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  • Mistakes Done By Entrepreneurs Which New Entrepreneurs Need To Avoid

    Being an entrepreneur is never an easy job that one can take over without making any mistakes. As humans, we tend to make mistakes and are very prone to it. And when it comes to being an entrepreneur and responsibilities of a business, making mistakes can be an easy thing to do. But, one takes advantages of these already made mistakes by already entrepreneurs and try to prevent them in their startup or own venture. There are some common and avoidable start-up mistakes which entrepreneurs do. So, let us see the complete insights on the topic- Mistakes done by entrepreneurs which new entrepreneurs need to avoid.

    Here are some tips on business mistakes to avoid or startup mistakes to avoid from which new entrepreneur can take a lesson from it:-

    Tips On Business Mistakes To Avoid

    Tips On Business Mistakes To Avoid

    1. Ability of Convincing

    People are needed to be convinced about a venture, to make it a success and to make the company working. The entrepreneur should have the ability to convince people. An entrepreneur fails to do that, can never be able to succeed in the business and fails. Because of the reason failure in convincing people, one couldn’t even talk with people effectively. An entrepreneur should talk effectively and have a great personality.

    2. Lack of Soft Skills

    Common Mistakes Made By Entrepreneurs
    Building soft skills for a good business.

    Another mistake that is quite a common mistakes made by entrepreneurs and they make it a lot, is the lack of soft skills, and the capability to know people inside out and who can be trustworthy. Because of this, they tend to lose a lot of good investments and sometimes their own business.

    3. Attending Events

    An entrepreneur who doesn’t know the consequences of going on events and taking the risk is doing the mistakes of not expanding the business, which is important to be successful. So, an entrepreneur should know the consequences of ongoing events and must have the patience till conditions become right, instead of panicking and leaving the situation.

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    4. Team Building

    Always Be Recruiting. Nothing matters but the team in building the company and especially once you have product-market fit. So, when in doubt, be recruiting and drop things which are no working for you and the company.

    5. Good Investor

    Good Investor means good business opportunity.
    Good Investor means good business opportunity.

    Pick the right investors. It can be a game-changer, If you are in a business, then it requires capital, having alignment with your goals makes life much easier. Pick investors that have your back, and that also, have the same exit/scale goals as you. This will give support and also some choices to the entrepreneur.

    6. Build Relations

    Spend More In-Person Time with Customers, Partners, and People. Don’t make excuses when it comes to meeting the investors and the partners or the customers. Make time to meet them and get the insights on knowing their feedback and how much they are liking the product or to the investors, on what changes they want to make, etc. This is essential to read the market scenario and work it for the company.

    7. Make Changes Whenever Required

    Remove any people that you don’t like and fire them as soon as possible if you feel that they are not worth time giving or working with them doesn’t make sense. It can be an employee, a customer or a partner. Don’t pile up excuses to fire people.

    8. First Priority to Business

    Take all the calls related to business and make sure you are giving priority to all calls and business mails. Even if you have to deliver some bad news, be strong enough to tell the people about it. Don’t ignore them and don’t avoid calls.

    Top mistakes made by entrepreneurs

    9. Resolve Problems Soon As Possible

    Deal with the problem, immediately instead of keeping it for later. The problem will happen every day in business, so piling them will make the work more hectic and will keep up more work piled up, so try to solve them as soon as they arrive or about to arrive.

    Conclusion

    No one’s perfect, everyone makes mistakes. It depends on how you learn from them, and make sure that you don’t repeat them. Don’t fear mistakes. Learn from others’ mistakes. Find wisdom in other people’s failures. Learn from the mistakes which other entrepreneurs made in their lifestyle and follow the tips to become good entrepreneurs.

    FAQs

    What mistakes do entrepreneurs make?

    Entrepreneur mistakes:

    • Not spending enough money or spending too much money
    • Thinking you have no direct competitors
    • Making hiring decisions based on cost
    • Not setting attainable goals
    • Not thinking about marketing

    How to avoid the mistakes of entrepreneurship?

    Tips to avoid the mistakes of entrepreneurship:

    • Prevent analysis paralysis.
    • Ask the customer or client.
    • Take advantage of every opportunity to network.
    • Avoid distractions and stay focused.
    • Hire the right people and let the wrong ones go.

    What risks do entrepreneurs assume?

    Entrepreneurs face multiple risks such as bankruptcy, financial risk, competitive risks, environmental risks, reputational risks, and political and economic risks.

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  • How To Eliminate Backlogs In The Accounts Payable Process

    Accounts payable refers to money owed by an organization to its creditors, which is listed as a financial liability on the organization’s balance sheet. For most companies, accounts payable are recorded as assets with the exception of certain types of accounts that are considered receivables.

    Take note that this is different from general bills–liabilities incurred by formal legal document instruments. General bills are general categories of debt, such as rent or mortgage payments. These accounts are not included in the balance sheet and are usually depreciated over time in the cost of goods sold.

    As a business’ operations go into full swing, it’s easy for all the accounts payables records to pile up. A common problem experienced by many is the backlogs of the accounts payable. If you’ve been experiencing backlogs in your business’ accounts payable, here are some of the best tips to help solve your problem:

    Use Technology To Your Advantage
    Remember To Stay Accurate At All Times
    Employ The Services Of A Good Financial Planner And Accountant
    Optimize The Key Steps In The Entire Process
    Apply For A Paperless Environment

    Use Technology To Your Advantage

    There are now software programs that can automate manual tasks in your business processes, such as NetSuite AP automation. Using such software can shorten and simplify the entire process. That way, you become more efficient with your time, helping you avoid both backlogs and human error.

    Here are tips you can apply when using accounts payable reporting software:

    • Use laser printed checks as these can automatically update the system;
    • Incorporate functions that enable you to analyze and reduce errors, such as the paying of incorrect amounts;
    • Run aging reports from time to time, such as through regular check runs.

    Remember To Stay Accurate At All Times

    Above all other factors you should remember when recording and going through the accounts payable process, the most important is to stay accurate all the time.

    If you stay accurate in every step of the process, this can greatly eliminate your backlog. This is because it lessens the need for accountants to go through every step of the process just to double-check for any imbalance. More so, you can be confident in your system since you’re able to prevent fraud altogether.

    Before processing any invoice for payment, you may want to ask the following questions:

    • Are all the unit costs and calculations, including tax, correct?
    • Does the invoice record the exact amount that the company ordered?
    • Has the company received the goods or services billed in the invoice?

    Employ The Services Of A Good Financial Planner And Accountant

    Financial Planners
    Financial Planners

    A good accountant works hand-in-hand with financial planners. After all, these are the professionals that are equipped with the skills and knowledge in accounting.

    If you want to manage your accounts well, you need to get hold of a good accountant and financial planner. They’ll provide you with relevant information about your financial affairs and advise you accordingly.

