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In an effort to give a further boost to partnership, India, and the US signed a landmark Memorandum of Understanding (<keyword id="19914814" type="General" weightage="20" keywordseo="MoU" source="keywords">MoU</keyword>), which will enable the Micro, Small and medium enterprises (<keyword id="19910977" type="General" weightage="100" keywordseo="MSMEs" source="keywords">MSMEs</keyword>) of the two countries to participate in <keyword id="19908188" type="General" weightage="20" keywordseo="global-markets" source="keywords">global markets</keyword> and foster trade. "<keyword id="20233690" type="General" weightage="20" keywordseo="India-US" source="keywords">India-US</keyword> joining hands to promote cooperation in MSMEs," the official spokesperson of the Ministry of External Affairs, Randhir Jaiswal, wrote on X. "Today, India-US signed a landmark MoU that enables MSMEs of the two countries to participate in global markets, drive innovation, foster trade, and support <keyword id="19930409" type="General" weightage="20" keywordseo="women-entrepreneurs" source="keywords">women entrepreneurs</keyword>," he added. S. C. L. Das, Secretary, Ministry of Micro, Small and Medium Enterprises, and Isabel Casillas Guzman, Administrator, <keyword id="21149255" type="General" weightage="20" keywordseo="small-business-administration" source="keywords">Small Business Administration</keyword> (SBA), United States of America, signed the MoU here in New Delhi. The MoU provides a framework for both sides to discuss issues concerning micro, small and medium enterprises (MSMEs) and explore possibilities for cooperation. It envisages the exchange of expertise between the two sides on issues related to improving MSME participation in the global marketplace through mutual visits as well as webinars and workshops on topics including access to trade and export finance, technology and digital trade; green economy, and trade facilitation. The MoU also provides for the joint conduct of programmes for women entrepreneurs to empower them and facilitate trade partnerships between women-owned small businesses in the two countries. Recognising the crucial role that MSMEs play in advancing <keyword id="20421749" type="General" weightage="20" keywordseo="inclusive-growth" source="keywords">inclusive growth</keyword>, expanding exports, and boosting employment, the two sides also agreed to explore the development of a "Business Matching Digital Platform" to boost <keyword id="20035864" type="General" weightage="20" keywordseo="business-opportunities" source="keywords">business opportunities</keyword>.

