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<keyword id="21244010" type="General" weightage="20" keywordseo="government-measures" source="keywords">Government measures</keyword> such as mandatory quality control orders and increasing customs duty have helped boost exports of <keyword id="25284" type="General" weightage="20" keywordseo="toys" source="Orion">toys</keyword> from India, but there is a need to do much more for the sector, a top official said on Wednesday. Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Rajesh Kumar Singh also indicated that they are diligently pursuing the proposal of extending fiscal incentives under the production-linked incentive scheme for the sector. He said that the industry is wondering about one proposed major policy intervention and "let me assure you that we are still pursuing that". In the interim Budget in February, the Commerce and Industry Ministry has recommended an outlay of Rs 3,489 crore for the Production Linked Incentive (PLI) scheme for toys to boost domestic manufacturing of the sector. As the scheme is yet to be cleared by the Union Cabinet, the interim Budget has made a token provision of Rs 1 lakh towards the scheme for 2024-25. The scheme aims to attract investments in key sectors and cutting-edge technology; ensure efficiency, bring economies of size and scale in the manufacturing sector and make Indian companies and manufacturers globally competitive. Singh said that the country's <keyword id="21563576" type="General" weightage="20" keywordseo="toy-exports" source="keywords">toy exports</keyword> have jumped to USD 325.72 million in 2022-23 from USD 96.17 million in 2014-15 as the government is providing all-around support for creating a conducive manufacturing ecosystem for the toy industry. Imports of toys dipped by 52 per cent from USD 332.55 million in 2014-15 to USD 158.7 million in 2022-23. "The national action plan for toys and other initiatives has had a good impact, but we need to do much more," Singh said, adding the sector holds huge exports and job potential. In order to make India a global hub for toy manufacturing, the government has undertaken a series of initiatives including the formulation of a comprehensive National Action Plan for Toys (NAPT) to promote the designing of toys, using toys as a learning resource, monitoring quality of toys, and promoting indigenous toy clusters. The secretary was speaking at a toy workshop in New Delhi. In order to enable further growth, increased market access and development of new-age marketing skills, DPIIT conducted a workshop with Flipkart and the Indian Toy Industry. Flipkart, Walmart and the Toy Association of India participated in the event. Joint Secretary in the DPIIT Sanjiv said that the workshop was aimed at enhancing India's position and capabilities in the global toy supply chain. It will help the toy manufacturers understand the nuances of online selling which shall in turn help in the growth of sales and market access, Sanjiv said. The issues figured out in the workshop included ways to increase sourcing by online platforms, onboarding of manufacturers on the Flipkart platform and upskilling. It was also aimed at supporting online selling, scaling domestic consumption and upskilling/reskilling workforce. Last year, Flipkart informed toy makers about their requirements and expected quality standards, as it is directly engaging with domestic toymakers for sourcing. The online platforms provide greater access to a much wider customer base across India, expanding their market reach significantly. E-commerce eliminates the need for physical stores, reducing operational costs. It also provides valuable brand exposure to a large audience. Additionally, e-commerce platforms offer data on consumer buying habits and preferences, allowing manufacturers to develop products that cater to market demands. India raised import duties on toys beginning in February 2020. The basic customs duty was increased from 20 per cent to 60 per cent and then to 70 per cent in July 2021.

Govt steps have boosted toy exports from India, but more work still needed: DPIIT Secretary

