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Nalin Bansal, Chief Relationship Management at the National <keyword id="20242630" type="General" weightage="20" keywordseo="payments" source="keywords">Payments</keyword> Corporation of India (<keyword id="19998946" type="General" weightage="20" keywordseo="NPCI" source="keywords">NPCI</keyword>), speaking at the Global Fintech Festival 2024 on Wednesday, emphasized that only 25 per cent of payment users are <keyword id="19900675" type="General" weightage="20" keywordseo="women" source="keywords">women</keyword>, with even lower penetration in semi-urban and rural areas. "While we've achieved significant scale in <keyword id="20377974" type="General" weightage="20" keywordseo="financial-inclusion" source="keywords">financial inclusion</keyword>, penetration remains a challenge, with only 25% of payment users being women, and even fewer in semi-urban and rural areas. Many women's mobile numbers are not linked to their bank accounts, hindering their participation," Bansal said. He added, "Yet, data shows women are 50% less prone to fraud and are highly loyal and engaged users. As an ecosystem, we must prioritize personalized, assisted services and continuous engagement across all channels. UPI123 has made strides, especially for initiatives like Ujjwala, and prepaid instruments hold promise as a 'secret purse' for women. Building trust is crucial, and it is our collective responsibility to foster it." Women are more likely to adopt <keyword id="20853683" type="General" weightage="100" keywordseo="digital-financial-services" source="keywords">digital financial services</keyword> when introduced by local agents or <keyword id="22950816" type="General" weightage="20" keywordseo="community-influencers" source="keywords">community influencers</keyword>, particularly women who can help them overcome social and technological barriers. Women who make at least five <keyword id="19971375" type="General" weightage="20" keywordseo="transactions" source="keywords">transactions</keyword> in the first week of onboarding are twice as likely to continue using <keyword id="19900911" type="General" weightage="20" keywordseo="UPI" source="keywords">UPI</keyword>. This highlights the need for financial service providers to rethink in-app nudges and sales metrics to encourage consistent usage. 93 per cent of women surveyed expressed the need for ongoing support during the first three months of using digital payments, particularly for grievance redressal during failed transactions. Kalpana Ajayan, Regional Head - South Asia, Women's World Banking, said, "We recognize that digital payments can serve as a powerful tool for women, enabling them to manage their finances more effectively, access a broader range of services, and ultimately secure a better future for themselves and their families." She added, "By addressing the specific barriers that women face in adopting digital payments, we open up a new frontier for growth. This initiative is about much more than inclusion--it's about positioning women as key drivers in the digital financial ecosystem." The NPCI's UPI platform has already revolutionized India's payment landscape, with UPI transactions soaring from Rs 920 million (USD 11.08 million) in FY 2017-18 to Rs 83750 million (USD 1.01 billion) in FY 2022-23, reflecting a staggering CAGR of 147 per cent. The value of UPI transactions reached INR 80.79 trillion (USD 96,287) across approximately 55.66 billion transactions in the first four months of FY 2024-25. Of the 536 million women aged 15 years and older in India, 37 per cent report using mobile internet, making the addressable market for UPI solutions among women around 200 million strong.

Women are more likely to adopt digital financial services when introduced by local agents or women community influencers

<keyword id="19922074" type="General" weightage="20" keywordseo="Reserve-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank" meta.hostid="153" meta.entityid="Reserve Bank">Reserve Bank</keyword> Deputy Governor Swaminathan J has said State Level Bankers' Committees (SLBC) can play a more effective role in <keyword id="20377974" type="General" weightage="20" keywordseo="financial-inclusion" source="keywords">financial inclusion</keyword> through better <keyword id="20331879" type="General" weightage="20" keywordseo="coordination" source="keywords">coordination</keyword> with government and <keyword id="19944971" type="General" weightage="20" keywordseo="NGOs" source="keywords" meta.keywordsubtype="org" meta.entityname="NGOs" meta.hostid="153" meta.entityid="NGOs">NGOs</keyword> in <keyword id="22163854" type="General" weightage="20" keywordseo="credit-planning" source="keywords">credit planning</keyword> and promoting <keyword id="22122561" type="General" weightage="20" keywordseo="digital-financial-literacy" source="keywords">digital financial literacy</keyword>. Observing that the role of <keyword id="22163853" type="General" weightage="100" keywordseo="SLBCs" source="keywords">SLBCs</keyword> in fostering inclusive and <keyword id="20289318" type="General" weightage="20" keywordseo="sustainable-growth" source="keywords">sustainable growth</keyword> is crucial and multifaceted, he said, it can drive significant progress in bridging the gap between financial services and the underserved populations. "By focusing on effective <keyword id="20331879" type="General" weightage="20" keywordseo="coordination" source="keywords">coordination</keyword> with government and <keyword id="19944971" type="General" weightage="20" keywordseo="NGOs" source="keywords" meta.keywordsubtype="org" meta.entityname="NGOs" meta.hostid="153" meta.entityid="NGOs">NGOs</keyword>, adopting a scientific approach to <keyword id="22163854" type="General" weightage="20" keywordseo="credit-planning" source="keywords">credit planning</keyword>, and emphasising <keyword id="22122561" type="General" weightage="20" keywordseo="digital-financial-literacy" source="keywords">digital financial literacy</keyword>, <keyword id="22163853" type="General" weightage="100" keywordseo="SLBCs" source="keywords">SLBCs</keyword> can create a more inclusive financial ecosystem," he said at the Conference of Convenors of SLBCs at Pune on June 19. "As we move forward, it is essential to monitor and measure the tangible outcomes of our efforts, ensuring that the benefits of <keyword id="20377974" type="General" weightage="20" keywordseo="financial-inclusion" source="keywords">financial inclusion</keyword> reach every corner of our country," he said. By tailoring initiatives to local conditions and needs, and by fostering a culture of financial literacy, he said there is a need to empower individuals to actively participate in the formal economy, thereby contributing to the broader goal of inclusive and sustainable economic development that is essential for a Viksit Bharat 2047. "I urge all stakeholders to continue working collaboratively, leveraging the strengths of each sector, and harnessing the power of technology to create a financially inclusive society," he said. As part of aspirational goals for <keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords" meta.keywordsubtype="org" meta.entityname="RBI" meta.hostid="153" meta.entityid="RBI">RBI</keyword>'s centenary, referred to as RBI@100, he said, among these targets are deepening financial inclusion and expanding credit availability. Deepening financial inclusion is not merely about increasing the number of bank accounts but about ensuring that every individual has access to a comprehensive range of financial services tailored to their needs, he said. This includes savings, credit, insurance, and investment products that can enhance their economic well-being, he said. Expanding credit availability, particularly to underserved sectors such as micro, small and medium enterprises (MSMEs), agriculture, and marginalised communities, is crucial for fostering <keyword id="20421749" type="General" weightage="20" keywordseo="inclusive-growth" source="keywords">inclusive growth</keyword> and sustainable development, he added. While these may appear as part of RBI@100 objectives, they are, in fact, the goals of every stakeholder in the financial ecosystem aligned with national interest, he said, adding, achieving these aspirations requires a collective effort involving government agencies, non-governmental organisations, financial institutions, and the banking community. The role of SLBCs in this journey is pivotal, as they are the linchpin connecting various stakeholders and ensuring that the financial system works seamlessly at the grassroots level, he added.

