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<keyword id="19956758" type="General" weightage="20" keywordseo="finance-minister" source="keywords">Finance Minister</keyword> <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> on Tuesday announced a <keyword id="20274081" type="General" weightage="20" keywordseo="credit-guarantee-scheme" source="keywords">credit guarantee scheme</keyword> for facilitating <keyword id="22087606" type="General" weightage="20" keywordseo="term-loans" source="keywords">term loans</keyword> for <keyword id="19910977" type="General" weightage="20" keywordseo="MSMEs" source="keywords">MSMEs</keyword> to purchase machinery and equipment without collateral or third-party guarantee. In her Budget speech in the Lok Sabha, she said the Budget provides special attention to micro, small &amp; medium enterprises (MSMEs) and manufacturing, particularly labour-intensive units. "We have formulated a package, covering financing, <keyword id="20961204" type="General" weightage="20" keywordseo="regulatory-changes" source="keywords">regulatory changes</keyword> and technology support for MSMEs to help them grow and also compete globally, as mentioned in the interim budget," she said. The credit guarantee scheme for MSMEs in manufacturing will operate on the pooling of credit risks of such entities. "A separately constituted self-financing guarantee fund will provide, to each applicant, guarantee cover up to Rs 100 crore, while the loan amount may be larger," the minister announced in the Budget. The borrower will have to provide an upfront guarantee fee and an annual guarantee fee on the reduced loan balance. She also announced a new mechanism for facilitating the continuation of bank credit to MSMEs during their stress period. Sitharaman said that while being in the 'special mention account' (SMA) stage for reasons beyond their control, MSMEs need credit to continue their business and avoid getting into the NPA stage. "Credit availability will be supported through a guarantee from a government-promoted fund," she added. In another move to help MSMEs, the minister announced a new assessment model for credit to the sector. She said public sector banks will build their in-house capability to assess MSMEs for credit, instead of relying on external assessment. "They will also take a lead in developing or getting developed a new credit assessment model, based on the scoring of digital footprints of MSMEs in the economy," she added. The new assessment model, she said, is expected to be a significant improvement over the traditional assessment of credit eligibility based only on asset or turnover criteria. It will also cover MSMEs without a formal accounting system. Mohammad Athar (Saif), partner and leader capital projects and infrastructure development, PwC India, said the credit guarantee scheme and <keyword id="22514802" type="General" weightage="20" keywordseo="e-commerce-export-hubs" source="keywords">e-commerce export hubs</keyword> for MSMEs will enable demand creation and boost India's aspiration of achieving USD 1 trillion in exports by 2030, driven by MSMEs. Sitharaman also announced that to enable MSMEs and traditional artisans to sell their products in international markets, e-commerce export hubs will be set up in public-private-partnership (PPP) mode. These hubs, under a seamless regulatory and logistic framework, will facilitate trade and export-related services under one roof. Vivek Jalan, Partner, Tax Connect, a multi-disciplinary firm, said, as requested by the trade and industry bodies and laid down by the Economic Survey, for MSME businesses, the compliance burden is also sought to be relaxed. Litigations will be reduced in the new <keyword id="22517694" type="General" weightage="20" keywordseo="Vivaad-Se-Vishwas-Scheme" source="keywords">Vivaad Se Vishwas Scheme</keyword>, he added. Rumki Majumdar, Economist, Deloitte India, said the credit guarantee schemes for MSMEs in the <keyword id="19955573" type="General" weightage="20" keywordseo="manufacturing-sector" source="keywords">manufacturing sector</keyword>, facilitating term loans for the purchase of machinery, and formulating packages to finance technology support to them will go a long way to providing access to finance and increasing investments, which have been key challenges in the sector.