India-US join hands to promote cooperation in MSMEs

<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

<ul class="summary-list"><li>Gen Z is contributing to a surge in all-inclusive resort bookings.</li><li>All-inclusives offer convenience and luxury, often at a good value.</li></ul><a target="_blank" class="" href="https://www.tiktok.com/@haleymahabadi/video/7243143948183702830">Haley Mahabadi</a>, a 27-year-old who works in social media marketing, is currently traveling across southeast Asia with her husband, staying in $30-a-night rooms.But when she really wants to relax, she prefers <a target="_blank" class="" href="https://www.businessinsider.com/how-to-spot-bad-all-inclusive-resort-red-flags">all-inclusive resorts</a>. All-inclusives typically work by having guests pay a set price per night in advance, and once they're on the resort they can visit any bar or restaurant and order whatever they want whenever they want without additional payments."You don't have any plans. You can just do whatever you want," she told Business Insider. "I think for a true relaxation vacation, it's perfect."She's stayed at an all-inclusive that catered to college kids — with bottles of unlabeled tequila that made her feel terrible the next day — and <a target="_blank" class="" href="https://www.businessinsider.com/africa-luxury-safari-black-rhino-game-lodge-review-2024-11">luxury all-inclusives</a> where they serve top shelf liquor and have multiple gourmet restaurants. She even got married last year at an all-inclusive in Mexico, the Finest Playa Mujeres, which can currently be booked for December at about $640 per night for two guests.In addition to the relaxation and luxurious vibes, the set payment upfront is another bonus."I think it's kind of like the <a target="_blank" class="" href="https://www.businessinsider.com/girl-math-personal-finance-trend-goes-viral-tiktok-2023-8">girl math</a> thing, where you pay so much in advance that it feels free when you're there," she said.All-inclusive hotels and resorts are exploding in popularity, with <a target="_blank" class="" href="https://www.businessinsider.com/gen-z-increasingly-dictating-family-vacation-itinerary-2024-10">Gen Z</a> leading the trend, according to three travel advisors who told BI they've seen a surge in demand for all-inclusives.Fora, a <a target="_blank" class="" href="https://www.businessinsider.com/luxury-travel-advisors-on-industry-popularity-career-opportunities-2024-6">travel agency</a>, said it's seen a 324% increase year-over-year in bookings across top-booked all-inclusive brands in 2024. According to a recent report from the Expedia Group, searches on Hotels.com that used the "all-inclusive" filter jumped 60% from a year prior. A survey included in the report found 42% of Gen Z respondents said an all-inclusive was their preferred hotel type, more than any other generation."A lot of people, especially led by Gen Z, are entering what we're calling their all-inclusive era," Melanie Fish, a travel expert and spokesperson at Expedia, told BI.<div type="image" title="Pool near beach" height="5792" width="8688" msid="115358641" hostid="261" sizebytes="3958862"></div>Travelers love the ease and convenience of booking an all-inclusive as well as the feeling of luxury that comes with it, often at a decent value.Plus all-inclusives have evolved. It's not just buffet lines and budget-friendly accommodations — though those options certainly still exist. Now there's plenty of five-star all-inclusives with picturesque resort grounds, complimentary spa services, and multiple restaurants run by Michelin-starred chefs, with major brands like Hyatt and Marriott also leaning into the all-inclusive game.<h2 id="1e444bf1-367c-4277-95c5-6e4b710278f8">Why Gen Z loves all-inclusives</h2>Once guests book their stays at an all-inclusive, very little additional planning is required. They can skip spending hours researching where to eat or how to get around, and instead show up, relax, order whatever they want, and enjoy all the amenities around them without having to reach for their wallet.<a target="_blank" class="" href="https://www.tiktok.com/@_samiic/video/7436034020158246174">Samantha Cintron</a>, a 26-year-old from Orlando who works in marketing, visited her first all-inclusive resort this fall, the Atelier Playa Mujeres near Cancun, which can currently be booked for around $790 per night for two guests.Cintron and her boyfriend, who got engaged on the four-day trip, were greeted in the lobby with champagne and warm towels. The adults-only resort had 13 restaurants, 12 bars, a gym, and nonstop activities, from paddle-boarding to beach volleyball to sushi-making classes.<div type="image" title="Rooftop pool at sunset" height="5464" width="8192" msid="115358649" hostid="261" sizebytes="2380498"></div>Gen Z has also been using <a target="_blank" class="" href="https://www.businessinsider.com/travel-agents-back-gen-z-millennials-vacation-planning-overseas-resorts-2024-6">travel advisors</a> more than older generations, another sign they appreciate the convenience of not having to spend too much time planning their trips.Minimal stress, ease of booking, and a luxurious feeling were the top three reasons Gen Zers said they loved all-inclusives in the Expedia survey. The travel advisors said their love of luxury is in part fueled by their use of social media."I also think with social media being so big and being an integral part of their lives, many people are motivated by sharing highly curated content and ultra luxury resorts," Malley Goodwin, a luxury travel advisor at Embark Beyond, told BI.All-inclusive bookings can range in price anywhere from several hundred to several thousand dollars a night per person, but even higher-end all-inclusives can be a good value for your money, including food, drinks, transportation, activities, and excursions.<a target="_blank" class="" href="https://www.businessinsider.com/kids-all-inclusive-resort-made-life-easy-for-family-2024-10">All-inclusives</a> have also become popular for group trips, like bachelorette parties or multi-generational vacations that include grandparents all the way down to great-grandkids, according to A'Rielle Thomas, a travel advisor for Fora. It's an easy way to handle expenses without having to divvy up bills at every meal or keep track of who ordered what, the travel advisors said.<div type="image" title="Pool with chairs" height="3590" width="5387" msid="115358642" hostid="261" sizebytes="2239354"></div><h2 id="5b448226-08ae-41d4-971a-aed34ec4c680">Demand for all-inclusives is expected to keep rising</h2>Amy Weinberg, senior vice president of brand, loyalty, and data at Hyatt, said they continue to see a rise in demand for all-inclusives since entering the space in 2013 with Hyatt Ziva and Hyatt Zilara. Its $2.7 billion acquisition of Apple Leisure Group in 2021 made it the largest operator of luxury all-inclusive resorts worldwide. [<a target="_blank" class="" href="https://www.forbes.com/sites/suzannerowankelleher/2021/08/16/hyatt-spends-27-billion-to-become-worlds-largest-operator-of-luxury-all-inclusive-resorts/">source</a>] The company has some of the most popular all-inclusive brands, including Secrets Resorts and Dreams Resorts."The Inclusive Collection is a significant driver of Hyatt's business, establishing us as a leader in the all-inclusive resort industry," Weinberg said in an emailed statement to BI.Last month Hyatt announced a deal that would expand its number of all-inclusive rooms by 30%.The Marriott Cancun opened in September, making it the first all-inclusive with the Marriott brand name, catered towards families on multi-generational trips.And Hilton <a target="_blank" class="" href="https://stories.hilton.com/releases/hilton-accelerates-expansion-in-the-caribbean-and-latin-america-with-record-room-growth-in-2023-and-a-robust-pipeline-of-nearly-110-hotels">said</a> earlier this year their all-inclusive segment was a "catalyst for growth," noting its Hilton Cancun Mar Caribe All-Inclusive Resort that opened in 2023. The company <a target="_blank" class="" href="https://stories.hilton.com/2024trends-business-travel">said</a> group bookings at all-inclusives increased by double digits in the first half of 2023 compared to a year prior, driven by the family-friendly Hilton La Romana resort in the Dominican Republic.For Gen Z in particular there may be an intangible benefit of all-inclusives that will continue to drive demand."There's a lot going on in our world and Gen Z isn't worried as much about competing for who took the most off-the-beaten-path vacation or how much they stuffed in their backpack," Fish said."They want a break from all the stimulation in the world."Have a news tip or a story to share? Contact this reporter at <a target="_blank" href="mailto:kvlamis@businessinsider.com">kvlamis@businessinsider.com</a>.

