Innovation is the key to success, which is true because new things are attracted much faster than older ones. Google did not only focus on its search engine but rather took the time to come out with tools that became beneficial for all groups of people.
The G Suite which is now known as Google Workspace is a collection of Google tools like Gmail, Google Drive, Google Sheets, Google Calendar, Hangouts, and many more. Most of these tools are used for free these days. But, have you tried its paid version yet? Well, you should try it out.
It was back in the year 2006 when Google officially launched its online office suite tools. Google wanted to bring a sense of control inside the organization and offer better features to people free of cost.
Not only did the common people benefit a lot but several large organizations used these tools for their daily activities. Though the tools were offered to the people free of charge people experienced their documents to be safe and secure and it was better than doing things manually.
Google Workspace collaboration tools include the following tools:
Gmail
Google calendar
Google Sheets
Google Docs
Google Slides
Google Keep
Google Hangouts
Google Meet
Google is still working on new things for a better experience in Workspace. Not only they are updating Workspace tools but they are developing new tools. When Google Classes was launched back in August 2014, many more tools were added like assignments along with many more.
Google meet, docs, slides, sheets chrome, Gmail, became useful tools not only for businesses but teachers and students showed results of improved effectiveness in their day-to-day learning.
Why Choose Google Workspace?
Google Workspace
There are several reasons why you can choose Google Workspace. Keeping aside all other factors, the price factor is one of the major factors why people just jump right into Googleâs tools. It just doesnât end there because not only the tools are cost-free but it is effective at the same time.
The effective features of Workspace tools become a great advantage to take over its competitors in the market. Google leads when it comes to their online tools and services and then other companies like Microsoft, Adobe, Slack, and other such companies follow.
Keeping aside all other things letâs focus on the pricing factors of these tools. Let us take an example of Gmail which has been offered to the common people free of charge but there is also a choice of pay where users can take the advantage of its premium features.
Some basic plans for Googleâs Workspace tools start as low as INR 136.90 per month which is called the Business Starter plan. The Business Standard comes with INR 736 per month and the Business Plus plan comes with INR 1380per month. Apart from this there is also a free trial to let you expedience its magic!
Almost all the tools of Google Workspace are free to use but to get the benefits of premium features one has to make the predetermined payment. For example, if you get the paid version of Gmail then you can get the option of choosing a custom email domain. You will also get unlimited group email addresses.
Other than those you will also experience the benefit of storage which will be doubled once you get the premium version of Gmail. No advertisement and 24/7 customer support. Similarly, you can get benefits if you pay for other Workspace tools.
The company has promised that it will bring updates to its tools to provide a secure network. Google Workspace will also be adding âDrive Labels in Workspaceâ where both common people and businesses would be able to classify files stored in Drive based on the sensitivity level.
This will help businesses and organizations ensure that there is no external sharing, or downloading of sensitive files. Hackers and other cybercriminals would have to think twice before stealing because if they try to then organizations will be warned about it beforehand.
Google will also bring out a new team that will oversee the security department. The Google Cybersecurity Action Team (GCAT) would be managed by top-class cybersecurity experts from the company.
Conclusion
Google Workspace recently made huge news where they will be adding new app integrations and security capabilities. So, there is no saying that Google Workspace will stop updating its existing tools and also roll out new ones in the future.
FAQs
Is G Suite and Google Workspace the same thing?
Google updated its G Suite to Google Workspace where tools like Gmail and Google Docs getting a new logo along with added features.
Why was Google Workspace launched?
Google Workspace was launched with the vision for the future and to create a strong connection between humans.
Is Google Workspace safe?
Google Workspace is safe, employing encryption, authentication measures, access controls, audits, and compliance certifications to protect user data.
Thinking about buying a sports cycle or a pair of comfortable shoes for your next trek, or a handy bag for your wildlife watching, France-based Decathlon has solutions for every sports enthusiast in India. Decathlon is a multinational sporting goods retailer with having presence in over 70 countries of the world.
Founded in 1976 by Michel Leclercq, with a commitment to âsport for all, all for sportâ, the company has grown to become one of the worldâs largest sporting goods retailers.
In the past few years, India’s retail industry has witnessed a noteworthy shift, with the entry of many local and global brands targeting to meet the growing demands of the Indian consumer market. Within this perspective, there has been significant growth in the sports retail sector also, with Decathlon emerging as a leader.
Decathlon has created a mark, by providing quality and affordable gear for various sports and fitness activities. Over the last decade, the company has made a major shift in taking Indiaâs sporting culture away from cricket.
No other segment of Indian retail has seen a sharp shift from unorganized to organized. In the days before Decathlon, if you wanted non-marking shoes to play badminton, your choice was limited to that old uncleâs shop in the neighborhood, often tiny and dingy, with gear whose layers of dust betrayed their age.
âFor those with the dough, expensive brands such as Nike, Reebok, and Adidas were the main choices for shoes and apparel, with the corner shops selling sporting goods. Decathlon brought these disparate markets together. So, how exactly did the French retailer crack India?,â said a report, âThe Decathlon effect: How a French retailer is moving India beyond cricketâ, by the Economic Times.
Decathlonâs Domination in Indian Sports Retail Segment
Today, the company has 100 plus stores and 110 factories in more than 19 Indian states. It has a no-cost EMI available, easy returns, and one million-plus happy customers. It covers 85 different categories, and its pricing is about 30-40% lower than its rivalsâAdidas, Nike, and Asics in India.
Decathlon India sales jumped 37% to almost Rs 4,000 crore in FY 2022-23, all thanks to the crazy demand for fitness wear and sports gear. Despite a Rs 18.5 crore loss in the current financial year (2023-24), their growth in India has been consistent.
In an interview with The Economic Times, Decathlonâs global CEO, Barbara Martin Coppola, shared that the firm was looking to accelerate its presence in India. It has started experimenting with a multi-brand approach, partnering with brands like Adidas and Yonex.
In the Indian sports retail industry, there are two main sectors: organized and unorganized. Dominating the organized sector are multinational corporations like Decathlon, Nike, Adidas, Puma, and Reebok.
Revenue of Decathlon
Organized Retail Sector
Let us understand how Decathlon has been dominating the organized Indian sports retail scene by sticking to several key strategies:
Diverse and Affordable Product Range
Decathlon offers a vast and diverse range of sports and fitness products, covering a wide array of activities from mainstream sports to niche interests like skiing, snowboarding, wildlife watching, rock climbing, and fishing. The affordability of its products appeals to a broad spectrum of local consumers, making sports and fitness accessible to a larger population.
In-house Brands and Vertical Integration
Decathlon emphasizes vertical integration, manufacturing a substantial portion of its products in-house. This allows the company to maintain control over the entire supply chain, ensuring quality and cost-effectiveness. Decathlon’s private labels and in-house brands contribute to competitive pricing and unique offers.
Extensive Physical Presence
Decathlon has strategically expanded its physical presence across various cities and regions in India. The company operates large-format stores with ample space for customers to explore and experience the products. This extensive retail network enhances brand visibility and accessibility.
In 2009, Decathlon came as a cash-and-carry format and wholesale store in Bangalore. In 2013, the retailer got the green signal for single-brand retail and shifted its business model from wholesale to retail.
In 2019, Decathlon intensified its efforts by introducing 720 new products, expanding its suppliers, and starting the production of most of its items in India. Just recently, they unveiled their 6th store in Chennai, showcasing over 3,700 styles of sports clothing and gear for both genders.
As per media reports, the firm is focused on improving its local production from the current 60% to reach 85% by 2026.
Decathlon stores are designed to provide an interactive shopping experience. Customers can test sports equipment, try out apparel, and receive expert advice from in-store friendly staff. This approach fosters customer engagement, mutual trust, and loyalty.