FM announces credit guarantee scheme, other measures for MSMEs

With <keyword id="19899402" type="General" weightage="20" keywordseo="digital" source="keywords">digital</keyword> adoption fast gaining currency, <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> is likely to see <keyword id="19992513" type="General" weightage="20" keywordseo="retail" source="keywords">retail</keyword> <keyword id="19989657" type="General" weightage="20" keywordseo="digital-payments" source="keywords">digital payments</keyword> double to USD 7 trillion by 2030 from current levels, a study by Kearney and <keyword id="19942875" type="General" weightage="20" keywordseo="Amazon-Pay" source="keywords" meta.keywordsubtype="org" meta.entityname="Amazon Pay" meta.hostid="153" meta.entityid="Amazon Pay">Amazon Pay</keyword> said. In the report 'How Urban India Pays', Kearney-Amazon Pay said strong adoption of digital payments in <keyword id="21056201" type="General" weightage="20" keywordseo="online-purchases" source="keywords">online purchases</keyword> has potentially led to a permanent shift in consumer behaviours, fuelling offline adoption as well. While 90 per cent of the respondents of the survey preferred digital payments when making online purchases, affluent consumers lead the way with the highest Degree of Digital Payment Usage (DDPU), tending to use various modes of digital payment for 80 per cent of their transactions. "<keyword id="19955338" type="General" weightage="20" keywordseo="millennials" source="keywords">Millennials</keyword> and Gen X are leading in the adoption of all types of digital payment instruments," it said. "Men and women both use digital payments in about 72 per cent of their transactions, indicating gender parity." The research was based on an online survey of over 6,000 consumers along with more than 1,000 merchants through offline and online methods across 120 cities with representation from various regions, income groups, city categories, age brackets and genders. India has seen a surge in <keyword id="19990771" type="General" weightage="20" keywordseo="e-commerce" source="keywords">e-commerce</keyword>, with the market valued at USD 75 billion to USD 80 billion in 2022 and expected to grow at a 21 per cent CAGR until 2030. "In line with India's digital journey, retail digital payments have grown dramatically over the past five years - from USD 300 billion in FY18 to USD 3.6 trillion in FY24. By FY30, they are likely to double to USD 7 trillion," the report said. The Unified Payments Interface (<keyword id="19900911" type="General" weightage="100" keywordseo="UPI" source="keywords">UPI</keyword>) has been a key driver of this growth, demonstrating a CAGR of 138 per cent in its volumes during FY18-24. Other instruments such as cards and digital wallets are also gaining in popularity, contributing 10 per cent of digital transaction value today. "With such dynamic developments, it is no wonder that India is a global frontrunner in the digital payment landscape, accounting for a stellar 46 per cent of the global digital transaction volumes in 2022," it said. Digital payments have penetrated small towns, with respondents in these areas highlighting that 65 per cent of their transactions are digital, while respondents in larger cities cited this ratio to be 75 per cent. "There is a strong correlation between a city's average DDPU and its retail potential, as measured by the Kearney India Retail Index, with the top six metros displaying both high DDPU and high retail potential," the report said. DDPU surpasses retail potential in some cities such as Lucknow, Patna, Bhopal, Jaipur, Bhubaneswar, Indore, Ahmedabad and Pune, which have a high DDPU nearly matching that of larger metropolitan cities despite having a lower retail potential than the top six metros. The report said co-branded credit cards are gaining momentum. "Emerging methods such as buy now, pay later (BNPL), wearable payments and voice assistant-based payments are also starting to make inroads." Digital modes of payment constitute around 69 per cent of the total transaction volumes for the Indian merchants that were surveyed. Even street vendors such as paan shops, fruit and flower sellers, food stalls, and kirana stores are joining the digital payment brigade. "Challenges for merchant adoption mirror consumer concerns, emphasizing issues of financial fraud, limited connectivity and trust," it said. The report said the next wave of growth in digital payments will be fueled by increasing penetration in segments with lower DDPU, such as consumers in lower-income groups and smaller towns, along with enhancing the value of spending via digital modes of payment in the higher DDPU segments by addressing their concerns. "All key stakeholders across the digital payments' ecosystem, including payment providers, the government, and value-added services players, will need to play a part in expanding digital payment adoption," it said. The focus areas should be empowering communities with financial education by launching target programmes to boost awareness of digital payments and new methods such as UPI Lite and UPI Lite X, especially for aspiring consumer segments, women in small towns, and street commerce merchants, to encourage higher adoption. Also, there is a need to create user-friendly consumer journeys by streamlining documentation and know-your-customer (<keyword id="19910870" type="General" weightage="20" keywordseo="kyc" source="keywords">KYC</keyword>) processes, optimising user interfaces, and establishing responsive customer complaint resolution mechanisms, it said adding also there is a need to enhance digital infrastructure by addressing systems and network issues and exploring innovations such as UPI Lite X for areas with limited internet. Also, the risk of fraud has to be minimised and access to credit-based payment methods expanded by using alternate data for underwriting risk, developing innovative credit products and promoting credit education for financial health. "These areas can help India overcome challenges in the digital payment ecosystem by fostering a more inclusive, secure, and user-friendly environment, thereby enhancing the adoption of digital payments among consumers and merchants in India," it added.

