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For ages, <keyword id="19907717" type="General" weightage="20" keywordseo="education" source="keywords">education</keyword> has looked just about the same. You have a teacher hunched over a board with chalk, scribbling and lecturing away to a group of students. The pupils are neatly gathered around in front of the teacher; the attentive ones typically seated at the front while the delinquents loiter around the back. Then came the COVID-19 lockdowns, forcing institutes to render their educational services online. While the title of a ‘backbencher’ might have briefly disappeared due to the recent pandemic, the concept of <keyword id="21072209" type="General" weightage="20" keywordseo="distance-learning" source="keywords">distance learning</keyword> has only found more credence in recent times. The popularity of this new mode of education has exploded due to many reasons, such as its flexibility of class timings, accessibility for students living in remote regions, nationwide improvements in internet infrastructure, reduced social anxiety in students and more. But this also begs the question: are distance learning colleges like the Indira Gandhi National Open University worth it? <cmsannotation type="cmsannotation" annotationid="How valid are distance learning degrees?" comment="subhead" text="How valid are distance learning degrees?">How valid are distance learning degrees?</cmsannotation> Very much. In 2017-2018, the University Grants Commission — India’s main educational body regulating <keyword id="6375224" type="General" weightage="20" keywordseo="higher-education" source="Orion">higher education</keyword> — released a <a href="https://deb.ugc.ac.in/pdf/Equivalence%20of%20education%20degree.pdf" data-type="tilCustomLink">notification</a> decreeing that degrees, diplomas or certificates awarded through open or distance modes are equivalent to those acquired through the traditional universities and institutions in the country. This means that these degrees can be used to pursue <keyword id="6355127" type="General" weightage="20" keywordseo="employment" source="Orion">employment</keyword> or further education as well. However, it is also important to note that certain programmes that require hands-on training may not be available through open and distance learning. This includes some programmes in engineering, medicine, dental, pharmacy, nursing, architecture, physiotherapy, and a few other courses. <cmsannotation type="cmsannotation" annotationid="Are online degrees as valuable as traditional ones?" comment="subhead" text="Are online degrees as valuable as traditional ones?">Are online degrees as valuable as traditional ones?</cmsannotation> Yes, for the most part. On paper, online degrees hold the same value as offline ones, provided they come from institutes accredited by the National Assessment and Accreditation Council (NAAC). However, just like some degrees from some brick-and-mortar educational institutions might be more prestigious than others, the same applies to degrees from online institutes. The Ministry of Education has been considering adding a new category for open and distance universities under the National Institutional Ranking Framework (NIRF) to assess the quality of education among such colleges. While the degrees might seem equivalent on paper, some concern that employers might discriminate against distance learning passouts. However, earlier <a href="https://dergipark.org.tr/en/download/article-file/156658" data-type="tilCustomLink">studies</a> have shown that most <keyword id="19897096" type="General" weightage="20" keywordseo="IGNOU" source="keywords">IGNOU</keyword> graduates successfully landed a job soon after completing their course, and only a minimal number of candidates faced discriminatory behaviour from recruiters. In addition, many notable personalities and IAS/IFS/IPS officers have completed several courses from online institutes, such as the former Indian Army Chief, General Deepak Kapoor. <cmsannotation type="cmsannotation" annotationid="Are online universities cheaper?" comment="subhead" text="Are online universities cheaper?">Are online universities cheaper?</cmsannotation> Online institutes are far cheaper compared to traditional colleges, mostly due to the high costs of running a physical educational facility. For example, an online MBA degree currently costs 1.95 lakhs for the entire course from Amity University, while a single semester can cost almost 4 lakhs from their offline Business School. <cmsannotation type="cmsannotation" annotationid="What are some of the challenges of online learning?" comment="subhead" text="What are some of the challenges of online learning?">What are some of the challenges of online learning?</cmsannotation> While digital literacy and a stable access to reliable internet connection and technology might be the obvious challenges for online learners, retaining the motivation to attend classes and participate regularly in the curriculum is a lesser-known hurdle. Additionally, since students miss out on face-to-face interactions with peers and professors, distance learners can end up feeling disconnected and lonely. Further, some students may find it challenging to access support services like counselling, tutoring, or academic advising in an online format, affecting their overall academic experience. <cmsannotation type="cmsannotation" annotationid="Which are some popular institutes offering accredited online and distance degrees?" comment="subhead" text="Which are some popular institutes offering accredited online and distance degrees?">Which are some popular institutes offering accredited online and distance degrees?</cmsannotation> Some renowned online universities include IGNOU, Manipal University, Amity University, VIT, NMIMS, JNU, Symbiosis, Mysore University and Jain University. The full list of UGC-accredited universities can be accessed <a href="https://deb.ugc.ac.in/pdf/Additionallist_of_Entitled_HEI_19052022.pdf" data-type="tilCustomLink">here</a>.

Should you enrol your child in an online university like IGNOU?