SLBCs can play effective role in financial inclusion by better coordination with govt, NGOs: RBI DG

Payments made via Unified Payments Interface (UPI) reported a 45% yearly growth, according to data from the National Payment Corporation of <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> (<keyword id="19998946" type="General" weightage="20" keywordseo="NPCI" source="keywords">NPCI</keyword>). The value of transactions also saw a growth of over 35%, totaling Rs 20.64 trillion. This marks the third consecutive month when total transactions exceeded Rs 20 trillion. In June 2024, the total UPI transaction value was Rs 20.07 trillion, while in May it was Rs 20.44 trillion. NPCI data also showed that the average daily transaction value through UPI in July 2024 was Rs 466 million, or about Rs 66,590 crore. Compared with June, the volume of <keyword id="19957378" type="General" weightage="100" keywordseo="UPI-transactions" source="keywords">UPI transactions</keyword> grew by 3.95% in July, while the value of transactions increased by 2.84%. In the first four months of the current fiscal year (2024-25), UPI recorded transactions amounting to Rs 80.79 trillion, across approximately 55.66 billion transactions. In 2023-24, total UPI transactions were 131 billion, compared to 84 billion in 2022-23. The monthly bulletin of the <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (RBI) reported that over the last four years, UPI transactions have seen a ten-fold increase in volume, from 12.5 billion transactions in 2019-20 to 131 billion transactions in 2023-24, which accounts for 80% of the total digital payment volumes. Unified Payments Interface (UPI) transactions experienced substantial growth, increasing by 57% year-on-year in FY24. Within this segment, PhonePe and Google Pay dominated, holding a combined market share of 86%, according to the Boston Consulting Group's (BCG) Banking Sector Roundup for 2023-24. A shift in <keyword id="19989657" type="General" weightage="20" keywordseo="digital-payments" source="keywords">digital payments</keyword> was noted, with credit card transactions doubling over the past three years. In contrast, debit card transactions declined by 43% year-on-year. By making digital payment platform technology and device agnostic, UPI has contributed to <keyword id="20377974" type="General" weightage="20" keywordseo="financial-inclusion" source="keywords">financial inclusion</keyword> at the grassroots level. Digital payments in India are hitting fresh highs, as citizens increasingly adopt emerging modes of online transactions. One key emphasis of the Indian government has been to ensure that the benefits of UPI are not limited to India alone; other countries, too, can benefit from it. UPI is India's mobile-based fast payment system, which facilitates customers to make round-the-clock payments instantly using a Virtual Payment Address (VPA) created by the customer. The share of UPI in digital payments in India has reached close to 80% in 2023. Today, India accounts for nearly 46% of the world's digital transactions, based on 2022 data.

UPI transactions cross Rs 20 trillion for third successive month, in July 2024

Leading financial services company <keyword id="19904855" type="General" weightage="100" keywordseo="Wells-Fargo" source="keywords" meta.keywordsubtype="org" meta.entityname="Wells Fargo" meta.hostid="261" meta.entityid="Wells Fargo">Wells Fargo</keyword> on Thursday said it has broadened its <keyword id="21638388" type="General" weightage="20" keywordseo="Talent-Attraction" source="keywords">talent attraction</keyword> strategy by launching the <keyword id="23053308" type="General" weightage="20" keywordseo="Transgender-Persons-Hiring-Program" source="keywords">Transgender Persons Hiring Program</keyword> in <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>, a move that will increase <keyword id="21441079" type="General" weightage="20" keywordseo="Diverse-Representation" source="keywords">diverse representation</keyword> across levels. Building on the programme's initial pilot with its 2022 cohort of 13 individuals hired in its technology function, the company aims to train and attract additional talent across multiple lines of business in 2024. The programme aims to provide <keyword id="23053309" type="General" weightage="20" keywordseo="Employability-Skills-Training" source="keywords">employability skills training</keyword> and <keyword id="20128844" type="General" weightage="20" keywordseo="Professional-Development" source="keywords">professional development</keyword> for transgender talent, Wells Fargo said in a statement. "Investing in diverse communities to upskill and unlock potential and, at the same time, set up the right environment for success is a critical area of focus for Wells Fargo," said Uday Odedra, executive vice president and Region head of Wells Fargo India &amp; Philippines. In partnership with community organisation <keyword id="23053310" type="General" weightage="20" keywordseo="PeriFerry" source="keywords" meta.keywordsubtype="org" meta.entityname="PeriFerry" meta.hostid="261" meta.entityid="PeriFerry">PeriFerry</keyword>, the company currently sponsors 30 transgender individuals focused on enhancing their options for employment and building a robust talent pipeline at Wells Fargo. "By offering meaningful employment and professional opportunities to transgender individuals, we are not only enhancing our workforce <keyword id="20051946" type="General" weightage="20" keywordseo="Diversity" source="keywords">diversity</keyword> but also driving a culture of <keyword id="20074544" type="General" weightage="20" keywordseo="Inclusion" source="keywords">inclusion</keyword> that everyone can thrive in," said Sneha Suresh, executive director, and Diversity, Equity and Inclusion leader, Wells Fargo India &amp; Philippines. As part of our commitment to continually enhance the inclusive environment, Wells Fargo India conducts sensitisation and awareness sessions with community partners, such as Periferry. Wells Fargo has an active Pride Connection Employee Resource Network (ERN), advocating for LGBTQ employees, customers and allies. The Pride Connection ERN facilitates reverse mentoring, promotes visible allyship, and engages senior leadership to support all employees. They organise floor huddles, conferences, rainbow conversations and training sessions to ensure day-to-day inclusivity across the business.