In a bid to bolster the safety and security of <keyword id="19989657" type="General" weightage="20" keywordseo="digital-payments" source="keywords">digital payments</keyword> and enhance regulatory frameworks, the Reserve Bank of India (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>) unveiled a series of proposals aimed at fostering innovation, inclusivity, and efficiency in the financial ecosystem. These initiatives, announced by RBI Governor <keyword id="19913110" type="General" weightage="20" keywordseo="shaktikanta-das" source="keywords">Shaktikanta Das</keyword>, signify the central bank's commitment to fortifying India's digital infrastructure and promoting a conducive environment for financial transactions. One of the key announcements made by Governor Das pertained to the establishment of a Digital Payments <keyword id="21971766" type="General" weightage="20" keywordseo="intelligence-platform" source="keywords">Intelligence Platform</keyword>. This platform, leveraging advanced technologies, aims to mitigate payment <keyword id="19898489" type="General" weightage="20" keywordseo="fraud" source="keywords">fraud</keyword> risks and enhance the safety of digital transactions. According to the annual report released by the Reserve Bank of India (RBI) on May 30, there was a significant surge in the number of financial frauds reported by banks, increasing by 166 per cent year-on-year in the financial year 2023-24 to reach 36,075 cases. This figure starkly contrasts with the 13,564 cases reported in the previous fiscal year, FY23. Despite the notable rise in the number of fraud cases, there was a substantial decrease in the total amount involved in these incidents. The amount of money associated with total bank frauds plummeted by 46.7 per cent year-on-year in the financial year 2023-24, totaling Rs 13,930 crore. In comparison, the amount recorded in FY23 stood at Rs 26,127 crore. RBI has proposed a revision of the limit of bulk deposits for Scheduled Commercial Banks (SCBs) and Small Finance Banks (SFBs). This move, aimed at enhancing flexibility and aligning with evolving market dynamics, underscores the RBI's commitment to fostering a conducive environment for the banking sector. Currently, banks have the discretion to offer differential rates of interest on bulk deposits based on their requirements and Asset-Liability Management (ALM) projections. The existing bulk deposit limit for SCBs (excluding Regional Rural Banks) and SFBs, set at 'Single Rupee term deposits of Rs 2 crore and above,' was established in 2019. However, following a comprehensive review, the RBI has proposed to revise this definition to 'Single Rupee term deposits of Rs 3 crore and above' for SCBs and SFBs. In addition to the proposed revision for SCBs and SFBs, the RBI has also suggested defining the bulk deposit limit for Local Area Banks (LABs) as 'Single Rupee term deposits of Rs 1 crore and above,' mirroring the criteria applicable to Regional Rural Banks (RRBs). RBI has also unveiled plans to rationalize export and import regulations under the Foreign Exchange Management Act (FEMA), 1999. This initiative, driven by the imperative of progressive liberalization and operational flexibility, underscores the RBI's commitment to fostering a conducive environment for international trade and investment. By eliminating redundancies, enhancing clarity, and reducing procedural complexities, the RBI aims to promote ease of doing business for all stakeholders involved in cross-border trade. The RBI aims to streamline and simplify operational procedures related to export and import transactions, thereby reducing administrative burdens and enhancing efficiency for businesses and authorized dealer banks. By aligning regulations with international best practices and market realities, the RBI seeks to create a business-friendly environment conducive to fostering trade and investment growth. Simplified regulations will facilitate smoother trade transactions, encouraging businesses to explore new markets and expand their global footprint. While promoting ease of doing business, the RBI remains committed to ensuring compliance with regulatory requirements and safeguarding the integrity of the financial system. The proposed rationalization will uphold the principles of transparency, accountability, and risk management in cross-border transactions. As part of the process, the RBI plans to publish draft regulations and directions on its official website by the end of June 2024. In a bid to enhance the convenience and efficiency of digital payments, RBI has unveiled plans to expand the e-mandate framework to include recurring payments for Fastag, National Common Mobility Card (NCMC), and similar services. This initiative, aimed at modernizing payment systems and promoting financial inclusion, underscores the RBI's commitment to fostering innovation and leveraging technology to meet evolving consumer needs. The current UPI Lite service permits customers to load their UPI Lite wallets with up to Rs 2000/- and conduct transactions of up to Rs 500 from the wallet. To enhance the seamless usage of UPI Lite for customers, and in response to feedback from various stakeholders, it is suggested to integrate UPI Lite into the e-mandate framework. This integration would introduce an auto-replenishment feature for UPI Lite wallets, automatically refilling the wallet balance when it falls below a predetermined threshold set by the customer. Since the funds remain under the customer's control (transferring from their account to the wallet), it is proposed to eliminate the need for additional authentication or pre-debit notifications. Relevant guidelines pertaining to this proposal will be issued shortly. RBI has embarked on a mission to foster innovation and transformation in the financial sector with the launch of its third edition of the global hackathon, "HARBINGER 2024 - Innovation for Transformation." It would feature two primary themes: 'Zero Financial Frauds' and 'Being Divyang Friendly.' Solutions aimed at bolstering the safety and security of digital transactions, with a specific emphasis on identifying, preventing, and combating financial frauds, will be solicited. Additionally, there will be a focus on fostering inclusivity for individuals with physical disabilities. Further details regarding the hackathon will be unveiled shortly. SEE ALSO:<a href="https://www.businessinsider.in/tech/news/indian-smartwatch-shipments-remain-flat-in-q1-2024-the-year-expected-to-end-in-a-decline/articleshow/110789121.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/indian-smartwatch-shipments-remain-flat-in-q1-2024-the-year-expected-to-end-in-a-decline/articleshow/110789121.cms" target="_blank">Indian smartwatch shipments remain flat in Q1 2024, the year expected to end in a decline</a><a href="https://www.businessinsider.in/tech/news/computex-2024-intel-debuts-lunar-lake-chips-with-focus-on-microsofts-ai-ambitions-for-pcs/articleshow/110745670.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/computex-2024-intel-debuts-lunar-lake-chips-with-focus-on-microsofts-ai-ambitions-for-pcs/articleshow/110745670.cms" target="_blank">Computex 2024: Intel Debuts Lunar Lake Chips With Focus On Microsoft’s AI Ambitions For PCs</a><a href="https://www.businessinsider.in/business/auto/news/may-auto-sales-tata-motors-and-hyundai-continue-to-fight-for-the-second-spot-as-car-sales-grow-by-4/articleshow/110649713.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/may-auto-sales-tata-motors-and-hyundai-continue-to-fight-for-the-second-spot-as-car-sales-grow-by-4/articleshow/110649713.cms" target="_blank">May Auto Sales – Tata Motors and Hyundai continue to fight for the second spot as car sales grow by 4%</a>