<ul class="summary-list"><li>The Indian economy has grown strongly under Narendra Modi, whose party is set to win another term.</li><li>India's success has caught the eye of figures including Elon Musk, Jamie Dimon, and Tim Cook.</li></ul>India's powerful economic growth and blossoming middle class under Narendra Modi have caught the eye of corporate titans like Elon Musk, Jamie Dimon, and Tim Cook.Modi is pretty much a shoo-in for a third term as prime minister after the national election now underway ends on June 1. But the work starts there, as he'll have to navigate thorny issues such as youth unemployment, income inequality, and reliance on sanctioned Russian oil.<h2>Fueling growth and shaking hands</h2>India's economy has more than doubled in size during Modi's decade in charge to more than $3.7 trillion last year.The International Monetary Fund (IMF) <a target="_blank" href="https://www.imf.org/en/Blogs/Articles/2024/04/29/asias-growth-and-inflation-outlook-improves-but-risks-remain">recently upgraded</a> its growth forecast for real Gross Domestic Product (GDP) to a robust 7.8% this year, 6.8% in 2025, and 6.5% in 2026.India has already overtaken Britain to become the world's fifth-largest economy. It's on track to leapfrog Japan and Germany into third spot behind the US and China by 2027.The country's flagship stock index has also tripled in value since Modi took office in May 2014, thanks to wealth gains and growing investment appetites.Moreover, <a target="_blank" href="https://sbi.co.in/documents/13958/36530824/270224-HCES_Feb24.pdf">one estimate</a> puts the percentage of the Indian population living on less than $2.15 a day at below 5%, down from 12% in 2011. However, the <a target="_blank" href="https://pip.worldbank.org/country-profiles/IND">World Bank</a> pegged that figure at nearly 13% in 2021.India's middle class has also ballooned with 60 million people now earning the rupee equivalent of more $10,000 a year — about $37,200 once adjusted for <a target="_blank" href="https://www.imf.org/external/datamapper/profile/IND">purchasing power</a>. Goldman Sachs <a target="_blank" href="https://www.goldmansachs.com/intelligence/pages/indias-affluent-population-is-likely-to-hit-100-million-by-2027.html">expects</a> the ranks of the relatively affluent to swell to 100 million by 2027."Modi has done an unbelievable job in India," JPMorgan's Dimon <a target="_blank" href="https://www.businessinsider.com/jpmorgan-jamie-dimon-economy-inflation-recession-stagflation-geopolitics-crypto-bitcoin-2024-4">told</a> the Economic Club of New York last month. "I know the liberal press here, they beat the hell out of him. He's taken 400 million people out of poverty."Musk has <a target="_blank" href="https://twitter.com/elonmusk/status/1781541775183610310">posted</a> on X that he's looking forward to visiting India and meeting Modi this year. He delayed his trip last month, blaming "very heavy Tesla obligations." The pair are expected to discuss Tesla building a multibillion-dollar factory in the country.As for Apple's Cook, he hailed India on a November earnings call as an "incredibly exciting market" and a "<a target="_blank" href="https://www.businessinsider.com/apple-tim-cook-obsessed-india-consumers-iphone-2023-7">major focus of ours</a>" given the explosive growth in potential customers as locals get richer.<div type="image" title="Sundar Pichai, Tim Cook, Narendra Modi, Joe Biden" height="3907" width="5861" msid="109838230" hostid="261" sizebytes="846512"></div>Modi has also met with Nvidia CEO Jensen Huang, Microsoft boss Satya Nadella, and Alphabet's Sundar Pichai. He's likely to be seeking to attract foreign direct investment (FDI) in India — and to capitalize on bosses' <a target="_blank" href="https://www.businessinsider.com/us-china-relations-reshoring-manufacturing-jobs-made-in-america-2023-10">desire to hedge their bets on China</a> given its strained relationship with the US, economic woes, and how disruptive its strict pandemic lockdowns were to global supply chains."India's population and economic growth numbers are causing a lot of global executives to revisit their India presence and consider scaling up," Richard Rossow, a senior advisor and chair in US-India Policy Studies at the Center for Strategic &amp; International Studies, told Business Insider."Paired with increased concerns about supply chain resilience and security concerns about China, it's a very good time for a hard push to win investments."The United Nations said that India and China both had a population of 1.426 billion in April last year, meaning India is probably now the most populous given its rising birth rate.<h2>Change for the better — mostly</h2>Modi has instigated a raft of major economic reforms since taking office, intended to make India more business-friendly, and boost government revenues by taxing more of the country's vast informal economy.He rolled out a tax on goods and services, simplified bankruptcy laws, lifted FDI restrictions, cut corporate income tax, and ended retrospective taxation.However, not all of Modi's moves spurred growth."Demonetisation was a key economic policy which had negative effects on the economy," Kunal Sen, a director of the United Nations University World Institute for Development Economics, told BI.Sen is the author of several books about India's economy and a professor of development economics at the University of Manchester.He was referring to Modi's sudden declaration in November 2016 that all 500 and 1,000-rupee bills — 86% of Indian currency in circulation — would <a target="_blank" href="https://www.businessinsider.com/india-ending-500-and-1000-rupee-bills-to-fight-corruption-2016-11">no longer be accepted as legal tender</a>.The government's goals were to capture undeclared income, get rid of counterfeit currency, broaden the tax base, and bring more activities into the formal economy."The other key economic policy was JAM — the trinity of bank accounts for the poor, mobile numbers and a biometric card. This last economic policy has been revolutionary," Sen said.He was hailing a broader digitization drive under Modi that has <a target="_blank" href="https://www.businessinsider.in/business/news/how-indias-digital-payments-ecosystem-has-evolved-in-the-last-one-year/slidelist/90595832.cms">transformed</a> how Indians bank, invest, pay their taxes, and conduct business.<h2>Prosperity for all</h2>Modi's efforts have helped to usher in a more prosperous era for some Indians, but many have been left behind.Young people are India's beating heart, with about half its population under 25 and almost two-thirds under 35. Matching those hundreds of millions of people with jobs has proven a challenge, with youth unemployment almost tripling from below 6% in 2000 to about 18% in 2019. It still stands at a hefty 10% in 2023, per the <a target="_blank" href="https://webapps.ilo.org/wcmsp5/groups/public/---asia/---ro-bangkok/---sro-new_delhi/documents/publication/wcms_921154.pdf">International Labor Organization</a>.The report found that nearly 30% of India's graduates were unemployed in 2022, and only about 10% of the working-age population was formally employed.