It implements a multi-channel distribution strategy to ensure its items are accessible. The company operates a large network of physical stores strategically located in urban areas, shopping malls, and sports complexes. Decathlon’s store layout is carved to provide consumers with an immersive experience, featuring separate sections for different sports and staff, who are well-informed and ready to help.
Ecommerce and Omnichannel Presence
Decathlon has a robust online presence, complementing its brick-and-mortar stores. The company’s eCommerce platform allows customers to purchase products online, catering to the evolving preferences of modern consumers, who prefer online shopping. It is also exclusively selling products of brands including Adidas, Tifosi, Leatherman, Rab, and BLUB online on its website.
Community Engagement and Events
Decathlon organizes events, sports activities, and workshops to engage with customers beyond traditional retail transactions. This strategy not only promotes a healthy and active lifestyle but also builds a sense of community around the brand.
Decathlon’s promotes the joy of sports, inspiring an active lifestyle. It engages people with its rich content like articles, videos, and customer-related stories, which inspire and captivate their audience. Through active participation in sporting events, sponsorships, marathons, and collaborations with sports clubs, Decathlon reinforces its brand presence.
Localized Offerings
Decathlon recognizes the varied sporting preferences across different regions of India. The company customizes its products to cater to local preferences and requirements, ensuring that its range aligns with the specific needs of customers in various parts of the country.
MADE IN INDIA | DECATHLON INDIA
Focus on Sustainability
Decathlon has shown a commitment to sustainability by introducing eco-friendly items and promoting responsible practices. This resonates with a growing segment of environmentally conscious customers. The company has minimized packaging waste and, the use of plastic, and executed recycling initiatives. Through marketing campaigns with environmental organizations, Decathlon communicates its efforts, drawing in environmentally conscious consumers and reaffirming its dedication to a brighter future.
Corporate Social Responsibility
Decathlon works with a mission to provide sports to all. It is working with 55 plus Indian government schools, with over 350 volunteers coaching more than 2,800 students.
Globally, it has the DECATHLON Foundation, supporting more than 500 projects in 50 nations since 2005. More than 4 lakh children, women, and men in vulnerable situations have benefited from DECATHLON Foundation projects, as per its website.
It’s worth noting that the success of Decathlon in the Indian sports retail market is a result of a mix of these strategies, adaptability to local market dynamics, and a commitment to providing value to customers at an affordable range in an organized fashion.
However, there is still a huge gap in the sports retail segment between remote and urban India.
This gap is a lucrative opportunity for more players and startups to pitch in and tap the retail sports segment.
âWhy don’t we have a homegrown stylish clothes brand for adventure seekers in India? Why am I paying Decathlon for sub-quality products? As a rule of thumb what was out of fashion in the Western world a few years back is sent to India. Like we are some third-world citizens who deserve rejected products. Why can’t we build our own North Face? We have excellent textile and fashion designers, manufacturing capabilities, eCommerce and logistics distribution, and a growing adventure market that already spends a lot of money on gear each year,” said Akhil Dua, founder of Trek Library. Dua is a hotelier by profession and mountaineer by passion.
Unorganised Retail Sector
When it comes to manufacturing of sports equipment, India is among the top producers across Asia with Uttar Pradesh, Punjab, Maharashtra, Delhi, Tamil Nadu, and West Bengal being the top producing states.
Among these, Jalandhar in Punjab, and Meerut in Uttar Pradesh account for 75-80% of the total production in India. Almost 60% of Indian sporting goods are exported and around 5 lakh people are employed in the sports goods manufacturing sector in India.
Commodity-Wise Share in Indiaâs Total Sports Goods Export (2021-22)
The Indian sports goods market is estimated to grow to US$ 6.6 billion (about Rs 49,000 crore) by 2027 from US$ 3.9 billion (about Rs 32,000 crore) in 2020-21. However, the unorganized segment of the sports retail industry is still a major player in the Indian retail market.
The industry is still confronted with various roadblocks, including limited brand awareness, restricted capital access, and competition from established players in the market.
FAQs
Who is the CEO of Decathlon?
Decathlonâs global CEO is Barbara Martin Coppola.
What is the pricing strategy of Decathlon?
Decathlon’s products are strategically priced lower than those of competitors, making the allure of sports within reach for a wider demographic.
How Decathlon is sustainable?
Decathlon has shown a commitment to sustainability by introducing eco-friendly items and promoting responsible practices. The company has minimized packaging waste and, the use of plastic, and executed recycling initiatives.
Coupon sites are one of those Internet business strategies that are simple to set up and operate. There’s no need to make a physical or digital product. Actually, there aren’t any deliverables at all.
Furthermore, because you are not selling anything, it is rather simple to establish goodwill with your visitors. In fact, you’re offering them discounts on items they already want.
This appears to be a fantastic business idea. Turning a profit on a discount site, like other business concepts, is much more difficult than most people believe. Advertising income and affiliate commissions account for 99% of the money made by coupon sites. To be profitable, a coupon site needs a lot of traffic.
33% of buyers say they frequently use coupons when making purchases, and 38% say they are always looking for coupons. That’s 71% of buyers who use coupons on a regular basis.
With customers’ coupon fixation in full swing, it’s understandable that coupon sites would want to cash in. Customers can have their stuff quickly going to many websites offered. Because they saw a need and provided it, coupon sites have grown to be a viable internet business. And this is not enough; they also give so many discounts on different products and provide various formats.
Coupons can be printed from websites such as Coupons.com and RetailMeNot. While the occasional coupon can still be found in newspapers and flyers, online sites have mostly superseded these possibilities. All that is left for the customers now they can print and scan from their devices.
CouponsWala.com, for example, is a coupon referral site that aggregates bargains from a variety of businesses. Customers can switch to a mediator website to buy coupons when they click on a coupon.
Coupon offers are dependent on sales volume on group-buying platforms like CouponsWala or HotOnDeals. A deal will only activate and take effect if a minimum sales volume has been met. Cashback websites reward customers for shopping online at their favourite stores. Users will receive a discount voucher and a 15% cashback incentive.
The appeal of coupon websites is that they offer a wide range of products and services. There is almost definitely a coupon website for whatever shoppers are looking for. Coupon sites are expanding to include sites that sell browser extensions as a means to make money. These websites promote the extension and attempt to persuade people to install it so that they can profit from it.
Honey and Wikibuy are two fantastic website plugin examples.
Honey
Honey Plugin
Honey is a browser plugin that searches the internet for coupons and applies them to users’ purchases automatically. Shoppers won’t have to surf the internet for bargains since the bargains will come to them.
After you’ve finished installing the addon, Buyers have the option of browsing stores, like Walmart, Home Depot, and Best Buy, as usual, and adding things to their cart. At checkout, Honey searches the web for coupon codes and automatically applies the best one to the order.
Let’s pretend a shopper is looking for a new camera. They adore Target shopping and lack the patience to seek coupons for the camera they desire. They simply install the Honey extension and search on Target’s online store.
They add the camera to their cart once they’ve found it. Honey displays a valid coupon, which the consumer puts into their cart, pays for, and is done. Honey provides more than simply coupons, so keep that in mind. Additionally, the browser extension searches for coupon codes and special offers. The main objective of the extension is to identify bargains that will save the buyer’s money.
It’s an Amazon-compatible iPhone and Chrome extension. Wikibuy investigates items purchased in stores like Target to discover an exact match for buyers who rely on Amazon to make their purchases. If the prices at these stores are lower, the savings are automatically transferred to Amazon’s purchase.
If customers enjoy the deal, they may use the Wikibuy coupon code at checkout to save money on their purchases.
Wikibuy Coupon Extension
What Is the Revenue Model for Coupon Websites?