RBI announces digital payments intelligence platform to check online frauds

New Delhi, Banking issues like reluctance to process <keyword id="6358355" type="General" weightage="20" keywordseo="forex" source="Orion">forex</keyword> received through alternate channels and high processing fees are hindering the growth of <keyword id="7848945" type="General" weightage="20" keywordseo="e-commerce-exports" source="Orion">e-commerce exports</keyword> from India, and there is a need to bring mindset change to unlock the sector's potential, a report by think tank GTRI said on Monday. Unlocking India's e-commerce export potential to USD 350 billion by 2030 requires addressing banking issues that hinder growth and increase operational costs, the Global Trade Research Initiative (GTRI) said. "To initiate change, both the RBI and banks must shift their mindset towards treating small-value exports differently from larger ones. This shift is essential to prevent misuse while streamlining processes. Without this fundamental change, any reforms attempted by the RBI and banks will fall short," it said. Small e-commerce businesses often face challenges because banks are not equipped to handle low-value transactions efficiently, it added. The key issues include reluctance to process forex through alternate channels, high processing fees, incorrect purpose code allocation, and limitations in the RBI's EDPMS (Export Data Processing and Monitoring System). The Reserve Bank of India tracks export payments and reconciliation through its Export Data Processing and Monitoring System. "Banks are happy to process forex received through bank transfers but reluctant to process forex received through foreign currency cheques, payment gateways like PayPal, credit cards, <keyword id="151105" type="General" weightage="20" keywordseo="western-union" source="Orion">Western Union</keyword>, cash receipt when a buyer selects item live in the retail shop," it said. Banks delay crediting forex received in a firm's account when payments are received through such channels, and this affects cash flow and hampers business operations, the report noted. Banks charge money multiple times at different stages for the same small-value shipment, it added. Elaborating this, it said that essential charges include charges for submitting shipping bills (Rs 80 to Rs 2,000) at the time of forex realisation (1-to-2.5 per cent of value), intermediary bank charges during forex transfers (USD 10 to USD 55 per transaction), penalties for bills pending at EDPMS (Rs 100 per shipping bill per month). "Most charges are fixed for a transaction irrespective of value. Bank charges can exceed 50-60 per cent of the shipment value. This makes e-commerce exports commercially unviable," it said, adding banks allocate purpose codes for each remittance but frequently issue incorrect codes. For example, purpose code P0103, meant for advance payments, is often assigned even when exports have already occurred and the firm has submitted proof. Incorrect allocation of purpose codes by banks leads to reconciliation problems, EDPMS pendency issues, and issuance of notices and fines on exporters. The RBI issues notices to exporters for EDPMS defaults but does not give them direct access to view their records, as per the report. "Exporters must rely on banks/DGFT for critical data, leading to unnecessary delays and complications," GTRI co-founder <keyword id="504704" type="General" weightage="50" keywordseo="ajay-srivastava" source="Orion">Ajay Srivastava</keyword> said. The report suggested eight action points, such as the creation of a single window platform for e-commerce and small-value shipments, standardise bank charges, defining a time limit for banks to complete all small export-related requests by the RBI, and exempting shipment value up to USD 1,000 per shipment from monitoring till the single window is implemented. It also pitched for an extension of the timeline for EDPMS closure from the current nine months to 24 months and redesign the courier shipping bill to reflect correct payment terms. On the single window, Srivastava called for integrating the RBI, banks, Customs, DGFT, India Post, courier companies and exporters. "This platform should cover all realisation methods other than bank transfers. The exporter should be able to conduct all transactions online. SW will automate the EDPMS reconciliation process," he added. He said that high processing fees and multiple charges at different stages of exporting hurt small businesses the most, and the banks should charge a one-time fee for each shipment instead of further charges at various stages. "The government could subsidise these fees to ease the financial burden on small exporters," the report said, adding there is a need to raise the export realisation variation limit from 25 per cent to 100 per cent.