    Furthermore, financial planners and accountants help organizations and people to take advantage of the opportunities available in the present economy. They help business people and companies maximize the benefits of their investments while minimizing the risks associated with financial dealings.

    Optimize The Key Steps In The Entire Process

    The accounts payable process doesn’t need to be always confusing. In fact, you can speed up the entire process by optimizing the key steps involved.

    These key steps can be summarized into three:

    • Completing the purchase order, which refers to the process of setting out items or services to be purchased, including their respective prices;
    • Processing the receiving report, wherein the supplier records the goods or services provided and lists all the payments that are owed;
    • Receiving and processing supplier invoices, whereby your business processes it for payment.

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    Apply For A Paperless Environment

    Going paperless is a great way for companies to save a lot of time and effort in the business process. This applies to both big and small businesses that are yet in the start-up phase.

    The idea behind this process is that documents can now be stored electronically without having to print them out. This means that paper, pens, envelopes, and more are already irrelevant. With this, the whole process, even beyond accounts payables, speeds up.

    The paperless business has a number of advantages, such as the following:

    • You get faster access to important documents and other information.
    • You have more control over costs.
    • You can shorten what would’ve otherwise been a long and repetitive process as there’s no more time spent on printing, stamps, etc.
    • You can increase employee productivity by allowing employees to use the business’s own computer and e-mail system.

    When using paperless software for accounts payable, here are some tips you can apply:

    • Creating a few folder templates in Microsoft Office can be very helpful in the beginning because they can give an image of what you would expect to see with these folders. It’ll also give you an idea about how they should be organized.
    • Once you have your new folder templates in place, you can then start organizing them. The easiest way to do this is to use folders that are similar to a traditional file folder, but you can include all the same fields.

    Another useful option is to create folders that look like a regular letter, which you can send to your employees as a reminder of their work and responsibilities.

    With so many different options for storing important files online, you can even choose a paperless filing service that provides its users with a website that they can log in to anytime and access documents and files in the online facility. Basically, the possibilities are endless–you just need to keep trying.

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    Conclusion

    Accounts payable reporting is a vital part of the business sector, particularly accounting and finance. It records financial transactions in terms of payments received or made by an entity in respect of accounts payable. The accounts payable reporting also includes the identification of financial resources that are required to pay off accounts payable.

    With all the work involved in ensuring that the reporting is accurate, it’s also common for businesses to experience regular backlogs. The tips above can guide you so you won’t have to suffer the same fate.

    FAQs

    What is Accounts payable?

    Accounts payable (AP) is a current liability that a company received goods or services on credit from vendors.

    What’s the difference between accounts payable vs. receivable?

    While accounts payable (AP) is the amount of money a company owes its vendors, accounts receivable (AR) is the amount of money owed to a company from its customers. AP is a current short-term liability and AR is a current short-term asset.

    What are accounts payable examples?

    Examples of Accounts Payable Expenses – Accounts payable differ from other types of current liabilities like short-term loans, accruals, proposed dividends and bills of exchange payable.

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  • The Business Model of Airtel – Diving deep into How exactly Airtel makes money

    The success of a company is just the tip of the iceberg below which lies the business model of the company.

    Hard work and dedication to the services, funds from other companies, and robust marketing strategies are some prominent factors that drive a company towards success, but the business model can be deemed as the base of the company, on which the business is built. The business model is nothing but a company’s plan to make a profit which is why it plays a major role in new and well-established companies as well.

    With the world today that is encouraging more and more businesses to grow, only some manage to evolve to their full potential. One of such businesses that have stood up with their robust business model and have become a key player in the telecommunication industry is Airtel. Here, we will walk through their business model and how it helped the company carve a niche for itself.

    Bharti Airtel: An Introduction
    Business Model of Airtel
    How does Airtel make money through its business model?
    Airtel’s competition with other companies
    FAQ

    Bharti Airtel: An Introduction

    Founder: Sunil Bharti Mittal

    Year of inception: 1995

    Bharti Airtel, also known as Airtel, is one of the leading multinational telecommunication service providers of India based out of New Delhi, India. It boasts of over 457 million subscribers, holds second place in India’s mobile networks and third place in the world’s mobile networks. Millward Brown and WPP plc have named Airtel as India’s second most valuable brand in their Brandz ranking. In addition to these, Airtel is the first-ever multinational telecommunication service to launch 4G in India.

    Areas of Operation

    Initially starting from India, Airtel has witnessed significant growth and is now successfully operating in around 18 countries, which includes South Asia, Africa, and the Channel Islands.

    Key Products and Services

    Over time Airtel has expanded as a company and has begun to offer a wide range of services that include 2G, 4G, 4G+ networks, fixed-line broadband, and voice services.

    Here’s a quick rundown along with the main service belts that Airtel offers:

    • Telemedia – Under the Telemedia segment Airtel offers broadband internet via DSL, leased internet lines, MPLS solutions, IPTV, and fixed-line telephone services. Their control over the Telemedia segment allows them to offer differentiated and converged solutions to customers.
    • Television – Airtel is also associated with the provision of the direct television network or DTH (Direct-to-home) TV services across the nation with their Airtel digital TV.
    • Mobile data – Airtel also provides BlackBerry services that work on push-on technology, USB modems, Airtel data cards, easy mail, and its own mobile application that helps its customers monitor all their services and packages bundled in on the app.
    • Airtel business – Airtel Business comprises of six main products, which are, Cloud and managed services, digital signage, NLD/ILD connectivity, dongles for Wi-Fi, voice solutions, and conferencing solutions that serve a range of industry verticals including BFSI, IT/ITeS, manufacturing, hospitality, and government.
    • Android Tablets – With a view to capitalize on the growing demands for cost-effective, portable devices, Airtel has launched its first 7-inch tablet running on the Android operating system in 2011 via Beetel Teletech Ltd.
    • Mobile wallet service – Airtel offers the mobile wallet service which allows Airtel users to make payments for utility bills, goods, and services in addition to money transfers across networks. It is done using the airtel money app that runs on Android, iOS, and windows.

    Target Audiences of Airtel

    Being a telecommunication service provider the target audience of Airtel is really wide and is not influenced by age, gender, place of residence, income, social distinction, and any such factors. Airtel has an array of different services that attract both individuals and companies across varied industries.

    Revenue of Airtel
    Revenue of Airtel

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    Business Model of Airtel

    Airtel showcases an exemplary business model for others to follow irrespective of the industry that each belongs to. Airtel focuses mainly on two things: customer acquisition and servicing (retention) and business development or expansion. Their vision and mission clearly state that their ultimate goal is to be a globally admired telecom service and to mainly focus on customer satisfaction and provide them innovative services that tend to be cost-efficient products.

    The other functions that include hardware, network management, backend applications (billing, etc.), and other services are outsourced. This business model has been pioneered by Airtel and inspires many newcomers in the game.

