wrong or are they telling us to opt for what they feel is just and correct?
People rather than, consumershave consumed enough data, marketing campaigns, and advertisements, wherein they have been always asked or lured to buy a certain product, service, or strategy in a subtle or loud manner.
People have overconsumed positive marketing strategies. The marketing industry has reached a saturation point, where ‘influencing’ charisma is fading away. Now, people don’t want to be in a trap of consumerism and haste to buy any product to be fashionable and maintain social status.
De-influencers are trying to achieve more with fewer resources, achieve sustainable goals, and try to be away from the crowd and create a new niche for themselves. This strategy of saying ‘no’ is being applied by marketing ‘gurus’, and influencers, to look unique and attract buyers. They feel that stopping people from buying an item or policy will attract more consumers and increase the sale of other related items.
According to a recent Statista survey, Instagram remains the most popular platform for influencer marketing worldwide.
As per Statista, India emerged as the global leader in Instagram users, with a staggering 362 million individuals on the platform, as of January 2024. The United States and Brazil trailed behind with 169 million and 134 million users, respectively.
Value of Influencer Marketing Industry in India From 2021 to 2022, With Projections Until 2026
The Essence of De-influence
So, what exactly sets de-influencers apart from their predecessors (influencers)?
One can say that at the core of de-influence lies a commitment to authenticity, clarity, criticism, and transparency for the common good.
But it’s not just about being clear – De-influencers are on a journey to make a difference. They want to bring about a change by telling what is not to be done.
Whether advocating for social justice, promoting the environment, or raising awareness about natural skincare products, mental health, or knowledge about the side effects of beauty products, these influencers leverage their platforms to bring awareness.
Their content isn’t just about aesthetics or abstract theory; it is about sparking meaningful conversations, questioning the normal, challenging the old narrative, and inspiring action.
Shaping the Future of Influence
As the influence of de-influencers continues to grow, brands and marketers are taking notice. Gone are the days of superficial endorsements and scripted sponsorships; instead, brands are seeking out de-influencers who align with their values and embody their ethos.
In a 2024 global survey of PR agencies, marketing firms, brands, and professionals, 37.6 percent reported working with up to 10 influencers, while 14.7 percent collaborated with over a thousand influencers.
In their unique ways, de-influencers are asking what not to go for and silently telling you what to do, what to buy, what to grab, and what to consume.
One can say it is another format of influencer marketing. Earlier, it used to be about ‘pushing’ audiences towards a better brand but nowadays it is about ‘pulling’ people towards a brand.
At present, collaborations are no longer just about product placement, they’re about telling stories, sparking meaningful conversations, and driving change in the system.
But perhaps the most profound impact of de-influencers lies in their ‘ability to inspire and spark others’ thoughts and actions’.
The Future of De-influence
As the influence of de-influencers continues to grow, their impact on online discourse and culture cannot be overstated. By challenging the current norm, promoting critical thinking, and driving social change, these individuals are reshaping the way we engage with content on social media.
Given the capacity of online influencers to high brand visibility, engage audiences, and sway purchasing decisions for millions of users, it’s no wonder that expenditure on influencer or de-influencer partnerships is anticipated to surge even more in the digital future.
In an era of increasing digital noise and misinformation, the rise of de-influencers offers a representation of hope – a reminder that authenticity, transparency, and critical thinking still have a place in the digital world.
FAQs
What are De-influencers?
De-influencers are the individuals who are shaking up the normal trend by challenging myths, debunking misinformation, and fostering critical thinking among their communities, peers, followers, and subscribers.
What is the market size of global influencer marketing?
As of 2023, the global influencer marketing market has reached a staggering value of USD 21.1 billion, more than triple since 2019.
Who are the De-influencers in India?
Some of the De-influencers in India include Ravish Kumar, Fay D’Souza, Dhruv Rathee, Alt News, The Wire, Revant Himatsingka or Food Pharmer, and others.
Gone are the days when one could rely on traditional methods solely to get the most out of their marketing endeavors. We exist in an era where technology has revolutionized the way we live and work. Artificial Intelligence has emerged as a powerful tool that can automate various tasks and improve efficiency in almost every industry. One area where AI has the potential to make a significant impact is in digital marketing and advertising. By leveraging AI marketing tools, businesses can gain a competitive edge and achieve their marketing goals more effectively. Let’s have a look at some of the benefits – of marketing tools and the use cases.