Gen Z is ushering in the all-inclusive era

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

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

New Delhi: India has proven the 'fallacy' of incompatibility of rapid <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword> and a democratic political system, and the continuity of government and policies give industry the confidence of <keyword id="22932843" type="General" weightage="20" keywordseo="sustained-high-growth" source="keywords">sustained high growth</keyword>, <keyword id="19909974" type="General" weightage="100" keywordseo="Maruti-Suzuki" source="keywords" meta.keywordsubtype="org" meta.entityname="Maruti Suzuki" meta.hostid="261" meta.entityid="Maruti Suzuki">Maruti Suzuki</keyword> India Chairman R C Bhargava said on Tuesday. In his address to shareholders in the company's Annual General Meeting held virtually, he asserted that India's <keyword id="20442128" type="General" weightage="20" keywordseo="democratic-processes" source="keywords">democratic processes</keyword> will lead it to a sustained and more equitable society. Bhargava also said the industry and the government can work with trust and confidence with each other to achieve the goal of India becoming a developed country by 2047. "Over the years, I've heard people arguing that rapid economic development and a democratic political system are not really compatible. Our country has proved the fallacy of this line of thinking," he said. Asserting his point, Bhargava said, "We are now the fastest growing economy in the world, and our prime minister is one of the most respected global leaders." Periodically, he said, "the world has seen how deeply committed we are to the democratic processes." Referring to the recent general elections, he said it has "once again shown that hundreds of millions of people can vote in a peaceful manner and accept the results of that process." Bhargava, however, admitted that "the policies and strategies for equitable and rapid economic growth and development did take some time in being established". ".. But we did find the right path through peaceful democratic processes. This is in sharp contrast to what we have seen around us in many parts of the world and in our neighborhood," he said, without naming Bangladesh which is currently in turmoil following student-led violent protests that led to a regime change. "The continuity of the government and its policies to bring in faster economic growth with greater inclusivity and equity gives industry confidence of sustained high growth," Bhargava said. He further said industry and government can work with trust and confidence with each other to achieve the goal of India becoming a developed country by 2047. "It is the democratic processes which will lead us to a sustained and more equitable society," he said.

Continuity of government, policies give industry confidence of sustained high growth: Maruti Suzuki Chief

