Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

<keyword id="20779198" type="General" weightage="20" keywordseo="Chief-Economic-Advisor" source="keywords">Chief Economic Advisor</keyword> V Anantha Nageswaran emphasized the crucial and positive role that artificial intelligence (<keyword id="19899640" type="General" weightage="20" keywordseo="AI" source="keywords">AI</keyword>) can play for the <keyword id="22505095" type="General" weightage="20" keywordseo="Indian-demography" source="keywords">Indian demography</keyword> and <keyword id="20278114" type="General" weightage="20" keywordseo="labour-force" source="keywords">labour force</keyword> during a press conference on the <keyword id="20613906" type="General" weightage="100" keywordseo="Economic-Survey" source="keywords">Economic Survey</keyword> 2023-24. He noted that within the next decade, India is poised to become the world's third-largest economy and will benefit significantly from its demographic dividend. However, Nageswaran also acknowledged potential challenges posed by AI, particularly for India's <keyword id="20811086" type="General" weightage="20" keywordseo="business-process-outsourcing" source="keywords">Business Process Outsourcing</keyword> (BPO) sector. He stated, "The short-term challenge of generative AI could slow <keyword id="22505093" type="General" weightage="20" keywordseo="BPO-sector-growth" source="keywords">BPO sector growth</keyword>, affecting <keyword id="21300718" type="General" weightage="20" keywordseo="customer-services" source="keywords">customer services</keyword>. It is possible that the jobs related to BPO will be under threat whereas AI may actually turn out to be a booster." Furthermore, Nageswaran also pointed out that the emergence of AI might reduce annual <keyword id="21420133" type="General" weightage="20" keywordseo="productivity-growth" source="keywords">productivity growth</keyword> by approximately 0.3 percentage points in the coming years. This indicates a potential short-term dip in productivity as industries adapt to new technologies. Despite these challenges, Nageswaran added that the long-term potential of AI is promising. The broader adoption of AI could lead to significant improvements in critical areas such as healthcare and education, thereby enhancing human capital. The economic survey presented in the Parliament by finance minister Nirmala Sithraman says in the medium term Indian economy can grow at a rate of 7 per cent. The economic survey stated, "In the medium term, the Indian economy can grow at a rate of 7 per cent plus on a sustained basis if we build on the structural reforms undertaken over the last decade. This requires a tripartite compact between the Union Government, State Governments and the private sector." Achieving a sustained growth rate of over 7 per cent will require a tripartite compact between the Union Government, State Governments, and the private sector. India's financial sector is undergoing critical transformations. During FY24, primary capital markets facilitated capital formation of Rs 10.9 lakh crore, accounting for approximately 29 per cent of the gross fixed capital formation of private and public corporates in FY23. It further adds India faces a unique blend of opportunities and challenges amid global trends such as geo-economic fragmentation, a push for self-reliance, looming climate change, the rise of technology, and limited policy space. (ANI)

AI could slow BPO sector growth: Chief Economic Advisor Nageshwaran

<ul><li>The number of members of Parliament under the age of 40 has risen for the first time.</li><li>The number of women members has steadily increased since 2004.</li><li>Politics remains dominated by career politicians, agriculturists, and businessmen.</li></ul>India is the world's fastest growing economy. However, there are varied opinions on whether it is a fast evolving society. Some digging into the profile of the recently elected representatives for the Lok Sabha, the lower house of India's Parliament, would suggest that India is moving forward although at a slow pace. The seventeenth Lok Sabha is a lot younger, it has more women but not enough, and it is more educated than any time in the past. Age is not a number 12% of the members are below the age 40 years compared to 8% in the last five years, according to data analysed by research organisation PRS Legislative. This is the first time since independence that the number of Parliamentarians under 40 has increased compared to the year earlier. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[
<div class="flourish-embed" data-src="visualisation/392265"></div>
]]></cdata></div>









































 "The proportion of MPs below 40 years of age had steadily declined from 26% in the first Lok Sabha," the PRS note said. While the representation has slightly increased this time, it is nowhere close to reflecting India's demography where 65% of the population is under the age of 35. By 2020, India is poised to become <a href="https://yourstory.com/2019/05/elections-2019-young-india-voters" data-type="tilCustomLink" target="_blank">the youngest country in the world</a> with an average age of 29 years. Education matters 394 of the 543 members of Parliament this time have are graduates, that's a good 72%. Nearly 30% either have a post graduate degree or a Ph.D. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[
<div class="flourish-embed" data-src="visualisation/392283"></div>
]]></cdata></div>





































 A sliver of hope for women Women continue to under represented in the Lok Sabha. The number of women members has increased from 11.6% in 2014 to 14.6% in 2019. In absolute terms, the number has increased from 63 to 79. But the 85% males continue to dominate India's law making exercise. The silver lining is that the proportion of women lawmakers has consistently increased in the last 15 years, although very slowly, according to data from PRS. 
 
	
	
	
	
	
	
	
	
	
	
 
 <div type="image" title="women MPs" msid="69575656" hostid="261"></div>

























 Rwanda (61%), South Africa (43%), UK (32%), USA (24%), and Bangladesh (21%) have more women representing the electorate than India. Professionals in politics In India, politics is not for everyone. The break-up of the professions declared by the elected members shows that nearly 40% of them are dedicated to politics or social service. Over 60% are into either agriculture or business. A measly 13% come from other professions like law, teaching, 0r the arts. 
 