Artificial Intelligence encompasses the development of intelligent machines that can perform tasks that typically require human intelligence. These machines can reason, learn from experience, generalize, and uncover meaning. AI systems rely on vast volumes of labeled training data to analyze patterns and correlations, enabling them to make predictions and forecasts.
For example, image recognition programs can learn to identify and describe items in photographs by examining millions of instances. Chatbots can learn to engage in realistic dialogues with people by analyzing examples of text chats. AI is a powerful technology that has the potential to transform various industries, including marketing and advertising.
The Benefits of Using AI in Digital Marketing
Implementing AI in digital marketing strategies can yield numerous benefits for businesses. Let’s explore six key advantages that AI marketing tools offer:
Predictable Customer Behavior Analysis
Targeting everyone within a company’s niche can be resource-intensive and time-consuming. AI systems can help businesses identify prospects most likely to respond to their offers by analyzing extensive data and using statistics decision trees. By understanding customer behavior patterns, businesses can develop digital marketing strategies tailored to their objectives, such as increased conversion rates, website traffic, or lead generation.
Enhanced Customer Engagement Analysis
Measuring customer engagement is crucial for understanding what works and what doesn’t in marketing campaigns. AI tools provide valuable insights by comparing old and new clients, enabling businesses to improve customer relationships and target their previous clients more effectively. Real-time analysis of consumer discussions on different social media platforms allows businesses to engage with their audience more effectively and tailor their activities accordingly.
Targeted Advertising
AI enables businesses to target specific audiences by pairing it with predictive consumer segmentation, virtual assistants, and intelligent design. Traditional advertising methods are becoming less effective, and AI allows marketers to personalize customer experiences based on tailored data. By leveraging AI marketing tools, businesses can predict whether shoppers will be interested in purchasing before approaching them for a sale.
AI can automate various aspects of digital marketing, saving time and resources while maintaining audience targeting. Automation, combined with personalization through AI, results in highly personalized marketing. AI systems can automate pay-per-click (PPC) ads, search engine marketing (SEM), SEO, conversion rate optimization, social media marketing (SMM), and keyword research, giving businesses a competitive edge in a fast-growing market.
Improved Customer Relationship Management
Artificial Intelligence plays a crucial role in customer relationship management by providing real-time insights into customer interactions across various communication platforms. AI tools can automatically assign concerns to the appropriate support group and use statistical models to determine the optimal next step. By integrating chatbots into websites, businesses can provide cost-effective customer support and gain insights into customer preferences, leading to enhanced sales and customer loyalty.
Optimized Marketing Content
Targeting the right consumers with the right message at the right time is crucial for successful marketing campaigns. AI systems can identify topics likely to attract the audience’s attention, allowing businesses to present content that resonates with their target audience. By leveraging AI marketing tools, businesses can ensure that their marketing content is easily digested and well-received by their audience.
Implementing AI in Your Digital Marketing Strategy
Artificial Intelligence has the potential to significantly enhance marketing efforts and productivity. By leveraging these tools, businesses can reach a wider audience, categorize hot trends, and improve efficiency. However, it is important to track the results and measure the impact of automation on marketing campaigns.
To effectively measure the impact of AI in marketing, businesses can use automated tools. With the right kind of tools, businesses can create email-based reports by pulling data from various marketing channels, including Google Analytics, Google Search Console, Google Ads, Facebook, Instagram, Mailchimp, and more. These reports can be scheduled to meet specific needs, ensuring that key marketing data is delivered to recipients’ inboxes.
Beginner’s Guide to AI Marketing (AI Marketing 101)
Conclusion
AI marketing tools have the potential to revolutionize the way businesses achieve their marketing goals. By leveraging tech, businesses can gain insights into customer behavior, automate marketing processes, target specific audiences, foster better customer relationships, and optimize marketing content. Implementing AI in digital marketing strategies can lead to improved efficiency, increased productivity, and better customer engagement.