India to see retail digital payments to double to USD 7 tn by 2030: Report

<ul><li>New job roles for tech talents are fast surging in the non-tech sector, becoming a game changer in the employment market.</li><li>In the post-pandemic era, a widespread digital transformation across industries has spurred the creation of a larger work space for tech professionals beyond the traditional IT industry.</li><li>This article elaborates on the earning potentials of different tech roles in consumer goods, travel and e-commerce sectors.</li></ul>To be able to operate and enhance their competitive worth in today’s scenario, companies in any sector have to increasingly rely on technology. In the pandemic and post-pandemic eras, all businesses are transitioning to online modes and this digital transformation means non-tech businesses are increasingly hiring more tech professionals. A comparative study of the opportunities and salaries for tech professionals in consumer goods, travel and e-commerce sectors can be a helpful guide for aspiring technologists. Overview of trending tech job roles and salaries in the non-tech industry <div type="image" title="non-tech industry" msid="99913391" hostid="261"></div> Data scientist roles are among the highly-in-demand positions in the non-tech sectors fetching salaries around ₹8.5 lakh, ₹14 lakh and ₹22 lakh per annum respectively for entry-level, mid-level and senior-level positions. Full-stack developers at the entry level get paid a little lower than the data scientists at around ₹8 lakh per annum. However, their salaries escalate to the best scales in middle and senior levels, estimated at around ₹14.5 lakh and ₹33 lakh per annum respectively. The salaries of security architects are comparable to a large extent to the category above. Professionals in this job role are paid around ₹7 lakh, ₹14 lakh and ₹24 lakh per annum at the entry, mid and senior levels respectively. In the next rung of the salary ladder, we find UX designers who draw around ₹5 lakh per annum at the entry level and ₹13 lakh and ₹30 lakh in the mid and senior-level positions respectively. DevOps engineers in the non-tech sector can draw around ₹4 lakh, ₹13.5 lakh and ₹29 lakh per annum depending on their seniority in the industry. App developers working in the non-tech sector get attractive salaries of around ₹4.5 lakh, ₹11 lakh and ₹20 lakh per annum for entry-level, mid-level and senior-level positions. Salesforce consultants are also among the highly-paid professionals in the non-tech sector, drawing around ₹4 lakh, ₹9.5 lakh and ₹18 lakh per annum for the entry, mid and senior-level positions respectively. The next highly-paid professionals are those working as web developers who get around ₹3 lakh per year at the entry level, ₹7 lakh at the mid level and ₹14.5 lakh at the senior level. Graphic designers in the non-tech sector draw around ₹3 lakh, ₹6 lakh and ₹14 lakh per annum for entry, middle and senior-level positions. MIS Executives are paid around ₹3 lakh at the entry level, ₹5.5 lakh at the mid level and ₹13 lakh in senior-level positions. All of these salary figures for these tech job roles are considerably higher than those of the same roles in the niche tech sector.