Wells Fargo launches Transgender Persons Hiring Program in India

The Prime Minister’s Internship Scheme, announced in the Union Budget 2024-25, is set to offer a tremendous opportunity for young Indians to gain hands-on experience in leading companies across diverse sectors. As of October 12, the portal for this ambitious initiative is open for registrations, with over 90,000 internship positions posted by top companies like <keyword id="19896380" type="General" weightage="20" keywordseo="Reliance-Industries" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Industries" meta.hostid="261" meta.entityid="Reliance Industries">Reliance Industries</keyword>, <keyword id="19895995" type="General" weightage="20" keywordseo="HDFC-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="HDFC Bank" meta.hostid="261" meta.entityid="HDFC Bank">HDFC Bank</keyword>, <keyword id="19950119" type="General" weightage="20" keywordseo="Tata-Consultancy-Services" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Consultancy Services" meta.hostid="261" meta.entityid="Tata Consultancy Services">Tata Consultancy Services</keyword> (TCS), ONGC, Maruti Suzuki, and more. Here’s everything you need to know about how to apply, the companies participating, and answers to frequently asked questions. <h2>Step-by-Step Guide to Applying for the <keyword id="23273918" type="General" weightage="100" keywordseo="PM-Internship-Scheme" source="keywords">PM Internship Scheme</keyword></h2><ol><li>Visit the Official Portal: The PM Internship Scheme’s application process takes place on the official website,<a href="http://pminternship.mca.gov.in"> pminternship.mca.gov.in</a>.</li><li>Register and Set Up Your Profile: After opening the portal, you’ll need to register and fill out basic information, including educational qualifications, age, and internship preferences.</li><li>Explore Internship Listings: With over 90,000 internships available from 193 companies, you can browse listings in sectors like Oil &amp; Gas, Travel &amp; Hospitality, Automotive, Banking, and more. Each listing will provide details on job roles, skills required, and specific fields like Operations Management, Production, Maintenance, and Sales.</li><li>Apply for Your Chosen Roles: You can apply for up to five internships based on your interests, qualifications, and preferred location. The portal allows for an easy application submission and lets you track your applications.</li><li>Confirmation and Next Steps: Once you apply, download the confirmation page for reference. Internships are set to begin on December 2, 2024, so selected candidates will receive further instructions as the start date approaches.</li></ol><h2>Major Companies Participating in the PM Internship Scheme</h2>Here are some of the top companies that have already posted internships on the portal, with more joining every day: <ul><li>Reliance Industries Ltd.</li><li>HDFC Bank</li><li>Tata Consultancy Services (TCS)</li><li>Oil and Natural Gas Corporation (ONGC)</li><li>State Bank of India (SBI)</li><li>Maruti Suzuki India Ltd.</li><li>Jubilant FoodWorks</li><li>Larsen &amp; Toubro Ltd.</li><li>Eicher Motors Ltd.</li><li>Muthoot Finance</li></ul>These companies are providing internships across over 20 fields, covering a wide range of skills and sectors. The biggest opportunities are currently in the Oil &amp; Gas sector, followed by industries like Travel, Automotive, and Financial Services. <div type="Article" hostid="261" msid="113986236" title="Why so many entry-level jobs aren&amp;#39;t entry-level" mstype="2" mssubtype="0"></div><h2>Key Features of the Internship Scheme</h2>Under the scheme, interns will receive a stipend of Rs 5,000 per month, plus a one-time grant of Rs 6,000 to support miscellaneous expenses. These internships are available across 737 districts in all 37 states and Union Territories, making this a truly inclusive national program. Interns can indulge in many diverse internship roles. From operations to maintenance, sales, marketing, and production, these internships offer a variety of hands-on experiences that match real-world corporate needs. <h2>FAQs about the PM Internship Scheme</h2><h5>Who is eligible?</h5>The scheme is open to Indian citizens aged 21 to 24 who are not employed full-time or enrolled in full-time study programs. Candidates in online or distance learning programs are eligible. <h5>What sectors offer the most internships?</h5>The largest number of internships are in the Oil &amp; Gas, Travel &amp; Hospitality, Automotive, and Banking &amp; Financial Services sectors, with positions also available in fields like Manufacturing, IT, and Retail. <h5>When do the internships start?</h5>Internships for this year will begin on December 2, 2024. The scheme aims to facilitate 1.25 lakh internships this financial year and eventually reach one crore internships over the next five years. <h5>What are the application deadlines?</h5>The portal is open from October 12 for candidates to start applying, with companies continuing to post positions as the scheme rolls out. It’s recommended to apply early, as some positions may fill up quickly. <div type="Article" hostid="261" msid="114029056" title="Read 5 résumés that helped techies land $300,000-plus jobs at Google, Meta, Amazon, and Salesforce" mstype="2" mssubtype="0"></div>

PM Internship Scheme finally launched — here’s how you can apply to work with Reliance, TCS, SBI and more!