The majority of large discount sites spend millions of dollars on bought traffic each year. “How are they making money?” you might wonder.” Each of the advertisers profiled here has a distinct marketing strategy. Furthermore, these sites almost certainly have hidden money streams that aren’t readily apparent. Remember that three things account for the majority of discount site revenue.
Commissions for Affiliates
Affiliate links or affiliate discount coupons will be used on coupon sites. The site will gain a small commission if someone purchases a product through their link or with their special deal.
Direct Media Purchases
When an advertiser buys ad space from a publisher directly, it is known as a direct media buy. The advertiser can buy a single creative or a full page, like in Crest and Coupons.com.
For example, Crest must understand its target audience and how it spends its internet time. Crest’s current advertisements are aimed at two types of women: those who are concerned about gum disease and those who want to whiten their teeth. Crest can use this data to approach publications like NBC News and The Hollywood Reporter about buying ad space on their websites.
The main advantage of this strategy is that the advertiser avoids dealing with a third party. As a result, if their targeting and placement are correct, they stand to benefit more than they otherwise would.
Online Advertising
Coupon companies have the option of distributing coupons for free via pay-per-click ad placement services. This method involves paying for ad space on online platforms such as search engines or social media networks and then offering coupons to users who click on these ads. By using this approach, coupon companies can target specific audiences and track the success of their campaigns through click-through rates and conversion rates. Additionally, this method can help companies increase their brand visibility and drive sales by attracting new customers and incentivizing repeat purchases.
Coupon websites can create and organize their own promotional campaigns to showcase a variety of offers, products, and services. These campaigns can be tailored to meet the specific needs and interests of the website’s audience and can be designed to highlight the most popular or sought-after deals. Coupon websites can leverage their knowledge of consumer behaviour and preferences to create highly effective and targeted promotional strategies that drive traffic, increase engagement, and boost sales.
Direct Partnerships With Merchants
Coupon websites often form partnerships with other businesses to drive sales and increase revenue. These partnerships involve promoting the partnered business’s products or services through the coupon website’s platform. In exchange for featuring the partner’s offerings, the coupon website receives a commission on any resulting sales. This type of partnership can be highly beneficial for both parties. Coupon websites gain access to new products and services to offer their customers while expanding their reach and growing their customer base.
Partnered businesses benefit from increased exposure and access to a wider audience of potential customers, many of whom may not have been aware of their offerings. By forming these mutually beneficial partnerships, coupon websites and businesses can work together to create a thriving ecosystem that benefits everyone involved.
FAQs
What is the best coupon extension?
Honey and Wikibuy are the two best Coupon Extensions.
What are coupon websites in India?
MaddyCoupons
GrabOn
MyDala
CouponDunia
NearBuy
MyTokri
CashKaro
CouponRaja
CouponzGuru
CouponMoto
Do affiliates get discount codes?
An affiliate marketer gets dedicated promo codes or affiliate links for sales. They get credit for all their sales through that promo code or affiliate links.
What is a coupon affiliate?
Coupon affiliate networks connect marketers with affiliate programs that allow them to promote coupon-related offers.
A limitation on Paytm’s ability to engage in banking operations beyond February 29 by India’s Reserve Bank has put the country’s fintech behemoth in a bind.
Paytm, which was started in 2010 by Vijay Shekhar Sharmaâwho became famous as the face of digital payments following demonetizationâis currently unable to process deposits, FASTag transactions, or credit transactions through any of the main financial institutions.
As they say âSomeoneâs loss is another personâs gainâ! Exactly on the same lines the rival fintech companies are scripting their new expansion stories. Businesses that accept Paytm as payment have been approached by field agents from companies including Google Pay, Yes Bank, HDFC Bank, and PhonePe. To get a piece of this burgeoning industry, SBI is also actively engaging with domestic and international tech companies to extend its sound box network.
The development has shocked users. The Paytm website claims that the company’s customer base in India exceeds 300 million people. Following its first public offering in 2021, the company’s finances began to deteriorate. Building a sizable loan book, it has been attempting to become profitable and expand into additional segments ever since. Laid off 1,000 workers over a few months is another cost-cutting measure.
According to specialists in the field who spoke with various media outlets, Paytm’s credit operations have nearly stopped and earnings streams have come to a standstill as a result of the regulatory crackdown. This is happening even though probes into the firm are still ongoing.
After facing serious allegations, industry analysts predict the company may face the loss of its licence. Paytm is a shining light in India’s startup scene, and if that happens, it would be a black day for them. Until 2022, the business served as the official title sponsor of all cricket matches played by the BCCI, both at the international and domestic levels. In 2023, it partnered with Ticketmaster for the Indian Premier League playoffs and final.
This disaster has occurred just as investment in the financial technology sector has begun to decline. According to a Tracxn FinTech Report, the third-highest funded ecosystem in the worldâIndia’s fintech sectorâsaw a 63% drop in funding to $2 billion in 2023 from $5.40 billion the year before.
Latching to the Opportunity
According to industry watchers, if Paytm goes under, customers may go to other financial apps, which would be good for their competitors.
Amid the continuing crises, news surfaced recently that Mukesh Ambani’s Jio Financial Services Ltd was among the leading bidders for Paytm’s wallet business, sending shares of Jio soaring by more than 15%.
“It would appear that businesses and customers are increasingly turning to alternative QR code platforms, UPI, and wallet transactions as a result of the aforementioned RBI injunction against Paytm.” According to Aviral Jain, Managing Director, Valuation Advisory Services at Kroll, “This disruption period could be short-lived if Paytm can resolve quickly,” meaning that competitors of Paytm have a good chance to gain a larger portion of the market.
From a business-to-business standpoint, the effect is more on the company’s bottom line than on Paytm’s reputation, albeit the latter will feel the effects in the medium run. Paytm must instill extra trust in its customers to avoid irreparable harm to its brand during this period of interruption, as Jain pointed out that gaining customers’ trust takes time.
For Paytm’s senior executives, the most pressing issue is calming nervous investors and forming alliances with financial institutions to support its Unified Payments Interface (UPI), wallet, and other merchant services. The firm also has the difficult challenge of transferring loan repayment customers from Paytm Payments Bank to other banks.
The top bank is already pressuring financial institutions to increase their net interest margins and reduce their high loan-to-deposit ratio; Paytm may encounter resistance from hesitant banks even if it simplifies these difficulties.
Additionally, there is the issue of a significant lack of end-user communication, which may eventually cause a retention problem. Nevertheless, the senior executives of Paytm assert that they are fully aware of the situation and want to implement a comprehensive marketing and communication campaign to alleviate these concerns and redirect users to partner institutions.
In the meantime, 42% of Indian Kirana stores have begun accepting payments through other applications, according to a Kirana Club poll. According to the research, Paytm used to have over 69% of the Kirana shop market. The poll also uncovered another shocking fact regarding the level of trust that local retailers have in Paytm. Some 42% of Kiranas have shifted to utilizing different payment apps, and 20% more have said they plan to do so soon. Among merchants that have implemented or are considering implementing alternative payment apps, 50% have opted for PhonePe, 30% are leaning towards Google Pay, and 10% are leaning towards BharatPe.
Funding for India’s education technology sector fell 48% between January 1 and August 7, 2023, as compared to the same period the year before.
To date, Bengaluru has raised more capital than any other city in the sector. The information was published in a study by Tracxn, a platform for market intelligence.
As of August 7, 2023, EdTech startups in Bengaluru had raised over $8 billion, with Mumbai coming in second with $2.5 billion and Gurgaon with $497 million, according to the EdTech India – Feed Geo Report.
Factors such as rising interest rates to rein in inflation, economic uncertainty, falling demand for online education, and persistent funding limits have put pressure on the worldwide EdTech business. However, the report highlights that the Indian EdTech sector has potential because there is a disparity between the number of teachers and the number of offline courses available. This could lead to the sector’s growth in the future.