As technology continues to advance, businesses that inculcate these tools will have a competitive edge in the digital landscape. By utilizing automated tools, businesses can effectively measure the impact of AI on their marketing efforts and make data-driven decisions to drive success.
Remember, AI is not a replacement for human creativity and strategy. It is a tool that can enhance and streamline marketing efforts, allowing businesses to achieve their goals more effectively. One can imbibe these tools and stay ahead of the curve in a world, evolving at a pace unheard of.
FAQs
What is Artificial Intelligence?
Artificial Intelligence encompasses the development of intelligent machines that can perform tasks that typically require human intelligence. These machines can reason, learn from experience, generalize, and uncover meaning.
What are the benefits of using AI in digital marketing?
The benefits of using AI in digital marketing tools include:
Predictable Customer Behavior Analysis
Enhanced Customer Engagement Analysis
Targeted Advertising
Marketing Automation
Improved Customer Relationship Management
Optimized Marketing Content
What are the best AI Marketing tools?
Some of the AI marketing tools include Hootsuite, ChatGPT, DALL-E by OpenAI, Copy.ai, JasperAI, Midjourney, Synthesia, etc.
People like to explore the virtual world to find the best life hacks and pieces of advice from influencers, so when they want to learn new things or entertain themselves, they usually turn to the Internet. In the last few years, we witnessed a boom with a new format of informative content: podcasts.
Podcasts started as a concept of on-demand radio shows, found in multiple episodes and available to download. Nowadays, podcast hosts choose to either create audio-visual type of content on YouTube or tell their story in an audio format on blog websites and related pages.
If you find this concept as a new way of expressing your thoughts and ideas, here you have 6 steps to create a successful podcast:
Choosing a main topic is not easy, as you might have plenty of themes you’re interested in. Some hosts prefer to invite a special guest to every episode and talk freely about life, while others debate important topics with specialists. Choose your podcast topic depending on the audience you want to reach, and the platform you want to be used. You can find inspiration online, but try to be unique; you want to bring in something new and exciting to gain followers.
Here are some examples of topics you can approach for your new project, but don’t forget, do it your way!
Economy and finance: it doesn’t matter if you are an old-school cash person or a crypto enthusiast, saving and making money are subjects that come to mind easily and everyone loves to know more about finance.
Science and theories: yes, people can find plenty of information with a search on Google, but the most relaxing way to explore existential ideas is by listening to others. Isn’t it thrilling to know that we are all made of energy and we’re connected with each other, or… are we?
Host and guest conversation: inviting a guest to your podcast is an opportunity for your listeners to learn more about the topic you are discussing, sharing facts and interesting ideas that can be inspiring for your audience, impatiently waiting for your next episode.
Podcast Equipment
The Internet is a judgy place to be; not delivering high-quality material is a dangerous game. Before you start your new gig, these are some essential pieces of equipment you need in order to match the public’s requirements. First of all, you need a recording device; a great phone camera is a good option for a beginner, but try to invest in:
Professional videocameras will undoubtedly increase the quality of your video.
Microphone: is a MUST for a podcast. Every word spoken by your guests should be heard perfectly, to deliver a clear message to your audience.
Headphones: are helpful for the editing process to ensure you deliver high-quality content that captivates your public’s attention.
An editing program: be ready to buy a premium version because great ones aren’t free. It’s essential to create a qualitative video and sound, add special effects and music, create a personal intro, and cut out the awkward silent moments.
Audio and Music
Besides the visual part that has to be pleasant for the audience, background music is the perfect finishing touch for your content. Everyone loves music, and the sounds have a powerful impact on one’s brain; blending the narrator’s voice with a great background playlist is the perfect mix in order to deliver a pleasing experience.
Music is also used for the intro and outro parts, your intro has to be the introduction to your channel, your business card. Choose the perfect podcast music that matches the subject you’re discussing, edit like a pro, and write your name on it. Make sure you use only royalty-free music, like the tunes from the Melody Loops library. The outro is the goodbye you say to your listeners; make it simple; they have to know that you’ll be back soon with another episode.
The Editing Process
It might sound scary to edit like a pro, but you can find tutorials for everything on the Internet, and step-by-step articles to learn how to create the perfect podcast.