<div type="image" title="A farmer uses oxen to plow fields for lentils in Nimaj, Rajasthan, northern India." height="3464" width="5196" msid="109838232" hostid="261" sizebytes="690700"></div>"Unemployment is a big issue," Rossow said, emphasizing this isn't just a problem with recent graduates but a "much, much larger bubble: the underemployed farm laborers."Rising agricultural productivity is likely to help farm workers make a faster transition to city life in the years ahead, but they'll struggle to secure modern jobs in the services industry "without significant reskilling and education," Rossow said.As a result, lower-skilled manufacturing and assembly jobs and lower-end services jobs will be needed, he added.Another major challenge will be tackling a widening wealth divide. The richest 10% of the population hold more than 72% of the nation's wealth, per an Oxfam report <a target="_blank" href="https://d1ns4ht6ytuzzo.cloudfront.net/oxfamdata/oxfamdatapublic/2023-01/India%20Supplement%202023_digital.pdf?">published</a> last year.Business tycoons Mukesh Ambani and Gautam Adani both rank among the world's 15 richest people, per the <a target="_blank" href="https://www.bloomberg.com/billionaires/">Bloomberg Billionaires Index</a>. Luxury-goods sales are booming with <a target="_blank" href="https://www.carwale.com/news/mercedesbenz-lineups-waiting-period-reduced-in-india/">long waitlists</a> for flashy purchases like the Mercedes "G Wagon."<div type="image" title="The Ambani family onstage with Rihanna." height="854" width="1280" msid="109838233" hostid="261" sizebytes="99148"></div>The <a target="_blank" href="https://www.businessinsider.com/anant-ambani-pre-wedding-festivities-lack-empathy-india-radhika-merchant-2024-3">lavish pre-wedding party</a> thrown by the Ambani family earlier this year was singled out by some as an affront to the huge number of Indians living in poverty.Almost 1.3 billion people live on less than $3,500 a year by one estimate, and India ranks 111th on the <a target="_blank" href="https://www.globalhungerindex.org/ranking.html">Global Hunger Index</a>, below even North Korea.Rising equality is partly explained by a "capital-intensive mode of economic growth along with increasing power of business conglomerates," Sen told BI, referring to how huge companies like the Adani Group secure huge government contracts to build ports, bridges, highways, and other infrastructure.A third challenge is regional inequality, as some states like Bihar and Uttar Pradesh haven't experienced the same growth and modernization of their economies as others, Rossow said.<h2>The Russia riddle</h2>One striking aspect of Modi's economic boom has been its reliance on Russia since it invaded Ukraine in early 2022.India went from getting 2% of its crude oil from Russia before the war, to 35% last year. During that period, the US and Europe slapped sanctions on Russian oil to defund Putin's military machine and punish Moscow for attacking a sovereign nation.Despite that, India purchased an estimated $37 billion of Moscow's oil in 2023 — 13 times the amount it bought annually prior to the conflict. Its buying helped Russia rake in a <a target="_blank" href="https://markets.businessinsider.com/news/commodities/russia-economy-oil-sales-india-ukraine-war-moscow-western-sanctions-2024-2">record $320 billion</a> of federal revenue last year.Indian demand for Russian oil has <a target="_blank" href="https://markets.businessinsider.com/news/commodities/russia-oil-trade-crude-india-discount-barrel-sanctions-price-cap-2024-2">cooled</a> in recent months as new sanctions have made it <a target="_blank" href="https://markets.businessinsider.com/news/commodities/russia-economy-oil-energy-exports-india-imports-revenue-sanctions-discount-2024-3">more expensive</a>, but the buying remains controversial.Officials in India have <a target="_blank" href="https://markets.businessinsider.com/news/commodities/crude-oil-prices-india-russia-trade-geopolitics-opec-supply-puri-2024-2">defended</a> the purchases, saying that if they'd bought Middle Eastern oil instead, global crude prices would have shot up.India is also one of the world's largest oil refiners and has helped Western nations to maintain access to refined petroleum products even as they're refraining from buying Russian crude directly.Yet the country imports 85% of its oil, so its overriding interest is securing the cheapest oil possible to support its development, said Neelima Jain, a senior fellow and chair in US India Policy Studies at CSIS."India will continue to buy Russian oil if the price remains favorable and allows for firm volume guarantees, as the country prioritizes energy affordability and accessibility during its rapid rural-to-urban transition, which has led to a 6% year-on-year growth in energy demand," she told BI."In an inflationary environment, economics [rather] than geopolitics will drive India's energy choices."<div type="image" title="Narendra Modi and Vladimir Putin" height="3196" width="4714" msid="109838234" hostid="261" sizebytes="426292"></div><h2>India the IT hub</h2>Under Modi, India has made big strides in modernizing its economy, combating bureaucracy, and appealing to foreign investors.Big Tech stalwarts like Microsoft have a <a target="_blank" href="https://www.businessinsider.com/microsoft-has-so-many-patents-its-outsourced-the-job-to-india-2013-5">long history</a> of outsourcing to India, but recent efforts to cut red tape and slash corporate taxes appear to have fueled fresh interest.Sweeping layoffs at Alphabet, Amazon, Meta, Salesforce and other US tech titans in the past few years could presage a large exodus of jobs to India.Sanjay Shetty of Randstad India <a target="_blank" href="https://economictimes.indiatimes.com/tech/technology/outsourcing-hubs-like-india-to-bag-40-of-jobs-lost-to-layoffs/articleshow/101088673.cms?">told The Economic Times</a> last summer that he expected 30% to 40% of the tech jobs eliminated globally to move to India by 2025."India is going to be the biggest gainer in the medium to long term, as almost every company that we speak to is looking at expanding its India base," Shetty said.Even if that pans out, it won't be a panacea for a country facing not just unemployment and underemployment, but also stark income inequality, regional disparities, and the risk of alienating Western allies by continuing to buy Russian oil.Yet overall, India appears to be headed in the right direction."The growth is real, if focused on a few key states," Rossow said. "India's dynamic technology services sector is to IT services what China is to manufacturing. So there is much to cheer, even as the reform agenda seems to never end."