Most of the investment in Indian EdTech startups in 2023 has reportedly happened in the second quarter, according to different media reports. In the second quarter of 2023, the space saw $713 million in funding or 73.43% of the total funding for the year. Not only that, but this is a 37% rise over the same quarter last year.
The most well-funded areas of education technology so far have been those dealing with K-12, test preparation, and higher education. As of this writing, K-12 education technology startups have raised $711 million, down 45 percent from the same period in 2022 and 56 percent from the same period in 2021.
So far this year, there have been no new unicorns in this area, compared to two in the same period last year. The number of acquisitions in 2023 has been seven, a decrease of 70% from the twenty-three acquisitions in 2022 and the nineteen acquisitions in 2021.
Over the past two years, We Founder Circle, Peak XV Partners, and MMPL Trust have been the leaders among EdTech investors.
Seed investors included We Founder Circle, IPV, and LetsVenture; early-stage investors included AngelList, Better Capital, and Peak XV Partners. Several prominent late-stage investors were The Chan Zuckerberg Initiative, WestBridge Capital, and MMPL Trust.
After school was canceled due to the pandemic, the Indian EdTech industry rode the wave of online learning to great success. Increasing access to the internet and mobile devices in rural regions was a key factor.
There are grounds to be positive about the role of the EdTech sector in reforming education in the country, the research observes, despite the current challenges.
During the peak of the EdTech industry in early 2020, the cost of acquiring customers skyrocketed from a meagre 20-25% of revenue for EdTech platforms to 70-80%. There is a basic dynamic at work here: all business-to-consumer EdTech platforms engage in digital marketing and branding. They all used digital-only channels to create leads, and then they paid high-priced salespeople to turn those leads into customers by setting goals and offering incentives. It was no longer feasible to explain the unit economics due to the exorbitant cost of acquiring a single customer, which encompasses the entire lead generation and acquisition cycle. The CAC for an EdTech company in India’s K-12 market ranges from INR 10,000 to 60,000 (USD 137-821) per student, according to an article in Kr. Asia. B2C EdTech companies in India will simply not generate enough revenue from their models, even after pouring a tonne of money into marketing and customer retention. The larger companies could afford to pour money into advertising and marketing, but the smaller ones had to cut costs or go out of business.
Indian Edtech Industry (2020-25)
An Illusory Approach to Pricing in the Indian Market
Another concern is the exorbitant price models that B2C EdTech companies in India attempt to impose on parents. Repeatedly high CAC forces EdTech companies to raise prices, even though the parents, who are the ultimate consumers, have no more money to spend. About 95% of the 7.9 crore students enrolled in India’s more than 400,000 low-cost or budget private schools pay yearly tuition of less than 30,000 Indian rupees (INR), according to the Central Square Foundation, a nonprofit organization that focuses on education. Typically, the monthly cost for the subscribing or paying user exceeds the cost of tuition by more than two thousand rupees. Additionally, many EdTech companies pressure parents into signing up for long-term subscription models that they may not understand or be able to cancel, as well as into taking out loans to buy the gadgets they suggest for accessing their courses (e.g., tablets). A research on EdTech (2020) by RedSeer Consulting and Omdiyar Network brought attention to this problem by discussing the disparity between the prices offered by different business-to-consumer EdTechs and the average price that consumers are ready to pay. Unfortunately, EdTechs have not yet addressed that the cost of using some of their services can exceed a school’s yearly charge. There shouldn’t be a need for parents to pick between after-school activities and paying the whole tuition, since any reasonable parent would spend half of their child’s school budget on these.
The latest upheaval at BYJU’S has highlighted some major problems that the company is encountering as well as possible areas where all startups should be investigated. Many problems have arisen for BYJU’S in the past few months. These issues encompass:
After multiple confirmed allegations of allegedly abusive and poisonous work culture, as well as unscrupulous sales techniques and consumer exploitation, BYJU’S has become notorious for a hostile work environment, and revenue growth has slowed in recent quarters.
While BYJU’S is rapidly losing customers, it is also rapidly depleting its cash reserves. In the third quarter of 2022, the company’s monthly active user (MAU) base fell by 15% while its cash burn rate was anticipated to reach $1 billion per quarter.
In the past few months, BYJU’S has lost several prominent board members and executives. Among them are the COO, CFO, and director of marketing for the organization.
An examination into many financial irregularities, including delayed financial reporting, has been initiated by the Serious Frauds Investigation Office (SFIO), which is part of the Ministry of Corporate Affairs (MCA).
These problems have reduced BYJU’S value. Analysts currently estimate a worth of less than $10 billion for the firm, down from $22 billion at one point. What happens to BYJU’S is uncertain. The firm is resolute in its pursuit of growth, despite the numerous challenges it has encountered.
That BYJU’s is only one example among many. Some EdTech startups have been successful in maintaining operations, while others have failed. Both sets of instances are noteworthy. The future of India’s education technology sector is something to watch with interest.
It might make you feel nostalgic to remember the days when you saw artists painting movie posters. You surely miss the smell that pushed through your nose when a bunch of women crushed and ground spices. Those days were really precious when you wore a handmade sweater, knitted by your grandma.
However, those days are long gone, and the unique design of your sweater isn’t unique anymore, but made in a bunch and sold in lots inside a mall. Today, the big brands are promoting factories with digital prints, and 3D printers have taken over the sculptor’s qualities.
Similarly, the powerloom clothing pieces are being chosen over handloom due to their low range of prices. The local businesses that once boomed are now fearing the low revenue and changing market.
Digitally we are becoming aware but that should not take us apart from our culture. The Indian culture has always been true to its core, where each state has its own folklore. Inspired by these tales, you come across music, art style, painting, clothing, and more.
From Warli paintings of the North Sahyadri Range to Pattachitra Art of Odisha one can’t get enough if subjected to. And let’s be sure, digital art can’t take over the old culture that took days and patience to get the final piece ready. Remember, the Mona Lisa wasn’t just printed out on warm paper.
This article is an ode to those who have stood still, in these times of technological advancements and even now are promoting the handcrafted business.
Quality over quantity is the aim of handmade businesses. And this technological age has widened the gap through its conjured automation and robotics in this niche. The interaction is gone, but the Indian markets still echo with the sounds of wooden pieces being sculpted.
These handmade businesses belong to the same old markets, that not only have seen generations practicing the art for decades, but a whole village coming together and producing artifacts for centuries.
Chanderi Saree
Our team at StartupTalky had a prestigious opportunity to interview Kamal Koli, who is a producer of Chanderi Sarees in Madhya Pradesh. Koli belongs to the village by the same name as the clothing piece and has been in this business since 1998.
As per the saree maker, his handweaving sarees are most appreciated in Bollywood, and he also has a range to fit in for every class. Other designs Koli and his family have adapted are the Plain Block Print Saree and Real Jari. The patterns that are used in Plain Block Sarees are called block prints and take more than 7 days to prepare just one piece. The producer knows patience as a single Real Jari saree takes 3 to 4 months to be ready for the shelf.
Chanderi fabric goes back to the Vedic period and is known to have been founded by Shishupal, Lord Krishnaâs cousin. And just like it is in demand by queens of Bollywood today, throughout the Mughal era in India, these sarees were admired by the queens during that sacred period too.
Madhubani Paintings
Madhubani Paintings
Neeraj Kumar Shah introduced us to a more heartwarming side of art, that not only talks about India but influences from Nepal as well. We are talking about Madhubani paintings, also known as Mithila art.
This craft is famous for its geometrical designs and originates from the Madhubani district of Bihar, the same place where Shah belongs. While getting to know more about the paintings, Neeraj told team ST that all the paintings are done on paper made out of bamboo.