Don’t exaggerate with special effects; no one wants a bang every 2 minutes, so keep the background sound natural and clean. Of course, you can add some funny sounds when the content allows, but first, let’s learn the basics:
Delete background noises: if you don’t have a professional studio for recording, your neighbours can be heard renovating their apartment or the dog across the street barking, which might be disturbing for your followers. Luckily, editing apps enable you to remove or lessen background noise.
Delete material: deleting the unwanted material is a crucial step for a qualitative episode; we are not robots, sometimes we don’t find the exact words for the context, and we end up with “uhm…” Your audience wants to listen to professionally crafted content, so cut all moments that don’t make sense and remove the awkward moments of silence.
Guests
Consider inviting special guests to your podcasts and let them tell their stories; it could be inspiring for your audience. Choose people who have different points of view on the subjects you are discussing, ask interesting questions, and most importantly, guide the conversation to provide your listeners with information that serves them. Also, contact specialists in your subject field in order to present your listeners with a professional perspective; when someone talks passionately about something, it becomes 100% exciting for your audience as well. If your budget allows, contact public figures that have a large following on social media; as that’s a way to boost your channel.
Social Media Promotion
Social media is the best tool you have to promote your channel. Make an account for your podcast to stay in touch with your listeners. Ask your friends to share your posts on their social media pages to help you reach a wider public
Market your podcast by promoting your social media pages with paid social media ads. People are curious about everything new and will most likely listen to your episodes to find out what you have to say.
Final Thoughts
It’s not easy to enter the top 3 best podcasts, but with dedication and patience, it’s not impossible.
Now that you learned the basics of creating a podcast, write down your ideas, see which one fits you better, and let your voice be heard.
Artificial intelligence has ushered in a new era for the agricultural sector, especially the cattle industry. The goal of this change is to make farming in the future more sustainable and less harmful to the environment, not merely more efficient and productive. Through this article, we take a look at how AI is changing the face of cattle farming for the better, leading to happier cows and a cleaner environment.
When raising cattle, one of the most important things is to make sure the herd stays healthy. Early disease identification and health monitoring are two areas where AI-driven solutions are seeing increased use. For instance, by monitoring habits and vital signs, sensors can detect early indicators of disease. Because of this preventative measure, fewer antibiotics are needed, which leads to healthier cattle and less resistance to antibiotics. Researchers at Vienna’s University of Veterinary Medicine found that disease diagnosis rates might be up to 20% higher with the help of AI-powered surveillance systems.
Sharing his views on the subject, Dr. Chandan Kumar, Associate Professor, DUVASU Mathura stated, “The AI parts of the dairy automation system analyse the data and give farmers information about things like heat estrous, heat stress, changes in feeding efficiency, and pregnancy status, among other things that are important for farm management. Farmers and businesses would benefit greatly from a fresh start if the government prioritised the promotion and affordable availability of software and technology, as well as the encouragement of animal researchers to pursue careers in this area in conjunction with the IITs.”
Anand Ramanathan, a partner at Deloitte India, claims that India ranks high among the global manufacturers of dairy products and milk. Still, the dairy business in India is dispersed, no matter how big it is. In addition, he mentioned that an online marketplace allows farmers to visually check the breeds of cattle and the claims made about their milk production.
One measure of a dairy farm’s prosperity is the amount of milk it produces. To improve output, AI systems can examine data on cow health, milk quality, and yield. For example, according to a survey from the Dairy Farmers of America, milk production increased by 10% when AI was used to track udder health. Not only does this efficiency increase profits, but it also reduces the environmental impact by reducing the number of cows needed to produce the same amount of milk.
The path forward is paved by startups. Their automated solutions use the Internet of Things (IoT) and advanced analytics to boost milk output and quality for small dairy farmers in India, revolutionizing the mostly unorganized dairy sector. Stellapps Technologies, started in 2011 by five individuals with degrees from IIT, is one such company. More than 750,000 small farmers in some of India’s most remote regions, where internet connectivity is extremely limited, use the product or service offered by the Bengaluru-based firm every day. Qualcomm, the Bill & Melinda Gates Foundation, and ABB Technology Ventures (ABV), the venture capital arm of ABB, have all recently invested in it.