    What is unique in the business model of Airtel?

    As we have already mentioned, Airtel believes in outsourcing everything else apart from their marketing, sales, and finance operations and the ‘minutes factory’ model of low cost and high volumes.

    Airtel is widely recognized as the pioneer of such a strategy, inspiring tens of thousands of other brands and entrepreneurs. The equipment of Airtel is also provided and maintained by other companies namely Ericsson, Huawei, and Nokia Networks; and US-based Amdocs provides Airtel with the IT support that the brand requires.

    In its business model, Airtel has underlined some key points that they term as strategic business pillars for their businesses. These are:

    1. Focus on Quality customers – Airtel aims to provide value for their customers along with the differentiated services that they provide.
    2. Opening doors for new revenues – The brand is now helping its non-mobile wings like Airtel Business, Digital TV, and Broadband services to grow along with an eye to bring in new verticals.
    3. Providing Top-of-the-line services – Airtel aims to bring in the best possible network quality to their customers with the help of cutting-edge infrastructure and advanced automation tools and technology.
    4. Employee-centric culture – Along with investing huge on the digital talent, Airtel makes sure that it hands over significant roles to each of its employees and ensures they grow along with the firm.
    5. Eco-friendly approach – Airtel advocates the reduction of overuse of resources and cutting down its operational expenses to the minimum with an eye on the environment.

    Along with its basic strategies as Airtel business plan, it is working on future strategies, to retain its top position, such as bringing more innovation in its services, exploring new plans and products, providing valuable and quality services to its customers.

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    How does Airtel make money through its business model?

    Airtel makes money through all the products and services mentioned above. It uses a B2C model to derive income from its customers and a B2B model, registered under Airtel Business that helps startups and SMEs. Airtel stands out with its unique business model that aims to provide the customers with the best services at competitive prices.

    It is to be remembered that Airtel is not one of the companies that have achieved fast growth but one that stands as a market leader purely because it has innovated things and earned its place. Furthermore, it is also one of the few telecommunications services providers that have realized the importance of value-added services (VAS) right away in the start, which further eased its way.

    Airtel’s competition with other companies

    Airtel snatched the market from Essar by providing services before them and holding the position until them with the help of high usage premium clients.

    Telecommunication services mainly have two important characteristics which are quality and price of the service, with that said, Airtel makes sure that they establish service by giving high importance to the characteristics and being a high-quality service provider with a premium image.

    Conclusion

    Airtel has witnessed gradual growth and has emerged as a promising brand in the telecommunications sector with the help of a foolproof business model, a meticulous understanding of its key concepts, years of hard work, tireless efforts, and absolute dedication. Airtel success story surely is a huge inspiration to legions of other businesses across different domains.

    FAQs

    What is the revenue of Airtel?

    The revenue of Airtel was ₹89,473 crore (US$13 billion) in 2020.

    Who is the CEO of Airtel?

    Gopal Vittal is the current CEO of Airtel.

    What is the debt of Airtel?

    In the financial year 2020, Bharti Airtel Limited reported a net debt of about 1188 billion Indian rupees.

  • Whomp – Live Gaming Platform for Cricket Enthusiasts

    Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by Whomp.

    Time and again, an app comes into play that floods up the market share. Online fantasy sports and e-gaming has become more common in the last 2 decades and shockingly it has secured top gear in India. Ever since the pandemic, sports events have been put on a halt, the mass have shifted themselves towards the exciting world of online gaming.

    Online fantasy gaming is the only feature in the gaming sector where a user can play any number of sports with their friends whilst communicating with them in real-time. It’s obvious that online fantasy sports startups have been a boon to all of the gamers and even, non-gamers too. Whomp is a live cricket gaming app, where users can play a live auction in a gaming format.

    Read on to know more about The Whomp company profile below!

    Whomp – Company Highlights

    Startup Name Whomp
    Headquarter Ahmedabad
    Founder Varun Gajjar
    Sector Gaming
    Founding Year 2020
    Website link whomp.in
    Registered Entity Name Whomp Pvt. Limited

    Whomp – About and How It Works
    Whomp – Founder
    How Whomp Started?
    Whomp – Name, Logo and Tagline
    Whomp – Vision and Mission
    Whomp – Target Market Size
    Whomp – Products/ Services
    Whomp – Startup Launch
    Whomp – Business and Revenue Model
    Whomp – Competitors
    Whomp – Challenges
    Whomp – Coupon Code/ Offers
    Whomp – Future Plans
    Whomp – FAQs

    Whomp – About and How It Works

    One gaming app hit the market and BAM! There is no way that the app is going down. One such app for every Indian comes to life now. It allows its users to play cricket games and also, they can communicate with their friends simultaneously while enjoying real cricket auction.

    Whomp is an interactive gaming platform where every cricket fan can play and experience a live auction. The Indian gaming industry has started to boom in the startup culture. It has been observed that cricket games are played by 74% of gamers on fantasy gaming apps over any other sports.

    Fantasy sports platforms could potentially be considered as a means for earning increments by comparatively lower income groups, leading to an increased engagement on the platform.

    Whomp – Founder

    The Whomp gaming app is founded by Varun Gajjar.

    Varun Gajjar is the sole founder of Whomp, with a strong supporting team. He has done his Masters in Business from Monash University, Australia. Till his Post education he has worked in his family’s company – Varuna Pumps, which started in 1935. He worked as the Head of Sales & Marketing for 8 years, handling a team of 180 persons across 18 offices with an export business to more than 50 countries.

    After this, he joined in as an investor in Gamerji: an eSports tournament platform where there are daily matches conducted for games such as Clash Royale, Call of Duty, Free Fire etc. Being a part of the gaming business and community, he has learned many aspects of running a gaming platform. This not only provided him with the foundation and understanding knowledge of the industry but inspired him to launch his own gaming company – Whomp.

    The hiring funda is simple, candidates for management positions are from top-grade universities like IIT and the one’s in the task-based departments have young local talents. The ‘young local talents’ previously have never received the opportunity to lead, so the company intends to give them that.

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    How Whomp Started?

    It was a Eureka moment when the idea got hit at the time of IPL Auction. Varun and his friends used to play a friendly auction during the IPL season. The fun part was, that they would use chits and maintain excel spreadsheets for the scores. Whilst playing this way, they thought that why not create an app that can have a live auction in a gaming format. And that’s where the original idea struck.

    Further working on this, they researched it well and realized a similar model is played in the USA for the NFL draft, so taking important insights from it, they created their first prototype. After seeing the initial success, they launched the product. During the COVID-19 pandemic and series of endless lockdowns, there was a complete halt on

    all sporting activities and he quite missed talking to friends. This is when; they started using HouseParty app, and taking inspiration from that, they thought of a format where players can talk to their friends through the app to discuss the game.