Adding more to your intrigue, the paints used in these art pieces are made out of flower juice, leaves, and grass. More than 35 people from different families in the same village have dedicated their lives, to creating this art.
The Madhubani paintings have fine details, created by artists using finger designs, twigs, nib-pens, and matchsticks.
As per the legend, these paintings come from the holy age and were first invented in Mithila, the birthplace of Sita.
Charmakare Puppets
Charmakare Puppets
If you are a fan of Chinese puppet shows, look around you and seek Charmakare Puppets. You might have never heard of this but it does exist in India, you were just too busy appreciating foreign cultures.
The art belongs to Andhra Pradesh and is also known as leather puppetry craft. Vanarchu Ganesh introduced team ST to this art, which he and his family have been practicing for generations.
In the Nimmalakunta village, more than 50 families have been making these puppets for ages. With time, the making of these puppets has evolved into paintings and lampshades. The reason why it is called leather puppet art is because the puppets are made using goat skin, the same ones used in Tabla and Dholak. The colors too are natural and are made using vegetable colors.
Vanarchu Shankara, the father of Ganesh has even won the V Shankara State Award for his art in 2016. And recently, Indian Prime Minister Narendra Modi witnessed the puppet show appreciating the art practiced by the whole village.
Indian Government Promoting Handmade Businesses
In September 2014, the Indian government launched the Make in India initiative globally, to promote the country as a prime manufacturing destination for companies around the world. One of the missions of the Make-in-India program was to promote handloom businesses in the country.
With a belief these businesses are an integral part of India, the government announced an economic package known as Aatma Nirbhar Bharat Abhiyaan. As the name suggests, the package was meant to boost the economy of India while also making the country self-reliant.
This package was launched in support of weavers, artisans, and karigars of various MSMEs to help them review their businesses.
Besides the above-explained gesture by the government, tourism is also promoted hugely which ultimately can boost the local market of different states and traditional artifacts celebrated by the regions.
India’s Handmade Exports From 2016 to 2023
How Can Technology Help Those in the Handmade Business?
Everyone is using the internet, which is a fast and expanded link to spread the word. The support by the government is already explained above, which can also be adapted by you.
Whenever you are out on a field trip or on a break from your tiring job, and if you come across something that seems to be in need of a promotion, you can simply take your phone out and put it up on your Instagram story while asking your friends to follow the page of that particular business.
Help the uneducated with your sage. Make them understand how to operate social media and reach new audiences.
Yes, the days have seen a change in the way business works today, and technology has surely taken over several businesses. But at the same time, if used wisely, you can revive the age-old handmade businesses and crafts with a simple spiced-up effort of technology.
Online marketplaces are always the best option. Plus today, some tools can help these drowning businesses a bit. Tools used for sourcing, listing optimization, and advertising would work perfectly.
Conclusion
There is still a chance left to help these handmade businesses get back into the market. They are the ones that are keeping Indian culture one of the most appreciated globally today. When you are embracing tech, keep your roots true to your heart and keep a legacy alive.
Help the handmade craft survive. Because it’s never too late to begin again!
Fashion itself is a statement, and you put forth one when you promote a brand by wearing it. Adaptation of fashion sense has become crucial these days. Be it presenting yourself as a corporate bug, someone who is into rap culture, or simply going out on a date, the clothes you choose define you.
In a way, you are perceived by what you wear. Worry not, brands like Hennes & Mauritz, also known as H&M are here to save the day. Although the company was established way back in the day, it has been keeping up with the fashion and trends changing with generations.
The company has achieved a status around the globe in the fashion industry. It is not just clothes that the Swedish-origin company serves but also the related accessories. Be it the millennials who have an immense difference in taste, or the newly welcomed Gen Zs, H&M has got something for everyone.
The journey of this fashion brand began back in 1947, when Erling Persson opened his first store in VĂ€sterĂ„s, Sweden. This was a store called Hennes meaning âHersâ in Swedsih and only sold womenâs clothing. Later in 1964, Persson opened its first store outside Sweden and was situated in Norway.
Four years down the line, Erling acquired the hunting apparel retailer Mauritz Widforss. This was in Stockholm, with which the companyâs name was changed to what it is today, with the sale of men’s and children’s clothing.
Headquarter and Operations
The current headquarters is located in Stockholm itself, while also covering 75 marketplaces around the globe. The company at present has 4,801 physical stores with a grand online presence too.
Target Audience
With the interest in fast fashion, the target audience that H&M serves are the customers who usually belong to the young generation. Meaning, the brand aims at millennials as well as caters to the needs of Generation Z. This includes both men and women with a main focus on women.
Key Products
Don’t get confused with the product category that is covered by H&M. Just because it is a fashion brand doesn’t mean it has got only shirts or pants, your wardrobe can be filled with variations in style.
From shirts & blouses, you can get trousers, dresses, jackets as well coats. With that, the brand has a range of jeans, shoes, sweatshirts, and hoodies. Most importantly, H&M even sells beachwear as well as swimwear. H&M is also famous for its fashion accessories such as purses, necklaces, and even scarves.
H&M – Why They’re Successful
Business Model of H&M
Different brands have different business strategies but usually stick to one or two. H&M has several models that cover a variety of segments.
Here is a brief understanding of how H&M’s business model works.
From customers looking for fashionable clothing at an affordable price, to the ones who are Eco-conscious customers, H&M covers everyoneâs needs. The brand has a range of clothing for those who are fashion enthusiasts, with exclusive designs and unique collections.
Meanwhile, the brand also ensures that fashion is accessible to everyone and offers the latest trends at an affordable price.
The multinational fashion brand does not only think of its customers but also of the retailers. H&M collaborates with various stores and businesses. It even supports global retailers helping them to open franchised stores. This has gained H&M a strong status in the fashion industry and built a strong bond with their go-to partners.
As a brand, H&M represents a brand that values environmental ethics, luxury in these days of rising costs, and fashion that fits within everyone’s budget and taste.
USP of H&M
Hennes & Mauritz being a fashion brand has covered what is important for its audience as well as has garnered a huge market. The Unique Selling Point of H&M is simple and truly defines its idea of branding.
H&M aims at fashion for all. Meaning affordable fashion and also a trendy collaboration of chic, stylish clothes, with a twist of classic look.
The brand has got everything for everyone when it comes to fashion. For men, women as well as teenagers, you can choose from a vibrant collection. It even promotes its clothing and accessories for groups of people with purchasing power from high to medium.
Talking more about its USP, H&M offers a great combination of high-class brands, and classic fashion all at an affordable price.
It’s a huge franchise and it belongs to the fashion industry, there are certainly several ways to earn. And yes, H&M is one of the most buzzing brands. But talking more precisely, about H&Mâs ways to earn money, we’ve made a perfect review for you.
Sales
Of course, sales are the foremost important niche to generate money for H&M. Clothing, accessories, and its home decor collection are the most important products that generate sales for H&M. These things are sold from both its online as well as physical store, so yes, the stores count too.
The sales made in its stores, online and physical both, make up most of its revenue. Then comes the franchise part.
H&M isn’t called multinational for nothing. The fashion brand partners with franchisees worldwide and has opened stores in several nations. With this idea, H&M has covered a huge market and has been earning money through its sale of franchises.
The brand collects fees from its franchises and in return, helps them with restocking the clothing products and other goods to sell.
Speaking of sales, H&M also sells its products to other retailers. This is how the brand expands its wings and reaches newer markets without even opening a store.
Net Sales of the H&M Group Worldwide From 2014 to 2022
Collaborations
H&M is known for collaborating with famous designers and celebrities. These are the special edition collections that create hype amongst its customer base and drag people to the stores. This is another strategy that increases the sales of H&M.
