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The <keyword id="21627536" type="General" weightage="100" keywordseo="gold-loan-market" source="keywords">gold loan market</keyword> in <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> is on the cusp of substantial growth, driven by rising per-gram gold rates and increasing customer demand. Currently, the market is predominantly controlled by the <keyword id="21485305" type="General" weightage="20" keywordseo="unorganized-sector" source="keywords">unorganized sector</keyword>, which holds a 63 % share, while <keyword id="22789155" type="General" weightage="20" keywordseo="organized-players" source="keywords">organized players</keyword>, including banks and Non-Banking Financial Companies (<keyword id="19938300" type="General" weightage="20" keywordseo="NBFCs" source="keywords">NBFCs</keyword>), account for the remaining 37 %, according to a recent <keyword id="20055667" type="General" weightage="20" keywordseo="PwC" source="keywords" meta.keywordsubtype="org" meta.entityname="PwC" meta.hostid="83" meta.entityid="PwC">PwC</keyword> report. Indian households are estimated to possess approximately 25,000 tonnes of gold, valued at around Rs 126 lakh crore. Despite this vast wealth, the existing gold loan market through organized channels is valued at just Rs 7.1 lakh crore. With the market penetration of gold loans in India currently at only 5.6%, there is considerable untapped potential within <keyword id="22902023" type="General" weightage="20" keywordseo="household-gold-holdings" source="keywords">household gold holdings</keyword>. Although not all gold is available for pledging--due to factors such as religious significance, emotional value, or lack of financial need--there remains substantial opportunity for growth in the gold loan sector. The gold loan market in India has historically been dominated by the unorganized sector. However, in recent years, organised players, particularly NBFCs, have begun to gain market share. Banks, too, have been making inroads, especially through retail gold loans and a continued focus on agricultural gold loans. This shift is expected to continue as organised players leverage their formal lending structures, transparency, and customer trust to capture a larger share of the market. Shaji Varghese, CEO, Muthoot FinCorp Limited, "Gold loan assets have been growing steadily and the potential to grow further is high since a major part of the country's gold loan market is still in the unorganized sector. <keyword id="19910265" type="General" weightage="20" keywordseo="gold-prices" source="keywords">Gold prices</keyword> have been rising over the years. There is also a paradigm shift on how buying gold is perceived today. Traditionally gold was purchased for historical, cultural and societal reasons and while that continues, people have started buying gold as an investment and also as a convenient option to raise funds for financial requirements." India remains one of the world's largest consumers of gold, with total demand reaching 747 tonnes in 2023. However, this represented a 3% decrease compared to the previous year, primarily due to the surge in gold prices, which dampened demand for gold jewellery. The price of gold in India increased from Rs 55,375 to Rs 66,532 per 10 grams (22 carats) between November 2023 and May 2024, prompting a shift towards lightweight or lower-carat jewellery items. Globally, the demand for gold grew by 3 % in 2023, with China emerging as the largest market. The global market's expansion presents opportunities for Indian gold loan financiers to explore new avenues for growth beyond domestic borders. Gold's relationship with the US dollar is a key factor influencing gold prices in India. A weakening rupee often leads to an increase in gold prices, as gold is priced in USD internationally. This dynamic drives higher imports and increases the cost of gold in rupees, further fuelling demand as investors seek a safe haven against currency fluctuations. V.P. Nandakumar, Managing Director and Chief Executive Officer, Manappuram Finance Ltd, "Of late, the sharp increase in gold prices has imparted some stability to the gold loan book of most players and we do not expect gold prices to come down due to geo-political factors, the accumulation of gold by central banks as well as the lasting allure of the yellow metal." The securitisation of gold through various financial instruments offers new avenues for gold loan players to diversify their offerings. By using gold-based security as collateral, established players can introduce new loan products that leverage the intrinsic value of physical gold.

India's gold loan market set for rapid growth amid rising prices; unorganized sector holds 63% share, notes recent PwC report

Cash shortage at ATMs and banks might have made you stand in queue for long hours, but that didn’t deter frauds to stock up crores of rupees at home in fresh denominations. Printing of notes and curb on withdrawals could have ‘harassed’ the commoners but most days we have come across reports popping up across the country that certain crores and lakhs of rupees have been seized. As such stories are more to come, Rs 24 crore seized in Vellore, Rs 1.5 crore from Goa, Rs 1 crore from Coimbatore, Rs 76 lakh from Surat are some of the major highlights till date. 
 