    Whomp – Name, Logo and Tagline

    Whomp- Name, Logo and Tagline
    Whomp- Name, Logo and Tagline

    WHOMP pronounced as /wɒmp/ and the name means strike heavily or a thump. As the name already sounds so cool, everyone liked it and hence named the app. Also, it is short and easy to pronounce. The Whomp logo is inspired by the colour of a trophy or a gold medal, to showcase winning.

    Whomp – Vision and Mission

    Whomp keeps up with the mission to create a gaming app for cricket and sports fans, by giving them a platform to play as well as to communicate with their friends online, while enjoying real cricket action. The short-term vision is to acquire 3 lakhs + users by the end of this cricket season. The company strongly believes that to keep the user engaged, they have to give ‘one of a kind’ user experience to users by the introducing new games and updates in every couple of months.

    Whomp – Target Market Size

    The gaming industry in India is growing rapidly. According to a Google-KPMG report, the Indian online gaming segment is to reach $1.1 billion by 2021. India is also among the top five mobile gaming markets in the world, with around 300 million gamers. Also, BofA securities recent report has stated that India’s gaming user base will reach 486 million by 2022.

    With mobile phone and internet penetration and rise in interest towards gaming, it can be seen that the mobile gaming industry will be growing stupendously in the next decade.

    Whomp – Products/ Services

    Presently the platform has the Live Fantasy Auction game and shortly it will have 2 other games, Super Selector and Daily Dabba.

    The feature that differentiates Whomp from other online gaming fantasy apps is: that you can talk to your friends while playing the game. Also, it lets you play with your friends rather than competing with strangers. It is also free of cost and has no age restrictions, and is available on Android Play Store and iOS app store.

    Whomp app | Play with your friends
    Whomp app | Play with your friends

    Whomp – Startup Launch

    The team used digital platforms to launch Whomp. They acquired 1000 users on Day 1 and by Day 10, it was already to 35,000. Based on team’s experience, they had strategically chosen the preferred channels for Whomp, and they had a clear-cut intention to deep dive into these channels rather than just going wide at this stage. Their online campaigns helped in brand awareness and reaching out to like-minded potential users.

    Whomp – Business and Revenue Model

    The Whomp revenue model is simple. It works on in-app purchases, advertisements, brand partnerships and integrations with other apps.

    Whomp – Competitors

    As online gaming industry is on the rise, there are quite a few competitors of Whomp.

    Whomp – Challenges

    One of the most challenging situations the startup faced was on Day 8, where they had 10,000 downloads in one day and the server was not built to take that much of a load. To tackle the issue efficiently, they had to work hard overnight to bring everything on track. They eventually did manage it but they had to face some dissatisfied users. This lead to creating a CRM department to handle user queries.

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    Whomp – Coupon Code/ Offers

    For StartupTalky Valued Readers and Whomp Users, use coupon: “Talky500” and avail offer now!

    Whomp – Future Plans

    Since, they are very new at the moment, so taking one step at a time, they are eventually updating features within a month. They are introducing new features through which they plan to monetize the business in upcoming months.

    Whomp – FAQs

    What is Whomp?

    Whomp is an interactive gaming platform where every cricket fan can play and experience a live auction.

    Is there any Whomp coupon code available?

    Yes, for StartupTalky Valued Readers and Whomp Users, use coupon: “Talky500”.

    Who is the Founder of Whomp?

    Varun Gajjar is the sole founder of Whomp.

    When was Whomp Founded?

    Whomp was founded during the Pandemic in 2020.

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  • Why did India’s Super rich saw a dip in their wealth in 2020?

    The Wealth of Individuals during the Coronavirus Pandemic had seen an increase where the top 10 richest men in the world had earned a lot and increased their net worth during the year 2020. However, in India, the Super Rich has seen a dip in their net worth. Let’s look at the reason for it.

    India’s Super Rich – Latest News
    Reason Why the Super rich saw a dip in their wealth
    Super Rich in India
    Did the Global Wealth got Affected
    FAQ

    India’s Super Rich – Latest News

    According to a report from Credit Suisse, the wealth of India’s super-rich has seen a dip of around 4.4% to USD 12.38 trillion in the year 2020. While the wealth of Mukesh Ambani, Adar Poonawalla, and Gautam Adani had seen a significant rise in their net worth, the overall wealth of the country’s super-rich had seen a fall in their net worth.

    Reason Why the Super rich saw a dip in their wealth

    One of the major reasons for the dip in the net worth of India’s super-rich is due to the rupee’s fall during the situation of Coronavirus Pandemic in the year 2020. According to the research by Credit Suisse, a research institute, the number of millionaires in terms of dollars had seen a fall of 6,98,000 in the year 2020 from 7,64,000 in the year 2019. This is only due to the fall in the value of the rupee.

    The cumulative wealth had fallen to USD 12.38 trillion and saw a decline of around USD 594 billion from the previous year.

    Value of Currency in circulation in India
    Value of Currency in circulation in India

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    Super Rich in India

    India is considered to be a home for the Super-rich as around 1% of the global rich are Indians. Even amidst the pandemic, the number had seen a rise of around 5.2 million to reach 56.1 million. AS per the report by 2025, the number of millionaires in India is expected to see a rise to 1.3 million which is around 81.8 % growth.

    In the year 2020, every adult Indian had a worth of an average of USD 14,252 in the year 2020 which has seen an annual growth over the years of around 8.8% from the year 2000. India has seen much better growth while compared to the global average that is around 4.8 %.

    In India, there were around 4,320 ultra-high net worth individuals who had a net worth that was more than USD 50 million.

    Did the Global Wealth got Affected

    While looking at the Global Wealth it has seen an increase of around USD 28.7 trillion to reach USD 418.3 trillion. The Wealth had seen a dip in the first quarter of 2020 of around USD 17.5 trillion. As of now, adults require more than USD 1 million to be in the top 1 % which has seen an increase from USD 988,103 in the year 2019.

    When it comes to the rich, the Ultra High net worth individuals had seen a growth in their wealth by adding more members to the group. Around 24 Ultra High Net worth individuals were added to the group in the year 2020.

    According to the economists from Credit Suisse, the creation of wealth in the year 2020 was largely immune to the challenges that were faced by the world due to certain actions taken by the Government and Central Banks to reduce the impact of the pandemic on the economy.

    However, with regards to the transient effect on worldwide business sectors, the pandemic unleashed ruin in the principal quarter of 2020 as $17.5 trillion was lost from complete worldwide family abundance in between January and March of 2020. In any case, by June-end share costs started to take off and it arrived at record levels by year-end.

    Eventually, $28.7 trillion was added to worldwide family abundance during the year, taking the total worldwide abundance up by $28.7 trillion to $418.3 trillion, the report said.