Other Initiatives
H&M is not the only brand that generates income. It even has other brands that cater to different tastes and markets. These brands include COS, Monki, and Weekday.
Similarly, the brand at its present state is exploring new and innovative ways to make money. It is trying to have a sustainable approach as much as possible. H&M at present is trying to present itself as a brand that has adapted to sustainable fabrics and caters to audiences that have the same taste.
H&M SWOT Analysis
Strengths
H&M has adapted fast fashion to its core. Meaning that it can turn the latest trends into affordable clothing in no time. It has also got a huge global presence, with its stores available in big cities and small towns. Similarly, the brand has a range of collections in the fashion industry. Be it clothes, accessories, or home decor, it has something for each of its customers.
The most recent one is its sustainable practice, with which it is trying to be more environmentally friendly. This has worked best while attracting customers.
Weaknesses
The first and most harsh would be the trend that could affect the brand if not taken care of. If at all, H&M misses out on what’s the trend that is attracting customers, this could heavily affect its sales.
Next would be the environmental lookout. Although the brand is doing its best to promote sustainable clothing, it is still facing a lot of criticism when it comes to the production method. Also, the dependency on its supply chain would affect its customer base. From production to delivery, everything has to be in process without any obstacles.
Opportunities
Although the brand has covered a huge market, it still has a chance to grow by entering the untapped market in several places, regions, and countries. It can collaborate with more designers. It can target new fashion designers and talent to create unique collections.
Threats
With the option of trendy fashion at high to medium rates, H&M still has huge competition. A few brands are selling clothes at much lower rates which could put the long-standing mission of H&M at risk. The economy could also affect the brand as people usually skip their spending on fashion accessories during an economic downturn. With all of that, tariffs put forth by countries and social media backlash are also the ones that could be a big problem for the growth of the brand.
Conclusion
H&M is a brand that is not just known for its fashion statement but also for its responsible behavior towards the environment. It has got a good hold of its stores worldwide, be it the physical stores or the online ones.
Moreover, the brand is always on the lookout for opportunities, and the moment it catches a proper trend where it could fit in, it starts similarly promoting itself. Everyone from almost every class can get a hold of what they need at H&M.
Be it sustainable clothing, or fashion that goes beyond expectations, H&M has got you covered with all.
FAQs
How many H&M stores are located worldwide?
H&M Group, a worldwide fashion and design powerhouse, boasts a presence in over 70 markets with 4,000+ stores and online retail spanning 60 markets.
What does the H and M stand for?
H and M stands for Hennes & Mauritz.
What is H&M known for?
The H&M Group presents a diverse portfolio of eight distinct brands, each embodying its unique identity. Their core business concept revolves around providing fashion and quality at the optimal price point.
Paytm company has become the talk of the town these days as RBI is cracking down on its business operations. Those in the know say that the Reserve Bank of India’s technical audit exposed accounting and supervisory issues caused by data and money traffic flows between the highly regulated Paytm Payments Bank Ltd. and the rest of the Paytm universe. According to those who asked not to be named since the issue is private, the regulator had previously notified Paytm about these problems, but they have not been remedied.
Those in the know also alleged that the regulator became concerned about the bank’s and Paytm’s shared management structures. They noticed that the same group of senior executives were representing both the bank and the fintech firm as a whole, which raised concerns about possible biases.
Citing ongoing noncompliance and supervisory concerns, the Reserve Bank of India (RBI) issued an order to Paytm Payments Bank, a subsidiary of Paytm and 49% owner of the parent firm, on January 31, 2024, ordering it to cease operations, including its popular mobile wallet business. The part of the bank that handles payments for the massive Paytm brand was ordered by the regulator to cease all banking operations as of February 29.
Stock in the affiliated company, One 97 Communication, fell below 20% the day after the Reserve Bank of India (RBI) forbade Paytm Payments’ Bank from accepting deposits and conducting credit transactions, including top-ups, in any customer accounts, wallets, FASTags, or other instruments after February 29.
On the National Stock Exchange, the stock price plummeted 19.99%, reaching Rs 609. On the BSE, it dropped 20% to Rs 608.80, its lower circuit limit. Following many brokerages’ downgrades of the stock, the company’s market capitalization dropped 9,664 crore rupees to 38,664 crore rupees in early trade.
According to an analyst call by One97 Communications, the parent company of Paytm, the company is collaborating with partner banks to expand its financial services and payments business. The CEO and creator of Paytm, Vijay Shekhar Sharma, has stated categorically that the firm will reduce its reliance on its affiliate, Paytm Payments Bank.
“Marketing business services are not affected due to these directions,” Sharma said, adding that OCL and PPSL are already in the process of shifting nodal accounts to other banks. Companies will collaborate with major banks, according to Milind Deora, president and group financial officer, who also offers these services to other consumer-facing businesses.
Fintech Players Supporting Paytm
Despite RBIâs strong crackdown on the fintech firm, many fintech players have come out with strong support for Paytm. There has been a lot of support for the Paytm founder from other company founders and VCs.
Some members of the startup community have spoken out against the RBI, claiming that it has an unsupportive attitude towards financial technology companies.
Following a protracted period of non-compliance with central bank regulations regarding customer due diligence, fund usage, and technology infrastructure, the Reserve Bank of India (RBI) has decided to block new deposits into Paytm Payments Bank accounts and other popular digital wallets starting in March.
Co-founder of BharatPe Ashneer Grover vented his anger at the RBI in a tweet, calling the limits imposed on Paytm “Doglapan.”
Extending his disappointment, Grover wrote on X âI donât understand RBI. Clearly RBI does not want FinTechs in business – of late all regulations / moves are against Fintechs. Such moves will kill the sector altogether. The @FinMinIndia @nsitharaman @PMOIndia need to step in. Startups have been biggest creators of market cap and employment in last decade. Today IIM and IIT are struggling to place people – we as a country cannot afford such overreach ! Tom-Tom-Ing @UPI_NPCI to the world and punishing pioneers in the space is pure âDoglapanâ !â
I donât understand RBI. Clearly RBI does not want FinTechs in business – of late all regulations / moves are against Fintechs. Such moves will kill the sector altogether. The @FinMinIndia@nsitharaman@PMOIndia need to step in. Startups have been biggest creators of market capâŠ
The prime minister’s office, the finance ministry, and Nirmala Sitharaman, the finance minister, are among the important authorities that Grover urged to swiftly resolve the issue because such regulatory restrictions could hinder the expansion of fintech in India.
Capitalmind CEO Deepak Shenoy was shocked by the RBI’s judgment and drew comparisons to the bank’s handling of the Yes Bank issue.
Paytm Experiences an Effect of âč300-500 CR EBITDA
According to brokerage Macquarie, Paytm Payments Bank’s capacity to provide loan and payment products and retain customers will be significantly hindered by RBI’s restrictions.
Macquarie analyst Suresh Ganapathy noted, “We think revenue and profitability implications in the medium- to long-term could be significant and remain a key item to monitor. I couldn’t agree more.”
The RBI is essentially taking away Paytm’s PPI (pre-paid instrument) license, according to Ganapathy, since there is no immediate plan to fix the issues.
“Lending partners may reevaluate their relationships with Paytm moving forward due to the company’s poor standing with the regulator,” he added further.
One97 Communications and Paytm Payments Services Ltd’s nodal accounts must also be terminated by February 29, according to RBI’s Wednesday announcement.
Agricultural exports account for 10% of India’s overall exports and rank as the country’s fourth-largest exported major commodity category. India’s poor output-to-input ratio highlights major structural weaknesses that are making life tough for people who make their living in the agricultural sector despite the importance of agriculture. Some examples of these challenges are higher input prices, lower output, climate variability, declining resources, limited access to markets, a lack of innovation, and so on. The agriculture sector is aggressively exploring ways to employ technology to boost crop yields to stimulate innovation and entrepreneurship. Artificial intelligence and other forms of disruptive technology are having a major impact on India’s agricultural economy.