In some parts of the country, the banks are to stay shut on Monday for Eid-e-Milad and this makes 3 days of bank holidays at a time when the crisis isn’t completely over, according to The Economic Times. To deal with such consecutive holidays, extra cash is handed over to logistics firms that supply to the ATMs. And this is where most breach happens. The logistics sector is one of the most unorganized sectors in the country.Rs 8.4 crores of fraud during ATM refills has been reported in last few weeks. Earlier this kind of fraud used to be Rs 1-2 crores.

While you queue up for money at ATMs with withdrawal limit, here’s how frauds are stacking up money at home with new Rs 500 and Rs 2000 notes

New Delhi, Nov 15 () To safeguard the interest of workers in formal sector, particularly working class, the Centre is planning to introduce 'One Nation, One Pay Day' system, Labour Minister Santosh Gangwar said on Friday.
 "There should be a pan-India single wage day every month across various sectors to ensure that workers get timely payment of salaries. Prime Minister Narendra Modi is keen on this legislation to get passed soon. Similarly, we are also looking at uniform minimum wages across sectors which will safeguard better livelihood of workers," said Gangwar addressing at 'Security Leadership Summit 2019' organised by the Central Association of Private Security Industry (CAPSI).
 The central government is in the process of implementing Occupational Safety, Health and Working Conditions (OSH) Code, and Code on Wages. Parliament has already passed the Code on Wages and rules are being framed for its implementation.
 The OSH Code was introduced in the Lok Sabha on July 23, 2019. The Code will streamline the private sector by enhancing the coverage of workers manifold by merging 13 central labour laws relating to safety, health and working conditions into a single code.
 The OSH Code has many new initiatives like mandatory issues of appointment letter by employers, annual free medical check up of workers and broadening coverage of all type of workers in the country under it.
 Gangwar mentioned that since taking the office in 2014, Modi government has consistently worked on reforming labour laws. 
 "We have taken up 44 complex labour laws to reform them. We are talking to all stakeholders to make these laws more effective and useful. 
 "Similarly, we are preparing a 'Single Page' mechanism for various sectors to complete various compliances to ensure ease of doing business. We are also preparing an online system of all grievance redressal to ensure that all problems are resolved with 48 hours without any physical interface," said Gangwar. 
 Underlining the role of private security industry as a major job creator today, Gangwar said the sector employs around 90 lakh people at present, which has the potential to go up to 2 crore in the next few years. 
 He also said the prime minister is keen to ensure growth of the sector.
 "Mr Modi is keen to ensure that all those working in the unorganized sector should get a pension of Rs 3,000 per month besides getting medical coverage. We have introduced various attractive pension schemes for working class. We will introduce more schemes in future to ensure better social security of those working in unorganised sector and also labour class," Gangwar added. KKS MR

India mulls 'One Nation, One Pay Day: Gangwar

<ul><li>“McDonald’s India is now set to dominate the <keyword id="1300827" type="PERSON" weightage="20" keywordseo="fried-chicken">fried chicken</keyword> market,” read its press statement. </li><li>The food giant is eyeing to capture both organised and unorganised markets. </li></ul>After UK and US-based chains like Southern Fried Chicken, Texas Chicken and Genuine Broaster Chicken re-entered India to eat into <keyword id="6376241" type="ORGANIZATION" weightage="20" keywordseo="kfc">KFC</keyword>’s market, the recent addition in the race is <keyword id="126895" type="CITY" weightage="20" keywordseo="McDonald">McDonald</keyword>’s India. The food giant has forayed into the fried chicken category, a market that KFC is known for. Globally, take-Out Fried Chicken Market is expected to register a CAGR of 5.47% to reach USD 8,252.9 Million by 2025. Whereas in India, the organised fried <a href="https://www.thehindubusinessline.com/companies/in-their-second-coming-global-chicken-chains-look-to-take-on-kfc-in-india/article9766123.ece#:~:text=%E2%80%9CThe%20organised%20fried%20chicken%20segment,CAGR%20of%2020%20per%20cent.">chicken </a>segment is estimated at ₹1,500 crore, growing at a CAGR of 20 per cent. Speaking on the brand’s foray into this new Chicken category, Smita Jatia, MD, Hardcastle Restaurants Pvt Ltd said, “Since our inception, we have been leading menu innovation to offer our customers products that are unique and clutter-breaking. The new McSpicy Fried Chicken has been launched post very extensive and comprehensive customer research that revealed that our customers in South India like their chicken to be crunchy, spicy and flavourful till the last bite, and we gave them just that. Through this new offering, we aim to recruit new customers from both the organized and the unorganized sector. We are very encouraged by the customer response and are excited about the opportunities that lie ahead.”