Tech titans love Modi's economic powerhouse India — despite mass unemployment and abject poverty 

<keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword>'s industrial production rose 2.4 per cent in July, according to the official data released on Monday. The IIP had grown 11.5 per cent in July 2021. As per the Index of Industrial Production (IIP) data released by the <keyword id="7734679" type="General" weightage="80" keywordseo="national-statistical-office" source="Orion">National Statistical Office</keyword> (<keyword id="2501810" type="General" weightage="80" keywordseo="nso" source="Orion">NSO</keyword>), the manufacturing sector's output grew 3.2 per cent in July 2022. The mining output contracted 3.3 per cent while power generation increased 2.3 per cent during the same period. In April 2020, industrial production had contracted 57.3 per cent due to a decline in economic activities in the wake of the lockdown imposed to curb the spread of coronavirus infections. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/education/news/melbourne-university-madras-university-sign-mou-for-research-and-teaching-programmes/articleshow/94156218.cms">Melbourne University, Madras University sign MoU for research and teaching programmes</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/cheetah-reintroduction-all-but-one-village-in-kuno-national-park-resettled-say-officials/articleshow/94155743.cms">Cheetah reintroduction: All but one village in Kuno national park resettled, say officials</a>

Industrial production grows 2.4 pc in July

<ul><li>For the <keyword id="9979725" type="UNKNOWN" weightage="20" keywordseo="academic-session-of-2020-21">academic session of 2020-21</keyword>, classes for first-year students will begin from November 1. </li><li>Students who wish to opt-out of the program or migrate are entitled to a full refund in this session. </li><li>UGC has asked education institutions not to impose any cancellation charges for refunding the fee till November 30. </li></ul>After months of waiting, the University Grants Commission has released an alternative academic calendar for high institutions in India. For the <keyword id="55795" type="PERSON" weightage="20" keywordseo="academic-session">academic session</keyword> of 2020-21, classes for first year students will now begin from November 1. <div type="twitter" handle="EduMinOfIndia" handlename="Ministry of Education" image="http://pbs.twimg.com/profile_images/1296063790975315968/-A2p_rP6_normal.jpg" favoritecount="147" retweetcount="40" status="In view of the COVID-19 pandemic, the Commission has accepted the Report of the Committee and approved the… https://t.co/Bu8bdaSvhT" createdat="1600758517000" id="1308302161592238080"></div> All the higher education institutions are advised to teach six days a week to compensate for the learning hours lost due to COVID-19. Institutions have also been asked to cut short the holiday breaks. Students who seek cancellation or migration to get a full refund Students who wish to opt-out of the program or migrate are entitled to a full refund in this session. “In order to avoid financial hardship being faced by the parents due to lockdown and related factors, full refund of fees be made on account of all cancellation of admissions/ migration of students, up to 30.11.2020, for this very session as a special case," the notification read. UGC has asked education institutions not to impose any cancellation charges for refunding the fee till November 30. “To be crystal clear, the entire fees, including all charges, be refunded in totality (zero cancellation charges) on account of cancellation/ migration up to 30.11.2020. Thereafter, on cancellation/ withdrawal of admissions up to 31.12.2020, the entire fee collected from a student will be refunded in full after deduction of not more than Rs 1000 as processing fee,” the notification read. Coronavirus has had a severe impact on students graduating high school. Most of the entrance tests, including the Joint Entrance Examination and National Eligibility cum Entrance Test, were postponed multiple times due to COVID-19. Due to the pandemic, some of the institutions are yet to conduct final year examinations for students. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/insurancedekho-raises-its-maiden-20-million-from-parent-co-plans-to-expand-to-its-reach-in-the-real-bharat/articleshow/78250655.cms">INTERVIEW: InsuranceDekho raises its maiden $20 million from parent co – plans to expand to its reach in the ‘real Bharat’</a>