 
 
 
 
 
 
 <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[
<div class="flourish-embed" data-src="visualisation/392372"></div>
]]></cdata></div>















 SEE ALSO: <a href="https://www.businessinsider.in/politics/pm-narendra-modi-second-oath-taking-ceremony-updates/articleshow/69574162.cms" data-type="tilCustomLink" target="_blank">Narendra Modi and his ministers will take oath at 7 pm-- hogging all the prime time attention</a> <a href="https://www.businessinsider.in/politics/pm-narendra-modi-second-oath-taking-ceremony-updates/articleshow/69574162.cms?utm_source=contentofinterest&amp;utm_medium=text&amp;utm_campaign=cppst" data-type="tilCustomLink" target="_blank">Modi's swearing in ceremony is set to be the biggest event ever with 8,000 guests</a>

Age, profile, and professions of India's Parliamentarians tell the story of a slowly evolving nation

<ul><li>India is the second biggest market for LinkedIn, which Microsoft bought over in 2016 for $26.2 billion.</li><li>The number of users has gone up by 25% in the last 18 months at a time when unemployment in the country rose.</li><li>LinkedIn is also looking to beef up its team in India as it starts rolling out more products that are born in Bengaluru but get adopted in other countries.</li></ul>LinkedIn now has 62 million users in India⁠— nearly 10% of its total member base globally come from the subcontinent as the world’s largest professional networking platform completes 10 years in the country. It took the company, now owned by Microsoft, 3 years to go from 30 million in 2015 to 50 million in June 2018 but in the last 18 months, the number of users has gone up about 25%. Thrilled but composed, Ashutosh Gupta, who was elevated as the country head for LinkedIn India, explained to Business Insider what led to this rise in people getting on board. “We tend to send, the first few updates on your feed will be very job focussed. So that you get what you want and you are more engaged. Another dimension is, the brand campaign that we did called #InItTogether. It also brought about the diversity of the jobs that we have on the platform,” Gupta said. 
 
 
 
 
 
 <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[
<div class="flourish-embed" data-src="visualisation/1039299"></div>
]]></cdata></div>













 Even the demography of the members on the platform, as put out by napoleoncat.com, reflects the spike in job seekers in India. Nearly 90% of the members are under the age of 34, compared to Facebook where the age group of 18 to 34 makes up for about 70% of the user base. There are half a million jobs listed on the platform and as the company statement put it, 2 professionals are joining the platform every second. The company is also targeting small business owners, telling them that the network can help them find new opportunities. 
 
 
 
 
 
 <div type="Article" hostid="261" msid="72004883" title="LinkedIn now allows freelancers and SMBs to add ‘Open for Business’ status on their profiles" mstype="2" mssubtype="0"></div>













 It also helped that the company realised that the mobile connectivity in India is patchy at best. Therefore, the launch of LinkedIn Lite, which loads faster even when data speeds are slower, was also a big factor for the rise in user engagement, which has gone up by 27% in the last one year. LinkedIn is increasing research and development in India LinkedIn Lite was the company’s first product made outside of its Mountainview headquarters. It was developed by the team in India that is familiar with the problems of a developing economy where the telecom infrastructure is still evolving. Now, it is in use in over 60 countries. But with 62 million users, India is now the second largest market for the networking platform that was <a href="https://www.businessinsider.in/enterprise/microsoft-buys-linkedin-for-26-2-billion/articleshow/52730444.cms" data-type="tilCustomLink" target="_blank">bought over by Microsoft for $26.2 billion in 2016</a>. India is also the fastest-growing market for LinkedIn. Therefore, it has become more important for the American corporation than ever before. <a href="https://www.linkedin.com/help/linkedin/answer/98189/linkedin-events-overview?lang=en" data-type="tilCustomLink" target="_blank">LinkedIn Events</a>, which was born out of India, is the other product born out of the India unit. The feature allows members to organise an event where other members can be invited for a face-to-face interaction. A bit like <a href="https://www.meetup.com/" data-type="tilCustomLink" target="_blank">Meetup</a>. “The R&amp;D team in Bengaluru has global mandates too,” Gupta said. As LinkedIn grows its India business and develops new products, there will be more jobs AT LinkedIn too But Ashutosh stopped short of putting a number to it. So keep an eye out! SEE ALSO: <a href="https://www.businessinsider.in/thelife/personalities/news/here-is-the-linkedin-top-voices-2019-india-list/articleshow/72357073.cms" data-type="tilCustomLink" target="_blank">From Kiran Bedi to Divya Gokulnath -- these are the top voices of india in 2019 on Linkedin</a>

LinkedIn added 12 million Indian subscribers in the last 18 months as people got hungry for jobs