<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

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

<ul class="summary-list"><li>Kenon Chen, a member of BI's <a target="_blank" class="" href="https://www.businessinsider.com/workforce-innovation-board-tackles-topics-such-as-c-suite-innovation-ai-worker-wellness-2024-8">Workforce Innovation board</a>, is Clear Capital's strategy and growth EVP.</li><li>He views AI as a chance to improve workplace processes and give employees the tools to innovate.</li></ul>Business Insider's "Workforce Innovation" series is gathering perspectives from a wide variety of industry verticals and corporate roles to talk about the drivers of change in companies — particularly artificial intelligence, diversity, equity, and inclusion, worker well-being, and C-suite transformation.Kenon Chen, the executive vice president of strategy and growth at Clear Capital, is spending a lot of his time looking at the intersection of AI and worker well-being.His company provides technology solutions for valuing real estate. "Clear Capital is really about helping people make good decisions on properties based on accurate data," Chen said. He leads Clear Capital's strategy and go-to-market team and manages product partnerships, marketing, and sales.In an interview, Chen said that workers were understandably nervous about the potential for AI to take jobs.As a participant in BI's Workforce Innovation board, he's hoping to talk about how to surface the positive outcomes of AI."It could also be the thing that helps workers have a better work experience," he said. "Because they have the right tools they need to do their job really well and be efficient and then focus on the things that really need human expertise, the harder problems to solve."The following has been edited for length and clarity.Why is the topic of workforce innovation a priority now?It's important for a few different reasons. One, culture and people are extremely important to our business. We have a number of core values that put people at the center of what we do, and how we think about being successful is really all around this idea of finding ways to improve the lives of those around you — whether it's little things throughout the day that remove stress or large solutions for how we can take care of our customers.But in a post-COVID-19 remote environment, workforce innovation is so important because how do you maintain a strong sense of your core values and culture as you're embracing efficiencies and new tools to innovate?You work in the real-estate sector. What workplace issues are specific to your vertical and business?Absolutely. We work with valuation professionals: These are real-estate brokers, agents, and appraisers who have expertise in understanding what a home is worth, and the process of analyzing data to form a credible opinion of the value of a home in any location in the country.We use AI, as well, to create other ways of valuing properties, such as automated valuation models that use AI to predict the value. We have a number of automated tools that let you use computer vision and AI to scan the home and generate an accurate floor plan.There are certainly fears that go along with that. Is AI, while it might have some benefits to create more accuracy, consistency, and better data, going to replace professionals? And what's the interplay between what highly trained certified professionals with local-market understanding bring to the table [and] innovation going with AI and data?How we bring workforces together with modern tools in a way that doesn't just replace people but provides a better end product is a lot of what the industry's struggling with right now.What are some concrete examples of how you're integrating AI innovation into the workforce?We acquired a company called CubiCasa a few years ago that has an automated-floor-plan app that anyone can use on their phone — no special training or equipment — and walk through a home, scan the home, and it generates an automated floor plan and all of the data associated with that.We see that as an opportunity to enhance the process, not necessarily replace people but put better tools into people's hands.So I think there is a path where technology makes the process more consistent but also gives options to our clients who have different risk levels for what types of tools they need for a particular decision. It's just a question of knowing how to make those options available and also equip people with the right technology at the right time.What are the leadership challenges AI companies are facing now?I hear a lot of conversations that go to concerns around people's jobs being replaced or people's skill sets maybe not being as appreciated anymore if there's an AI equivalent available. One of the quotes I heard from the CTO of United Wholesale Mortgage is that it's not going to be AI that replaces people but people who use AI that will replace people, in terms of jobs.I don't think it has to be a binary conversation: Is AI going to replace people or not replace people? I think there's a very strong link between the idea of worker well-being and AI because whenever there's fear of a new technology that seems powerful enough to cause some disruption, that creates a certain amount of fear and uncertainty for workers.Yet it could also be the thing that helps workers have a better work experience because they have the right tools they need to do their job really well and be efficient and then focus on the things that really need human expertise, the harder problems to solve.In what other ways is AI driving change?One of the things I've been thinking about lately is the human element when we talk about AI, especially when we talk about generative AI. I think it's activated both sides of the brain for the first time. With machine learning and big data, it's activated the logic center of our brain — we're making predictions; we're replacing statistics with supersmart models.But with generative AI, we're talking about some of the creative aspects of things, using it to generate imagery and writing. With that, we now have this opportunity to talk about things like, "If I could create music with this, if I can create these other things, how do I deal with that?"So I think it's worth — instead of thinking about this just as tools and products and tech, we could start having a more holistic conversation about how this actually impacts both our personal lives and the way we go about doing creative things and our business life and the products we create. I think there's room for both at the table for conversation.

AI can enhance human expertise and worker well-being, Clear Capital's EVP of strategy and growth says

Davos, Global economic growth is estimated to fall to its lowest rate in three decades by 2030 amid the ongoing economic and geopolitical shocks, a new report said on Monday. <keyword id="20205587" type="General" weightage="20" keywordseo="releasing-the-future-of-growth-report" source="keywords">Releasing the Future of Growth Report</keyword> 2024 here ahead of its annual meeting of world leaders, the <keyword id="20020435" type="General" weightage="20" keywordseo="world-economic-forum" source="keywords">World Economic Forum</keyword> (<keyword id="19955159" type="General" weightage="20" keywordseo="wef" source="keywords">WEF</keyword>) said this downturn is exacerbating a range of interconnected global challenges, including the climate crisis and a weakening social contract, which are collectively reversing progress in global development. The report called for a new approach to economic growth that balances efficiency with long-term sustainability and equity, examining speed, and quality together. Analysing the quality of growth across 107 economies, it found that high-income economies score high on innovation and inclusion, while lower-income economies on sustainability. "Reigniting global growth will be essential to addressing key challenges, yet growth alone is not enough," WEF Managing Director <keyword id="20205586" type="General" weightage="20" keywordseo="saadia-zahidi" source="keywords">Saadia Zahidi</keyword> said. "The report proposes a new way for assessing economic growth that balances efficiency with long-term sustainability, resilience and equity, as well as innovation for the future, aligning with both global and national priorities," she added. The WEF also launched its 'Future of Growth' initiative, a two-year endeavour aimed at charting a new narrative for economic growth and supporting policymakers from around the world, together with economists and other experts, in identifying the best pathways in balance growth, innovation, inclusion, sustainability, and resilience goals. The report said that most countries continue to grow in ways that are neither sustainable nor inclusive and are limited in their ability to absorb or generate innovation and minimise their contribution and susceptibility to global shocks.