Banking issues hinder growth of exports through e-commerce: GTRI report

<ul class="summary-list"><li>Shein plans to sell its supply-chain technology to other retailers.</li><li>The strategy could help grow its revenue, but experts say the brand's reputation may be an obstacle.</li></ul><a target="_blank" href="https://www.businessinsider.com/inside-shein-path-ipo-climate-fast-fashion-controversies-stock-exchange-2024-5">Shein</a> is looking to sell the supply-chain technology that has been a big part of its success. Industry experts say that while it could boost the online retailer's revenues, getting brands to sign on could be an uphill battle.Shein has developed a unique on-demand manufacturing model that enables it to turn around designs in a matter of weeks, compared with the several months more typical among its fast-fashion competitors.Now, according to an investor letter from Shein's executive chair, Donald Tang, which was first reported by The Wall Street Journal <a target="_blank" href="https://www.wsj.com/business/shein-to-market-its-unique-supply-chain-technology-to-global-brands-32fa0ed8">in March</a>, Shein is looking to sell that technology to other brands and retailers."Supply-chain technology is a top secret for a business like this," said Evelyn Gong, an assistant professor of operations management at Carnegie Mellon University's Tepper School of Business. "People have been curious, and now Shein suddenly is willing to share it with everyone who's willing to pay for this technology, including its competitors."Shein was founded in China in 2012 and moved its headquarters to Singapore in late 2021. It's a private company and thus isn't obligated to disclose its financials, but Coresight Research estimated that it generated nearly $32 billion in revenue in 2023. Shein has grown a lot in a short amount of time, and its ambitions are even larger.It <a target="_blank" href="https://www.businessinsider.com/what-is-shein-billion-dollar-fast-fashion-company-explained-2023-7">confidentially filed for a US initial public offering</a> in November, which is expected to be one of the largest public debuts in years. After facing regulatory struggles and criticism from lawmakers in the US, <a target="_blank" href="https://www.businessinsider.com/shein-ipo-new-york-london-us-scrutiny-listing-2024-2">Shein is said to be exploring moving its IPO</a> to the London Stock Exchange.Shein has also grown beyond its fashion roots, selling products in categories such as home goods, electronics, and office supplies. It has also opened up its site to third-party sellers in a marketplace model similar to Amazon's.But Shein's rise hasn't come without controversies — it has weathered allegations related to its labor practices and <a target="_blank" href="https://www.businessinsider.com/temu-shein-under-increased-pressure-from-us-lawmakers-de-minimis-2024-2">import strategy</a>, among others — that could hamper its efforts to expand to new business lines, experts said.<h2 id="71c04589-0e4b-4cac-91f4-c71ea2486d4c">A 'playground' for small designers and brands</h2>Shein works directly with more than 5,000 suppliers, mainly in China. Its forecasting tools and high volume of customer data allow it to stay on top of the latest trends.By showing it has consistently high demand for its products on social media, it can negotiate lower rates and minimum order quantities with its suppliers, Prince Ghosh, a cofounder and the CEO of the quality-control startup Factored Quality, said. This means it can manufacture only the most popular items and avoid sinking money into inventory that might not sell as well."Fast fashion has been around for a while," Ghosh said. "Shein, and now Temu and many others, really just built this modern version of it that they have owned a lot of themselves."<div type="image" title="A pair of black sunglasses propped on a table with a Shein tag." height="3712" width="5568" msid="110774600" hostid="261" sizebytes="462130"></div>That on-demand model could appeal to small, up-and-coming brands that might want to experiment with designs before they fully scale production. Shein already does this on a smaller scale through its Shein X program, which it launched in 2021. The <a target="_blank" href="https://affiliate.insider.com?h=c7c824610c2b39bedd55d2a22737e85669e9b35d9ab1c297d1b743007976e21d&amp;postID=6658e8e966bb31e50751c374&amp;postSlug=shein-to-sell-supply-chain-technology-experts-debate-challenges-2024-5&amp;site=bi&amp;u=https%3A%2F%2Fus.shein.com%2Fcampaign%2Fsheinx-story">incubator program</a> involves Shein manufacturing, marketing, and selling designs created by individual designers.Making the tech available more widely could help partner brands gain valuable insight into inventory levels and forecast demand. Brands that aim to keep their prices low while keeping up with seasonal trends could also benefit. It's often very expensive for brands to develop prototypes themselves, especially in the US, so using Shein's supplier network could be more cost-effective."It would be a pretty good playground for individual designers and small brands or startups that are just starting out and don't have the resources to set up an independent supply chain themselves," Gong said.Shein has also made use of <a target="_blank" href="https://www.businessinsider.com/shein-temu-de-minimis-tax-loophole-scrutiny-2024-1">de minimis, a provision in US import law</a> that allows shipments of less than $800 to enter the country duty-free and with minimal inspection. It consolidates orders in fulfillment centers in China and then ships them by air to the US in individual parcels. By doing so, it can avoid paying duties that more traditional retailers would have to pay when importing their products wholesale. Brands partnering with Shein could benefit from this practice as well."That's how they're able to keep that low cost," Ghosh said.A Shein spokesperson said the company's success did not depend on the de minimis provision."Our business model, focused on creating an on-demand production approach that measures and responds to customers' needs and preferences, is what drives our growth," the representative said.Still, calls to overhaul de minimis have grown louder in recent months. US lawmakers and advocacy groups argue that the loophole hurts American textile businesses and allows for illicit goods to enter the country. Shein has also said it <a target="_blank" href="https://www.sheingroup.com/pdfs/aafa-letter/">supports changes to de minimis</a> as long as they're fair.<h2 id="76aa076e-ab0d-416e-859c-0bf34ace2d9c">Brands might have some hesitations</h2>Shein wouldn't be the first retailer to diversify its revenue streams by selling its technology.Walmart <a target="_blank" href="https://www.businessinsider.com/walmart-commerce-technologies-trademark-filing-job-posting-amazon-2022-2">launched Walmart Commerce Technologies</a> in 2021 to sell services such as its artificial-intelligence-powered <a target="_blank" href="https://www.businesswire.com/news/home/20240314754136/en/Walmart-Commerce-Technologies-Launches-AI-Powered-Logistics-Product">route-optimization</a> tech and its in-store fulfillment capabilities. The German e-commerce giant Zalando <a target="_blank" href="https://corporate.zalando.com/en/brands-retailers/platform-services/zalando-logistics-solutions/zalando-logistics-solutions-glance">similarly sells logistics services</a> to partner retailers.But Shein has reputational concerns to contend with. For one, it has drawn criticism and scrutiny following <a target="_blank" href="https://www.businessinsider.com/shein-factory-workers-18-hour-shifts-paid-low-wages-report-2022-10">reports</a> that laborers in its partner factories worked excessive hours in poor conditions. Lawmakers <a target="_blank" href="https://www.rubio.senate.gov/rubio-investigate-shein-and-temu-for-slave-labor/">have called</a> for the Department of Homeland Security to investigate whether goods sold on Shein and Temu and exported to the US were made using forced labor, which would violate the US's Uyghur Forced Labor Prevention Act.The Shein spokesperson said the company had a "zero-tolerance policy for forced labor" and required its "contract manufacturers to only source cotton from approved regions."<div type="image" title="A worker makes clothes at a garment factory that supplies SHEIN." height="3710" width="5565" msid="110774598" hostid="261" sizebytes="685120"></div>"We take visibility across our entire supply chain seriously, and we are committed to respecting human rights," the spokesperson said.Shein has also <a target="_blank" href="https://www.businessinsider.com/shein-accused-using-shell-companies-to-steal-designs-new-lawsuit-2023-7">faced multiple lawsuits</a> alleging it <a target="_blank" href="https://www.fashiondive.com/news/shein-copyright-complaint/696575/">stole designs</a> from other companies. If brands work with their network of suppliers, experts said, it could mean sharing their detailed design information, which some see as a risk. It's not clear whether Shein would get access to its partners' customer data or whether it could use that data to inform its own product decisions."We are continually investing in our review process and are committed to driving industry-wide advancement," the spokesperson said. "Shein suppliers and third-party sellers are required to comply with company policy and certify their products do not infringe third-party IP."Working with established brands could help Shein improve its image as it prepares to debut on the public markets. CNBC reported that <a target="_blank" href="https://www.cnbc.com/2024/05/13/nrf-rejects-shein-membership-as-retailer-pursues-us-ipo.html">Shein had also applied</a> to join the National Retail Federation, the largest retail trade organization in the US, but had been denied multiple times.But if it's successful in selling its tech to brands it hasn't worked with before, Shein could expand its reach, Anand Kumar, an associate director of retail research at Coresight Research, said."Currently, Shein just sells the very low-cost products, but including various brands in its platform, it can sell products at various price ranges," he said. "It'll help to position it to compete with more global retailers."