Jonathan Ernst/ReutersPakistani Prime Minister Imran Khan at a bilateral meeting with US President Donald Trump at the World Economic Forum's annual meeting in Davos, Switzerland, on January 21, 2020.<ul class="summary-list"><li>Pakistani Prime Minister Imran Khan has once again likened the Indian government's ideology to that of the Nazis.</li><li>At a Wednesday panel discussion in Davos, Khan said the Rashtriya Swayamsevak Sangh ideology, adopted by India's ruling Bharatiya Janata Party, was "inspired by ... Hitler, and Hitler's brown shirts."</li><li>Tensions between India and Pakistan remain high over the disputed region of Kashmir.</li><li>Khan likened the Indian government to Nazis multiple times last August, when New Delhi cancelled the semi-autonomous status of Kashmir.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>Pakistan's prime minister has - again - likened the Indian government to the Nazis, and said the threat of an all-out conflict between their governments over the <a href="https://www.businessinsider.com/category/kashmir">disputed region of Kashmir</a> has not gone away.At a Wednesday panel discussion at the World Economic Forum's annual meeting in Davos, which Business Insider attended, Imran Khan slammed the close ties between India's ruling Bharatiya Janata Party (BJP) to the right-wing Rashtriya Swayamsevak Sangh (RSS) ideology.The RSS advocates Hindu nationalism. Since BJP leader Narendra Modi's election to prime minister in 2012, the Indian government has appeared to undermine Muslim rights.India cancelled mostly-Muslim Kashmir's political autonomy last year; and a <a href="https://www.bbc.co.uk/news/world-asia-india-50670393">new Citizenship Amendment Bill</a> requires people to declare their religion before they can become citizens.Khan told the Davos panel on Wednesday: "Just read Google and the founding fathers of RSS and read how they were inspired by ... Hitler, and Hitler's brown shirts. RSS has these guys, four million people trained, almost in similar patterns."Nicholas Carlson/Business InsiderPakistani Prime Minister Imran Khan at a panel discussion at Davos, Switzerland, on January 22, 2020.Khan has likened the Indian government to Nazis before, particularly after the Indian government cancelled Kashmir's semi-autonomy and imposed a total communications blackout there. (The blackout is still ongoing in some parts of the region.)In a <a href="https://twitter.com/ImranKhanPTI/status/1160460575454957568">series of tweets</a> posted last August, when Kashmir tensions were at their peak, he said India's actions in Kashmir amounted to "ethnic cleansing" and compared the ideology of the Indian government to "the Nazi Aryan Supremacy."Around the same time, he also <a href="https://twitter.com/ImranKhanPTI/status/1160460575454957568?s=20">accused India</a> of trying "to change demography of Kashmir through ethnic cleansing, and that "the curfew, crackdown &amp; impending genocide" was "inspired by Nazi ideology." He also compared global inaction on the issue to ignoring Hitler.Khan on Wednesday also called on international bodies, such as the UN, to help arbitrate the Kashmir issue between India and Pakistan.India has long insisted, citing two treaties, that Kashmir is a bilateral issue. Pakistan has in recent months asked other world leaders - including President Donald Trump - to wade in."I see the potential of a conflict, and it is important that before things get out of hand, the bodies that were formed to stop this sort of a conflict should come into action," Khan said."I know that the UN Security Council has met three times since fifth August on this issue of Kashmir, but it is important that this issue is resolved," he said, referring to the day India cancelled the region's semi-autonomy.<h2><a href="https://www.businessinsider.com/category/kashmir?r=US&amp;IR=T">Read Business Insider's coverage of Kashmir here.</a></h2> <h3>NOW WATCH: <a href="https://www.businessinsider.com/how-far-sneeze-cough-germs-can-travel-2018-10">This animation shows how far your sneeze can actually travel</a></h3>

Pakistan leader Imran Khan - again - likens the Indian government to the Nazis, and says threat of conflict over Kashmir hasn't gone away

India and Sweden have a lot in common in terms of demography, people, culture and implementation of modern technology. While the sub-continent is looking at building <keyword id="6377036" type="UNKNOWN" weightage="20" keywordseo="smart-cities">smart cities</keyword>, Sweden’s indigenous knowledge of its smart-city building model called ‘Symbiocities’ can actually transfer best practices to make the <a href="http://www.businessinsider.in/searchresult.cms?query=smart+cities">smart cities</a> in the country with economically viable infrastructures providing optimum benefit for the dwellers. There are a few key lessons that India can take away from Symbiocities that Sweden has already built since years. 
 
A large number of Indian and Swedish companies are investing in each others’ countries under various sectors with great growth potential. 
 
In order to build smart cities in India, Sweden, recently, offered its expertise in some areas that need great attention. Waste management, optimum usage of energy, digital urban land management and urban transportation can get a major fillip from Swedes knowledge. Apart from smart cities, women empowerment and self sustainable living could be Sweden’s most important contributions to India in the coming days. 
 Swedish Minister Mehmat Kaplan met Maharashtra’s Chief Secretary Swadhin Kshatriya to provide much needed impetus to bilateral relations, by way of parting with expertise in building smart cities. This will give a boost to the '<keyword id="6354869" type="UNKNOWN" weightage="20" keywordseo="make-in-India">Make in India</keyword>' initiative, with India and Sweden having signed a Memorandum of Understanding on sustainable <a href="http://www.businessinsider.in/searchresult.cms?query=urban">urban</a> development. 
 Minister Kaplan said, “Sweden and India have always had good relations visible through the number of exchanges on a political level as well as student exchanges and company collaborations. For a country like Sweden, striving to be an open innovation-driven <keyword id="34412" type="ORGANIZATION" weightage="20" keywordseo="economy">economy</keyword>, India is a natural partner, and in India, Maharashtra is of particular importance. My visit to Mumbai is to the further this partnership with a focus on Smart cities and sustainable urban development an area of mutual interest for both the countries” 
 