Estimated Value of Artificial Intelligence in Agriculture Market Worldwide From 2023 to 2028
Combating Toxins: The Part AI Plays in Guaranteeing Feed Safety
The health of cattle and the quality of their dairy and meat products are both impacted by pollutants, so it is critical to ensure that cow feed is safe. Toxins in feed can be detected and predicted with the use of AI techniques. As an example, machine learning models may assess past data and present circumstances to forecast the probability of mycotoxin contamination, allowing farmers to implement preventative actions.
A more sustainable and eco-friendly method is being made possible through the use of AI in cow production. In this green revolution, AI is leading the charge to optimize land and water use and reduce methane emissions. Achieving a balance between sustainability and productivity is crucial for the future of cow farming, and AI can help with that.
Precision animal feeding and management is eFeed’s forte in India. The company uses AI to generate personalized feed recommendations. This method shows dedication to efficiency and sustainability by trying to reduce emissions of methane while increasing animal yields.
Major Challenges
Big data, the Internet of Things (IoT), artificial intelligence (AI), and machine learning (ML) are some of the digital technologies that are modernizing and reshaping agricultural and livestock value chains. India is one of the few developing nations that has been slow to embrace and use digital solutions to transform agriculture, in contrast to countries like the Netherlands, the United States, Australia, and Israel.
Public-private partnership (PPP) models and large companies are expected to foster digital agriculture adoption in India in the future. However, cost remains a constraint, as input costs for dairy farms are higher and most farms only have average-producing cows. As a result, the adoption rate in India will be affected.
“While researchers at IIT DELHI and NDRI Karnal have developed AI and fuzzy logic technologies to improve agricultural management, bringing these innovations to market will be a slow process, and we continue to rely on the progress of other nations that have invested heavily in AI and ML. We should hire biotechnologists and bioinformatics experts to investigate and research the potential of these new things in Indian settings, and we need someone to operate this technology,” opined Dr. Kumar.
This is an ideal opportunity for animal scientists and recent tech graduates to step up and help define the future of India’s livestock industry, as the government has already begun to encourage startups and the timing is right to act.
Media outlets have reported that in 2023, India saw the highest number of new MLM schemes launched in five years, with over 400 schemes. This information comes from Strategy India, an associate member of the Indian Direct Selling Association (IDSA) and a policy, compliance, and direct-selling consultancy.
Companies like Capcha Pay, Mission Green India, Jivan Daan, and Dhan Vriddhi are on its list of suspected scammers. For the time being, over four thousand of these schemes are allegedly active, as reported by Strategy India. It was challenging to get in touch with the entities named because their websites and email addresses don’t seem to be operational.
Instead of paying out of earnings, operators of such money-circulation network schemes pay out to current investors from cash received from new ones. By utilizing gaps in current consumer protection legislation, many go unpunished. These organizations target low-income communities in their pursuit of investors by promising abnormally high returns in very short periods of time. However, the promoters abandon the project and disappear with the funds when fresh investors dry up.
“The Consumer Protection (Direct Selling) Rules should be revised to remove ambiguity and loopholes to prevent Ponzi and multi-level marketing (MLM) money circulation schemes,” said Pranjal Daniel, chief strategist at Strategy India, in his recent media statement. “A central committee needs to evaluate and monitor all MLM operations, which is vital to curb complex money circulation schemes with claims to increase investors’ wealth through investments in forex trading, cryptocurrencies and NFTs (non-fungible tokens).”
To differentiate between these fraudulent pyramid and money-circulation schemes and legal direct-selling multi-level marketing players, the Ministry of Consumer Affairs updated the Consumer Protection (Direct Selling) Rules in 2021. A notification was released on June 21, last year. Executives, however, have stated that the concept of a network of merchants needs more clarification. The ministry made several adjustments, one of which was to replace “through a network of sellers” with “directly selling through a network of sellers.”