McDonald's eyes to capture KFC's market with the launch of Fried Chicken in India

New Delhi, Jan 31() Around 60 lakh informal sector workers and small traders are covered under the pension schemes launched in 2019, President Ram Nath Kovind said on Friday. 
Last year, the government launched Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) and Pradhan Mantri Laghu Vyapari Maan-dhan Yojana (PM-LVM) for providing assured minimum pension of Rs 3,000 per month. 
"Farmers, agricultural labourers, unorganized sector labourers and small traders of the country had expectations of a pension scheme that would be of help to them in their old age. 
"My Government has not only fulfilled their wish, but also has covered about 60 lakh beneficiaries so far, under these pension schemes," Kovind said addressing a joint sitting of both Houses of Parliament. 
 The PM-SYM scheme provides for a minimum monthly assured pension of Rs 3,000 for unorganised sector workers from the age of 60 years. The scheme was launched in February 2019.
 The government in the Union Budget 2019-20 set a target of enrolling ten crore workers under the scheme in the next five years.
 Any informal sector worker in the age group of 18-40 years can enrol for PM-SYM. The monthly insurance premium ranges from Rs 55 at the age of 18 years to Rs 200 at the age of 40 years. The central government is making equal contributions for these workers under the scheme.
 A similar scheme for small traders and retailers was approved by the Union Cabinet in May last year in its first meeting after Modi 2.0 took over. The PM-LVM scheme was formally launched in September 2019. It is a voluntary and contributory pension scheme. 
Enrolment under the scheme is done through Common Service Centres, with its network of 3.50 lakh centres across the country. 
 Traders in the age group of 18-40 years with an annual turnover, not exceeding Rs 1.5 crore and who are not a member of EPFO/ESIC/NPS/PM-SYM or an income tax payer, can join PM-LVM.
 Under the scheme, 50 per cent monthly contribution is payable by the beneficiary and equal matching contribution is paid by the Centre.
Subscribers, after attaining the age of 60 years, are eligible for a monthly minimum assured pension of Rs 3,000. It envisaged a coverage of about 50 lakh enrolments under the scheme for 2019-20. KKS 
 ANU

60 lakh informal workers, small traders enrolled under new pension schemes: President

<a href="http://www.businessinsider.in/searchresult.cms?query=skills&amp;sortorder=effectivedate">Skill India</a> is one of the most ambitious projects for <a href="http://www.businessinsider.in/searchresult.cms?query=prime+minister+narendra+modi&amp;sortorder=effectivedate">Prime Minister Narendra Modi</a> , through which he wishes to create the world’s largest pool of workforce in India. 
 
Apart from forming the largest workforce, the government also aims at giving flight to entrepreneurial dreams of youth, both in urban and rural areas. 
 
As per the Indian government statistics, 65 per cent of Indians are under the age of 35 and by 2025, almost 1 in 5 of the world's working age population will be an Indian. 
 
“The Pradhan Mantri Kaushal Vikas Yojna is aiming at training one crore youth in next 10 years through various schemes like vocationalization of school education, apprenticeship, etc,” said Siddharth Chaturvedi, Director, AISECT, one of India's skills based educational network. 
 
READ ALSO: <a href="http://www.businessinsider.in/These-10-skills-are-in-popular-demand-and-they-can-fetch-you-good-salaries-too/articleshow/52729107.cms">These 10 skills are in popular demand and they can fetch you good salaries too</a> 
 
However, globalization and competition has stepped up the need of <a href="http://www.businessinsider.in/searchresult.cms?query=skilled+manpower&amp;sortorder=effectivedate">skilled work force</a> in India as the country still has a long way to go in matching global standard of quality and achieve accelerated growth rate. 
 
As per various studies, countries with highly skilled human capital have high GDP and per capita income. If set in the right direction and momentum, India can truly emerge as the top skilled workforce provider. 
 Meanwhile, talking about <keyword id="6569577" type="UNKNOWN" weightage="20" keywordseo="Skill-India">Skill India</keyword>’s progress within the country, India still hasn’t achieved much due to few challenges. 
 