Speaking about the collaboration between India and Sweden, Consul General for Sweden Fredrika Ornbrant said, “It is inspiring to see the broad range of engagement between Sweden and Maharashtra stretching from business and infrastructure to education and culture. Swedish companies in Maharashtra generate almost 28,000 jobs directly and a total of 1, 45,000 jobs directly in India. In line with the Indian government’s initiative to build 100 smart cities across India, the MoU on Sustainable Urban Development between our two nations will help develop, govern and manage these cities according to best practices developed through close cooperation. We are also very pleased that Minister Kaplan has come down to Mumbai to further this collaboration” 
 
Kaplan also pointed out that Sweden’s experience in developing sustainable development solutions ranging from the bio fuel buses, energy efficient solutions to combat housing shortage can be India’s typical solutions to almost similar kind of problems. 
 
Though both countries look almost similar in their structure, there are some deep cultural similarities between both countries. Apart from this, Sweden has always been a country that has a capitalist <a href="http://www.businessinsider.in/searchresult.cms?query=economy">economy</a>, optimum social welfare programmes and high levels of resource distribution among inhabitant communities. 
 
Recently, Sweden backed India’s bid for entry into the elite group of countries seeking to prevent the proliferation of missile and unmanned aerial vehicle technology. Sweden is already a key member of Missile Technology Control Regime and a very influential voice in the global arena. 
 
Here are some key areas where Sweden’s lessons can serve as key policies when India realizes its dream of smart cities. 
 
Efficiency maximized: More from less 
The key thing that India can learn from Symbiocities is high returns from basic investment. Though Indians have an indigenous way of meeting their needs with least investment, this does not hold well when planning for a massive change of mindset by way of setting up smart cities. 
 
Symbiocities are all about long term returns. Hence, India needs to look at multidisciplinary approach to make the entire process cost efficient and accountable to public. 
 
According to Kaplan, “Sweden is encouraging social scientists and anthropologists to actively participate in city planning to make solutions best fit and not just urban planning. This surely aids designing the cities of future.” 
 
Interactive urban systems 
Making every system that aids efficient way of life interactive with easy user interface can not only change the method that is used to access these systems, but also ensure people’s participation in a big way. According to Kaplan, well planned logistics when optimized, can yield better transportation systems, save energy by checking wastage and ensure judicious use of power. Ecologically, this can be an area where things can be massively improved without pushing nature to the brink. 
 
Smart housing Kaplan also stated that “decision making” is being made cheaper and faster through big data and effective data management. Using optimised life cycle calculus, and hot water economy, houses of tomorrow can be self-sufficient. India can localise this solution to include <keyword id="6357019" type="UNKNOWN" weightage="20" keywordseo="solar-energy">solar energy</keyword> panels to produce local power, rain water harvesting which can reduce the burden on urban bodies to supply with humongous amounts of water for every household. 
 
Citizen partnership 
This is a grossly neglected area that India needs to immediately pay attention to. Citizen groups are usually considered intrusive in India, since urban planning is mostly top down. This has to change in terms of smart cities, which need to tap the potential of its dwellers who may possess some great knowledge about issues relating to civic matters. Sweden enrols its citizens in most decision making processes, in order to help citizens take pride in their city. 
 
Innovation for future 
Whether it is producing clean energy or waste management, India needs to innovate since its growth potential and urban needs are going to grow manifold in the future. Sweden shows the way with bio fuels in urban areas, clean tech farming and friendly tax systems have made the country the most liveable among those in the world. 
(Image: BCCL)

5 Key lessons for Indian smart cities from Sweden

Prime Minister <keyword id="6354477" type="PERSON" weightage="80" keywordseo="Narendra-Modi">Narendra Modi</keyword> on Saturday said reforms are "just a way station" to transforming India, with a slew of measures putting the economy back on track and vowed to provide a transparent and predictable tax regime as well as protection to <keyword id="388837" type="UNKNOWN" weightage="20" keywordseo="intellectual-property">Intellectual Property</keyword> Rights. 
 
Speaking at the ASEAN Business and Investment Summit, he said government actions in the past 18 months have led to bringing down inflation while at the same time leading to higher GDP growth and foreign investmen .. 
 
"Reform is not an end in itself. Reform for me is just a way station on the long journey to the destination. The destination is the transformation of India," he said. 
 
"India is reforming to transform, it is at a take-off stage. I invite you to be part of this change," he said. 
 
When the BJP-led government took office in May 2014, the economy faced serious challenges in high fiscal and current account deficit, stalled infrastructure projects and persistent inflation. 
 
"It was obvious that reforms were needed. We asked ourselves the question - Reforms for what? What is the aim of reform? Is it just to increase the measured rate of GDP growth? Or is it to bring about a transformation in society? My answer is clear: we must 'reform to transform'," he said. 
 
The fruits of development have to be taken to the margins of geography and to the bottom of demography. "We have to touch lives, while reaching for the sky," he said. 
 
Action during the last 18 months has ensured that "GDP growth is up and inflation is down, foreign investment is up and the current account deficit is down, tax revenues are up and interest rates are down, thee fiscal deficit is down and the rupee is stable," Modi said. 
 