The Department of Social Justice and Empowerment has been allocated Rs 13,539 crore in the 2024-2025 budget, an increase of 37 per cent from the 2023-2024 revised estimates of Rs 9,853.32 crore. This increase is primarily focused on enhancing <keyword id="20312810" type="General" weightage="20" keywordseo="welfare-programmes" source="keywords">welfare programmes</keyword> for <keyword id="21384605" type="General" weightage="20" keywordseo="marginalised-communities" source="keywords">marginalised communities</keyword> and improving infrastructure for social services. The key areas of funding include Rs 9,549.98 crore for the 'Umbrella Scheme for Development of Scheduled Castes', a significant increase from the Rs 6,780 crore in the previous financial year. For achieving social justice comprehensively, the saturation approach of covering all eligible people through various programmes, including those for education and health, will be adopted, Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> said on Tuesday while presenting the 2024-25 Union Budget in Parliament. She said to ensure <keyword id="22517725" type="General" weightage="20" keywordseo="inclusive-human-resource-development" source="keywords">inclusive human resource development</keyword>, a social justice saturation approach will be adopted. Social justice through the saturation approach refers to a strategy where the government aims to ensure that all eligible individuals are covered by various programmes and initiatives. The department has been allocated Rs 2,150 crore for the 'Umbrella Programme for Development of Other Vulnerable Groups' and Rs 314 crore for the National Action Plan for Drug Demand Reduction. The establishment expenditure of Rs 145.80 crore for the central administration includes allocations for the secretariat and national commissions. The amount is a slight decrease from the previous year's Rs 152.60 crore. The National Commission for Scheduled Castes has been allocated Rs 38 crore and the National Commission for Backward Classes Rs 21 crore. The budget of the Development and Welfare Board for Denotified, Nomadic and Semi-Nomadic Communities remains at Rs 5 crore. Central sector schemes and projects are among the focus areas of this budget, with the <keyword id="22517726" type="General" weightage="20" keywordseo="scholarships-for-higher-education" source="keywords">Scholarships for Higher Education</keyword> for Young Achievers Scheme for Scheduled Castes being allocated Rs 428 crore. This scheme encompasses various sub-schemes, including the National Fellowship for SCs, Free Coaching for SCs and OBCs, Top Class Education for SCs and the National Overseas Scholarship for SCs. The Scheme of Residential Education for Students in High School in Targeted Areas for SCs has been allocated Rs 133.07 crore. The department also prioritises <keyword id="22024434" type="General" weightage="20" keywordseo="economic-assistance" source="keywords">economic assistance</keyword> and <keyword id="20068989" type="General" weightage="20" keywordseo="skill-development" source="keywords">skill development</keyword> through initiatives like the Pradhan Mantri Dakshta Aur Kushalta Sampann Hitgrahi Yojana -- that has been allocated Rs 130 crore -- and the <keyword id="20245482" type="General" weightage="20" keywordseo="venture-capital-fund" source="keywords">Venture Capital Fund</keyword> for SCs and OBCs -- that has bee allocated Rs 50 crore. Additionally, the Self Employment Scheme for Rehabilitation of Manual Scavengers, which previously had allocations, does not feature in the current budget, indicating a possible reallocation of funds or a change in strategy. Support for marginalised individuals, particularly through the Support for Marginalized Individuals for Livelihood and Enterprise programme, which includes comprehensive rehabilitation for persons engaged in begging and welfare of transgender persons, has been allocated Rs 98.46 crore. This marks a substantial increase from the previous year's Rs 32.82 crore, highlighting a growing commitment to addressing these vulnerable groups' needs. Transfers to states and Union Territories under centrally sponsored schemes form a major part of the budget.

Budget: Rs 13,539 cr allocated to social justice department, 37% higher than last year

<keyword id="19945815" type="General" weightage="20" keywordseo="startups" source="keywords">Startups</keyword> in <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> have high expectations from this year's upcoming <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union Budget</keyword>. Early-age startups hope for the removal of angel taxes, while <keyword id="20677283" type="General" weightage="20" keywordseo="health-tech-startups" source="keywords">health tech startups</keyword> expect increased <keyword id="19913964" type="General" weightage="20" keywordseo="funding" source="keywords">funding</keyword> for the sector. Startups function as engines of economic growth, playing a crucial role in generating new jobs, ideas, products, and services. As of December 2023, the Department for Promotion of Industry and Internal Trade (DPIIT) had recognised 1,17,254 startups. These startups have reportedly created over 12.42 lakh direct jobs, significantly impacting the economy. Eklavya Gupta, CEO and Co-founder of Recur Club, stated, "We are confident that India's business credit landscape is on the brink of a major digital overhaul. FinTechs are at the forefront of this change, deploying innovative technologies and utilising in-depth data analytics to streamline and expand <keyword id="20974354" type="General" weightage="20" keywordseo="credit-access" source="keywords">credit access</keyword>." He added, "While the current allocation of Rs 10,000 crore is an excellent initial step, realising the full capabilities of India's SME and startup ecosystem will necessitate greater investment, especially in credit guarantee schemes." Vinod K Singh, Co-Founder and CTO of Concirrus, expressed his expectations from the budget: "As the Union Budget 2024-25 approaches, we hope the government will address the pressing issue of the 'angel tax.' Eliminating this tax will enhance capital formation and attract vital <keyword id="19895633" type="General" weightage="20" keywordseo="investments" source="keywords">investments</keyword>. Streamlining the duty structure and reducing high tariffs on electronic inputs are also crucial to bolstering the startup ecosystem and driving innovation. Expanding the Fund of Funds and introducing low-interest loans would be beneficial." Rajiv Lamba, co-founder and CEO of AI-enabled customer feedback platform Surveysensum, added, "Just as the government has prioritised financial inclusion, it should now focus on <keyword id="22405441" type="General" weightage="20" keywordseo="technological-inclusion" source="keywords">technological inclusion</keyword> to propel India to the next stage of growth. By training youth in AI, the government can make a strategic investment in the nation's technological future. Given the rapidly evolving job market, a substantial increase of 20 to 25 percent in budget allocation should be considered for AI-based skill development and entrepreneurship." He further emphasised, "Incentivizing investment in <keyword id="20328842" type="General" weightage="20" keywordseo="AI-startups" source="keywords">AI startups</keyword> and R&amp;D initiatives can boost local innovation in the AI space. The last budget introduced a deep tech fund of Rs 1 lakh crore with a 50-year interest-free loan period; the government should now establish a clear and transparent mechanism for access to this fund." Raja S, founder and MD of Hearzap, highlighted the expectations of health tech startups: "Health tech startups are eagerly anticipating increased funding that could usher in transformative advancements. This crucial investment holds the promise of extending cutting-edge healthcare solutions to rural and underserved areas, effectively bridging existing gaps in care. The upcoming budget ensures that every individual in our diverse population, from the youngest to the oldest, can access essential health services, including specialised care." Discussing taxation for startups in India, Vvihan Gulati, Director of Mediagraphics PR, commented, "Removing the angel tax is a highly anticipated move that would benefit early-stage startups and their investors. It would foster a more favourable environment for innovation and growth, allowing startups to attract much-needed capital without the burden of excessive taxation. This change could significantly enhance the ease of doing business and contribute to the overall growth of the startup ecosystem in India." The Union Budget 2024 will be tabled on July 23 by Union Finance Minister Nirmala Sitharaman. With this, she will become the first Finance Minister to deliver seven consecutive budgets, surpassing Morarji Desai. She presented the interim budget on February 1 of this year.

