Money – English Daily http://english-daily.com/ Sat, 01 Oct 2022 09:03:06 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://english-daily.com/wp-content/uploads/2021/03/default2.png Money – English Daily http://english-daily.com/ 32 32 ABOVE: Women-only milk business flourishes in economically backward region of Bundelkhand https://english-daily.com/above-women-only-milk-business-flourishes-in-economically-backward-region-of-bundelkhand/ Sat, 01 Oct 2022 09:03:06 +0000 https://english-daily.com/above-women-only-milk-business-flourishes-in-economically-backward-region-of-bundelkhand/

Women in the parched landscape of the Bundelkhand region are moving towards self-sufficiency through milk production run by a well-structured women’s self-help group that has expanded to more than 40,000 female members.

These women are partners of the Balinese Milk Producer Company Limited and have made great strides since the start of the company in 2019.

The women’s initiative in the economically backward region of Bundelkhand has been praised by Prime Minister Narendra Modi and Uttar Pradesh Chief Minister Yogi Adityanath.

The company, which was started by Adityanth, has members spread across six districts in the Bundelkhand region.

During a virtual program based on the theme of ‘Aatmanirbhar Nari Shakti’ last year, Modi praised the initiative.

Adityanath welcomed the successful experiment in Jhansi while speaking at a special session of the state assembly on September 22.

Started by Uma Kanti Pal, who mobilized village women, the initiative has helped thousands of women in the region to stand up.

The members are in charge of the production, collection and safe transport of the milk to the processing centers. They are paid weekly for their work.

As dawn broke, you could see the centers bustling with activity with female members one after another visiting there with their pots full of milk.

The income has helped rural women contribute to the support of their families and provide a better education for their children.

Chief Executive Officer (CEO) of Balinese Milk Producer Company Limited OP Singh said: ”We collect more than 1.35 lakh liters of milk every day from more than 40,000 female members in six districts of the Bundelkhand region, including Jhansi, Lalitpur, Jalaun, Mahoba, Banda and Hamirpur”.

“More than 7,000 more women will soon join us, which we hope will help increase our capacity to 2 lakh liters of milk per day.” The women members have become shareholders of the company.

Currently, the company has 703 milk collection centers in 795 villages in six districts.

The collection centers are equipped with state-of-the-art facilities to determine the quality of the milk.

The collected milk is sold in the city of Jhansi and is also sent to other milk processing companies located in nearby states.

To make payment easier and empower its members, the company has also helped them link up with the banking system.

”We have also signed memorandums of understanding with several banks so that our members can get easy loans from the bank to buy livestock. We are also working to ensure our members’ dairy cattle are insured,” Singh said.

The earnings have helped the members improve their status and quality of life.

Asha Devi, a member of the group, said that at the time of joining the company, she only had one cattle, but with the help of the profits, she now owns three animals.

”I have three buffaloes that produce around 20 liters of milk, which I deposit in the collection center. The company pays me Rs 55 per liter and payments are always made on time,” he said.

”I have admitted my children to a better school and I can save some money for the future,” he added.

Another member, Pavitra Devi, from the Babina area, said: “In the last three years, I have increased the number of cattle from two to 11. The cattle give about 40 liters of milk per day, which I send to the center collection”.

Pavitra Devi added that her family has been able to build a new cattle shed with the money she earned.

The company also provides assistance to members in the purchase of livestock.

In addition, the female members also receive assistance from veterinary experts, said the CEO of the Balini group.

To increase cattle performance, the company also provides a diet rich in minerals and green fodder. In addition, camps for the treatment of cattle are also organized, he added.

”We recently started processing milk to make Ghee. We will soon make a foray into the manufacture of other dairy products,” Singh said.

In the last fiscal year, a payment of Rs 26 crore was deposited into the members’ bank account. Payment is made purely digitally directly to members’ bank accounts. Since its inception, the company has paid a total of Rs 243 million to its members and made a profit of Rs 13.8 million, Singh said.

(This story has not been edited by Devdiscourse staff and is automatically generated from a syndicated feed.)

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High Loss Feeder Savings https://english-daily.com/high-loss-feeder-savings/ Mon, 26 Sep 2022 01:15:35 +0000 https://english-daily.com/high-loss-feeder-savings/

The issue of transmission and distribution (T&D) losses has been one of the most difficult conundrums for energy experts in Pakistan. The prevailing debt in the electricity sector and the country’s economic prospects have made it almost impossible to hire third parties for investment in this sector.

Last year, most distribution companies (DISCO) failed to meet regulatory T&D targets, and despite having no budget constraints, DISCOS was unable to remove management and operational impediments to addressing T&D losses and recorded a loss of Rs 110 billion.

In Pakistan, electricity losses contribute to a significant amount of wasted resources, making the country’s grid extremely vulnerable. Although the country has long sought a strategy to reduce these losses, the problems of technical and financial losses in the electricity sector that date back a decade, as well as the gap in access to energy, persist, and intervention solutions traditional, such as the reduction of electricity supply, have always been in the spotlight. the root of the current unsustainable trajectory of the electricity sector.

Among the many strategies that DISCOs can take, it would be important to explore one strategy in particular, namely solarizing high loss feeders. Solarization of high-loss feeders offers multiple benefits to the overall grid infrastructure. Its application can play a critical role in reducing losses experienced by utilities, including technical and non-technical losses by potentially deferring transformer and transmission line upgrades, extending equipment maintenance intervals, and improving reliability. reliability of the distribution system.