Stating that a series of concerted steps including structural and institutional reforms have initiated, the Prime Minister said the government was "moving fast" to make sure tax regime is transparent and predictable where genuine investors and honest tax payers get quick and fair decisions. 
 
"Going further, I want to assure you that India is committed to protect Intellectual Property Rights of all innovators. We have taken several initiatives for transparency and online processing in IP administration. A comprehensive National IPR policy is expected by the end of the year," he said. 
 "To re-vitalise the flow of <keyword id="6362476" type="ORGANIZATION" weightage="80" keywordseo="investments">investments</keyword>, the second wave of structural and financial reforms have been launched. "We are trying to further open up the economy and introduce an element of predictability and stability in taxation system," he said. 
 
While productive public investment has been substantially increased, carbon taxes on fossil fuels has been imposed to show India's commitment to climate change. 
 
Stating that the world economy was not exactly doing well, Prime Minister said the economic revival in India is the result of a series of concerted policies. 
 
Even while cutting the fiscal deficit, productive public investment has been substantially increased. 
 
"We have embarked on a course of fiscal consolidation. We have entered, for the first time, into a monetary framework agreement with the Reserve Bank to curb inflation," Modi said. 
 
Recounting steps taken, he said carbon taxes on fossil fuels has been imposed, diesel price de-controlled, cess on coal hiked by three fold and wasteful expenditure has been cut. While confidence within and outside the country has increased, the IMF and World Bank have expressed even better hope for the <keyword id="6356076" type="UNKNOWN" weightage="80" keywordseo="indian-economy">Indian economy</keyword> this year and after, Modi said. 
 
Macro-economic stability, he said, is good. 
 
"Our aim is to create jobs for more than a billion young hands. To provide this, the share of manufacturing must reach around 25 per cent in our GDP," he said adding 'Make in India' campaign has been launched and government is aggressively working on ease of doing business front. 
 
Reducing complicated procedures, making them available at one platform -- preferably online, simplifying the forms and formats has been taken up on war footing, he said recalling India jumping 12 ranks in the recent World Bank's 'Ease of Doing Business Report of 2016'. 
 
Modi said the Index of Industrial Production (IIP) has shown a distinct improvement over the previous year. "We are working in all ways to make India a global manufacturing hub." 
Enumerating steps taken, he said a series of simple but powerful structural reforms in agriculture have been taken, the world's most ambitious housing for all programme launched and undertaken major improvements in the transport sector. 
 
Concerted action to revive stalled infrastructure projects and a major revamp of the power sector have been undertaken, he said. 
 
The pace of award of new highway works has increased from 9 kilometers per day in 2013-14 to 23 km a day currently. "These will have large multiplier effects throughout the economy," he said. 
 
Prime Minister said the government was committed to restore credibility in the process of allocation of natural resources. 
 
"My government has intervened with legislative and administrative measures to improve the supply of critical inputs and raw materials. They include Coal, other minerals and spectrum. The hallmark of this intervention is allocation through transparent auction," he said. 
 
About 190 million new bank accounts have been opened under the Jan Dhan Yojana. 
 
In a break with over 65 years of tradition, states have been involved in framing foreign policy. 
 
Prime Minister said the government was trying to remove the bottlenecks that were affecting growth process. 
 
"India is a land of immense opportunities," he told the ASEAN business community. "Our democratic values and an alert judicial system ensure the safety of your investments. We have set the tone of Governance with a long term vision and an open mind. We are particularly working to make India the easiest place to do business." 
 
He said "it is India's turn" now. 
 
"And we know that our time has come. We are at a take-off stage. I invite you to come and see the winds of change in India,” he said. 
Modi said maximum focus of the government is on building futuristic infrastructure. 
 
"By exercising tight control over unproductive expenditure, we have greatly increased capital investment by the public sector. To further augment such investments, we are encouraging the PPP (public-private partnership model)," he said. 
 
Also, National Investment and Infrastructure Fund has been set up to leverage public investments. 
 
"We are also coming up with Tax Free Infrastructure Bonds with a view to broaden the corporate bond market and to provide long term finance for infrastructure," he said. "We are eager to work with Malaysia, Singapore and other ASEAN countries in this regard." 
 
Prime Minister said the initiatives of 18 months has led to sentiments for private investment and inflow of foreign investment turning positive with foreign investment rising by 40 per cent. 
India, he said, has been consistently ranked as the most attractive investment destination by several global agencies and institutions. 
 
He said the government has allowed and enhanced FDI levels in key sectors including insurance, defence and railways and put most of the sectors on automatic approval route. 
 
Also FDI policies in sectors like construction, plantation and medical devices has been rationalised and composite caps for Foreign portfolio investors has been allowed. 
 
A new bankruptcy code has been drafted and formation of the Company Law Tribunal to expedite cases is on the way. 
 
"We have ended retrospective taxation," he said adding the implementation of General Anti Avoidance Rules (GAAR) has been deferred. 
 
Also, the Goods and Services Tax Bill has been introduced in Parliament. 
 
"We are hopeful of rolling it out in 2016. This will create a unified system of taxation across the country," he said. 
 
Calling India and ASEAN natural partners, Modi said ASEAN's ten member countries form an economic powerhouse and have emerged as one of the largest economic zones in the world. 
 
"Last fifteen years have seen your rapid and yet stable growth. Your Macro-economic stability has been the main reason for growth and stability in South East Asia. With good governance, futuristic infrastructure and focus on new age technologies, you have created excellence," he said. 
 