Hit Jobs: Here’s what techies make in consumer goods, travel and e-commerce sectors

<ul><li>Despite a 52% decrease in demand compared to the previous year, e-commerce retained its position as the second-largest employer. </li><li>Women's average monthly salaries were 20.5% lower than the industry average, except in manufacturing, logistics and mobility</li><li>Youth participation in employment declined by 8%, indicating a decrease in the number of young individuals entering the <keyword id="52626" type="General" weightage="20" keywordseo="workforce" source="Orion">workforce</keyword>. </li></ul>In the financial year 2022, i.e. the period between April 01, 2021, to March 31, 2022, there was a significant surge in demand for frontline workers as the economy reopened. However, the growth momentum slowed down in the financial year gone by (FY2023) due to macroeconomic challenges. According to the Frontline Index Report by BetterPlace, the total demand for <keyword id="15003035" type="General" weightage="20" keywordseo="frontline-jobs" source="Orion">frontline jobs</keyword> decreased by 17.5%. In FY 2023, India saw the creation of 6.6 million frontline jobs, down from the 8 million jobs created in fiscal before that. This report is based on data collected by the BetterPlace platform and analysed a sample of over 3 million data points, providing insights into various aspects of the frontline workforce in India, including <keyword id="6357342" type="General" weightage="20" keywordseo="hiring" source="Orion">hiring</keyword>, demand, attrition, migration, salary trends, and upskilling patterns. <cmsannotation type="cmsannotation" annotationid="E-commerce remains second largest employer" comment="Subhead" text="E-commerce remains second largest employer">E-commerce remains second largest employer</cmsannotation> In FY 2023, logistics and mobility took the lead as the primary employment sector for frontline workers, surpassing e-commerce in demand. This marked a significant shift, with logistics and mobility experiencing a 111% surge in total demand from FY 2022 to FY 2023. Meanwhile, IFM&amp;IT (information, financial services, marketing, and information technology) emerged as the fastest-growing industry, with a 139% increase in demand for frontline roles during the same period. Despite a 52% decrease in demand compared to the previous year, e-commerce retained its position as the second-largest employer, accounting for 33% of all jobs in the sector. <cmsannotation type="cmsannotation" annotationid="Participation of women doubles" comment="Subhead" text="Participation of women doubles">Participation of women doubles</cmsannotation> The participation of women in the workforce increased from 3% to 6% between FY22 and FY23, driven largely by changing family perceptions, with 88% of women feeling supported to work. However, women's average monthly salaries were 20.5% lower than the industry average, except in manufacturing and logistics and mobility, where they earned 36% and 20% more, respectively. Despite declining industry demand, e-commerce saw a 36% increase in demand for women frontline workers. Additionally, women frontline workers spanned various age groups, with 44% aged 20-30 and 37% aged 30-40. <cmsannotation type="cmsannotation" annotationid="Youth participation in employment decreases" comment="Subhead" text="Youth participation in employment decreases">Youth participation in employment decreases</cmsannotation> Over the transition from FY22 to FY23, there was a shift in the composition of the workforce. Youth participation in employment declined by 8%, indicating a decrease in the number of young individuals entering the workforce during this period. Conversely, there was a 25% increase in the participation of workers aged 30-40. Furthermore, it's worth noting that a majority, specifically more than 80%, of frontline workers exhibit a satisfactory level of education. Many of them have completed either their high school diploma or even pursued higher education, such as graduating from college or university. <cmsannotation type="cmsannotation" annotationid="Employees focus on upskilling" comment="Subhead" text="Employees focus on upskilling">Employees focus on upskilling</cmsannotation> In FY 2022, sign-ups for upskilling courses saw a 194% growth, which continued into FY 2023. The lower intent to hire in enterprises led to a an increase in the time employees spent on learning, up by more than 165% between April 2022 and March 2023. Furthermore, the Government's commitment to skill development during the budget season resulted in numerous enterprises investing in employee upskilling.