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    Conclusion

    Wealth per adult has seen a rise of over 6 % in order to reach another record of USD 79,952. However, it is found that the countries that have been affected the worst from the Coronavirus Pandemic have not been a lot affected in terms of the creation of wealth.

    FAQ

    How many millionaires are there in India?

    India has around 759 thousand millionaires.

    Who is the youngest billionaire in India?

    Nikhil Kamath, the co-founder of Zerodha is India’s youngest billionaire at the age age of 34.

    How many billionaires are in India?

    India ranks third in most number of billionaires with 140 billionaires in the country.

  • Unknown Facts about Satya Nadella you might not know about

    After Bill Gates and Steve Ballmer, Satya Nadella is the third person to ever become the CEO of Microsoft. Satya Nadella has achieved great heights of success in his career, and being the CEO of Microsoft has taken him to the next level of achievement. He has briefly described his life journey throughout the book ‘Hit Refresh’, which he authored.

    He became the CEO of Microsoft in 2014 after Steve Ballmer. Satya Nadella is married to Anupama and together they have three children; one son and two daughters. Satya Nadella’s residence is in Clyde Hill and Bellevue, Washington.

    Before this enormous promotion, he worked as the executive vice president of Microsoft’s cloud and enterprise area. All over, he managed the responsibility of Microsoft’s computing platform.

    Ever since 2014, Satya Nadella has worked remarkably well and took Microsoft to some great advancement and also brought potential companies and technology to work with. Microsoft received many generous and successful acquisitions. The first-ever major deal cracked by Satya Nadella as the CEO was of Mojang (a Swedish game company) which was worth $2.5 billion.

    In this article, we will discuss some of the unknown and interesting facts about Satya Nadella that you must know. Let’s get started!

    Satya Nadella served 23-years in Microsoft before becoming the CEO
    Satya Nadella Married his Childhood Sweetheart
    Satya Nadella Transformed Windows Live Search into Bing
    Satya Nadella has a Legendary Belief for Computing
    Bill Gates Mentored Satya Nadella
    Satya Nadella Loves Poetry
    Satya Nadella is a True Inspiration
    Satya Nadella is a massive cricket fan
    Satya Nadella is the most Powerful Indian-born tech Executive
    FAQ

    Satya Nadella served 23-years in Microsoft before becoming the CEO

    Most people don’t know this, but Satya Nadella has served 23 years at Microsoft before becoming the CEO. During these 23 years, he worked in various executive-level roles such as Microsoft’s Server and Tool division management. In this position, he gave rise to many billions of revenue, especially in the Cloud and Enterprise group.

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    Satya Nadella Married his Childhood Sweetheart

    Satya Nadella with Anupama Nadella
    Satya Nadella with Anupama Nadella

    Satya Nadella married his childhood sweetheart Anupama, who is the daughter of his father’s friend.

    Anupama and Satya had also been College mates although Anupama was a year junior at Manipal, where she pursued B. Arch at the Faculty of Architecture. The couple got married in 1992, the same year when Satya Nadella joined Microsoft. They have two daughters and a son.

    Satya Nadella Transformed Windows Live Search into Bing

    The most incredible work by Satya Nadella when he transformed the Windows Live Search into Bing. This serves as the backbone to a fancy range of Microsoft Services internationally.

    Moreover, Satya Nadella is also credited for directing the team which created Office 365, SkyDrive, Xbox Live and many other Microsoft Cloud applications.

    Satya Nadella has a Legendary Belief for Computing

    Satya Nadella always believed that Computing extended far beyond the Computer. He has always stood by this and developed many brilliant programs. In fact, when he became the CEO of Microsoft, he addressed the employees with the first email as “This is a software-powered world.”  

    Bill Gates Mentored Satya Nadella

    Bill Gates with Satya Nadella
    Bill Gates with Satya Nadella

    This is known by very few that when Satya Nadella took over the job of CEO of Microsoft in 2014, Bill Gates re-joined the company to guide and mentor Nadella personally. He joined as the personal mentor of Satya Nadella.

    Satya Nadella Loves Poetry

    Satya Nadella is fond of poetry. In fact, his official Microsoft’s profile has mentioned poetry as one of Nadella’s hobbies. Satya Nadella is passionate about Indian and American poetry. He expresses them as code for long sentences with great emotions. He deeply compares the verses to coding.

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    Amazon.com is one of the well-known e-commerce platforms based in the UnitedStates. It is one of the big five IT companies of the United States along withthe tech giants Google, Facebook, Apple and Microsoft. The CEO and the founderof the company Jeff Bezos have announced that he would step down …
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    Satya Nadella is a True Inspiration

    Satya Nadella is a great inspiration for the students at the school where he completed his schooling, Alma mater. Times of India noted that the students follow him deeply and get really inspired.

    Satya Nadella came in the Spark Program at the Hyderabad Public School (first chosen for this program). In this program, the team utilised Microsoft materials and software to help and guide the young Indian students to kickstart their careers in tech.

    Satya Nadella met with many government officials for the purpose of improving IT education in schools all over India.

    Satya Nadella is a massive cricket fan

    Satya Nadella is a massive Cricket fan
    Satya Nadella is a massive Cricket fan

    Satya Nadella is a massive cricket fan and also said, it inspires him in the way he does the business. Cricket has made a great impact on Nadella’s life. He told this in an interview with Hyderabad’s Deccan Chronicle. He mentioned that he used to play Cricket in his school- Hyderabad Public School. This taught him great values but most of all, how to manage a team and leadership. This helped him a lot in his career.

    Satya Nadella is the most Powerful Indian-born tech Executive

    Satya Nadella is known to be one of the most powerful Indian-born businessmen in the world. According to a report by Reuters, when Satya Nadella became the CEO of Microsoft in 2014, he became famous as the most influential and powerful Indian tech executive in the world.

    Furthermore, he joined PepsiCo CEO Indra Nooyi among the Indians by becoming the most prominent and widely famous in the world and reaching the top American cooperation companies.

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    Conclusion

    Satya Nadella has worked with great devotion towards Microsoft. He is taking the company to a next level of advancements and development. In Nadella’s book, he mentioned how he saw a different level of upgradation in Microsoft through the HoloLens device.

    He said that it holds many potential realty holdings. And so artificial intelligence and quantum computing are also developing brilliantly. The Microsoft team is working with excellent speed and plan to prepare for the more uprising future of Microsoft.

    Satya Nadella is the perfect personality for the CEO of Microsoft and no doubt in the upcoming years, we will see more growth and advancement in Microsoft.

    FAQ

    What is the monthly salary of Satya Nadella?

    The monthly income of Satya Nadella is $3 Million.

    What is Satya Nadella leadership style?

    Satya Nadella believes in the power of positive leadership and uses terms such as “growth mindset” and “empathy” that are reinforced by action.

    What is Satya Nadella net worth?

    The estimated Net Worth of Satya Nadella is at least $658 Million dollars as of 2021.