Startups demand angel tax elimination, incentives on investments in upcoming budget

This article is part of "<a target="_blank" rel="" href="https://www.businessinsider.com/category/workforce-innovation">Workforce Innovation</a>," a series exploring the trends and leaders shaping enterprise transformation.<a target="_blank" href="https://www.businessinsider.com/how-millennial-bosses-manage-gen-z-workers">With a new generation of workers</a> bringing fresh sensibilities and an increasing <a target="_blank" href="https://www.businessinsider.com/american-millennials-would-take-pay-cut-better-work-life-balance-2024-2">desire for work-life balance </a>and <a target="_blank" href="https://www.businessinsider.com/gen-z-advocate-mental-health-flexibility-workplace-management-2023-7">mental-health support</a>, organizations across the US are scaling up <a target="_blank" href="https://www.businessinsider.com/how-companies-boost-employee-wellbeing-build-healthy-culture-2021-11">employee well-being</a> programs to meet the demands of the post-pandemic era.Companies spent $51 billion on employee wellness in 2020, a figure that's projected to rise to $100 billion a decade from now, according to a <a target="_blank" href="https://www.wellable.co/resources/employee-wellness-industry-trends-reports/2023/dashboard#investment-trends">report last year</a> by Wellable, a corporate healthcare platform. <a target="_blank" href="https://www.businessinsider.com/how-to-build-company-wellness-program-employees-healthy-motivated-2020-8">Initiatives</a> range from health plans and perks to <a target="_blank" href="https://www.businessinsider.com/employee-resource-groups-small-business-community-company-culture-2022-10">employee-resource programs</a> and digital tools. All share <a target="_blank" href="https://www.businessinsider.com/gallup-research-employee-engagement-happiness-productivity-2020-10">a common goal</a>: fostering a healthier, happier, and more productive workforce."When employees feel they're being invested in and supported, they're more likely to experience greater job satisfaction and an improved sense of well-being," Charlie Tharpe, a professor at Boston University's Questrom School of Business, said.Tharpe added that employees who feel supported are likely to put more effort into their work, so "companies with a healthy and engaged workforce can reap substantial benefits."Companies need to achieve a balanced mix of well-being offerings to address the shifting needs of their workers, Tharpe said. This means tailoring programs and plans that resonate with employees and align with company values and mission, all while maximizing return on investment and yielding measurable benefits such as reduced healthcare costs. Studies suggest that <a target="_blank" href="https://journals.sagepub.com/doi/full/10.1177/0033354919878434">employee well-being</a> is linked to improved <a target="_blank" href="https://www.gallup.com/workplace/215924/well-being.aspx">engagement and commitment</a> and can also play a key role in attracting and retaining talent and increasing productivity.<h2>A retention tool that reinforces company values</h2>Tharpe said many companies view well-being benefit programs as a strategic tool to reinforce the organization's values and make it more attractive as an employer."There's a baseline of benefits that most try to adhere to, if not exceed," he said. "When it comes to additional ones, companies need to ask: What's the composition of our workforce? What would appeal most to our employees? And what's most consistent with our brand?"Answering these questions requires pragmatism, empathy, and creativity.Take, for instance, Outdoor Experience Days, an initiative that L.L.Bean, the Maine-based outdoor retailer, first introduced in the 1990s. Back then, the benefit offered salaried, full-time employees three paid days on top of their vacation time to spend outdoors. In 2021, amid the pandemic, when social distancing meant people spent more time socializing outside, the company expanded the program. Part-time and hourly year-round employees — a total of about 5,000 people — were included, making the benefit more inclusive to a wider range of workers.Stephanie Harvie, L.L.Bean's manager of wellness operations, said outdoor days are loosely defined. "It doesn't have to be hiking a big peak," she said. "It could be a day at the beach with your kids or going to a park."<a target="_blank" href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8125471/">Study</a> after <a target="_blank" href="https://www.apa.org/monitor/2020/04/nurtured-nature">study</a> suggests that being in nature <a target="_blank" href="https://www.businessinsider.com/why-spending-more-time-outside-is-healthy-2017-7">improves mental and physical health</a>. Harvie said that the Outdoor Experience Days initiative aligns with this research and the company's heritage. "We believe in the restorative power of spending time outside, and supporting and encouraging time spent outside is one of the most unique and authentic ways we show our employees we care about them," she said.Last year, 5,000 employees used 78,000 hours, translating to about 10,000 days. The company does not use a specific metric to measure the initiative's effectiveness, but Harvie said L.L.Bean is committed to the program and confident in its positive impact."ROI is difficult to track," she said. "For us, it's about making choices about things we believe are meaningful."