Image credit: Indiatimes

Full text of what PM Narendra Modi said at the ASEAN summit

Among the most ambitious projects that have enjoyed great attention by Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword>, national mission for financial inclusion tops the list. 
 
The report relating to this project prepared by USAID -- titled ‘Beyond Cash’- was released recently highlights the current behaviors and perceptions of digital payments in low-income communities in India, and suggests ideas on how policy makers can accelerate the adoption of digital payments in the country. The study was conducted by strategic advisory firm Dalberg in six locations across four states. 
 Indicating the potential of inclusive digital economy, the report carried most intricate data pertaining to the avenues that <keyword id="1929810" type="UNKNOWN" weightage="20" keywordseo="Digital-India">digital India</keyword> can take to make the project a huge success. 
 
The data indicates that across India 97 percent of retail transactions are conducted in cash or cheque. Surprisingly, only 29% of bank accounts in India have been used in the last three months, only 6 percent of merchants accept digital payments, and just over 10 percent of consumers have used a debit card for payments in the last year. 
 
Schemes such as Pradhan Mantri Jan-Dhan Yojana, supported by the Aadhaar; India has already made some important strides into the area. Add to this, one billion mobile phone connections and you will see universal financial inclusion taking stronghold in the country. However, the use of digital payments in the country remains limited and this needs to be addressed. 
 Digital payments can help consumers and merchants spend their money more safely and securely, save and build credit profiles for lending opportunities unavailable in the informal banking sector, and participate in a growing online economy. According to the <keyword id="6354424" type="ORGANIZATION" weightage="20" keywordseo="World-Bank">World Bank</keyword>, India could save approximately one percent of its GDP annually by digitizing cash-based subsidies alone. 
 
The report Beyond Cash suggests a few ideas to drive greater consumer and merchant adoption and use of digital payments. These ideas include: 
 
• Create opportunities for consumers to make digital contributions to micro-savings products. 
• Incentivize current users to deepen use and bring other consumers onboard. 
• Enable merchants to try digital payments at low or no cost. 
• Digitize retailer-to-supplier payments. 
 
 
 
 
 
 
 
Matthew Homer, a Senior Policy Advisor on Digital Finance at the United States Agency of International Development (USAID), lays open the potential, the challenges, solutions and way ahead for universal inclusive digital economy for India. 
 
BI: What are the solutions that India can focus on - both short term and long term (considering the majority low income demography and poverty)? Essentially how would you rate government's efforts and what are the necessary suggestions? 
 
Matthew: India is making tremendous progress with regard to financial inclusion. Aadhaar has created an enabling environment in which PMJDY and digital direct benefit transfers (DBTs) can take hold. These are important foundational elements of India’s journey to widespread and meaningful financial inclusion. Another critical element on this journey is to ensure that all Indians have the opportunity to actively participate in India’s growing digital economy. Very few merchants in India currently accept digital forms of payment, and those who do are unlikely to serve poor consumers. Solving this is a critical piece of the financial inclusion puzzle. As more and more low-income consumers are obtaining accounts, and DBTs are flowing into those accounts, being able to make active use of these accounts requires greater merchant acceptance of digital payments. 
 Finding ways to increase usage of digital payments between merchants and consumers is an important short- and medium-term step toward a more inclusive and active digital economy that extends across society, including to low-income demographics. In the long-run, sustaining focus on this issue will be critical for both the government and the private sector. It’s important that the private sector sees a long-term opportunity to viably and responsibly meet the <keyword id="6354241" type="COMPANY" weightage="20" keywordseo="Financial-Services">financial services</keyword> needs of the poor, by designing, testing, and scaling business models that increase use of digital payments wherever consumers shop. 
 
 
 
 
BI: In a country like India the major problems are reaching out to public, low income and the necessary digital infrastructure to support the initiatives of financial inclusion. How do you see that? 
 
Matthew: With one billion mobile phone connections in India, mobiles have the potential to be one of the most effective channels for delivering critical services to the public, particularly low-income and underserved communities. However, without effective and widespread digital infrastructure, it will impossible to achieve deeper financial and economic inclusion for all of India’s citizens. The public and private sectors both have a role to play in building this infrastructure, and we have seen important public sector investments in payment systems and other critical digital infrastructure. To effectively meet the last-mile access needs of low-income and rural populations, significant private sector leadership is needed. For example, building a digital payment network that reaches all of India’s merchants can’t be accomplished without compelling business models that are attractive to merchants, consumers, and other other private sector stakeholders. This is one of the goals of the Partnership we’ve organized with the Ministry of Finance, one which includes nearly 40 private sector member organizations. 
 
 
 
BI: What can India do to achieve next level of economic gains through digital? World is already watching India and its economic outlook with great optimism but problems and challenges are plenty. How tech can help achieve the dynamism India is looking for? 
 
Matthew: Transitioning from cash to a less-cash digital economy won’t happen overnight. Digital infrastructure, like digital payment networks at point-of-sale, is an important enabler. But just as important is creating incentives for this shift to happen. Enabling must be coupled with incentivizing. Technology and innovation can have a huge impact, especially when they are accompanied by effective policy incentives and business models that reach low-income populations. Among population segments that are generally unaware of these tools, targeted marketing that appeals to the needs and wants of specific population segments can also be essential. 
 