Undergraduate classes for first-year students to begin from November 1 — students cancelling admissions to get a full refund

'<keyword id="20653768" type="General" weightage="20" keywordseo="chefling" source="keywords">Chefling</keyword>', a unique do-it-yourself (DIY) kit that includes all the ingredients needed to make a tasty global recipe, has sealed a deal of Rs 40 lakh with four sharks on the business reality show '<keyword id="19913228" type="General" weightage="20" keywordseo="shark-tank-india" source="keywords">Shark Tank India</keyword>' season 3. Hailing from Mumbai, the 25-year-old <keyword id="20649763" type="General" weightage="20" keywordseo="rounit-gambhir" source="keywords">Rounit Gambhir</keyword>, founder of Chefling, introduced this innovative concept of, aiming to streamline the preparation of exotic cuisines. Seizing the opportunity during the lockdown, this young entrepreneur launched his product in Mumbai. Chefling seeks to offer individuals a personalised, cutting-edge gourmet experience that is not only enjoyable and delicious but also affordable. Rounit's vision is rooted in the desire to simplify the process of cooking fancy dishes for enthusiasts with time constraints. The types of DIY kits available are -- Japanese: Sushi and Mochi; Mexican: Enchilada and Taco; and Italian: Lasagna. Talking about his brand, Rounit said: "The company was started in August 2020, and we have sold more than 5,000 kits pan India till date. The kits are available on our own website." "The Indian DIY meal kit market size by the year 2025 will reach around Rs 8,000 crore, and we want the global cuisines to reach every household in India, and Indian cuisines to reach worldwide, so that their experience is economical, easy and sustainable," shared Rounit. He then made a pitch of Rs 40 lakh for 10 per cent equity. Anupam Mittal, the founder and CEO of Shaadi.com said: "Sushi was very good. Thank you for feeding us. The young pitcher further talked about his entrepreneurial journey. Fueled by the determination to rise above his father's company losses and bankruptcy, Rounit harnessed this setback as an opportunity in a market where culinary experimentation is a universal desire. Chefling emerged as the answer to the complexities faced by aspiring home chefs, making it a culinary haven that eliminates hassles and brings the joy of cooking straight to our homes. The compelling pitch and unique brand captured the attention of shark Namita Thapar, the executive director of Emcure Pharmaceuticals Ltd, who took on the challenge of crafting the perfect sushi roll on 'Shark Tank India 3'. And with that, 'Chefling' secured a deal with sharks Namita Thapar, Azhar Iqubal (Co-founder and CEO of Inshorts), Amit Jain (CEO and Co-founder of CarDekho Group), and <keyword id="20313422" type="General" weightage="20" keywordseo="peyush-bansal" source="keywords">Peyush Bansal</keyword> (Co-founder and CEO of Lenskart), at Rs 40 lakh for 16 per cent equity. Speaking about the experience on the show, Rounit shared: "Over the past three years, belief in connecting our unique idea with the right audience fueled our journey through highs and lows. This belief sustained us through challenges, leading to a pivotal moment when Shark Tank India expressed interest in featuring Chefling." 'Shark Tank India 3' is streaming on Sony LIV. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8-pro-review/articleshow/107726935.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8-pro-review/articleshow/107726935.cms" target="_blank">Pixel 8 Pro review: ‘Okay Google’ – The flagship smartphone ticks almost all boxes</a><a href="https://www.businessinsider.in/tech/mobile/news/poco-oneplus-top-indian-smartphone-shipment-growth-but-overall-reading-flat/articleshow/107681294.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/poco-oneplus-top-indian-smartphone-shipment-growth-but-overall-reading-flat/articleshow/107681294.cms" target="_blank">Poco, OnePlus top Indian smartphone shipment growth but overall reading flat</a><a href="https://www.businessinsider.in/business/auto/news/ola-electric-cuts-prices-of-scooters-to-compete-with-ice-two-wheelers/articleshow/107816897.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/ola-electric-cuts-prices-of-scooters-to-compete-with-ice-two-wheelers/articleshow/107816897.cms" target="_blank">Ola Electric cuts prices of scooters to compete with ICE two-wheelers</a>