<h2>Combating healthcare costs, boosting mental health</h2>Some companies are adopting well-being initiatives to confront <a target="_blank" href="https://www.businessinsider.com/former-surgeon-general-medical-bill-shows-broken-healthcare-system-2024-2">mounting healthcare costs</a>, with the added benefit of <a target="_blank" href="https://www.businessinsider.com/coronavirus-has-encouraged-companies-to-add-mental-health-benefits-2020-3">improving mental-health support</a> for their employees.World Wide Technology, a St. Louis-based technology-services provider, set up two health clinics for employees in 2015 to address increasing insurance costs from urgent and emergency-care visits. After surveying its US workforce, one-third of which is made up of hourly employees, the company found that workers did not visit primary-care doctors because of time constraints and the need to use paid time off. In response, WWT launched free on-site clinics staffed by a doctor, nurse practitioners, and medical assistants. The clinics were available to all employees, regardless of their insurance plan, and the employees' insured dependents.In 2021, as <a target="_blank" href="https://www.businessinsider.com/psychiatrist-constant-change-covid-pandemic-hurts-mental-health-2021-8">demand for mental-health services</a> grew during the pandemic, WWT expanded its clinical offerings to include counseling and behavioral-health services. "Even before COVID, our leadership focused on destigmatizing talking about mental health," John Rocco, the vice president of total rewards at WWT, said. "We want to make sure our employees have access to the support they need."WWT estimates it's seeing a return on investment of about two-to-one: For every dollar invested in these clinics, the company said it saves about $1.50 in insurance costs and gains additional productivity savings."The way we see it is that if our employees are using the services, they're getting value out of them," Rocco said.Children's Mercy Kansas City, a pediatric-health facility in Missouri, also made mental health and well-being initiatives a priority for its staff following the pandemic. This focus was crucial in <a target="_blank" href="https://www.businessinsider.com/new-york-nurses-strike-labor-union-staffing-shortage-covid-2023-1#:~:text='The%20beginning%20of%20another%20kind%20of%20pandemic',-Three%20nurses%20told&amp;text=The%20staffing%20issue%20forces%20nurses,other%20basic%20needs%20is%20secondary.">addressing burnout</a> and retaining talent, particularly <a target="_blank" href="https://www.businessinsider.com/hospitals-staff-shortages-pandemic-burnout-2021-8">amid staffing shortages</a> that caused operational challenges, Dr. Stephanie Burrus, the organization's chief well-being officer, said."Working in healthcare is hard," she said. "Our staff face heart-wrenching realities every day: life-and-death situations and cases of abuse and neglect. Those experiences are hard to step away from."Earlier this year, the hospital started a peer-to-peer counseling support system to augment its in-house one-to-one and group counseling services. It also partnered with Pause with Paws, a program where staff members can interact with therapy dogs for stress relief during their workdays."Our goal is to provide consistent, standardized support for our staff during distressing events," Burrus said. "This helps them feel seen and it normalizes the idea that it's OK to not be OK."<h2>'Employees must be well to do well'</h2>Many companies, including Salesforce, the San Francisco-based software group, recognize the benefits of volunteering and offer volunteer programs as wellness benefits.Research suggests that volunteering boosts <a target="_blank" href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5504679/">mental health and happiness</a>, as it gives people a sense of belonging and purpose. Meanwhile, other studies have found that corporate volunteer programs contribute to <a target="_blank" href="https://www.terry.uga.edu/wp-content/uploads/Rodell2013.pdf">increased productivity</a> and <a target="_blank" href="https://www.researchgate.net/publication/230058845_Does_Serving_the_Community_Also_Serve_the_Company_Using_Organizational_Identification_and_Social_Exchange_Theories_to_Understand_Employee_Responses_to_a_Volunteerism_Programme">improved hiring and retention</a>.Salesforce's Volunteer Time Off program grants employees seven business days a year to volunteer for a charity of their choice. Since the pandemic, the company has adopted a hybrid approach, ensuring that both in-office and remote employees can participate in Salesforce volunteer events.Recent employee data found that 75% of Salesforce's 72,000 global employees have participated in the VTO program. The company also reported that workers who recorded VTO within the last fiscal year were significantly less likely to leave the company. Among employees who did leave, those who took VTO stayed 20% longer than those who didn't.Molly Q. Ford, the company's vice president of talent connection and engagement, said in an email that the program helps employees connect with causes they care about and fosters a sense of purpose that benefits the company and its communities."Salesforce operates under the belief that employees must be well to do well," she said.Evaluating the financial impact of wellness initiatives — especially newer offerings, such as coaching apps, relaxation classes, and stress-management workshops — can sometimes be challenging. Research on these programs has yielded mixed results, with at least <a target="_blank" href="https://onlinelibrary.wiley.com/doi/10.1111/irj.12418">one study published this year</a> indicating employer well-being initiatives have few positive benefits and, in some cases, even negative effects.Still, most companies recognize that having a healthy, productive workforce that feels connected to the organization is worth the investment. Tharpe said implementing a variety of programs and initiatives to help employees navigate challenges and improve their health and well-being often pays off and signals to employees that the organization cares about them.After all, he said: "The value of a company lies largely in its intangibles, with the workforce being the most important asset."

Companies are adopting creative and inclusive ideas to support employees' well-being.       