Job creation falls, so does youth participation

<ul class="summary-list"><li>E-commerce giant <keyword id="302749" type="COMPANY" weightage="60" keywordseo="Alibaba">Alibaba</keyword> has launched an <keyword id="4668945" type="PERSON" weightage="60" keywordseo="nft">NFT</keyword> marketplace on its auction platform, SCMP reported Tuesday. </li><li>Several NFTs already have listings on the Chinese service, but bidding will not start until September.</li><li>NFTs have slowly been gaining traction in <keyword id="1334" type="COUNTRY" weightage="60" keywordseo="China">China</keyword>, even as Beijing's cracks down on cryptocurrencies. </li></ul>Chinese e-commerce heavyweight Alibaba Group has opened a marketplace for trading non-fungible tokens on its auction platform, the South China Morning Post reported Tuesday.The company expects artists, musicians, writers and game developers to sell NFTs of their work on the "Blockchain Digital Copyright and Asset-Trade" marketplace, according to the <a href="https://www.scmp.com/tech/big-tech/article/3145232/alibabas-new-blockchain-auction-platform-selling-star-wars-art-ledger">report</a> from SCMP, which is owned by Alibaba.Several NFTs have already been listed on the service by creators. They will go to auction next month with a minimum bid of 100 yuan, approximately $15. To participate, bidders must pay a deposit of 500 yuan, or around $77. NFTs are unique digital tokens such as images, videos, sound clips or certificates that are built on a blockchain. Ownership is inscribed on the ledgers the tokens are built on - this is crucial, as often anyone can view an NFT, but only one person can actually own it. They are therefore often popular among collectors. The digital tokens have staged a comeback after demand cooled off in the early summer. Trading volumes on NFT platform OpenSea <a href="https://markets.businessinsider.com/news/currencies/opensea-trade-volumes-nft-ether-solana-alcoin-a16z-funding-strong-2021-8">have soared</a> in recent weeks, as more tokens are sold and their worth accelerates.Items listed on Alibaba Auction include a painting of a local Sichuan landmark, as well as art based on major franchises such as "Star Wars", the video game "Wasteland 2", and "Grand Theft Auto", according to SCMP journalist Josh Ye. He <a href="https://twitter.com/TheRealJoshYe/status/1427445874595045385">tweeted</a> screenshots of the NFTs on the marketplace. "We are not sure if these are properly licensed in the first place," Ye said. The NFTs will be will be minted on the New Copyright Blockchain, which is run by the Sichuan Blockchain Association Copyright Committee. They can be stored and viewed through Bit Universe, an application that is part of the Chinese messaging and social media app WeChat. NFTs have slowly been gaining traction in China, even as Beijing cracks down on cryptocurrency products and mining. The government appears to be more receptive to blockchain products, and in June, the SCMP <a href="https://www.scmp.com/tech/tech-trends/article/3136515/china-plans-accelerate-blockchain-development-and-adoption-push">reported</a> that China is aiming to incorporate blockchain technologies into its development and economic plans. Alibaba-affiliated financial service firm Ant Group and SCMP itself have launched NFT projects this summer. In addition, Chinese entertainment giant Tencent joined the NFT world earlier in August with its own token-trading platform, where it sold audio clips from a popular talkshow.

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FM announces credit guarantee scheme, other measures for MSMEs

PTI

India to see retail digital payments to double to USD 7 tn by 2030: Report

PTI

Hit Jobs: Here’s what techies make in consumer goods, travel and e-commerce sectors

BI India Bureau

Job creation falls, so does youth participation

Anagh Pal

Chinese e-commerce giant Alibaba opens NFT auction site for artists and game developers

Sophie Kiderlin

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