A DIY cooking kit maker Chefling raises ₹40 lakhs from four 'sharks'

A Belgian prince has contracted <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">coronavirus</keyword> after attending a party during lockdown in Spain, the country's royal palace says. Prince Joachim, 28, travelled from Belgium to Spain for an internship on 26 May, the palace said, the BBC reported on Saturday. Two days later, he went to a party in the southern city of Córdoba, before testing positive for COVID-19. Spanish reports suggest the prince, a nephew of Belgium's <keyword id="2458167" type="PERSON" weightage="20" keywordseo="King-Philippe">King Philippe</keyword>, was among 27 people at the party. Under Córdoba's lockdown rules, a party of this size would be a breach of regulations, as gatherings of no more than 15 people are currently permitted. Spanish police have launched an investigation into the party. Those found to have flouted lockdown rules could be fined up to $11,100. Everyone who attended the party is said to be in quarantine. Prince Joachim, the youngest son of Princess Astrid and 10th in line to the Belgian throne, is said to have mild coronavirus symptoms. Rafaela Valenzuela, a representative of the Spanish government in Córdoba, condemned the party, calling those who attended "irresponsible". "I feel surprised and angry. An incident of this type stands out at a moment of national mourning for so many dead," she said. The party was first covered by Spanish newspaper <keyword id="1846826" type="PERSON" weightage="20" keywordseo="El-Confidencial">El Confidencial</keyword>, which cited a document from the Andalucian authorities but did not name the prince. Belgian media have since confirmed with the palace that Prince Joachim was in Spain, where he remains. The prince is known to have a long-standing relationship with a Spanish woman, reported to be Victoria Ortiz. Spain is in the process of emerging from one of the strictest lockdowns in Europe. It outlined a four-stage plan on 4 May to start easing the lockdown, which saw children under 14 confined to their homes for six weeks. The country said it was moving to a second phase from 1 June for 70 per cent of Spaniards, leaving only major cities under tighter restrictions. Spain has among the highest number of coronavirus cases and deaths in the world. As of Saturday, the country had 239,228 infections and 27,125 deaths, according to a tally by <keyword id="210763" type="COMPANY" weightage="20" keywordseo="Johns-Hopkins-University">Johns Hopkins University</keyword>. SEE ALSO: <a href="https://www.businessinsider.in/india/news/data-of-coronavirus-patients-state-wise-in-india/articleshow/74669748.cms">Coronavirus cases in India state wise</a> <a href="https://www.businessinsider.in/topic/coronavirus">Coronavirus News and Updates</a>