From the point of view of the end user, self-generation could mean more reliable and affordable access to electricity. Therefore, loss minimization, reliability, low carbon footprint, sustainable energy supply, and clean, cheap power could all be achieved with a well-chosen distributed generation (DG) network.

Solar photovoltaic (PV) power has already reached grid parity in Pakistan and has become a cheaper source of energy purchase compared to fossil fuels and even other renewable resources. However, if we look at DG consumption so far, growth is more concentrated in financially healthy regions and has failed to take off in high-loss areas. However, this needs a focused intervention, a realistic action plan based on significant stakeholder support, alignment of national and provincial power and energy planning and policies, an enabling and enabling environment, and consolidated changes in each stage of the energy value chain. A sustainable and profitable business strategy and a detailed regulatory plan is necessary for the growth of solar PV in strategic locations.

Globally, there are several business models that have been employed for integrating solar-powered DG into utility infrastructure.

Bangladesh is a prominent example where coupling PV technology to a viable business model resulted in wide acceptance among different classes of customers. Infrastructure Development Company Ltd (IDCOL), a state-owned development finance institution, launched a public-private partnership initiative. The initiative encompasses easy loans and standardized after-sales services for end users.

More than 9 percent of the country’s total population has so far benefited from this initiative, which is one of the highest worldwide. Similarly, in India, solar PV rooftops reached a cumulative capacity of 1,700 MW in the year 2021, registering a growth of more than 100% from the previous year. The predominant business models are mainly focused on CAPEX and OPEX models that have facilitated this growth and diffusion of photovoltaic technology. The models are mostly designed for clients and communities that would not otherwise be able to access the previous financing schemes.

We can see that a new wave of supporting frameworks, business and financial models is playing a major role in spreading prosumerism and catalyzing the bottom-up transition. However, Pakistan is still marked by the absence of such emerging models, and this ‘absence’ has been one of the main impediments to the huge potential adoption of solar PV.

For Pakistan, community solar initiatives could play a critical role in ensuring energy access for end users and addressing DISCO’s complaints regarding lost revenue due to T&D losses.

Typical community solar panels are owned by utility companies or third-party project developers. Its structure begins with a shared solar array that generates and feeds solar energy into the microgrid. The microgrid can be operated in island mode or in grid-connected mode, depending on the operational load and availability of the resource. Electricity produced from individual community solar actions is credited back to the participant’s electricity bills, just like residential photovoltaic systems located on individual rooftops.

Customers who subscribe to the community solar initiative instead of individual solar PV systems can benefit from economies of scale as well as lower installation costs. A comprehensive rate framework for community solar on high-loss feeders can not only incentivize the end customer, but will also provide an alternative revenue stream for utilities.

Therefore, solarization of the high-loss feeder through community solar will go a long way toward reducing losses and offering a much-needed fiscally prudent path to address the long-standing challenge of power sector losses. —a win-win situation for the government, utilities and end users. The government should institute a supportive regulatory environment for the solarization of high loss feeders in the respective DISCOs.


The author is a Research Associate at the Policy Research Institute for Equitable Development.

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Applying for a digital loan? Stick to RBI Whitelisted Loan Applications https://english-daily.com/applying-for-a-digital-loan-stick-to-rbi-whitelisted-loan-applications/ Fri, 23 Sep 2022 11:19:00 +0000 https://english-daily.com/applying-for-a-digital-loan-stick-to-rbi-whitelisted-loan-applications/

Illegal loan apps owned by Chinese entities and hence popularly known as Chinese loan apps are currently under the scanner of the Reserve Bank of India (RBI) and the Government of India. In January-February this year, an RBI task force found that around 600 of the 1,100 apps hosted on various stores were illegal. To deal with this threat, the RBI recently decided to whitelist legal applications. The Ministry of Electronics and Information Technology will ensure that only these whitelisted apps are available in app stores.

These illegal loan applications lure potential victims with the promise of easy loans. They then charge high interest rates, high processing fees, and sometimes other hidden fees. Borrowers who do not pay their installments on time face huge penalties and harassment as well. Some of these apps even steal contacts and other details from borrowers’ phones, which they then use to blackmail borrowers.


Check authenticity

Before applying for a loan from a digital lender, check its authenticity. “First check if the loan application is registered with the RBI. If you don’t have a registered secure website and physical address, it’s most likely a scam app,” says Dave Pinakin, Country Manager, India and SAARC, OneSpan. Be careful if the app searches for personal data. “Be careful if, after you’ve downloaded the lending app, it asks for permission to access your contacts and photo gallery,” says Sugandh Saxena, CEO, Fintech Association for Consumer Empowerment (FACE).


The easy loan trap

Fraudulent loan applications try to lure borrowers by requesting very few documents, making them attractive to those looking for a quick loan. “Avoid a loan from an app that doesn’t ask for documents to verify your credentials. In addition, genuine lenders will look at your payment history and credit score to determine your ability to pay and also to decide what interest rate to charge. If a loan application doesn’t ask for your credit history, it could be a fraudulent entity,” says V Swaminathan, CEO of Andromeda Loans and Apnaipaisa.com.

Saxena adds that borrowers should also be wary if the app promises disbursement too quickly and doesn’t provide adequate information about loan terms, such as interest rate, payment schedule, etc.

Borrowers should also avoid apps that ask for advance payments. “Legitimate apps will never do that,” says Dave.