Shein wants to sell the supply-chain tech it used to disrupt online shopping. Retail experts say brands may have concerns. 

Owing to poor rain in major <keyword id="13726" type="General" weightage="20" keywordseo="rice" source="Orion">rice</keyword> producing states like <keyword id="6357713" type="General" weightage="80" keywordseo="uttar-pradesh" source="Orion">Uttar Pradesh</keyword>, Bihar and West Bengal, the Centre on Thursday imposed 20 per cent duty on export of various grades of rice. According to a <keyword id="47209" type="General" weightage="80" keywordseo="finance-ministry" source="Orion">Finance Ministry</keyword> notification, 20 per cent <keyword id="139959" type="General" weightage="20" keywordseo="export-duty" source="Orion">export duty</keyword> on rice in husk, husked rice and milled rice has been imposed which would be applicable from September 9. The move would help rein in prices of rice across the country. The decision to impose 20 per cent export duty on rice comes after wheat exports were banned in May. Inadequate rainfall in rice producing states has raised concerns of poor output, which has led to the imposition of export duty on the commodity. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/what-does-the-missing-sim-card-slot-on-iphone-14-mean-for-users/articleshow/94075327.cms">What does the missing SIM card slot on iPhone 14 mean for users</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/ecommerce/news/online-festival-sales-likely-to-be-28-higher-than-pre-covid-levels-at-11-8-billion-report/articleshow/94076810.cms">Online festival sales likely to be 28% higher than pre-Covid levels at $11.8 billion: report</a>

Government imposes 20% export duty on rice

Online hiring activities for white collar jobs declined in April compared to the year-ago period amid a challenging environment for businesses, according to a report. The report also suggested that despite economic uncertainties, hiring activities among startups have significantly increased in April. While there has been a 6 per cent decline in e-recruitment for white collar jobs in April, compared to the same month last year, the market for new and emerging job roles was up, according to foundit <keyword id="15764562" type="General" weightage="100" keywordseo="insights-tracker" source="Orion">Insights Tracker</keyword> (fIT). "The current global economic uncertainties have created a challenging environment for businesses, forcing them to navigate a rapidly changing environment. Although hiring has declined, there are still a plethora of job opportunities in emerging industries for job seekers," foundit (previously Monster APAC and ME), a Quess company, CEO <keyword id="12137505" type="General" weightage="50" keywordseo="sekhar-garisa" source="Orion">Sekhar Garisa</keyword> said. He said the Indian startup ecosystem has taken a turn, exhibiting resilience in hiring intent despite the prevailing job market challenges. "While we expect cautious hiring sentiments to persist, we remain optimistic about job opportunities for candidates, particularly as startups continue to propel the demand for talent and innovation," <keyword id="13638247" type="General" weightage="80" keywordseo="garisa" source="Orion">Garisa</keyword> added. Foundit Insights Tracker is based on data on its platform from April 2022 to April 2023. In the startup ecosystem, while edtech was among the top 5 industries hiring, the sector held a much larger share last year, the report said. Other segments such as BFSI/fintech, and media and entertainment also accounted for considerable demand in the startup hiring space, it stated. On the other hand, healthcare and BPO startups showed a negative hiring intent, it added. Job postings by startups have been driven by increased hiring across metros, and robust hiring has also been noted for remote roles. <keyword id="6354321" type="General" weightage="50" keywordseo="bengaluru" source="Orion">Bengaluru</keyword> (33 per cent) accounted for the highest share of startup jobs, and Delhi, Mumbai and Pune also hosted notable demand trends, it added. Meanwhile, the report revealed that the retail sector has grown 22 per cent Year-on-Year (<keyword id="63194" type="General" weightage="80" keywordseo="yoy" source="Orion">YoY</keyword>), which is encouraging for job seekers in emerging industries. The report noted that e-commerce has contributed significantly to this growth, with India now home to some of the largest online retailers. This expansion has increased demand for skilled professionals on the shop floor, providing ample opportunities for retail job seekers, it said. Furthermore, hiring in travel and tourism has also experienced a growth of 19 per cent YoY, as domestic and international travel spiked this summer, it stated. The telecom sector's job market grew by 14 per cent YoY, putting it among the top three most actively hiring sectors, the report said. It also added that cybersecurity professionals are in high demand attributed to the increasing dependence on technology and digital platforms, which has consequently led to a rise in cyber-attacks and data breaches. Other sectors that have shown growth momentum annually include NGO/social services (11 per cent), advertising, market research and public relations (7 per cent), oil/gas (3 per cent) and shipping/marine (2 per cent). However, on the downside, BFSI (4 per cent) and BPO/ITES (13 per cent) sectors continued to witness a decline in hiring as companies watched their spends on talent acquisition. Other sectors like healthcare, biotechnology and life science (16 per cent), import/export (19 per cent), agro-based industries (20 per cent) and IT-hardware/software (22 per cent) also saw a significant decline in their hiring patterns in April compared to the year-ago period. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sports/news/resurgent-kkr-face-struggling-rajasthan-royals-aim-to-break-into-top-4/articleshow/100124037.cms">Resurgent KKR face struggling Rajasthan Royals, aim to break into top 4</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/nclt-admits-go-firsts-plea-to-initiate-insolvency-resolution/articleshow/100123886.cms">NCLT admits Go First's plea to initiate insolvency resolution</a>