Belgian Prince contracts COVID-19 after lockdown party in Spain

<ul><li>After the lockdown froze the sales of the cooling products last summer, Voltas witnessed a good come-back during the festive period due to pent-up demand.</li><li>Pradeep Bakshi, Managing Director and CEO, Voltas Limited is confident that this trend will continue in 2021 and help them achieve a double digit growth.</li><li>He shares how the brand has managed to stick to its leadership position despite the curveballs that COVID has sent its way and his plan to expand its market share this year.</li></ul> The onslaught of sweltering summer and the extention of working from home for most people has had an obvious, positive impact on the air conditioning industry. As people try to make their homes more comfortable during the summer as they spend more time indoors, the direct effect has been higher demand for air conditioning and cooling products. Anticipating the increased demand for its products, leading AC manufacturer Voltas has outlined a 360-degree marketing plan to further increase its market share. It is confident of witnessing double-digit growth this summer, which is its peak season as it brings in more than 50% of its room AC sales. According to Motilal Oswal Research study, Indian Room AC market has grown at ~10% CAGR (in volume) over FY10–20 and Voltas is the leading player in the market. <div type="image" title="Indian AC market" msid="82035328" hostid="261"></div> <div type="image" title="ac players" msid="82035336" hostid="261"></div> The Indian AC industry is sized at Rs 180–200 billion. According to Tech Scientific data, it is projected to grow at a CAGR of more than 17%, to surpass $ 11 billion by 2023. However, the air conditioning and cooling products market was adversely affected in the first half of last year due to the nation-wide lockdown, with sales coming to a grinding halt during the category’s peak season. AC is a highly seasonal sales product and it sees its peak during the March-June period. However, despite the Covid-induced speedbump, Voltas was able to maintain its leadership position in the AC category, thanks to the resurgence of demand during the festive season. “We are delighted to report that despite the pandemic situation, we maintained our market leadership with a 26% market share in the room air conditioners category. The Cooling Products business made good recovery, post easing of the lockdown situation. As of last quarter, we achieved a YoY growth of 46% over the same quarter (non-covid period) of the previous year,” shared Pradeep Bakshi, Managing Director and CEO, Voltas Limited. Voltas earned Rs 28,516 million revenue last year, as per Motilal Oswal. The brand maintained its leadership position, followed by Daikin at Rs 26,166 million. Voltas is hoping to see a similar momentum this year as well. Sharing his outlook for this year, Bakshi added, “The performance of the Air cooler vertical too has been satisfactory with a growth of 11% over the previous year. Based on latest market share figures, we are now at the number two position overall. We expect this momentum to continue in the next few quarters. Overall, I am optimistic about double-digit industry growth this summer.” Elaborating on why Voltas is optimistic about seeing a double digital growth, Bakshi said, “This summer, we are already witnessing a robust demand for Room Air Conditioners and our range of Cooling products like Air Coolers and Commercial Refrigeration products. This is due to the India Meteorological Department’s (IMD) forecast of a strong summer this year, across most regions of India. The work-from-home hybrid routine is expected to continue for some more time, thus leading consumers to continue looking for home appliances and cooling products that help with the burden of household chores, and make their work-from-home scenario more comfortable." Marketing strategy this year In line with the motto of ‘Keeping India Cool’ since 1954 and being the ‘cooling experts of India,’ Voltas recently launched its Air Cooler <a href="https://twitter.com/myvoltas/status/1374591244500750338" data-type="tilCustomLink">campaign </a>‘Ab Garmi Ke Mazey Lo, Bina Garmi Ke.’ The campaign taps into the emotions of Indian summer and highlights that with Voltas’ Air Fresh Coolers, the consumers can enjoy all the good things that summer season brings along, and say goodbye to heat, humidity and sweat. And this year, Voltas is spending 25% of its marketing monnies on digital media. To increase its affinity and sales further, Voltas will stick to a 360-degree approach. “We, at Voltas, believe in having a holistic 360° strategy, where we focus on being accessible to our customers in multiple formats. As part of this, we have adopted an Omni-channel strategy with an emphasis on offline as well as online channels. This largely helps us customise our approach to suit the different markets in the rural, as well as urban areas, across the country. With consumers at the centre of our universe, our marketing initiatives have always included campaigns that can easily identify with consumers. We have a record of demystifying technologies and creating meaningful campaigns, which stay relevant for the consumers for years. We will continue to have the highest Share of Voice in the Cooling products category, with a heavy presence across electronic media. Further, keeping in mind the trend of consumer media habit consumption, over 25% of our Advertising spends will be on Digital,” said Bakshi. Vision for 2021 According to Motilal Oswal research study, India’s AC industry is highly competitive, with 35–40 brands playing the penetration story in India. The Top 6 players enjoy 75–80% market share. So, there’s still a huge scope for Voltas to grow further. It also outsources 40% of its services and Indian companies are working towards minimising their dependence on external sources and imports. Sharing the brand’s strategy to increase its market share this year, Bakshi said, “Voltas has strengthened its market leadership with close to 26% market share in the Room Air conditioners. And we are not just ramping up production in our existing factories in Pantnagar, Waghodia and Sanand but also working towards enhancing the production capacity of Air Conditioners through another plant in the Southern region of the country. So, for the upcoming summer season, we expect more traction in urban and mini-metros, due to the high level of penetration of branded cooling products in these markets. To address this growing demand, we have taken some key steps like shifting stocking focus to high demand goods, penetration in more rural, less affected zones and increasing the manufacturing capacities. As the pace of electrification increases and the expected trickle-down effect on consumer durables is likely to be witnessed, given the increasing disposable incomes, demand from rural as well as Tier 2 and 3 cities will also increase.” The brand has opened new shops in Tier II and III cities. It aims to drive the highest distribution reach and market share across all Tiers of population strata and strengthen its leadership position in urban and semi-urban areas this year.

Air conditioner and cooling brand Voltas India eyes double digit growth this summer