The three most prominent uses of AI in agriculture are robotics, crop and soil management, and livestock farming. The goal is to improve farmers’ productivity, income, and harvests while decreasing their workload. In 2017, analysts predicted a $240 million global market for agricultural AI. More than doubling to $1.1 billion by 2025 is projected. Problems like rising population, shifting climate, and inadequate food supplies call for innovative approaches to increasing agricultural output. Therefore, it is essential to learn about AI’s potential applications in agriculture. The global food supply must be increased by half by the year 2050.
Shedding more light on this new tech-driven agriculture, Praveen Pankajakshan, Vice President and Head – Cropin AI Labs stated, âThe applications of AI in Agriculture can be profoundly transformative, and we have just begun to scratch the surface in exploring the potential of it. Based on some indicators, at Cropin, we started investing resources early on and developed over 50 different models for different customers, which are at different Technology Readiness Levels (TRL). Crop health and phenological stage monitoring, generating cloud-free data, risk mapping for biotic and abiotic stresses, sowing progression and harvest prediction, and irrigation management models that farmers and organizations across the globe are already using. Although we had been working in this space for long, last year, we felt the need to formally launch the Cropin AI Lab in anticipation of its potential for Agriculture.â
The AI landscape is shifting rapidly, which has far-reaching consequences for agriculture at every stage, from the initial stages of land preparation and cultivation to final consumption. The widespread dissemination of scientifically peer-reviewed AI approaches into the public domain, including for commercial applications, is a rising trend around the world. Generic models that can access multiple types of data are quickly replacing task-specific ones. Even if this develops further, many are worried about making appropriate use of the data and models. Companies are responding to legitimate concerns and trending trends in the market by developing industry- and domain-specific strategies and solutions to problems including data privacy, trust and explainability in AI, ethical usage of AI, and a lack of data diversity that leads to prejudice.
Pravin Shinde, Founder, KhetiGaadi.com commented, âAlthough many people are working on AI for Agriculture, its usefulness to different sorts of farmers, such as those who own less than 2 ha of land in the Global South, remains restricted. Large-scale farmers growing a single crop would benefit most from these options. We must not forget the 600 million small-landholding farmers (according to FAO data) who require our help to raise food in a sustainable and climate-smart way, even as we attend to the demands of larger farms. There is no dearth of data at the moment, but most of it is noisy or biassed, so models trained with it reflect those characteristics.â
The problem is not with accuracy but with access to information. According to recent findings, the gridded weather data is a good approximation of weather station data, particularly for estimating temperature and relative humidity. These methods combine statistical, AI, and numerical algorithms with data from ground stations, satellites, and radar to make predictions. However, due to the limited amount of data available for training these models from meteorological stations, accurate short-term rainfall forecasting remains a formidable obstacle. More automatic weather stations or rain gauge stations (ARG) will be necessary as the environment continues to change. The government of India has taken several steps recently to deal with this problem. To improve the accuracy of the models, numerous new stations will soon be built in many different locations across the country.
Stretching further on that note, Nikita Tiwari, Co-Founder, of NEERX, stated, âFrom a farmer’s perspective, the available meteorological data is invaluable for predicting the beginning of disease or stress. Much more important is the timely dissemination of this trustworthy secondary data to the farmers. Farmers determine when to start sowing and what kind of management techniques will be effective based on when the monsoons will arrive. Recent years have seen delayed or early monsoon onsets, as well as false onsets, as a result of climate change. The vast majority of people in smallholder markets, such as India’s, do not have access to this information.â
Farmers typically base their cultivation processes on traditional wisdom, historical data, and years or decades of experience in the field. In the face of evolving agricultural market dynamics, increasing weather threats, and concerns about pests and diseases, there is also a need to share the data to update their knowledge. However, one must be careful not to overload them with too much information that freezes their decision-making capacity.
âThrough some of our ground-level surveys, we have found that many farmers have increased yield quantity and quality by a minimum of 25% by adopting some of our solutions. So, the potential and aspiration is to extend this to all the farmers to benefit. The data must be homogenized and brought down to a scale where it is easily ingestable and trustworthy. One key element is to increase the trust of the farmers with whom we work,â stated Pankajakshan.
Value of Agricultural Exports From India in Financial Year 2016 to 2022
Are Indian Farmers Ready for Digitization?
While widespread digital adoption remains elusive, the stars are aligning for a dramatic shift in the agricultural industry. Now more than ever, farmers must contend with a changing climate, pests and diseases, crop failures, and other difficulties. It’s the next logical step in the evolution of their farming methods, therefore they’re on the lookout for novel approaches.
For instance, today’s technology allows for the early detection of pests and diseases both on individual plots and in larger regions, often weeks in advance. By addressing problems before they cause significant crop loss, it helps farmers save money. From planting to harvesting, geo-location-based crop and environmental compatibility recommendations to farmers are being offered. Governments and agricultural organizations benefit from our knowledge of sowing patterns, harvest timing, and the impact of extreme weather on crop productivity.
Speaking about farmers getting their hands on tech, Pankajakshan opined, âIn my interactions with farmers across the globe, they are very curious and ready to learn and implement ideas. The adoption has been limited because there are too many tools, and not all address their essential needs. If trust is established, farmers are keen to adopt some of these technological advancements, not only in India but across smallholder farmer markets worldwide. Tech adoption is actively changing and we are seeing an increase in momentum. To date, we have digitized about 30 million acres of farmland and impacted the lives of about 7 million farmers globally through some of our solutions. We acknowledge that it is an upward journey to reach out to many more and earn their trust.â
The most important thing is to make these remedies more easily accessible and used by farmers. They need to be reasonably priced, helpful in solving the problems they face every day, and informative about how technology may improve efficiency, earnings, and quality of life. There is a compelling need to address financial inclusion in rural areas and the digital gap in agriculture. The scale of the problems facing the industry and farmers is too great for any single player to solve.
âAt Cropin, we understand that it requires the collaboration of all stakeholders, including governments, agribusinesses, NGOs, development agencies, international organizations, financial service providers, and more. In the process, we make our solutions accessible and affordable. They also get the full backing of the entire ecosystem to support them so that farmers feel empowered and, most importantly, supported. We firmly believe we’re on the right path, and you can expect transformations very soon,â said Pankajakshan.
Pointing towards the governmentâs support, Praveen Shinde stated, âIt’s important to recognize that the government is, without a doubt, making progress. Our agricultural sector might benefit greatly from these forward-thinking policies and plans, and they could serve as a model for other countries. What matters now is figuring out how to put these forward-thinking policies into operation as efficiently as possible.â
AI for All by Niti Aayog
India, being the fastest-growing economy has a significant stake in the AI revolution. Recognizing AIâs potential to transform economies and the need for India to strategize its approach, the Honâble Finance Minister, in his budget speech for 2018 â 2019, mandated NITI Aayog to establish the National Programme on AI, to guide the research and development of new and emerging technologies. In pursuance of the above, NITI Aayog has adopted a three-pronged approach â undertaking exploratory proof-of-concept AI projects in various areas, crafting a national strategy for building a vibrant AI ecosystem in India, and collaborating with various experts and stakeholders. NITI Aayog has partnered with several leading AI technology players to implement AI projects in critical areas such as agriculture and health.
Way Forward
There will soon be a dramatic change in agriculture, driven by AI, which will promote innovation and long-term growth. By 2025, the agricultural industry is projected to become the economy’s second-largest sector. Niti Aayog has selected a theme of ‘AI for all’ and is working to foster India’s AI ecosystem.