Some precautionary measures

Before downloading an app, check its background. “Verify the association between the regulated entity (RE) and the loan application. This can be done by visiting the website of the lender listed on the application. If the RE website doesn’t mention the name of that app, don’t continue,” says Saxena.

Borrowers should also not allow the app to access personal data on their phone. “Fraudsters use these extra permissions to extract data from users, which they then use to blackmail them later,” says Dave.

Install security software. “Customers should install reliable malware software on their devices and keep them up to date,” adds Dave.


If you’re already stuck

Borrowers who have already been scammed by an illegal application and are being harassed by their recovery agents should file a complaint. “Immediately file a report at the nearest police station and police cyber cell for redress,” says Saxena. However, taking legal action could be time consuming and expensive.

“Recovering any money paid to a loan application will require a long and arduous process through civil or consumer courts. Although criminal proceedings can bring operators to justice, customers may not always be able to recover their losses,” says Swaminathan.


explore alternatives

If you need emergency funds, there are other avenues of lending you can try. “Try getting an instant personal loan from a bank or take advantage of a secured loan, like a gold loan. Personal loans can be approved in less than a day. Gold loans are also quickly disbursed,” says Swaminathan.

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From Plows to Drones India’s Agricultural Journey and the Way Ahead https://english-daily.com/from-plows-to-drones-indias-agricultural-journey-and-the-way-ahead/ Wed, 21 Sep 2022 05:32:36 +0000 https://english-daily.com/from-plows-to-drones-indias-agricultural-journey-and-the-way-ahead/

While India is eager to move forward in terms of technological development, it is essential to take into account the complexities of small farms and the need for easy scalability across 16 agro-climatic zones, diverse regions and demographics.

“Everything can wait except agriculture,” Nehru said. India suffered from severe food shortages shortly after independence. The Green Revolution was a watershed moment that allowed us to become self-sufficient in food grains. In 1950-51, the government recorded India’s food production at 50.82 million tons. Food grain production increased to 314.51 million tonnes in 2021-22. For 2022-23, we have set our sights on a target of 328 million tonnes. Having said that, this has also caused the indiscriminate use of fertilizers and pesticides, causing soil erosion, greenhouse gas emission effects, increased soil salinity and water scarcity.

Although India has been an agrarian country and its core competence lies in agriculture, we have not been able to fully utilize the agricultural potential. While we have substantially increased food production of both grains and fruits and vegetables in recent decades from where we were, our productivity levels in most crops are far from the best.

Fragmented land tenures and the lack of integrated value chains have been acting as dangers generating many inefficiencies throughout the sector. On top of that, without production planning, the farmer is mostly left in a bind, with underproduction or overproduction, causing uncertainties in prices and income. While MSP has played a predominant role in protecting farmers’ income, even this has been heavily skewed for certain geographies and crops.

At the heart of farm mechanization is farm equipment, which is capital intensive, making it a significant investment and almost out of reach for small and marginal farmers. Since the towns are far from the point of sale, the quality of after-sales service is another concern due to insufficient proper maintenance in remote rural regions. Thus leaving small and marginal farmers out of reach of the benefits of agricultural mechanization.

Then there is the problem of food waste. About 40 percent of all food produced is lost or wasted. Scientific storage solutions close to the farm are essential to ensure better yields for the grower. Rural credit plays an important role here.

With the advancement of technology and the rapid adoption of digital technologies at the farm level, there is immense scope to address the issues and they could become potential changes in the way farming is done and farm production planning at farm level. of farm and country as a whole.

Technological advances have already increased the general public’s awareness of the quality of food produced and consumed. It also ensures transparency in what we consume and traceability in what we offer.

Disruption in agriculture will require eliminating inefficiencies in the supply chain. As more technology becomes scalable and affordable, we have the power to improve efficiency and close existing gaps by helping farmers access credit and crop insurance, engage in predictive analytics to improve agricultural productivity, and create a smooth path towards precision agriculture.

The need to build sustainable and resilient agri-food systems globally

While India is eager to move forward in terms of technological development, it is essential to take into account the complexities of small farms and the need for easy scalability across 16 agro-climatic zones, diverse regions and demographics. We need to identify the risks, build climate-proof agricultural infrastructure and develop contingency plans to deal with climate change, soil erosion and biodiversity loss occurring at an alarming rate. We need to build resilient agricultural ecosystems that save our limited resources through better land and resource management, more thoughtful use of agrochemicals, data-driven decisions, and automation.

With the ability to track, analyze and understand food systems, improve crop quality and reduce food waste, we can drive efficiencies and improve productivity. We are already looking to reduce crop damage, chemical and water use, and reduce GHG emissions through climate-smart agricultural tools. New age technological tools and practices such as IoT, biotechnology and genetic engineering have helped us achieve pest resistance and higher agricultural yields. Data analytics and AI have ensured better quality of crops, making them profitable for farmers and producing better products. Climate-smart agriculture is relevant to the challenges of food security and climate change, and technology has allowed us to reinvent the agricultural ecosystem with smart and sustainable solutions.

Challenges in Agrofinance and Rural Credit

Historically, financial inclusion and financial education have been a challenge for the small and marginal farmer. Constraints in institutional design and delivery mechanisms contribute greatly to the absence of sustainable rural financial institutions and markets. This is fundamentally due to a gap between institutionalized banks, farmers and people involved in the ecosystem, especially in rural India.