BI: Many people are under extreme poverty and many are struggling for basic financial necessities. What could be done through digital tech based on the ideas and findings of the report? How to catalyze India's digital growth and what impact it would have globally? 
 
Matthew: Digital finance tools such as digital payments can help alleviate poverty in a number of ways. This can include, for example, enabling low-income consumers to store and save their money more safely and securely, reducing the amount of time needed to travel to obtain or cash a check, improving ability to handle emergencies, and developing a digital transaction history that can be used to provide access to additional financial services such as credit. Importantly, digital payments also enable consumers to participate in the growing online and digital economy. 
 
Our research is intended to help us better understand the financial behaviors and perceptions of consumers and merchants when it comes to making payments digitally. The report, <a href="https://www.globalinnovationexchange.org/beyond-cash">Beyond Cash</a>, uses quantitative and qualitative research methods to answer that question and identify potential actions that can lead to widely-used digital payment networks, particularly among low-income populations. The report also includes a rich dataset that is available for public use. As we think about extending digital payment networks to the poor, the research provides some insight about how to move forward. 
● First, to increase the number of merchants who accept digital payments we must focus on creating incentives for consumers to pay electronically. Our research indicates that merchants are much more willing to accept digital payments if their customers demand it. 
● Second, early adopters should be incentivized to sign up others and the cost of trying digital payments should be as easy and inexpensive as possible for both merchants and consumers. Merchants report that even if they would like to try accepting digital payments the cost of trialing is too high. 
● Third, digital payments should focus on mimicking what consumers and merchants like about paper payment instruments (e.g. cash or check) while also solving for clear pain-points they experience in the cash economy. (The research identifies a number of pain points and suggests a variety of responses). 
● Fourth, and to me this is the most important factor, digital payments must connect merchants and consumers with something more valuable than any digital transaction itself. For merchants, this may be the ability to reach new market segments or have access to better inventory management tools. And for consumers this could include being able to participate in the online economy or being able to more quickly pay and board a bus without exact change. 
 
Engaging all Indians in the digital economy would benefit not only individuals themselves, but the Indian economy too. And as India identifies opportunities to lift the poor out of poverty using the digital economy, these learnings will be of keen interest across other markets as well. 
 
BI: Digital divide, how to overcome this main problem? 
 
Matthew: While our research doesn’t examine this larger question, it does point to the importance of designing financial services and products with a variety of users in mind. This means, for example, better understanding the use cases that appeal most to digitally marginalized populations and creating targeted outreach efforts that highlight those use cases. I think it also suggests the need to think out-of-the-box with regard to business models that meet the needs of un- or underserved consumers. Business models that work elsewhere or with other population segments may not work for these populations and we may need to try entirely new approaches. This is really what our Partnership is all about, and we’re focused on using the research we’ve conducted to now to test a variety of business models to find out what really works.

‘Beyond Cash’: India’s inclusive digital economy is on top gear

<ul class="summary-list"><li>Tesla hasn't engaged with India's government since Elon Musk canceled his trip in April, per Bloomberg.</li><li>Tesla was initially planning to build a new factory in India but seems to have shifted its focus.</li></ul>India may no longer be a priority for <a target="_blank" href="https://www.businessinsider.com/tesla">Tesla</a> and its CEO <a target="_blank" href="https://www.businessinsider.com/elon-musk">Elon Musk</a>.The mercurial billionaire's team hasn't engaged with the country's officials since he <a target="_blank" href="https://www.businessinsider.com/elon-musk-cancels-trip-to-india-tesla-layoffs-struggles-2024-4">canceled his trip to India</a> in April, Bloomberg <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-07-04/india-s-hopes-for-tesla-investment-cool-as-musk-ceases-contact">reported</a> on Thursday, citing people familiar with the matter."Unfortunately, very heavy Tesla obligations require that the visit to India be delayed, but I do very much look forward to visiting later this year," Musk <a target="_blank" href="https://x.com/elonmusk/status/1781541775183610310">said</a> in an X post on April 20.Bloomberg's sources also said India's government doesn't expect Tesla to make any investments anytime soon as the company is experiencing capital issues.Tesla and India's heavy industry, finance, and commerce ministries did not respond to the outlet's requests for comment.The report comes as a surprise, considering Tesla has <a target="_blank" href="https://www.businessinsider.com/elon-musk-tesla-build-india-factory-import-taxes-electric-vehicles-2021-7">long been eyeing India</a> as a potential area for expansion.In April, Reuters <a target="_blank" href="https://www.reuters.com/business/autos-transportation/teslas-musk-likely-unveil-2-3-bln-india-investment-during-visit-sources-say-2024-04-17/">reported</a> that the EV giant was planning to build a new factory in India as part of a $2 to $3 billion investment into the country. Musk was expected to announce the expansion plans during his planned visit to India.But Musk did still end up traveling to another Asian country in April. The Tesla CEO made a <a target="_blank" href="https://www.businessinsider.com/elon-musk-tesla-china-visit-self-driving-autonomous-electric-cars-2024-4">surprise trip to China</a> just a week after scrapping his trip to India, where he met the country's second-highest-ranking politician, <a target="_blank" href="https://www.businessinsider.com/li-qiang-china-2nd-most-powerful-man-shanghai-lockdowns-2022-11">Li Qiang</a>.The trip was fruitful for Musk, who has advertised his ambitions of <a target="_blank" href="https://www.businessinsider.com/elon-musk-hawks-optimus-robot-in-attempt-to-resuscitate-tesla-2024-4">turning Tesla into a leading AI and robotics company</a>. According to a Bloomberg <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-04-29/tesla-clears-key-china-fsd-hurdle-with-baidu-mapping-deal">report</a> in April, Chinese officials gave their in-principle approval for Tesla to roll out its Full Self-Driving technology in the country.That said, India probably hasn't entirely fallen off of Musk's radar.Musk congratulated India's Prime Minister Narendra Modi on his government's electoral victory at the country's general elections. The pair had last met in New York in June 2023."Congratulations Narendra Modi on your victory in the world's largest democratic elections! Looking forward to my companies doing exciting work in India," Musk <a target="_blank" href="https://x.com/elonmusk/status/1799119259177488540">wrote</a> in an X post on June 7.Representatives for Tesla and India's commerce ministry didn't immediately respond to requests for comment from BI sent outside regular business hours.