Hiring for white collar jobs online declined in April says foundit Insights Tracker

Best humidifier for room in India

<ul><li>In his budget speech earlier this year, Arun Jaitley announced that the commerce ministry was developing a National <keyword id="108235" type="ORGANIZATION" weightage="20" keywordseo="logistics">Logistics</keyword> Portal. </li><li>The platform will function as a one-stop shop for traders and manufacturers, and not only connect them with logistics service providers but also avail of certification from 81 government entities. </li><li>The platform, which is set to go live next year, is expected to improve price discovery reduce logistics costs and boost <keyword id="35090" type="COMPANY" weightage="20" keywordseo="exports">exports</keyword> and manufacturing. </li></ul>The Indian government is readying a national logistics and <keyword id="44844" type="ORGANIZATION" weightage="20" keywordseo="Trade">trade</keyword> e-platform to reduce costs and ease the process of price discovery. The idea behind the online marketplace is to enroll all the <keyword id="6355002" type="UNKNOWN" weightage="20" keywordseo="transport">transport</keyword> and logistics vendors on one platform and allow prospective clients and companies to compare prices and choose the option that works best for them. In doing so, the National Logistics Portal (<keyword id="187135" type="ORGANIZATION" weightage="20" keywordseo="NLP">NLP</keyword>) is expected to ease the transport of goods around India as well as for export purposes. For example, exporters can find the cheapest transport provider for their foreign shipments. The platform will function as a one-stop shop for traders and manufacturers, and not only connect them with logistics service providers but also avail of certification from 81 government entities such as the Railways Ministry, Sea and Air Port Terminal Authority, Roads and Highways ministry and Customs department. Launch date in 2019 The announcement of the NLP came in this year’s <a href="https://www.livemint.com/Politics/6ZTmv653VqU5ghPAcWCfTJ/Union-Budget-2018-Full-text-of-Arun-Jaitley-budget-speech.html">Union Budget</a>. It follows the successful launch of the government’s e-marketplace (GeM) in August 2016. The GeM operates on a smaller scale, and is a portal for all government procurement deals. It was established to streamline the purchase of goods and services by government ministries and departments. The initial legwork on the NLP is already underway. Following the platform’s approval by a committee of secretaries in the commerce ministry, a tender to develop the online platform will be issued in October, with the end goal of commencing a trial run of the portal by March next year. The Union Cabinet will have to approve the entity that wins the bid. The subsequent phases of the portal’s launch will involve the implementation of a single window certification mechanism to approve transactions and the integration of an online payment component. A mobile application will also be developed, which will allow buyers to track their goods in real time. Logistics costs currently total as much as 14% of GDP owing to multiple clearance windows and overlapping regulations. With the launch of the portal, the government wishes to reduce that figure to 10% in the next couple of years, which will inevitably boost exports.

India’s government is launching an online logistics portal to boost exports

<ul class="summary-list"><li>Natural gas stockpiles for winter are currently more than 10% below normal levels for this point in the year. </li><li>Domestic gas output has fallen by 1 billion cubic feet per day from a peak of 98.7 billion earlier in August.</li></ul>While Europe scrambles to stock up on natural gas for the winter, the US could face its own energy crunch as production and storage lag. According to <a href="https://www.bloomberg.com/news/articles/2022-08-17/natural-gas-shortage-fears-buoy-us-market-as-winter-reserves-lag">data compiled by Bloomberg</a>, US gas stockpiles for winter are currently 10% lower than normal levels at this point in the year as a heatwave boosts demand for cooling electricity.At the same time, total domestic gas output has declined by 1 billion cubic feet per day from a peak of 98.7 billion cubic feet per day for the week ending August 6, BloombergNEF data show. The US heating season is just two and a half months away. But that will coincide with the partial reopening of the Freeport LNG export hub in October. When it comes back online after a fire shut it down earlier this year, it could siphon off US gas supplies as Europe grapples with an energy crisis.Buyers in Europe are willing to pay as much as seven times the US selling price for natural gas. Benchmark prices in Europe have soared 12% in August alone, equaling $67 per million British thermal units. That compares with the US price of about $9 per million BTUs, which is already near 14-year highs. Russia's cuts to European gas deliveries have roiled global energy markets, triggering a worldwide race to secure enough supplies before winter.The US has already replaced Russia as Europe's top gas supplier. And buyers in Asia have also stepped up gas purchases, anticipating massive demand from Europe as it seeks alternative sources. On Tuesday, Asia's benchmark spot LNG price jumped to nearly $60 per million British thermal units.