While banks and NBFCs require a formal credit history before lending, new-age agritech companies provide farmers with small-amount farm loans against collateral, triggering demands for financing in near-market markets. farm gate.

Adopting FinTech at the grassroots allows you to tackle the complexities of agricultural finance. The growth of the cashless economy and fintech spawns new ways of targeting and securing credit, proper pricing, and risk management. Blockchain-backed mobile money, a better user interface, and easy access to financial products inject much-needed financial inclusion into the country, even though it is a nascent stage.

The goal of Fintech start-ups should be and is to connect the disintegrated agricultural ecosystem, especially marginalized and small farmers, with the entire ecosystem, from supply chains to credit, warehousing and easier access to financial products. . They can bring much-needed transparency to the value chain. In this context, the association of fintech companies with Peasant Producer Organizations also becomes critical, considering that more than 84% of land holdings are with small and marginal farmers.

Innovation for efficiency and scale

Innovation is a critical component of contemporary agriculture, enabling the formalization of the industry. The digitization of its spaces, basic products, financing and processes throughout the value chain and precision agriculture have allowed efficiency and productivity in a fragmented market. Technology has enabled traceability, transparency, quality and payment guarantees for commodity trading without interruption today.

A digital platform connects a wider audience of buyers and sellers, ensuring faster and smoother trade and helping farmers find the best price for their crops. Along with this, smart farming induced by farm automation, precision farming, blockchain, and artificial intelligence are helping farmers achieve better decision-making and thus better harvests. AI/ML will analyze the statistical data of the farms and keep getting better at predicting various outcomes.

the way to follow

The multidimensional focus on quality production, improving supply chain efficiency, financial inclusion of small farmers, and enabling digital adoption at the grassroots is vital to growing the economy and making growth be more inclusive and competitive around the world.

The way forward is to mobilize resources from a macro level to improve agricultural productivity per hectare. The technology-driven equipment is in line with driving agriculture towards better productivity.

Precision agriculture uses modern technologies such as field mapping and satellite imagery to improve crop quality and crop planning.

Agritech start-ups are trying to solve the problem of supply and demand. It intends to integrate supply and demand through financial forecasting and stakeholder aggregation through digital platforms, transforming the nation’s production-driven supply chain into a demand-driven value chain.

Agricultural production is expected to increase due to disruptive technologies such as smart sensors that collect data on soil and crop development. Technology-driven equipment is in sync with better productivity. Precision agriculture improves the quality of crops through the use of cutting-edge technologies such as field mapping, satellite photography, and the effective use of drones for monitoring and farming operations.

The advent of technology in agriculture gives a glimpse of a promising future for agriculture. However, more than 70 percent of India’s population lives in rural areas, several of which still continue to practice outright manual farming. Success would be to allow emerging technologies in the agricultural space to build a robust system that effectively integrates smaller farmers into formal value chains.

(Given article is attributed to Chattanathan Devarajan, Co-Founder, Arya.ag)

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Loan in touch starts offering services in Mumbai https://english-daily.com/loan-in-touch-starts-offering-services-in-mumbai/ Mon, 19 Sep 2022 05:50:13 +0000 https://english-daily.com/loan-in-touch-starts-offering-services-in-mumbai/

news update

  • ByStartup Story | September 19, 2022

contact loan, a financial services startup based in Pune, started offering its services in Mumbai. With Loan In Touch, one can conveniently obtain loans from the most reputable banks at an unbeatable rate, and all this can be done without leaving the comfort of one’s own home.

Loan in touch is a provider of financial services such as home loans, car loans, student loans, and personal loans. The company was founded in 2015 by Sumeet Pareek. It offers loan services in accordance with the criteria established by the RBI. To obtain loans, the company maintains relationships with reputable and trusted banks, such as SBI and HDFC.

The startup was motivated by a desire to bridge the digital banking gap between consumers and the bank. The company’s first locations were established in various Indian cities including Aurangabad, Pune, Nasik and Nagpur. It is expanding its branches and now has an office in Mumbai. It has plans to grow further in other Indian metropolises including Delhi, Bangalore and Chandigarh.

Summet Pareek, Loan in contact

Loan in touch, a company that has been around for seven years, claims to gather client documents, process loan applications and deposit loan funds in less than 72 hours. They offer services to obtain easy loans from reliable financial institutions at an exceptional interest rate from home virtually. The company currently has more than 2,800 loyal customers.

Aditya Gundecha, a satisfied customer, said: “When I felt I had nowhere to turn for help, one of my closest friends suddenly suggested Mr. Summet Pareek and his company, Loan In touch. I instantly called them and since then, it seems like there has been a miracle. Every issue was resolved and they were really professional! Thank you!”

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The importance of prioritizing SMEs after the 2022 floods https://english-daily.com/the-importance-of-prioritizing-smes-after-the-2022-floods/ Sat, 17 Sep 2022 07:50:46 +0000 https://english-daily.com/the-importance-of-prioritizing-smes-after-the-2022-floods/
SMEs, which contribute almost 25% percent of the country’s exports, are an important business segment that has been devastated by the recent floods.

The 2022 floods have greatly affected life in Pakistan, around 118 of the country’s 160 districts have been destroyed by floods and heavy rains. Comparing these numbers to the 2010 floods, it could easily be determined that the recent floods are worse than anything the country has experienced.