  • What is the Tip Jar option on Twitter | Twitter creators can now earn through their content

    India is one of the biggest markets for the microblogging platform Twitter. The country is the 3rd largest market for Twitter after the US and Japan. The number of Twitter users in the country had seen a growth in the year 2020 of more than 70%. The company has launched a new feature in India called Tip Jars. Let’s look at more information regarding the feature.

    Twitter – Latest News
    What is the Tip Jar feature on Twitter?
    How to use Razorpay for receiving tips on Twitter?
    Other upcoming features on Twitter
    FAQ

    Twitter – Latest News

    The social media giant, Twitter on 24 June 2021, has released a new feature on its platform which is called Tip Jar. This feature will be available on the microblogging platform in India where the users can contribute money in the form of tips to their favorite content creator or an organization according to their choice and wish.

    The social media platform has collaborated with the Indian-based payment gateway in order to roll out this feature.

    What is the Tip Jar feature on Twitter?

    Twitter had announced that it has added Razorpay as an option to its Tip-Jar feature, which will make it easier for Indians to send and receive cash gifts from their followers or the users who love their content.

    The feature is available only for a handful of people that include creators, journalists, community leaders, experts, public figures, and currently can be used by Twitter users on iOS and Android devices. The service is also available within spaces on Android devices.

    Tip Jar was first introduced in May and users have the option to tip their favorite content creators using various payment gateways such as PayPal, Patreon, Bandcamp, Venmo, Cash App and now the company recently added Razorpay as well.

    The Twitter users that use Razorpay in order to tip their content creators can send money through a wide range of options such as UPI, Debit Card, Credit Card, Net Banking, Wallets, etc. The Tip jar services in the country are available in many languages such as Hindi, Marathi, Kannada, Gujarati, Tamil, and Bengali. This will enable to feature to be accessible around the country.

    Another important tip to note about Tip Jar is that the microblogging platform does not take any cut or a percentage from the money tipped to the content creators. All the money that is tipped can be kept by the content creator itself.

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    How to use Razorpay for receiving tips on Twitter?

    If you are one of the content creators who come under the above mentioned category, you can follow the below steps in order to receive tips using Razorpay from your followers.

    • In the first step you need to create a Razorpay account.
    • Then, you will have to turn on the Tip Jar feature on Twitter, allow tips and click on Razorpay.
    • After that, you will have to paste the custom suffix from the payment page of your dashboard.
    • Now, you will have to copy the URL and it will get placed on the Tip Jar advertisement.

    Other upcoming features on Twitter

    Twitter has been trying ways through which content creators can monetize through the social media platform. The company is said to be currently testing ticketed spaces where the users host a Twitter Space where they can charge the users or followers who are interested to attend with an amount as low as USD 1 to as high as USD 999.

    The company is also working on super follow through which the content creators can earn a monthly revenue by offering interaction and extra content through a monthly subscription process. The ticketed space and Super Follow feature are still being tested by the company and haven’t been rolled out widely.

    Conclusion

    The Tip jar feature that is introduced by Twitter is a move from the company to help people to earn or monetize their content on the social media platform. Twitter is one of the major social media platforms in the entire world.

    FAQ

    How does Twitter make revenue?

    Twitter divides its revenue into two categories: the sale of advertising services, which constitutes the vast majority of the company’s revenue, as well as data licensing and other services.

    What is Twitter’s net worth

    Twitter’s net worth is estimated to be about $35 billion. Twitter’s main sources of income are Ad and data licensing.

    Do celebrities get paid to tweet?

    Yes, many athletes and celebrities earn through Twitter.

  • Why is North Korea Facing its Worst Financial Crisis?

    The onslaught of the novel coronavirus pandemic has had disastrous effects ever since it broke out the past year. Though the mortality rates have significantly reduced in many countries this year, the harrowing aftermath of the disease is what is still dragging on in many others, including North Korea.

    North Korea is witnessing the worst slump that has happened in a span of more than two decades, according to experts.

    But why is the Democratic People’s Republic of Korea in such distress?

    For this, let’s delve into the background of the situation:

    North Korea Crisis – Latest News
    The Background of North Korea
    What went wrong with North Korea?
    The Aftermath
    Kim’s Intentions
    FAQ

    North Korea Crisis – Latest News

    June 21, 2021 – Food crisis continues to soar in North Korea, along with the economic breakdown that the country is facing. Essentials like bananas are selling at Rs 3300/kg, a packet of black tea is priced at Rs 5190, and a pack of coffee is retailing at Rs 7415.

    May 4, 2021 – In a series of statements released by North Korea on May 2, 2021, the country slammed US president Joe Bidden’s policies and rhetoric. Any talks of diplomacy are still stalled between the two nations as suspense rises in a fashion similar to that of the Cold War.

    April 8, 2021 – North Korea has decided to stay away from the upcoming Tokyo Olympics. It is clear from the state-run website that the country would not be participating in the behemoth of sports events to protect its players from risking their health amidst the pandemic crisis. With this decision, it has become the first country to drop out of the Olympics.

    The Background of North Korea

    With the onset of the pandemic, North Korea had to also resort to restrictive measures on international trade and commerce to keep the pandemic at bay. However, these plans of limiting international sanctions have grown to become a self-imposed blockade on the trade, which has, in turn, backfired unprecedentedly.

    What went wrong with North Korea?

    There were a series of missteps along with some unfortunate events that together steered the situation towards the worst for North Korea.

    Thriving in a pandemic situation it was evident to define a sustainable economic plan, which North Korea did, however, it failed miserably.

    The inner circle of the government was poor with “innovative viewpoints and clear tactics” and failed to draw an effective plan that would work, Kim Jong-un said while addressing the frightened delegates of the ruling Workers’ Party last month. The economy minister, who was appointed in January has also been fired following the backlash.

    China fuels North Korea with an ample supply of spare parts for factories and other manufacturing plants based out of the East Asian nation. As North Korea had already put a stop to their international trade, it has therefore blocked the influx of raw materials and other spare parts, fearing the spread of the deadly virus. This has resulted in the shutdown of some of the major North Korean factories including the country’s largest fertilizer plants.

    Electricity has long been a chronic problem for the people of the country, which has been further aggravated by this acute deficit of materials. In addition, it has also disabled some of the country’s oldest power plants by limiting their total production of electricity. Furthermore, the production in coal mines and other mines is also experiencing massive disruption.

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    Estimated GDP of North Korea in South Korean Won
    Estimated GDP of North Korea in South Korean Won

    The Aftermath of North Korea

    As per the words of Alexander Matsegora, “Without imported materials, raw materials and components, many enterprises stopped, and people, accordingly, lost their jobs,” said the Russian ambassador to the Interfax news agency.

    Times are so rough that if you manage to get something in the country, you might have to pay three to four times the prices before the crisis,” he told Interfax.