Precision farming, better use of resources, improved supply chains, and increased agency for small farmers are just a few ways that AI is tackling problems that have persisted for decades or centuries. With an ever-increasing global population, smarter use of AI in farming is more important than ever. Food security, resource conservation, and thriving rural economies are all possible outcomes if the agriculture industry adopts AI-driven solutions.
The central government’s goal of boosting India’s employability through comprehensive training, skilling, and reskilling was reaffirmed in the Union Budget 24-25, which was delivered by Finance Minister Nirmala Sitharaman. The employment situation for frontline workers in India is expected to improve as a result of the plan to increase domestic tourism, which is expected to generate numerous job possibilities for local workers.
The Budget also highlighted the importance of working together to elevate women, youth, farmers, and underprivileged workers. This aligns with our shared goal of enhancing the dignity and well-being of these diverse groups, who are steadfastly propelling India’s economic growth. To further guarantee that women workers have access to medical and healthcare facilities, the Ayushman Bharat-Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) should be extended to all ASHA and Anganwadi workers.
It was fascinating to learn about how India’s tech stack has grown into a strong example for the rest of the globe to follow and how tech-first firms like ours are solving problems for markets throughout the world through innovation.
While we await more specific policies to expand gig workers‘ social security and formalise the workforce, business owners and executives in the sector must now engage in transparent communication with lawmakers to craft policies that benefit both employers and independent contractors.
Elaborating further on the recently concluded Budget 2024, Sumit Singh, CEO and Co-Founder of DashLoc, stated, âThe budget has clearly exhibited that the government is extending full-fledged support towards adoption of technology across sectors. The special mention of deep-tech in the defence section gained in the speech truly indicates that the government is going to support emerging technologies in crucial sectors, too. Alongside, it is a matter of pride that STEM courses have seen aggressive enrolment from women. We can expect a quality and skilled workforce in India that will keep the wheel running towards striking progress.â
Echoing similar sentiments, Devan Gupta, Co-Founder and Partner, Cretum Advisory commented, âIn this budget, the tax slab remains unchanged for the common man, ensuring no taxes are applicable on income up to Rs 7 Lakhs under the default “New Tax Regime.” The government’s focus is on simplifying business processes, and they have withdrawn outstanding direct tax demands, including INR 25,000 for FY 2009-10 and Rs 10,000 for FY 2010-11 to 2014-15. Additionally, there is a relaxation in TCS on foreign remittances under the LRS scheme, with the TCS rate reduced from 20% to 5% and no TCS imposed on expenses up to Rs 7 Lakhs. The issue surrounding the optional nature of Input Service Distributor (ISD) and cross-charging, previously resolved by a government circular allowing companies to choose whether to adopt ISD, has been reignited due to a new government proposal mandating the use of ISD. This change means companies will now face an increased compliance burden, as they will be required to register for ISD and additionally determine situations where cross-charge invoices need to be issued between branches that share the same PAN but have different GSTN numbers.â
âWe commend the government’s focus on tech-driven progress in the 2024 budget. The unveiling of a new scheme dedicated to bolstering deep-tech technologies for defence purposes is a testament to the commitment towards fostering self-reliance (‘Atmanirbharta’). This forward-looking initiative aligns seamlessly with the government’s visionary ‘Viksit Kaal’ objective. With the emphasis on ‘Aatmanirbhar Bharat‘, this scheme will be pivotal for the growth and resilience of our nation’s defence sector in areas such as AI, Quantum, Analytics, and more. We are committed to supporting Indiaâs self-reliance vision and are actively engaged with the local industry and academia to build trusted high-tech capabilities in-country. We are optimistic that together we are poised to propel India’s journey towards becoming a formidable force in defence manufacturing and exports on the global stage,” stated Ashish Saraf, VP and Country Director, Thales
As predicted, Union Finance Minister Nirmala Sitharaman has suggested keeping the current tax rates for import tariffs, direct taxes, and indirect taxes in the year of the 2024 General Elections. She stated in her address on Budget 2024, “In keeping with convention, I do not propose to make any changes relating to taxation and propose to retain the same tax rates for direct and indirect taxes, including import duties.”
“However, certain tax benefits to startups and investments made by sovereign wealth or pension funds, as also tax exemption on certain income of some IFSC units, are expiring on March 31, 2024; to provide continuity, I propose to extend the date to March 31, 2025,” according to her.
Reacting to the announcement, Mahesh Krishnamoorthy, Managing Director of Core Integra, stated, âThe presented budget is indeed an interim one, prompting anticipation for the formal budget scheduled to be unveiled by the new Government in July 2024. It is heartening to observe the strides India has taken over the past decade. The Government’s continued commitment, as outlined in the budget, towards fostering ease of doing business, skill development, employment generation, and strengthening the entrepreneurship and startup ecosystem is commendable. In a positive development, the budget overview remains rational and aligned with the ongoing initiatives, even in the backdrop of it being an election year. The forthcoming annual budget later this year will unveil whether the new Government opts to maintain the current interim budget structure or introduces new measures, particularly concerning the implementation of the New Wage Code.â
âThe 2024 interim budget has brought positive developments by extending tax benefits to startups, sovereign funds, pension funds and some IFSC units till March 2025. We expect the July budget to build on these initiatives and continue to foster growth prospects for BFSI and startups in the country. Aligning the GST input credit for NBFCs to 100% at par with other entities can boost the growth of NBFCs. Policies that improve credit access for lower-income groups and first-time borrowers would be warmly received. Following the RBI’s call for diversification of funding channels beyond traditional banks, policies encouraging NBFCs to explore obtaining credit from international agencies or the government would expand their financing options. The ongoing support for startups through tailored fiscal policies, tax benefits, and easier credit access will further stimulate entrepreneurship, innovation, and employment generation,â Sashank Rishyasringa, Co-founder of Axio, opined.
Budget 2024 on the Healthcare Sector
Interim Budget 2024
Along with the 157 newly established medical colleges, the Union Budget 2023 included the announcement of new nursing institutions. In addition, Sitharaman has pledged to examine seven crore individuals in an effort to eradicate sickle cell anaemia by the year 2047. In addition to presenting the budget, she also stated that certain ICMR labs will be available for research to academics from public and private medical colleges as well as the business sector.
Encouraging these moves, Dr Neerja Agarwal, Psychologist and Co-founder of Emoneeds (Mental & Health Wellness), said, âWhile the interim budget lacked specific policies or initiatives for the mental health sector, we remain optimistic that post-election, the full budget will address this critical area. With approximately 150 million Indians requiring mental health care services and a stark shortage of professionals â only 0.3 psychiatrists, 0.07 psychologists, and 0.07 social workers per 100,000 people â the need is urgent. On a positive note, we commend the governmentâs commitment to other health initiatives, including the extension of Ayushman Bharat, consolidation of maternal and child healthcare schemes, and the remarkable 1-lakh crore corpus for private sector R&D. These efforts reflect a commendable focus on the nationâs well-being, growth and innovation.â
With a focus on health sector research and workforce development for budget 2023â24, the push for R&D opened the door to more advanced medical practices; now, public and private organisations can work together to educate and train healthcare workers, which will help alleviate shortages in the workforce and boost healthcare quality generally.
“The increased allocation of resources and funds is up by 13-28% from the last budget, opening the door for more innovation, especially when it is concerned with minimally-invasive, highly result-oriented fat removal procedures, i.e., 4D liposuction or when things are centrally focussed on skin rejuvenation, LHR (laser hair removal), or postpartum surgeries, including breast surgeries, abdominoplasty, and cosmetic gynaecology. We hope that in the future, we explore the option to access cosmetic surgeries, availing the facilities with insurance easily and associated financial assistance to the masses prohibited from costlier medical or cosmetic procedures,” said Dr. Karishma Kagodu, Founder of Karishma Aesthetics.
Ansh Mehrey