Most areas, including lower Sindh and Baluchistan, are still covered by floods and with heavy rains expected to continue into September, these places are unlikely to be free of flooding any time soon. Amidst all these havoc, companies, especially small and medium-sized companies that worked in these areas, have been closed, although there are no precise facts and figures, but it could be easily predicted that many of these SMEs will not be able to revive after the end of the floods. .

With SMEs contributing 25% of Pakistan’s exports, surely this is an important market segment that should be revived immediately. Considering the seriousness of the situation, the Small and Medium Enterprises Development Authority (SMEDA) must immediately collaborate with disaster management authorities and local and central banks to restore the damage that has been done.

The things that would ensure the revival of Pakistan’s SME sector are prioritization and flash loan schemes that provide all affected small and medium enterprises to get easy loans and restart their businesses. Doing this will not only improve the economy of the local area, but also help the country in the midst of an economic downturn.

According to a survey, Pakistan has more than 5 million SMEs working in different sectors like manufacturing, trade, service and IT etc. Combined, these SMEs contribute 40% of Pakistan’s GDP.

Present in such large numbers, these SMEs may be revived once again by 2023-24 if the authorities act quickly and work together with the government to get these businesses back on their feet.

With more rain expected, power outages, inventory damage and a declining workforce, hopes for many SMEs are quite low, but how and when will they be able to get back to where they were before the floods? That is a question that only time can answer.

Read more: https://www.techjuice.pk/40-million-was-raised-for-the-diamer-bhasha-dam-while-63-million-was-spent-on-its-advertising/

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7 arrested for extorting money under the guise of granting loans in Nadia of Bengal https://english-daily.com/7-arrested-for-extorting-money-under-the-guise-of-granting-loans-in-nadia-of-bengal/ Thu, 15 Sep 2022 05:45:37 +0000 https://english-daily.com/7-arrested-for-extorting-money-under-the-guise-of-granting-loans-in-nadia-of-bengal/

A team of West Bengal CID officers carried out a raid in Nadia district and arrested seven people for allegedly extorting money under the guise of granting loans.

The defendant posted an advertisement in the newspapers to offer easy loans on a regular basis in West Bengal (Photo: Representational)

The Criminal Investigation Department (CID) has arrested seven people, including two women, from Kalyani district, Nadia, West Bengal, for allegedly extorting money under the guise of giving loans on a regular basis. The agency’s sleuths conducted a raid and seized documents, both forged and original, four laptops, 15 keypad phones, 11 smartphones, 63 ATM cards and rubber stamps.

The raids were carried out after the police received multiple complaints. The defendants published newspaper advertisements to offer easy loans on a regular basis. The accused used the name of an organization for almost a year, using the Durgapur and Galsi addresses to extort money from people. The capo has been identified as Subrata Sarkar.

The defendants used the names of Unnayan Samity, Gramin Samobay Udyog Yojona, Samabay Yojona and Janakalyan Samity and even set up a website to convince customers.

READ ALSO | Delhi police arrest cyber fraud gang for cheating under pretense of updating BSES electricity bill, 65 arrested

The defendants asked clients to fill out a form and, after receiving data in their office, they called them and extorted money. They also collected Aadhaar card details through various charitable activities of the NGO, whose chairman was Subrata Sarkar, and opened Aadhaar-based digital bank accounts in his name using his fingerprints. These accounts were used to collect the fraudulent amount.

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5 companies that help small businesses grow https://english-daily.com/5-companies-that-help-small-businesses-grow/ Mon, 12 Sep 2022 11:53:46 +0000 https://english-daily.com/5-companies-that-help-small-businesses-grow/

The Indian economy is classified as a mixed economy, where the public and private sectors exist, function and prosper in harmony. In recent years, the Indian economy in recent years has risen to remarkable heights, thus registering its presence in the global economic landscape. India is currently the fifth largest economy in the world by nominal gross domestic product (GDP) and the third largest by purchasing power parity (PPP). It should be noted that small and medium enterprises are an integral part of the Indian economic paradigm. After agriculture, small businesses are the second largest provider of employment in the Indian economy. Small businesses generate the most employment opportunities per unit of capital invested compared to large-scale industries. 95% of the industrial units in the Indian economy comprise small-scale enterprises, and 40% of the total industrial output is generated by small-scale enterprises. The vision of India becoming a $5 trillion economy by 2025 hinges on the success of small and medium-sized businesses. Since small-scale business enterprises form an important part of the Indian economy, their growth is crucial to India’s success as an economic powerhouse.

In recent decades, the Indian government has duly realized the importance and caliber of small-scale industry and various schemes and monetary schemes have been introduced to provide tax benefits to small and medium enterprises. However, there are several obstacles that small businesses face in contemporary times. The persistent flow of adequate funds forms the foundation of any business enterprise. The ability to obtain sanctioned loans is often a challenge for small businesses due to lower creditworthiness and lack of formal documents required for the mentioned process. The lack of digitization in the age of the electronic revolution and fraud and payment delays also hamper the routine functions of small and medium-sized businesses. Fortunately, there are credit granting companies, micro-savings platforms, and various lending agencies in the market to help small businesses prosper by providing easy loans, convenient access to finances without the hassle of paperwork, etc.