A Ponzi scam, so called because it was popularised by American business magnate Charles Ponzi in the 1920s, solicits money from new investors and then uses that money to repay those who had invested earlier. An appearance of financial success is given to the deceitful plan. The investors are deceived into thinking that their profits are a direct outcome of a successful company, unrelated to the investments made by new victims. Victims in The Tinder Swindler think they are putting money into a permanent relationship with their rich, caring lover, but all they are doing is assisting him in keeping up this facade for when he scams other people.
Companies that engage in multi-level marketing (MLM) rely on commission structures resembling pyramids to sell their products and services to individuals who do not receive a salary. Sales commissions from direct customer sales and commissions from recruiting other participants who must buy products in bulk and resell them to consumers provide two sources of income for anyone involved in such a program. Members of multi-level marketing (MLM) are rewarded to attract people into the system below them, drawing comparisons to unlawful pyramid schemes. Those at the very top of the pyramid usually come out ahead, while those at the very bottom of the pyramid usually lose money. The Body Shop, Amway, and Oriflame are just a handful of well-known brands that operate under the multi-level marketing paradigm. Because of their multi-level marketing strategies, these companies have been the target of scepticism and debate. Merchants of Deception was written by an ex-Amway distributor to reveal the reality of the worldwide company’s multi-level marketing plan.
Indian Direct Selling Industry
Is MLM a Moral Business Practice?
Much more complex than the legal challenge is the MLM’s ethical dilemma. Ethical companies, according to a study in the Journal of Business Ethics, focus on their products rather than their employees when hiring. It is highly susceptible to becoming a pyramid scheme due to its reliance on network recruiting. There is a great deal of ethical risk associated with multi-level marketing because it relies on salespeople to sell to their networks. But there are a lot of people who think multi-level marketing programs are fantastic for starting enterprises. Owners and participants alike may find the model alluring because of the lack of inventory management concerns, the independence it affords, and the low operating costs. Even if joining a multi-level marketing company (MLM) sounds like a fun and lucrative idea, you should conduct your research before committing.
The Amway Case
Company assets belonging to Amway India, which offers health and beauty goods in more than 100 countries, have been provisionally attached by India’s Enforcement Directorate (ED) for INR 750 crore. Amway was involved in pyramid fraud through its direct sales multi-level marketing (MLM) network, according to an ED probe into money laundering. Spreading the word about how members may get rich by joining was the main objective of the organization. The items do not receive any attention. The ED claimed that products are utilized to disguise this multi-level marketing scam as a direct-sale firm. From 2002–03 to 2021–22, Amway’s business operations brought in INR 27,562 crore, according to the agency. Distributors and members in India and the US received a commission of INR 7,588 crore from this. The core business model of the corporation was to sell people on the idea that they could improve their financial situation by joining the organization.
Many such examples may be in one’s peripheral, but one must be competent and self-aware enough to select the appropriate operations. Questions like “Who are the investors?” “Where is the money coming from?” “What are the products?” and “How does the entire business cycle operate?” are the most basic. If one can find satisfactory responses to these questions, he will be well-positioned to determine if the proposed business is a good fit for him.
Incrementum X has joined hands with Blusteak Media to organise an important initiative that could benefit startups and businesses all over the nation. This is an opportunity for all marketers, entrepreneurs and growth hacking enthusiasts around the nation to build a stronger network and learn valuable business insights.
The name of this initiative is Bangalore Growth Fest, a growth hacking event that consists of various sessions intended to ensure that startups overcome their struggles and hit their stride.
The sessions will be spearheaded by Sean Ellis, the author of “Hacking Growth.” Sean Ellis has been instrumental in the tremendous success of companies such as Dropbox, Lookout, Eventbrite and many more. He will be conducting closed door workshops, exclusive masterclasses and addressing the Symposium attendees at Bangalore Growth Fest from February 22nd onwards.
Bangalore Growth Fest has also roped in growth hacking industry experts like Ganesh Balakrishnan, Arjun Vaidya, Sonica Singh, Sandeep Balaji, Manan Bajoria and Vaibhav Domkundwar who will all be panelists at Bangalore Growth Fest’s Symposium on February 27th. The event will be taking place at Bangalore’s very own Conrad Hotel from February 22nd to February 27th with various workshops and masterclasses taking place all throughout.
Lakshya Singh