Prime Minister Narendra <keyword id="19899684" type="General" weightage="20" keywordseo="Modi" source="keywords">Modi</keyword> on Friday said the government is making necessary <keyword id="20861068" type="General" weightage="20" keywordseo="policy-changes" source="keywords">policy changes</keyword>, like removal of <keyword id="20279287" type="General" weightage="20" keywordseo="Angel-Tax" source="keywords">Angel Tax</keyword>, to promote the <keyword id="19945816" type="General" weightage="100" keywordseo="fintech" source="keywords">fintech</keyword> sector, even as he asked the <keyword id="19962476" type="General" weightage="20" keywordseo="regulators" source="keywords">regulators</keyword> to take additional measures to check cyber frauds which can have a crippling impact on startups. Lauding the fintechs for democratising <keyword id="19976433" type="General" weightage="20" keywordseo="financial-services" source="keywords">financial services</keyword>, Modi said the sector, which has attracted USD 31-billion investment in the last 10 years, has played a key role in denting the parallel economy. The Prime Minister was addressing the Global Fintech Fest (GFF) 2024, jointly organised by the Payments Council of India, the National Payments Corporation of India and the Fintech Convergence Council. He said the domestic economy and the capital market are in a celebratory mood at a time when the nation is also going through a festive period. Modi underlined that the government is making all necessary changes on the policy level to assist the fintech sector and gave examples of doing away with Angel Tax, allocating Rs 1 lakh crore to encourage research and innovation in the country and implementing the Digital Personal Data Protection Act. Broadly, fintech refers to entities utilising technologies for providing financial services. Expressing the need to put an end to <keyword id="19901142" type="General" weightage="20" keywordseo="cyber-fraud" source="keywords">cyber fraud</keyword>, he urged the regulators to take major initiatives to boost digital literacy. It is equally important to ensure cyber fraud does not come in the way of the growth of fintech and startups in the country, Modi said. In his speech, the Prime Minister also cautioned about the dangers of a parallel economy for the world. Fintech, he said, has played an impactful role in denting such a system and credited the emergence of transparency. He said that digital technology has introduced transparency in India and gave the example of the implementation of Direct Benefit Transfer used in hundreds of government schemes that has prevented leakages in the system. "Today, people can see the benefits of aligning with the formal banking system," he said. Modi further said the trinity of Jan Dhan, Aadhaar and Mobile have broken down the mentality of 'Cash is King' and made way for approximately half of the <keyword id="20004116" type="General" weightage="20" keywordseo="digital-transactions" source="keywords">digital transactions</keyword> in the world taking place in India. "India's <keyword id="19900911" type="General" weightage="20" keywordseo="upi" source="keywords">UPI</keyword> has become a major example of fintech in the world," he said, adding that it has enabled 24X7 banking services in every village and city in all weather conditions. Underlining the role of fintech in democratising financial services, the Prime Minister gave examples of readily available loans, credit cards, investments and insurance. He said that fintech has made access to credit easy and inclusive, and gave the example of PM SVANidhi scheme that has enabled street vendors to avail collateral-free loans and further expand their business with the help of digital transactions. "Sustainable <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword> is India's priority today," he said and emphasised that the government is creating robust, transparent and efficient systems to strengthen financial markets with advanced technologies and regulatory frameworks. About 800 speakers, including policymakers, regulators, senior bankers, industry captains, and academicians, from India and other countries are participating in the fest.

Removed Angel Tax, taking policy measures to promote fintech sector: PM Modi

There are nearly 60 properties in <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> that find a place in the Tentative List for further inclusion in the <keyword id="20413005" type="General" weightage="100" keywordseo="UNESCO-World-Heritage-List" source="keywords">UNESCO World Heritage List</keyword>, according to information shared by the government in Parliament on Monday. A Tentative List is an inventory of those properties that each State Party intends to consider for nomination as a <keyword id="19908797" type="General" weightage="20" keywordseo="UNESCO" source="keywords" meta.keywordsubtype="org" meta.entityname="UNESCO" meta.hostid="261" meta.entityid="UNESCO">UNESCO</keyword> <keyword id="20989756" type="General" weightage="20" keywordseo="world-heritage" source="keywords">World Heritage</keyword> Site. The 46th session of the World <keyword id="19960510" type="General" weightage="20" keywordseo="heritage" source="keywords">Heritage</keyword> Committee (WHC) is being held in New Delhi from July 21 to July 31. India is hosting the key event of UNESCO for the first time. The mound-burial system of the Ahom dynasty in Assam -- '<keyword id="22553829" type="General" weightage="20" keywordseo="Moidams" source="keywords">Moidams</keyword>' -- was, on July 26, inscribed on the UNESCO <keyword id="22552065" type="General" weightage="20" keywordseo="world-heritage-list" source="keywords">World Heritage List</keyword>, making it the first <keyword id="22477662" type="General" weightage="20" keywordseo="cultural-property" source="keywords">cultural property</keyword> from the Northeast to get the coveted tag. 'Moidams' was submitted as India's nomination for inclusion in the UNESCO World Heritage List for the year 2023-24. The site was put in the Tentative List of the UNESCO World Heritage Sites in 2014. In a written response to a query in Lok Sabha, Union Culture Minister Gajendra Singh Shekhawat said, "There are 57 properties in the Tentative List for further inclusion in the World Heritage List. However, as per the Operational Guidelines 2023, only one property can be submitted for the World Heritage inscription process each year. As of now, 42 properties have been inscribed on the World Heritage List." The updated list for India, after the inclusion of centuries-old 'Moidams', is now 43 sites on the World Heritage List and 56 properties on the Tentative List, according to the website of UNESCO, which adds that out of the 195 States Parties to the <keyword id="22589969" type="General" weightage="20" keywordseo="World-Heritage-Convention" source="keywords">World Heritage Convention</keyword>, 189 have submitted a Tentative List. Shekhawat was also asked whether the government has formulated any scheme for the protection of cultural heritage in compliance with the guidelines of the United Nations Educational Scientific and Cultural Organisation (UNESCO). "No, sir, there is no such scheme formulated for the protection of cultural heritage in compliance with the guidelines of UNESCO. However, India has ratified the 1972 UNESCO World Heritage Convention. All the World Heritage properties, along with other sites and monuments under the jurisdiction of the <keyword id="19946002" type="General" weightage="20" keywordseo="Archaeological-Survey-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Archaeological Survey of India" meta.hostid="261" meta.entityid="Archaeological Survey of India">Archaeological Survey of India</keyword>, Ministry of Culture, are protected and conserved by funds provided by the Government of India based on their requirements and Annual Conservation Plan (ACP)," the Union minister replied. In response to another query, he said the Archaeological Survey of India (ASI) takes up conservation and maintenance work of protected monuments and sites throughout the country, including 286 in the state of Maharashtra. "Conservation and maintenance of monuments and archaeological sites is a continuous process and is taken up as per the need of monuments and availability of resources," the minister said. Shekhawat, in his response, also shared details of expenditure incurred on conservation, preservation and environmental development of protected monuments during the last three years and till July 15 of the current financial year. The figures stand as follows -- Rs 269.57 crore (2021-22), Rs 391.93 crore (2022-23), and Rs 443.53 crore (2023-24), while it was Rs 73.36 crore (2024-25) till July 15 of the current financial year.