Mentioned below are the companies that help small businesses prosper in India:

1)castle: The persistent flow of finance forms the foundation of any business enterprise. Timely, smooth and convenient monetary transactions ensure the correct execution of business plans and strategies. Any type of inauthentic or fraudulent activity can be a huge threat to business security. Potential fraud violates a company’s privacy and thus impedes business progress. Fortunately, there are online platforms that can protect businesses, especially small ones, from such pernicious fraud. Castler is an online platform that harnesses technology, experience, and innovation to make escrow services more accessible and convenient for businesses and consumers alike by digitizing the escrow process. The platform protects businesses with its dedicated multi-party protection system and different levels of authentication.

Castler is a boon to the small-scale industry as it provides multiple services in addition to fraud protection, such as digital lending, business lending, money pooling, dealer distribution, software escrow, logistics, etc. The platform has helped several companies by securing money in their escrow amounting to INR 2,500 crore. Backed by major banks, Castler aims to provide fast, smart and convenient trading solutions to its clients with services such as real-time notifications, escrow guarantee, real-time dashboard access, lowest cost solution, convenient signing of escrow agreements, etc. With its abundant business benefits and strong fraud immunity, Castler is one of the best online platforms for small businesses to secure their businesses against fraud and financially as well.

two)protium: Monetary funds are the basic requirement for business progression. Procurement of finances can be a challenge at times for small businesses due to reasons like lack of formal documents, etc. Protium is a boon for small businesses and also ambitious individuals who need easy loans to grow their businesses. Protium is an engineering-driven Pan India lending company with a keen eye on risk management that empowers small and medium-sized businesses by conveniently lending them. Founded with the intense vision to incorporate the latest technology to speed up and improve money lending solutions, Protium will have 100 branches operating in 65 cities in 17 states in India by the end of FY 2022.

Operating under the subtitles Protium Finance, Protium Money and Protium Sakshara, the platform provides easy loans of any amount from INR 10,000 up to INR 5 Crore to small and medium-sized businesses, aspiring individuals and educational institutions across India. With specialized loan services in MSMEs/business finance with machinery and equipment finance, Protium is the first choice of small businesses across India to get easily sanctioned loans. The platform has successfully disbursed loans of INR 750+ Crore to Small and Medium Enterprises (SMEs) across India during the turbulent times of the pandemic to revive small businesses. Protium provides loans of up to 300 lakhs and finances up to 80% of costs to encourage small and medium businesses. The financial lending brand is on a mission to create powerful and transformative financial solutions to drive the ambitions of New India and its fledgling businesses. Protium, as a lending platform with its brand philosophy of building a strong and stable foundation by nurturing the ambitions of booming businesses, is a boon to small-scale industries.

3)IndiaMART: The mutually beneficial coordination of the supply and demand equation is necessary for the success of any business enterprise. Especially in the case of small-scale industries, friendly correspondence between buyers and suppliers leads to profit generation. Finding a suitable buyer for small-scale business products can sometimes be a challenge for entrepreneurs. IndiaMART is the largest online B2B marketplace in India that connects buyers with suppliers and thus provides optimal services to small-scale industries. A business can present its products or services on IndiaMART and can find suitable buyers conveniently on the platform. Based in Noida, the platform was launched in 1996 as a website directory for Delhi-NCR clients. IndiaMART InterMESH Ltd. is an Indian e-commerce company that offers B2B and customer-to-customer sales services through its web portal.

IndiaMART is a popular online platform among the fraternity of small-scale buyers and suppliers due to its efficient and convenient service model. IndiaMART has recorded traffic of 257 million and total business inquiries of 115 million during the first quarter of FY23. Vendor storefronts grew to 7.2 million, an increase of 10% YoY (year over year) and vendors of paid subscription grew 23% year-on-year to 179,260 with a net addition of 9,936 paid subscription providers during the quarter. The platform’s successful sales, promotions and marketing strategies have generated huge profits for companies. As a platform that connects buyers and sellers across borders and time zones through trading solutions, IndiaMART has helped numerous small and medium-sized businesses prosper and generate considerable income.

4)digichal: In an era of technological evolution and digitization, any company must be digitally sound and up-to-date in order to operate the business efficiently. The business ecosystem in the contemporary era is highly advanced and technology-oriented. It is the indispensable need of the hour for every aspiring person or business to catch up with ever-evolving technology. Founded in 2021, DigiChal is an online platform that caters to all the digital needs of small businesses and offline store owners. The platform is cleverly designed to manage and track the company’s monetary transactions. DigiChal fosters a brand vision to become a digital SAATHI (partner) of small businesses by providing them with cost-effective and competent services.

DigiChal offers a variety of services such as online order acceptance and delivery, digital ledger, store insurance, convenient financing with the best interest rates, online payments via QR codes, store branding, coupon creation custom discount etc. The platform has the ideology of making small businesses on a large scale as an integral part of the digital economy. With so many independent companies with small and medium scale trading companies coming together in an innovative and progressive digital platform that is made for India and made in India.

5) Meesho: Social networks abound in contemporary times. From being the best source to learning about different skill sets to minting money online, social media has provided various opportunities for people and businesses to thrive. Small businesses use social media to promote their business successfully. Founded in 2015, Meesho is a platform that helps an individual or small-scale company to start and grow their online business without investment. The platform is largely based on the concept of reselling goods. As a reseller, a company or an individual can share the products listed on the Meesho app, either on their network or on social media platforms like Facebook, Instagram, WhatsApp, etc. and you can get a part of the profit with each sale.