Global economic slowdown headed for worst phase in three decades: WEF study

tudies show that this year, the <keyword id="6367193" type="General" weightage="20" keywordseo="dating" source="Orion">dating</keyword> world will be undergoing a significant transformation, ushering in a new era of connectivity, authenticity, and overall ease. A recent consumer analysis by the Indian dating app QuackQuack revealed that 33% of <keyword id="4550079" type="General" weightage="20" keywordseo="genz" source="Orion">GenZ</keyword> daters believe that dating is about to get simpler and less <keyword id="25913" type="General" weightage="20" keywordseo="toxic" source="Orion">toxic</keyword>. The study was conducted among 15,000 respondents between the ages of 18 and 26 hailing from Tier 1, 2, and 3 Indian cities. The participants are mostly students and some working professionals. QuackQuack's Founder and CEO, Ravi Mittal, commented, "We have a large number of GenZ population on our app, and evidently, this group can predict dating trends better than anyone. In our study, the 18 to 26 age group envisioned a future where individuals embrace <keyword id="1587923" type="General" weightage="20" keywordseo="personal-growth" source="Orion">personal growth</keyword>, forge meaningful connections, and prioritize mental health; we want to learn more and take the necessary measures to pave the way for a non-toxic dating landscape." Emphasis on <keyword id="6354774" type="General" weightage="20" keywordseo="mental-health" source="Orion">Mental Health</keyword> Dating in 2024 is taking a holistic approach by prioritizing mental health, said 46% of respondents above 20. They highlighted how both individuals and dating platforms are recognizing the importance of creating spaces that foster positivity and support, and that will precisely be why dating will be more aligned with personal well-being and not just love and romance. These individuals revealed that open conversations about emotional well-being are becoming integral parts of the dating experience. Mindful exercises like intentional eye contact, daily appreciation, and affirmations are being followed by new couples to create better connections and a safer space. These daters are encouraging people to address even minor mental health concerns in the early stages of their relationship, making it a more compassionate and understanding environment. Inclusive <keyword id="6358061" type="General" weightage="20" keywordseo="relationships" source="Orion">Relationships</keyword> Society's understanding of relationships is evolving, and 2024 is seeing a surge in acceptance of diverse relationship models. QuackQuack's consumer analysis shows that at least 11% of daters from across India are choosing non-traditional paths and gaining visibility and acceptance. 21% of daters from Tier 1, 2, and 3 cities explained that online dating apps are the best option when it comes to choosing a non-traditional relationship pattern; these platforms allow individuals to find partners who align with their values and lifestyles. This inclusivity is fostering a more supportive and understanding dating culture. Personal Growth Relationship goals mean much more than finding the perfect partner or being perfectly compatible. Personal growth in a relationship is the primary focus in 2024. 37% of women between 18 and 25 called dating a journey of self-discovery; they disclosed that in today's day and age, people are seeking partners who complement their personal development rather than fulfilling predefined societal expectations. This shift is actually promoting healthier relationships and a more open mindset. People are no longer fascinated by outer beauty but rather attracted by kindness and intelligence. Authenticity Over Perfection A much-needed break from the body image issues created by social media, GenZ from Tier 1 said the era of curated perfection is fading away, dating shifting towards more body positivity and making room for authenticity. In 2024, daters are embracing their imperfections, and some are even connecting over them, said these participants. Being true to yourself is an attractive quality in a person. This trend encourages genuine connections, as individuals feel more comfortable expressing their real selves without fear of judgment. Mindful Unplugging Dating Fatigue has been one of the most talked-about phenomena in the past couple of years, and to combat it, daters are adopting mindful unplugging. 49% of men and women above 22 illustrated the importance of taking breaks from constant online interactions, allowing space and time for personal reflection and real-world connections.

You Searched For "inclusive growth" and got 11 results

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