US could face its own winter energy crunch as gas production and storage lag while key export hub eyes restart

The good news: Russia will turn the Nord Stream 1 pipeline back on. The bad news: Europe's energy crisis is far from over. Phil Rosen here, guzzling a midweek coffee in New York City. Moscow's recent maneuvers have included tapering energy flows and circumventing Western sanctions, all while carrying out its war on Ukraine. And, depending on how the next several days unfold, its next move may determine the if and when of a European recession. Okay — let's talk shop. If this was forwarded to you, <a href="https://www.businessinsider.com/subscription/newsletter/10-things-opening-bell">sign up here</a>. Download Insider's app <a href="https://www.insider.com/app">here.</a><a href="https://markets.businessinsider.com/news/commodities/russia-gas-flows-resume-nord-stream-pipeline-europe-energy-crisis-2022-7"></a>1. After much anxiety, Nord Stream 1 will reopen on schedule. But, according to a Reuters report, gas flows are going to be trickling in at <a href="https://markets.businessinsider.com/news/commodities/russia-gas-flows-resume-nord-stream-pipeline-europe-energy-crisis-2022-7">reduced levels starting Thursday</a>.The pipeline, which was shut down for maintenance this month, is responsible for more than <a href="https://markets.businessinsider.com/news/commodities/russia-gas-flows-resume-nord-stream-pipeline-europe-energy-crisis-2022-7">one-third of Russia's natural gas exports</a> to Europe. But even before it went offline last week, Gazprom had slashed deliveries by 60% — which prompted European officials to accuse the Kremlin of <a href="https://markets.businessinsider.com/news/currencies/russian-gas-dollar-vs-euro-vladimir-putin-european-energy-crisis-2022-7?utm_medium=ingest&amp;utm_source=markets">weaponizing energy flows</a>. The fate of the pipeline — and whether Russia would turn routine maintenance into a lasting shutoff — was the source of significant anxiety this month for European leaders facing a worsening energy crisis.And there's good reason for concern. Russian President Vladimir Putin said flows to Europe could be cut further to 20% of capacity <a href="https://markets.businessinsider.com/news/commodities/europe-gas-crisis-putin-warns-nord-stream-flow-slow-restart-2022-7">due to problems with equipment</a>.The EU early Wednesday asked governments to be conservative with their <a href="https://affiliate.insider.com?u=https%3A%2F%2Fwww.wsj.com%2Farticles%2Feurope-rolls-out-plan-to-ration-natural-gas-if-russia-tightens-taps-11658301772%3Fmod%3De2tw" target="_blank" rel="noopener noreferrer">energy use</a>, as the IMF warned that in the event of a full Russian gas cutoff, <a href="https://markets.businessinsider.com/news/commodities/russian-gas-cutoff-europe-recession-imf-moscow-ukraine-energy-oil-2022-7">Europe's economies would sink into severe recessions.</a>However, even as the EU economy teeters, the world's biggest crude exporter seems to be doing just fine. Saudi Arabia is on pace to notch its <a href="https://markets.businessinsider.com/news/commodities/china-oil-imports-saudi-arabia-crude-exports-russia-trade-2020-2022-7">best oil shipping month since 2020</a>, and China's influx of crude imports have helped the cause. And to bring it back to Moscow — it's worth noting that <a href="https://markets.businessinsider.com/news/commodities/russia-saudi-arabia-oil-fuel-energy-sanctions-inflation-ukraine-2022-7?utm_medium=ingest&amp;utm_source=markets">Saudi Arabia more than doubled its imports of Russian oil</a> in the second quarter to free up the Kingdom's own crude for exports.<a href="https://markets.businessinsider.com/news/bonds/us-debt-china-top-holder-1-trillion-japan-treasury-fed-2022-7"></a><div type="image" title="A screen shows Chinese President Xi Jinping delivering a keynote speech at the opening ceremony of the Boao Forum for Asia via video link, at a media centre in Boao, Hainan province, China April 21, 2022. REUTERS/Kevin Yao" height="2354" width="4709" msid="93005979" hostid="261"></div>2. Global stocks rise Wednesday, as US stock futures fall. Also, bitcoin was last seen trading above the $23,600 level. <a href="https://markets.businessinsider.com/news/stocks/stock-market-today-us-futures-european-energy-ecb-inflation-netflix-2022-7">Here are the latest market moves.</a>3. On the docket: Tesla, Abbott Laboratories, and Crown Castle Corp, all <a href="https://markets.businessinsider.com/earnings-calendar">reporting</a>. 4. These deeply discounted stocks can beat their peers in the travel and service sectors, according to Morningstar's chief US market strategist. Dave Sekera broke down his top picks amid a recession-resistant shift in consumer spending patterns. <a href="https://www.businessinsider.com/investing-best-stocks-to-buy-travel-leisure-consumer-rebound-morningstar-2022-7">See his list of 13 names here.</a> 5. China is no longer the top holder of US debt after its total dips below $1 trillion for the first time in 12 years. In May, China held $980.8 billion in US debt, down $23 billion from the prior month and almost $100 billion from a year ago, Treasury Department figures show. <a href="https://markets.businessinsider.com/news/bonds/us-debt-china-top-holder-1-trillion-japan-treasury-fed-2022-7">Here's what you want to know. </a>6. It's premature to believe inflation is going to peak and cool down soon, Goldman Sachs' chief equity strategist said. In Peter Oppenheimer's view, most people are still living in a reality where prices are still on the rise. <a href="https://markets.businessinsider.com/news/stocks/inflation-peak-fed-premature-recession-stocks-goldman-sachs-peter-oppenheimer-2022-7">The recent hot inflation data makes him believe core inflation is still accelerating well ahead of expectations. </a>7. Lumber prices are looking for direction as the housing market finally slows. An easing of mortgage rates had helped boost lumber prices in early July, but those gains have tapered off — and <a href="https://markets.businessinsider.com/news/commodities/lumber-prices-today-mortgage-rates-homebuilder-confidence-demand-inflation-housing-2022-7">homebuilder confidence has cratered to levels not seen since the start of the pandemic.</a>8. BlackRock equities investment chief said it's time to shift money from US stocks and cash into beaten-down European companies. He laid out the three key reasons why investors should make the move — <a href="https://www.businessinsider.com/stocks-to-buy-cheap-picks-shift-away-us-european-blackrock-2022-7">and exactly what part of the market to buy into now</a>. 9. An investment analyst at a $31 billion firm said home prices are on track to fall back toward their pre-pandemic levels. "The US housing market is due for a reset," said Penn Mutual Asset Management's Michael Cook. <a href="https://www.businessinsider.com/housing-market-crash-why-home-prices-set-to-fall-cities-2022-7">He shared three cities where declines will be among the worst in the country.</a><a href="https://markets.businessinsider.com/stocks/nflx-stock"></a><div type="image" title="netflix stock" height="1053" width="1133" msid="93005981" hostid="261"></div>10. Netflix reported earnings after the bell Tuesday, and its stock jumped. The company was coming off of a first quarter earnings disaster, and the streaming giant spent months revamping its business, laying off employees, and planning a less expensive subscription tier. <a href="https://www.businessinsider.com/netflix-earnings-losing-subscribers-second-straight-quarter-2022-7">This is where things stand now after Netflix said it lost more subscribers.</a>Keep up with the latest <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> news throughout your day by checking out <a href="https://link.chtbl.com/therefresh">The Refresh from Insider</a>, a dynamic audio news brief from the Insider newsroom. <a href="https://link.chtbl.com/therefresh">Listen here.</a>Curated by Phil Rosen in New York. (Feedback or tips? Email <a href="mailto:prosen@insider.com">prosen@insider.com</a> or tweet <a href="https://twitter.com/philrosenn">@philrosenn</a>).Edited by Max Adams (<a href="https://twitter.com/maxradams">@maxradams</a>) in New York and Hallam Bullock (<a href="https://twitter.com/hallam_bullock">@hallam_bullock</a>) in London.