    Situations are similar even in Pyongyang, the capital and the stronghold of North Korea, which houses the country’s elites. The necessary products, including the basic food items like pasta, flour, vegetable oil and sugar, clothes, and shoes, are reducing at an alarming rate, mentioned Matsegora.

    North Korea’s trade with China depleted by around 80% last year after Pyongyang shut its borders, intending to stop the spread of COVID-19, which would have otherwise easily penetrated the feeble health infrastructures of the country.

    Though this crucial economic juncture that the country is now experiencing echoes of the famine of 1990, things have changed since then and North Korea doesn’t risk a famine at present. This is partly because of the significant development of food production and distribution across the nation and a supportive ally, China, who might come to the rescue of North Korea.

    The present economic pain would not risk Kim’s regime nor would it pressurize the country to retreat from the standoff over Pyongyang’s nuclear program but it surely portends a period of excruciating pain and agony for the countless ordinary citizens of North Korea.

    Kim’s Intentions

    The way Kim Jong-un is responding to the crisis happens to be making the situation worse. Kim, who seems to be retreating to de facto Leninism, has started focusing on central planning. This has been distinctively limiting the private entrepreneurial activities, which are central to the country’s economy. This has been summed up by the Seoul-based Russian university professor, Andrei Lankov, as the “dramatic U-turn” of Kim.

    The Supreme Leader of North Korea demands the restoration and strengthening of the system under which the economy runs under the supervision of the state, which has become clear in the speeches to the ruling party. He has further added that the metal and chemical industries are the “main link in the whole chain of economic development.”

    Furthermore, Kim also has disclosed his plans to maximize the control that the state has on society along with putting a stop to the growth of foreign culture and media. In addition, he also wants to suppress the “powerful mass campaign against practices running counter to the socialist lifestyle.”

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    Conclusion

    Kim’s recent move towards establishing a Stalinist economy work across the country, Lankov said, “is pretty much as hopeless as teaching pigs to fly”. The Seoul-based professor has also stated that Kim realizes that but he is also insecure about losing control. Therefore, he is choosing these times of crisis to expand his control over the economy and population and make his place secure.

    Kim’s intentions revolving around central planning and the “juche” philosophy of self-reliance that he seems to be adhering to, is termed as “unrealistic” where the economy of the country is dependent on the trade with China, according to the experts.

    FAQ

    Is North Korea having a food shortage?

    North Korea is facing a severe crisis after the Covid-19 pandemic, as prices of essential food items have increased sharply due to shortage.

    Why is there food shortage in North Korea?

    North Korea is going through an acute food crisis, due to the aftermath of floods, typhoons and pandemic, wherein the food prices have been as high as bananas selling for $45 (Rs 3,335) per kilogram, a packet of black tea for $70 (Rs 5,190) and a pack of coffee for $100 (Rs 7,414).

    Why is North Korea poor?

    Poverty in Korea has been attributed to poor governance by the totalitarian regime. It is estimated that 60% of the total population of North Korea live below the poverty line in 2020.

  • UBON Brand VingaJoy offers Mobile & Lifestyle Accessories

    Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by VingaJoy.

    The world is going wireless. The once-popular landline phone is now almost on the verge of becoming extinct. Reports have shown that the number of landline phones in India is shrinking fast. With the advent of mobile phones and wireless technology, people now prefer to do everything from talking to entertainment and work all on the go. Owing to this trend the demand for mobile and wireless accessories is also growing exponentially.

    Indian mobile accessories market is likely to grow at a CAGR of over 10% by 2023, due to increasing inclination of customers towards modern, safe and secure accessories. Additionally, rapid penetration of smart devices across the country, increasing demand for advanced mobile accessories, along with increasing R&D investments in wireless connectivity is expected to further boost India mobile accessories market in the coming five years. To meet this growing demand for wireless accessories VingaJoy – A New Delhi based startup has come up with a wide variety of wireless electronic products that keep you connected and entertained anytime and anywhere. VingaJoy is a brand under UBON Company.

    StartupTalky interviewed VingaJoy (Ubon) co-founder Mandeep Arora to know more about the startup.

    Vingajoy – Company Highlights

    StartupName VingaJoy (Brand under UBON)
    Headquarter Delhi
    Founders Om Parkash, Mandeep Arora, Lalit Arora
    Sector Mobile Accessories
    Founded 2015
    Funding Bootstrapped
    Parent Organization Ram Ram Ji Peripherals Pvt. Ltd.
    Website Vingajoy.com

    Lets go through the Amazing Journey of UBON Brand – Vingajoy along with knowing Vingajoy Company Details:

    About VingaJoy and How it Works
    Vingajoy – An Ubon Brand
    VingaJoy – Founders/Owners
    How was VingaJoy Started
    VingaJoy – Revenue Model
    VingaJoy – Funding and Investors
    VingaJoy – User Acquisition
    VingaJoy – Startup Challenges
    VingaJoy – Competitors
    VingaJoy – Future Plans
    VingaJoy – FAQs

    About VingaJoy And How It Works

    VingaJoy provides a wide perspective to enlarge in mobile & lifestyle accessories products, mainly focused on wireless products like wireless earphones, speakers, wireless headphones, wireless mobile chargers, power banks, etc using QI Technology. Its products are recognized for style and engineered for performance, providing a seamless integration of hardware, software and design. The company believes in the world of being wireless, hence they came up with accessories which don’t bind you.

    VingaJoy Lifestyle accessories

    VingaJoy envisions to become the Numero Uno brand in the Indian market by being unique and sharing knowledge through continuous improvement driven by the creativity. Its philosophy of keeping innovation at the heart of manufacturing helps it create products that are world class yet affordable at the same time.

    VingaJoy Logo

    VingaJoy’s slogan- ‘BE LOUD BE PROUD” defines that they are fully optimistic with their vision to grow loudly in the market.

    Vingajoy – An Ubon Brand

    VingaJoy is a brand under UBON. With its origin in Delhi, India, Ubon is owned and founded by Mandeep Arora Om Prakash Arora, and Lalit Arora. It is a lifestyle brand that deals in consumer electronics like Bluetooth Speakers & Headphones, Chargers, Cables, Surge Protectors & other gadget accessories.

    VingaJoy – Founders/Owners

    VingaJoy was founded by Mandeep Arora, Om Prakash and Lalit Arora in 2015.

    Mandeep Arora, Om Prakash and Lalit Arora
    VingaJoy founders and team

    The idea was to bring new technology to the customers in economical rates. Of the founders, Mr Mandeep Arora, who is a law graduate is currently working as Joint Legal Advisor, Delhi Mobile Trader Association. he felt so strong about this idea that wanted to build a mobile accessory brand which can deliver quality products with an affordable price tags.