There are more than 1 Lakh of beauty, fashion and lifestyle products featured on Meesho through which considerable profits can be made. Products are provided by vendors who have a relationship with Meesho. Meesho offers the perfect platform for small businesses to start their entrepreneurial journey by establishing an online presence at no cost. Nearly 90% of the reseller platform users are ambitious women from tier 2 and 3 cities in India who aspire to start their businesses. Meesho, as an online e-commerce platform, has provided an opportunity and freedom to individuals and companies who want to venture into the business landscape without investment.

The overall success of an economy depends on the progression of its subsectors. Small-scale industry forms an important part of the Indian economy, and its success is critical to the prosperity of the entire nation. In an era of evolving technology and digitization, the aforementioned platforms have transformed the way small businesses operate, marking the economic and technological progression of small and medium-sized businesses.

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Student debt is a complex challenge https://english-daily.com/student-debt-is-a-complex-challenge/ Fri, 09 Sep 2022 05:15:00 +0000 https://english-daily.com/student-debt-is-a-complex-challenge/

Media attention to student debt intensified when President Biden announced student debt forgiveness. The economic effects of student debt, rising costs of higher education, fraud and abuse by some for-profit institutions, and defaults fuel political maneuvering and heated criticism. This column is not a rehash of politics or a critique of colleges and universities.

The systemic causes of student debt will not go away. We are facing very complex and intractable challenges.

Demographic changes threaten higher education. Fewer young people are in the pipeline for college and university. Families with the resources to pay for a college education have fewer children. Adapting to these changes is disruptive. Some tuition-driven colleges have closed.

Prospective college students represent “underserved communities”: poor, first generation, African American, Hispanic, recent immigrants, from failing school systems. Review enrollment in Indiana public schools. While each population is different, with special needs and resources, fewer students have financial and other support to graduate and repay loans. A significant percentage drop out of public schools and universities.

One result is that more students require intense attention from faculty and staff to help them overcome the challenges that lie ahead for college. Every year, our society leaves products of its failures at the doors of universities like orphans. Therefore, colleges must provide additional services for mental health, safety, study habits, remedial tutoring, and support courses that were not previously required for students to be successful.

Good education is expensive. The additional staff, services and expenses needed to enable students to learn and graduate will not go away anytime soon. Furthermore, the amount and sophistication of what students must learn to prepare for their future requires significant expenditure. President Garfield’s ideal education with “Mark Hopkins at one end and a student at the other” is long over; biology labs with frog, scalpel and basic microscope are archaic. The cost of essential laboratory equipment is astronomical. Teachers and students of all disciplines must have access to more elaborate resources to access and increase our rapidly expanding knowledge base.

Our colleges and universities are generally run with careful attention to student needs and better stewardship of resources than other institutions in our society. However, no student at any good college or university pays full costs, even one bringing in government grants and/or loans. Those who imply that universities can simply reduce tuition and fees without harming quality ignore contemporary realities in higher education.

Rising college costs are also due to rising expectations and demands from students and families. Students would laugh at primitive laboratories; they would rack up abuse from living in dorms, using facilities, or eating food that previously sustained students. Due to the demographic decline mentioned above, especially in families that can afford tuition and fees, colleges and universities are engaging in costly competition to meet rising expectations.

Delayed gratification fades: “Save now and delay until later” is replaced with “shop now and enjoy.” This new spirit floats in credit cards, easy loans and debt. Many students enter college already in debt and enslaved by their cars, trucks and luxury gadgets. Luxury fund loans. Families who can afford college find financial benefits in low-cost loans, whose repayment is delayed while students are full-time students. Without a significant change in ethos, the debts and defaults will continue.

One proposal is free university education, perhaps at community colleges. Good education is never free. The question is, who pays, when, why and for whom? Community colleges, as a general rule, are no better prepared to meet the challenges listed above. Online teaching and services replace the intense personal contacts that prospective students require. Past experience is that a significant number of community college students drop out and default on loans. For-profit colleges and technical schools have the worst dropout and non-compliance rates. Some for-profit companies are considered fraudulent. Nearly half of all students fail to earn a four-year degree. Most defaults and economic difficulties are concentrated in desertion.

We can begin to address systemic problems at the local level instead of focusing on quick political fixes that might create more problems than they solve. Ignore the uninformed criticism of our excellent higher education institutions. Supporting institutions like Wabash College, which provides financial and essential support for students, have resources to educate current and future students well, on a secure financial footing, and with a history and future of preparing students “to think critically.” , act responsibly, lead effectively”. and live humanely in a difficult world.” Oh yes, graduates score well in jobs, income, and satisfaction.

Raymond B. Williams, Crawfordsville, LaFollette Distinguished Professor in the Humanities Emeritus, contributed this guest column.


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6 Best Banks in Pakistan 2022 for Financial Services https://english-daily.com/6-best-banks-in-pakistan-2022-for-financial-services/ Mon, 05 Sep 2022 07:19:37 +0000 https://english-daily.com/6-best-banks-in-pakistan-2022-for-financial-services/

Best Banks in Pakistan 2022

Banking is a commercial service of great importance for both individuals and companies. Banking services help its customers to safely store their assets and money and obtain loans. This removes all doubts about the importance of banks in Pakistan. So, out of 31 banks in Pakistan banking industry, here are 6 best banks in Pakistan 2022 that are helping the Pakistani people in their financial services.

Pakistan’s banking sector has 5 public sector banks, 22 private banks and 4 foreign banks. they include commercial banks, finance banks, Islamic banks, foreign banks, development finance institutions, and microfinance banks. On top of all this is the State Bank of Pakistan (SBP) which sets all the regulations for banking services in Pakistan.