Nord Stream 1 will come back online - but no end in sight for Europe's energy woes

New Delhi, Lockdown measures in some of the key export markets subdued <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword>'s merchandise <keyword id="35090" type="COMPANY" weightage="20" keywordseo="exports">exports</keyword> in December 2020 by 0.80% to $26.89 billion from $27.11 billion in December 2019, <keyword id="828182" type="PERSON" weightage="20" keywordseo="preliminary-data">preliminary data</keyword> showed on Saturday. "India's merchandise exports in December 2020 totalled $26.89 billion, compared with $27.11 billion in December 2019, a marginal fall of 0.80%," a <keyword id="6416832" type="COMPANY" weightage="20" keywordseo="ministry-of-commerce-and-industry">Ministry of Commerce and Industry</keyword> statement said on the basis of preliminary data. "Exports during April-December 2020-21 were worth $200.55 billion, compared with $238.27 billion during the same period last year, exhibiting a negative growth of 15.8%." However, in December 2020, the value of non-petroleum exports stood at $24.73 billion, registering a positive growth of 5.33% on YoY basis. Similarly, the value of non-petroleum and non-gems and jewellery exports in December 2020 stood at $22.15 billion compared with $21.06 billion in December 2019, registering a positive growth of 5.17%. On the other hand, India's merchandise imports grew by 7.6% in December to $42.60 billion from $39.59 billion during the corresponding month of the previous year. In December 2020, oil worth $9.61 billion was imported, compared with $10.72 billion in December 2019, a decline by 10.37%. "Non-oil imports in December 2020 totalled an estimated <keyword id="54123" type="COMPANY" weightage="20" keywordseo="USD">USD</keyword> 33 billion, compared with USD 28.88 billion in December 2019, showing an increase of 14.27%." "Non-oil, non-GJ (gold, silver &amp; precious metals) worth USD 26.10 billion were imported in December 2020, recording a positive growth of 8.42%, compared with non-oil and non-GJ imports totalling USD 24.07 billion in December 2019." Consequently, India's trade deficit widened by 25.78% to $15.71 billion from $12.49 billion reported for the like period of last year. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/kia-motors-11-electric-vehicles-in-2021-but-india-may-have-to-wait-longer-to-buy/articleshow/80056447.cms">INTERVIEW: Kia Motors’ 2021 plan includes 11 electric vehicle launches ⁠— but India may have to wait longer</a> <a href="https://www.businessinsider.in/international/news/ten-of-the-most-outrageous-predictions-for-2021-according-to-saxo-bank/slidelist/80040045.cms">From Amazon buying Cyprus to Germany bailing out France — here are ten of the most ‘outrageous’ predictions for 2021</a> <a href="https://www.businessinsider.in/business/startups/news/india-edtech-in-charts-how-the-shi[%E2%80%A6]es-of-byjus-unacademy-and-others/articleshow/80040270.cms">India’s edtech in charts – How the shift to online learning meant money, valuation and users for the likes of BYJU’S, Unacademy, and others</a>

You Searched For "online export" and got 11 results

Govt steps have boosted toy exports from India, but more work still needed: DPIIT Secretary

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Shein wants to sell the supply-chain tech it used to disrupt online shopping. Retail experts say brands may have concerns.

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Government imposes 20% export duty on rice

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Hiring for white collar jobs online declined in April says foundit Insights Tracker

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Best humidifier for room in India

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India’s government is launching an online logistics portal to boost exports

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US could face its own winter energy crunch as gas production and storage lag while key export hub eyes restart

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Nord Stream 1 will come back online - but no end in sight for Europe's energy woes

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India's December merchandise exports slip by 0.80% YoY

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