    How Was VingaJoy Started

    Mandeep Arora came up with the idea of staring ‘VingaJoy’ as a brand that bring new technology to the customers in economical rates. VingaJoy delivers quality products at affordable price tags.

    VingaJoy was launched in New Delhi in 2015, and it was a humble launch. A few media people and fellow fashion & tech. bloggers from New Delhi were invited. They visited the corporate office to have a look and took a note of the product offerings, so that they can share VingaJoy’s story on their respective media platforms.

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    VingaJoy – Revenue Model

    Being a consumer brand, VingaJoy earns revenue by selling its products across various online and offline channels.

    VingaJoy – Funding And Investors

    VingaJoy is bootstrapped yet (2021).

    VingaJoy – User Acquisition

    To make VingaJoy available everywhere, the startup is putting their faith in offline channels more than online channels. They have a robust supply chain network which enables them to distribute its products all over India with the different distribution levels available in every state. One thing VingaJoy team found out while doing their research was that people prefer to try and physically feel the product prior to taking a buying decision. This forced them to develop products that are eye catchy and premium as well. They have also collaborated with leading online marketplaces such as Amazon, Snapdeal and Flipkart to reach the masses. VingaJoy has mastered the retail chain network across India and can be found at majority of the shops & showrooms in the country.

    Ayushmann khurrana- VingaJoy
    Ayushmann khurrana- VingaJoy

    From the beginning itself, VingaJoy saw a great demand from customers for wireless sound equipment like speakers and headphones. As a result, they worked upon to strengthen their audio profile. Additionally, VingaJoy collaborated with Ayushmann Khurrana which got them a lot of recognition with their target audience through TV commercials and social media campaigns.

    VingaJoy – Startup Challenges

    In a business like tech accessory keeping up with the innovations is a major task. A tech revolution can take place overnight and you would not know it. VingaJoy felt the same when wired gadgets were receiving flak because of portability issues. So to cater to this need, VingaJoy decided to dive into wireless products and come up with an ecosystem of wireless audio products.

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    VingaJoy – Competitors

    To name a few competitors, Zaap & Leaf are some of the primary competitors of VingaJoy.

    VingaJoy is providing quality with an affordable price tag, so keeping their products under an affordable range is their sure shot to steer ahead of competition while serving growing customers.

    VingaJoy – Future Plans

    VingaJoy’s products are receiving positive feedback from customers and tech influencers alike. Recently, they on boarded Mr. Ayushmann Khurana as their brand ambassador, which is a good start for their marketing goals. In the future, VingaJoy is looking to tap into IoT and AI based products to serve dynamic needs of tech-savvy consumers.

    VingaJoy – FAQs

    What is Vingajoy?

    VingaJoy provides a wide perspective to enlarge in mobile & lifestyle accessories products, mainly focused on wireless products like wireless earphones, speakers, wireless headphones, wireless mobile chargers, power banks, etc using QI Technology.

    Is Vingajoy a brand under Ubon Company?

    Yes. VingaJoy is a brand under UBON, a lifestyle brand that deals in fashionable consumer electronics like Bluetooth Speakers & Headphones, Chargers, Cables, Car Accessories, Surge Protectors & other gadget accessories.

    Who is Ubon Company Owner?

    Mandeep Arora, Om Prakash and Lalit Arora are owners of Ubon Company.

    What is Vingajoy Origin Country?

    Vingajoy is an Indian origin Company with headquarters in Delhi.

  • Will the Central Bank of India become a Private bank? | Why is the Government Privatizing banks?

    The Government of India had made a number of announcements and plans in the Union Budget of 2021-22 and one of the major plans was in regards to disinvestment of privatization. In this article let’s look at the plans of the Government in regards to privatizing the banks and whether the Central Bank of India would become a Private banking organization.

    Privatization of Public Banks – Latest News
    Reason Why Government is Privatizing the Public Banks
    Banks Officers’ Confederation on Privatization of the Banks
    FAQ

    Privatization of Public Banks – Latest News

    The Government of India had shortlisted 4 Public sector banks in order to privatize them in the fiscal year 2021-22. The four banks on the list are Bank of Maharashtra, Bank of India, Indian Overseas Bank and Central Bank of India.

    The Government of India has decided to privatize just two of these banks for now and according to certain reports NITI Aayog has decided to privatize the Central Bank of India and Indian Overseas Bank and their names were shortlisted by the organization.

    The report also added that the Bank of India will also be a candidate that is potential enough for privatization. In regards to disinvestment, NITI Aayog has submitted the names of two state-run banks and one general insurer to the secretaries of the committee.

    Reason Why Government is Privatizing the Banks

    The Modi Government has been pushing to sell all the assets that are owned by the Government in order to cover up the expenses for the Coronavirus Pandemic and to increase the revenue of the Government as it has spent a massive amount for the recovery from the pandemic.

    The announcement regarding the privatization of the banks was made during the Union Budget announcement of 2021-22. The Central Government has a target to gain around INR 1.75 lakh crore from the sale of stakes in the current fiscal.

    The Central bank of India and other public sector banks will probably become a private bank as the Government has already implemented it in many other sectors and to some banks as well. The country has only 12 public sector banks as compared to 27 in the year 2017.

    GDP of India
    GDP of India

    Banks Officers’ Confederation on Privatization of the Banks

    The Confederation of Bank officers does not seem to be much happy with the decision made by the Central Government. The officers had even called for protests and strikes regarding the case. The strike notice had conveyed the message that the decision of the Government in order to privatize the public sector bank is totally unwarranted and added that the requirement right now is to strengthen the public sector banks.

    It is found that the State Bank of India will be the only bank that would remain a public sector bank and the Government had justified this statement by saying that the bank is a strategic bank and it is responsible for the implementation of the public sector initiatives like expanding the rural credit.

    The Banking unions have conveyed that the same can be done to other public sector banks. They added that certain schemes such as MUDRA and Jan Dhan Yojana have been successful due to the vigorous implementation of the public sector banks.

    The unions also believed that during the pandemic they were an important part in implementing the measure in order to support the plans of the Government to provide liquidity and fiscal stimulus. Privatizing the public sector banks is like providing the money of the people to private hands with a different interest towards them.

    Conclusion

    The Government is also privatizing Air India, BPCL, and shipping corporations, and the process for it has already been started in the current fiscal year. The proposal regarding privatization is handled by DIPAM and the Department of Financial Services.

    FAQ

    Why do Governments Privatize?

    Privatization generally helps governments to save money and increase efficiency, where private companies can move goods quicker and more efficiently.

    What are some examples of privatization?

    Public sale of shares, Public auction, Public tender and Direct negotiations are some of the example of privatization.

    Which are the 2 banks that are going to be Privatized?

    The Government of India had shortlisted 4 Public sector banks in order to privatize them but has decided to privatize just two of these banks for now, which are the Central Bank of India and Indian Overseas Bank and their names were shortlisted by the organization.