List of Best Banks in Pakistan 2022

These are the best banks in Pakistan 2022 that you can trust for your banking needs.

  1. Habib Bank Limited – HBL
  2. National Bank of Pakistan – NBP
  3. United Bank Limited – UBL
  4. Alfalah Bank
  5. meezan bench
  6. Muslim Commercial Bank Limited – MCB

Banco Habib Limited – HBL

Best Banks in Pakistan 2022

Habib Bank Limited is the first private and commercial bank in Pakistan after partition. Before partition, Muhammad Aurangzeb founded HBL in 1941 in Mumbai at the request of Quaid-e-Azam Muhammad Ali Jinnah. He wanted a bank for Muslims to keep their assets, which is why HBL was born. It opened its first international branch in 1951 in Colombo, Sri Lanka.

It functioned as a private company for many years until it was nationalized in 1974 due to the fact that it owned a significant number of national shares. However, in 2004, the Government retained 41% of its shares and HBL became the largest private bank in Pakistan. It created its value due to the greater amount of incoming foreign remittances and by granting loans to small industries.

HBL has a headquarters in Karachi at Habib Bank Plaza at I. I Chundrigar Road. There are 2,007 ATMs and 1,751 branches worldwide. The stock exchange also sells shares on the Pakistan Stock Exchange.

HBL offers online banking, bank branches, retail financing, investment banking, financial planning and corporate banking services. For all these services, HBL has maintained its position among the best banks in Pakistan in 2022 by providing financial comfort to customers.

HBL also won the award for the best bank in PBA 2021.

National Bank of Pakistan – NBP

NBP is a bank for everyone that was founded in 1949 by Syed Ahmad Iqbal Ashraf. The headquarters is located in Karachi. It works both as a private and public bank. Nearly 75.20% of voting rights reside with the government based on shareholder patterns.

Although it is an independent organization, it is the largest state-owned bank in Pakistan. It is also the assistance of the State Bank of Pakistan because most of the shares are bought by SBP.

NBP has the highest debt equity market in Pakistan to provide easy loans to the public. Help the republic meet its needs easily. It provides consumer banking, agricultural financing, retail financing, treasury services, corporate banking, offering loans and savings services. NBP also offers commercial and public sector banking services.

NBP has exclusively started microfinance banking for small industries, agriculture and small entrepreneurs. With a network of 1,509 branches in Pakistan and 11 other countries, and more than 1,000 ATMs, the National Bank of Pakistan is a prominent bank in Pakistan.

United Bank Limited – UBL

Best Banks in Pakistan 2022

UBL has won the award for the best bank in corporate finance and capital market development at the Pakistan Bank Awards in 2017. This is due to the priority it places on clients. UBL’s motto is ‘Where you come first’ is true to its promise because it puts its clients first in all financial needs.

Serve the best Pakistanis abroad in remittances and store your savings easily. Listen to the needs of the client and take care of their financial health by providing easy loans.

Alfalah Bank

Bank Alfalah is a growing international bank with origins in the United Arab Emirates. Initially, Habib Credit and Exchange Bank started in 1997. It is a Pakistani retail bank under an Emirati company.

Along with Pakistan, it has its operations in the United Arab Emirates, Afghanistan, Bahrain and Bangladesh. As it is owned by a United Arab Emirates company, Bank Lafalah’s representative office is located in Abu DhabiYo. In Pakistan, the headquarters is in Karachi with more than 700 branches in 200 cities in Pakistan.

This bank provides financial services to customers, companies, institutions and the government. Services include retail finance, securities brokerage, agricultural finance, consumer banking and credit, SMEs, Islamic and asset finance solutions.

Bank Alfalah recently joined WhatsApp for the convenience of customers. Customers can contact banking agents easily through the Contact Us option on the website. The website takes us directly to WhatsApp through which customers can get answers to their queries. It offers flexible customer service hours through Banco Alfalah’s Digital Banking Portal.

meezan bench

Meezan Bank obtained its first Islamic license from the State Bank Of Pakistan and started operations as the first Islamic bank in Pakistan in 2002. The founder of Meezan Bank is Irfan Siddiqui. It is the first Islamic bank in Pakistan that started providing banking services according to the principles of Islam.

In 2002, it offered a Riba-free car finance scheme and an Easy Home scheme in 2003. In 2007, it offered the Istisna service to provide working capital to businesses. Along with these, it also provides a wide range of Islamic banking services to the people of Pakistan.

There are nearly 800 Meezan bank branches in 240 cities with 24/7 services. Other services include 660 ATMs, online banking, Visa cards, debit cards, mobile applications and SMS banking services.

Among the best banks in Pakistan 2022, Meezan bank is one of those that provide banking services according to the principles of Islamic law.

Muslim Commercial Bank Limited – MCB

Best Banks in Pakistan 2022

MCB bank was founded in 1947 and nationalized in 1974 under Pakistan’s economic reform movement. It was privatized again in 1991. MCB severed ties with the Muslim Commercial Bank name to just MCB to create its presence in the international market. As a result, MCB has more than 1,551 branches worldwide with more than 1,350 ATMs.

MCB won the prestigious Euromoney award for two consecutive years in 2016 and 2017.

These were the Top 6 Banks in Pakistan 2022 that provide the best banking services to customers, businesses and institutions to create livelihood among the population. They are also contributing to the economic development of Pakistan.

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