Nearly 60 properties from India on Tentative List for inclusion on World Heritage List, says govt

The overall size of the budget has remained almost unchanged from the interim one presented in February, indicating the government's strong commitment to move along the <keyword id="20099794" type="General" weightage="20" keywordseo="fiscal-prudence" source="keywords">fiscal prudence</keyword> path, said experts on Tuesday. According to the <keyword id="19908389" type="General" weightage="100" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> 2024-25 presented by Finance Minister Nirmala Sitharaman, the total expenditure in Budget Estimates (BE) 2024-25 is estimated at Rs 48,20,512 crore of which total <keyword id="20018917" type="General" weightage="20" keywordseo="capital-expenditure" source="keywords">capital expenditure</keyword> is Rs 11,11,111 crore. The total expenditure in the Interim Budget presented in February was estimated at Rs 47,65,768 crore of which total capital expenditure was Rs 11.11 lakh crore. Debadatta Chand, Managing Director &amp; CEO, <keyword id="19920717" type="General" weightage="20" keywordseo="Bank-of-Baroda" source="keywords" meta.keywordsubtype="org" meta.entityname="Bank of Baroda" meta.hostid="261" meta.entityid="Bank of Baroda">Bank of Baroda</keyword>, said the Union Budget complements the main takeaways from the Economic Survey and focusses clearly on medium term development of the economy. "The overall size of the budget has remained almost unchanged from the interim one. The budget has shown strong intent on moving along the fiscal prudence path and targeted the <keyword id="19942084" type="General" weightage="20" keywordseo="fiscal-deficit" source="keywords">fiscal deficit</keyword> at 4.9 per cent for the year," he said. The said action will keep the growth steady as well as robust not only for economy but also banking. Aditi Nayar, Chief Economist, ICRA Limited, said the budget has kept the capital expenditure unchanged and pared the fiscal deficit to 4.9 per cent of GDP. "The anticipated reiteration of the reduction in the fiscal deficit to below 4.5 per cent of GDP in FY2026 is welcome. Interestingly, the new medium term fiscal consolidation path has been linked to a reduction in the debt/GDP ratio instead of continued compression of the fiscal deficit/GDP ratio," she said. Buoyed by improvement in revenue collection, the government has lowered fiscal deficit target to 4.9 per cent for the current <keyword id="19910979" type="General" weightage="20" keywordseo="financial-year" source="keywords">financial year</keyword> as against 5.1 per cent estimated in February's interim budget. Ranen Banerjee, Partner and Leader Economic Advisory, PwC India, said that fiscal prudence is the highlight of the full Union Budget 2024-25. The government has gone with realistic projections on its revenue and expenditure estimates and refrained from announcing overly populist measures. "The majority of the allocations, including the capex allocation, are as outlined in the interim budget, thus providing continuity. The capex being kept at INR 11.11 trillion was expected, given that the ability to consume this allocation is limited due to disruption from the elections in the first quarter and the second quarter being typically slowed down by the monsoons," Banerjee said. Institute of Chartered Accountants of India (ICAI) President Ranjeet Kumar Agarwal said the government has announced five schemes to facilitate employment and skilling for 4.1 crore youth over the next five years with a central outlay of Rs 2 lakh crore. "This is a welcome step that will create a skilled workforce to address the existing deficit and generate <keyword id="19972727" type="General" weightage="20" keywordseo="employment-opportunities" source="keywords">employment opportunities</keyword>. Additionally, financial support for loans up to Rs 10 lakh for higher education will help students pursue higher education and acquire skills," he added. Indian Institute of Insolvency Professionals of ICAI (IIIPI) Chairman Ashok Haldia said the budget proposals for an integrated technology platform and sprucing up NCLT infrastructure will provide a fillip to the Insolvency and Bankruptcy Code (IBC) regime. IIIPI is promoted by ICAI. Meanwhile, Kumarmangalam Vijay, Partner, JSA Advocates and Solicitors, opined that in its new avatar, it seems that the Modi government is keen to deliver on its promise of 'ease of doing business'. "Its focus on making it simpler is evident from the abolition of the angel tax, the increase in new income tax regime thresholds, new Vivad se Vishwas Scheme 2024 for the resolution of pending cases and the increase in the threshold for appeal by tax departments at various levels, decriminalising the non-reporting of shares received from non-resident employers and reducing the period for re-opening of the cases," Vijay said. The Institute of Company Secretaries of India (ICSI) said there has been a focus on the manufacturing sector in the budget. Measures have been taken for simplifying the FDI/ODI rules and regulations, and the <keyword id="21847964" type="General" weightage="20" keywordseo="tax-regimes" source="keywords">tax regimes</keyword>. The enhanced Mudra loan limit and the abolition of angel tax are all set to incentivize the startup and MSME ecosystem of the country. "The nine priorities identified in this progressive and inclusive budget 2024 are aimed at generating ample opportunities for all. Besides agricultural reforms, the budget focuses on skilling, educating and employing the youth, a priority that the ICSI has been concentrating on," said ICSI President B Narasimhan. Rajesh Magow, Co-Founder and Group CEO, MakeMyTrip, said the government's continued emphasis on infrastructure development is commendable. Enhanced road infrastructure will bolster the travel and tourism sector. "We also welcome the initiatives to develop iconic spiritual and cultural sites into world-class tourist hotspots," Magow said. Furthermore, he said the provision of credit for TCS against income tax under 'Income from Salaries' is logical and will provide much-desired relief to taxpayers who travel internationally.

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