Here are five challenges that the government needs to address to make ‘Skill India’ a success. 
 
· Employment: Around 15 per cent of the Indian workforce gets employed in the organized sector, which means the skilling efforts have to take into account employment in the unorganized sector as a reality. This also means entrepreneurship training and linkages need to be a big and integral part of this ecosystem. 
 
· Geography: The geographical problem is also plaguing the labour market. More jobs and low rate of workforce in states of high economic growth; and high population growth with few jobs in states with low economic growth lead to migration. There are a shortage of formal vocational training institutes. 
 
· Credible assessments: Since, we are moving in the direction of third party assessments for all skill development schemes, a massive effort is required in building up assessment capability of such a large number of candidates pool across myriads of sectors, which if not resolved, can create a bottleneck in the end result of certified candidates. 
 
· Perception of vocational training and skilling courses: India still needs to have an open mind about skilling programmes. There are few centres as traditional courses are still regarded as a benchmark for success. 
 
· Availability of trainers: There are a wide number of sectors that fall under skilling India programme and there is a need to meet the demand of teachers and trainers in various fields.

Here are 5 biggest challenges that PM Modi has to overcome to make Skill India a huge success

Aimed at ensuring basic rights and better conditions for about 3 crore people in the <a href="http://www.businessinsider.in/searchresult.cms?query=unorganized+sector">unorganized sector</a>, the government might come up with a proposal to make it incumbent on households to hire domestic workers through a placement agency. 
 
The new rule might include paid leave and other benefits for those people. If new rules got implemented, the violators could find themselves in a lot of trouble, reported the Economic Times. 
 
Other key elements of the proposal include proper accommodation. 
 
Moreover, if anyone would be hired outside the placement system, he or she would be treated as bonded labour and employers would be penalised accordingly. 
 
The <a href="http://www.businessinsider.in/searchresult.cms?query=Ministry+of+Labour+">Ministry of Labour</a> would soon move a Cabinet note on a national policy for domestic workers. This idea was first mooted by the <keyword id="83449" type="ORGANIZATION" weightage="80" keywordseo="United-Progressive-Alliance">United Progressive Alliance</keyword> (<a href="http://www.businessinsider.in/searchresult.cms?query=UPA">UPA</a>) government in 2007. 
 
A senior official told the financial daily that the rules if implemented will make the employer liable to pay for the worker's social security apart from one month of paid annual leave, two months of paid <a href="http://www.businessinsider.in/searchresult.cms?query=maternity+leave+">maternity leave</a> and a weekly off. 
 
"For the first time, we would have a rights-based policy for <a href="http://www.businessinsider.in/searchresult.cms?query=domestic+workers+">domestic workers</a> in the country. It will be a game changer and would help in formalisation of the country's growing workforce," said the official. 
 
As per the proposal, employees and employers will have to sign a contract that lists standard practices which both sides will have to abide by. "The placement agencies involved will be the third party to the agreement besides two representatives from trade unions to ensure that the employee is not denied of his or her basic rights," he said. 
 The draft agreement, which is being finalised and could be taken up for stakeholder consultation in two weeks, has proposed that the employer will have to mandatorily contribute to the <keyword id="686752" type="ORGANIZATION" weightage="60" keywordseo="Employee-State-Insurance-Corporation">Employee State Insurance Corporation</keyword> and the <a href="http://www.businessinsider.in/searchresult.cms?query=Employee+Provident+Fund+Organisation+">Employee Provident Fund Organisation</a> (<keyword id="6372438" type="ORGANIZATION" weightage="100" keywordseo="EPFO">EPFO</keyword>) to ensure medical and life coverage to the employee. 
 