Elon Musk is giving India the cold shoulder and ghosting officials on Tesla investments

<ul><li>Inflation has moderated, but there is no room for complacency, said the <keyword id="64190" type="General" weightage="20" keywordseo="rbi-governor" source="Orion">RBI governor</keyword>, speaking at a <keyword id="189910" type="General" weightage="20" keywordseo="cii-event" source="Orion">CII event</keyword>. </li><li>RBI will remain proactive and prudent, and will do its best to support the economy to maintain financial stability, <keyword id="6359111" type="General" weightage="20" keywordseo="shaktikanta-das" source="Orion">Shaktikanta Das</keyword> said. </li><li>Das however sounded a cautious note on El Nino, a weather phenomenon that’s on the horizon. </li></ul> Governor of the Reserve Bank of India (RBI) , Shaktikanta Das, on Wednesday said the next retail inflation print would most likely be lower than 4.7%. Retail inflation hit an 18-month low at 4.7% in April. “Inflation has moderated, but there is no room for complacency. War against inflation is not over. Pausing <keyword id="114268" type="General" weightage="20" keywordseo="interest-rate-hike" source="Orion">interest rate hike</keyword> is not in my hands, depends on the on-ground situation,” Das said speaking at the annual CII session in New Delhi. He also said the Indian banking system remained stable and resilient with strong capital, liquidity position and improving asset quality. And that,the central bank would remain proactive and prudent, and would do its best to support the economy to maintain financial stability. Besides, he said, credit offtake in banks also is remaining quite resilient, and it is 15.5% as per the latest figure. "And on top of that, we have the advantage of demography, which again is a huge opportunity for India. And it's something which will eventually add to our potential output or what some people prefer to call it India's growth potential. That's a theme, which will play out in the medium to long term," he said. He expressed confidence India could clock a growth of 6.5 per cent during the current financial year on the back of these tailwinds. The central bank will also ensure adequate availability of liquidity to meet production requirements of the economy, he assured. Retail inflation inches close to lower end of RBI tolerance limit In the month of April, retail inflation, or consumer price index (CPI) inflation which came in at 4.7% — and has been closing in on the lower tolerance limit of RBI’s 4-6% band. For the last three quarters, the country’s retail inflation has been above RBI's upper tolerance limit of 6%. It fell back into the central bank’s comfort zone only in November 2022. The persistently high inflation over months led to RBI’s monetary policy committee hiking the base interest rates six times before taking a pause in the last monetary policy in April. Since May 2022, RBI has raised rates by a total of 250 basis points. In spite of displaying confidence on cooling inflation, Das did not make any comments on a further pause in rate hikes. “Have to see how El Nino plays out,” he said at the CII event. El Nino is a band of warm ocean water that spans from South America to Asia triggering far-reaching weather changes. It has affected economic growth and caused losses in two separate events in the early 80s and late 90s. According to new research published in the journal Science, this phenomenon is on its way yet again and could potentially wipe out<a href="https://www.businessinsider.in/india/news/el-nino-on-the-way-could-wipe-out-3-trillion-of-world-economy/articleshow/100392049.cms"> $3 trillion from the world economy</a>. (With inputs from PTI)

You Searched For "Indian demography" and got 9 results

AI could slow BPO sector growth: Chief Economic Advisor Nageshwaran

ANI

Age, profile, and professions of India's Parliamentarians tell the story of a slowly evolving nation

Sriram Iyer

LinkedIn added 12 million Indian subscribers in the last 18 months as people got hungry for jobs

Sriram Iyer

Pakistan leader Imran Khan - again - likens the Indian government to the Nazis, and says threat of conflict over Kashmir hasn't gone away

Alexandra Ma

5 Key lessons for Indian smart cities from Sweden

Preetam Kaushik

Full text of what PM Narendra Modi said at the ASEAN summit

BI India Bureau

‘Beyond Cash’: India’s inclusive digital economy is on top gear

Preetam Kaushik

Elon Musk is giving India the cold shoulder and ghosting officials on Tesla investments

Kwan Wei Kevin Tan

Pausing interest rate hike not in my hands, depends on the on-ground situation: RBI governor

Katya Naidu

Popular Keywords

Buying Guides