(Image: Indiatimes)

Placement agencies will help hire domestic help soon

New Delhi, Mar 19 () The coronavirus pandemic will impact sectors like trade, hotels, transport and communication and push India's fiscal deficit to 3.88 per cent of GDP this fiscal, a report said on Thursday. According to SBI Research's Ecowrap report, the month of March is severely affected by travel and transport curbs, which will have a spillover effect on growth. "Even COVID-19 will have an impact on GDP through Trade, Hotels, Transport, Communication &amp; Services related GDP. As the March month is severely affected by travel and transport curbs, we believe that Q4 nominal GDP may impart a 1.4 per cent decline in FY20 GDP. "Thus, considering the impact of COVID-19 on GDP, the new fiscal deficit will be 3.88 per cent of GDP," the report said. The government had raised the fiscal deficit target to 3.8 per cent of the GDP from 3.3 per cent pegged earlier for 2019-20 due to revenue shortage. According to the report, based on current tax revenue trends, additional expenditure rationalisation of Rs 1.2 lakh crore might be required in the current fiscal if India has to stick to the mandated 3.8 per cent fiscal deficit target. However, the report added that it will be completely foolhardy to stick to any mandated fiscal rules in times of current crisis that is now threatening to rip apart the entire global financial ecosystem. "Apart from fiscal measures we believe that government may think of unconventional fiscal measures like tax moratoriums, payment extensions on social charges, loan guarantees and wage subsidies for workers who cannot work or move to part-time roles if COVID-19 in India reaches to third or fourth stages," the report said. Referring to the fall in global oil prices, the report said the government may limit fall in retail prices and further increase the excise duties. "(We)...strongly recommend that the increased excise revenue from oil should not be used for bridging the fiscal gap and pleasing the markets; rather sound economics demands it must be used as a fiscal package for income support to the people working in the unorganized sector who are already facing the brunt of loss of jobs," it said. Globally, state loans, income subsidies and tax deferrals are the most common fiscal packages being offered. BKS ABM

Covid-19 outbreak to hit growth, widen fiscal deficit: Report

Nobel Hygiene is one of the leading disposable hygiene care products manufacturers in the country which is a leader in adult diaper category with their offering- ‘Friends’. Established in 2000, Nobel Hygiene is India’s only diaper manufacturing company with an expertise to manufacture both adult and baby diapers. The brand ‘Teddy’ diapers is owned by them. 
 The company also manufactures diapers for private label requirements and also export to countries like Australia, Malaysia, UAE and parts of <keyword id="12925" type="ENTERTAINMENT" weightage="20" keywordseo="Africa">Africa</keyword>. 
 
<a href="http://www.businessinsider.in/EXCLUSIVE-These-are-the-most-popular-sex-toys-online/articleshow/55875859.cms">ALSO READ: EXCLUSIVE: These are the most popular sex toys online</a> 
 <keyword id="3934463" type="UNKNOWN" weightage="20" keywordseo="kamal-kumar-johari">Kamal Kumar Johari</keyword>, Managing Director, Nobel Hygiene told <keyword id="824043" type="COMPANY" weightage="20" keywordseo="Business-Insider">Business Insider</keyword> about how demonetization has affected his business. ‘’it’s a great move because the imported brands that were our competition mainly dealt in black money and didn’t have many restrictions in terms of taxation. It was very difficult to fight these unorganized players. Since the unscrupulous figures will be removed from the channel, I’m looking at growth in this sector’’ said <keyword id="6373031" type="PERSON" weightage="20" keywordseo="Kamal">Kamal</keyword>. 
 
<a href="http://www.businessinsider.in/EXCLUSIVE-Uber-to-now-allow-its-riders-free-tickets-worth-Rs-30-lakh-to-holiday-abroad/articleshow/55868607.cms">ALSO READ: EXCLUSIVE: Uber to now allow it's riders free tickets worth Rs 30 lakh to holiday abroad</a> 
 
He wasn’t completely optimistic about the situation as he did face some slowdown. ‘’In the initial days, we did face about 10% dip in sales. As we are a necessity, we expect it to normalize in the coming days.’’

You Searched For "unorganized sector" and got 9 results

India's gold loan market set for rapid growth amid rising prices; unorganized sector holds 63% share, notes recent PwC report

ANI

While you queue up for money at ATMs with withdrawal limit, here’s how frauds are stacking up money at home with new Rs 500 and Rs 2000 notes

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McDonald's eyes to capture KFC's market with the launch of Fried Chicken in India

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60 lakh informal workers, small traders enrolled under new pension schemes: President

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Here are 5 biggest challenges that PM Modi has to overcome to make Skill India a huge success

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Placement agencies will help hire domestic help soon

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Covid-19 outbreak to hit growth, widen fiscal deficit: Report

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EXCLUSIVE: India’s biggest adult hygiene brand talks about how demonetization has affected business

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