<ul><li>Rajeev Venkayya, Special Assistant to the President for Biodefense at the White House during the Bush administration who oversaw US preparedness for bioterrorism and biological threats, told it was difficult to say how much more time India would require to thwart the COVID-19 challenge.</li></ul><ul><li>On March 24, Prime Minister Narendra Modi announced a 21-day nationwide <keyword id="8942847" type="UNKNOWN" weightage="20" keywordseo="lockdown-in-india">lockdown in India</keyword> to stem the spread of coronavirus in the country.</li><li>A three-week lockdown is a reasonable starting point to contain the coronavirus pandemic in a country like India, he said.</li></ul> A three-week lockdown is a reasonable starting point to contain the coronavirus pandemic in a country like India, an eminent Indian-American epidemiologist has said, cautioning that a successful fight against the deadly virus might require some more time. Rajeev Venkayya, Special Assistant to the President for Biodefense at the White House during the Bush administration who oversaw US preparedness for bioterrorism and biological threats, told it was difficult to say how much more time India would require to thwart the COVID-19 challenge. On March 24, Prime Minister Narendra Modi announced a 21-day nationwide lockdown in India to stem the spread of coronavirus in the country. "From an epidemiologic standpoint, I don't know if three weeks will be enough. It may require more time," said Venkayya, who was responsible for the development and implementation of the National Strategy for Influenza pandemic during the second term of the Bush administration. He currently serves as president of the Global Vaccine Business Unit of pharmaceutical company Takeda. "We will have to look at what is happening in other countries," he said. "But if you were to ask me whether that will be enough given the size of the population, the healthcare capacity, the uniformity or lack of uniformity that is inevitable in a federated country like India where there's a lot of State autonomy on what to do and how to do it, and varying levels of compliance, I think this could easily go much longer," Venkayya said. A three-week lockdown is a reasonable starting point to contain the coronavirus pandemic in a country like India, he said. Since joining Takeda in 2012, he has established a high-impact vaccine pipeline that includes promising late-stage candidates for dengue and norovirus, gained through the acquisitions of LigoCyte and Inviragen Inc. As head of Special Assistant to the President for Biodefense at the White House, he was responsible for the America's first development and implementation of the National Strategy for Pandemic Influenza in 2007. The White House published this federal guidance in 2007. "It's now called the flattening the curve strategy. At that time, we called it a targeted layered containment and then it became called community mitigation. But the first flattening the curve graph was published in our federal guidance in 2007," he said. "When I was in the white house, we were preparing for an influenza pandemic we realized that vaccines would not be available for many months after a pandemic started. And based on the 1918 experience, we expected there would be multiple waves of the pandemic and that for at least the first wave we would not have vaccines," he said. As such, the White House team led by him had to find other ways to protect communities from this pandemic virus. Based on some early modelling and additional modelling commissioned in 2006, they found the relevance of non-pharmaceutical interventions, community measures like closing schools and cancelling public gatherings, social distancing as well as isolation and quarantine for people that have been confirmed or suspected to have the virus. "If you put all of these things together, and importantly if you did them early in a coordinated fashion, you couldn't have a very big impact on the transmission of the virus in a community," he said, adding that this guidance was published in 2007. Emphasising the importance of doing these things early in the outbreak, he cautioned that else it would be much harder to prevent a large number of people from getting infected and accomplishing the goals of flattening the curve and delaying the peak of the curve. "So here I think it's very important that India took (lockdown) action now, ….. like many countries, there isn't widespread availability of diagnostic testing. And so it's hard to know how much virus is in any given community in India," he said. "We also know that the threat is greater in India than it may be in other places because of the population density. Also, there are significant portions of the population that don't have access to the healthcare services that would be necessary to take care of large numbers of sick people. So, it (social mitigation measures) becomes even more important in India than it's important everywhere," Venkayya said. Observing that none of the community interventions are perfect, he said if one puts a number of imperfect interventions together, then one can have a very significant positive impact on reducing virus transmission. Prior to Takeda, Venkayya served as director of Vaccine Delivery in the Global Health Program at the Bill &amp; Melinda Gates Foundation, where he was responsible for the Foundation's efforts in polio eradication and new vaccine introduction. While at the foundation, he served on the Board of the Global Alliance for Vaccines and Immunization (GAVI). The death toll due to COVID-19 has gone up to 273 and the number of cases has climbed to 8,356 in India, according to the Health Ministry. Globally, the novel coronavirus has killed 108,862 people and infected over 1.7 million people globally. The US has the highest number of infections at 529,887, according to Johns Hopkins University data. LKJ MRJ MRJ

Three-week lockdown reasonable starting point to fight coronavirus in India: former White House official

<keyword id="399907" type="General" weightage="50" keywordseo="meta" source="Orion">Meta</keyword>, the parent company of Facebook, has announced that it was laying off about 11,000 employees, or 13 per cent of its global workforce. It's the first mass redundancy exercise for the 18-year-old social media behemoth. Its Asia-Pacific headquarters in <keyword id="6356662" type="General" weightage="100" keywordseo="singapore" source="Orion">Singapore</keyword> was not spared. Media reports speculated that out of the estimated 1,000 employees here, perhaps up to 100, have been affected, majority of whom are tech workers including software engineers. Based on 2021 Singapore Ministry of Manpower figures, about a quarter of the 177,100 employment pass holders or around 45,000, are from India. Employment pass holders are the highest qualified foreign professionals that are allowed to work in the country and must earn at least SGD 5,000 (USD 3,700) per month. No doubt many of these are impacted by not only Meta's layoffs but also other redundancies happening in the tech sector. Technology companies around the world and in Singapore, a major tech hub where many of the tech giants host their regional headquarters, are freezing hiring or downsizing in the face of sluggish consumer spending, higher interest rates and inflation. Singapore-based gaming and ecommerce powerhouse Sea Limited, the parent company of Garena, (publisher of games like League of Legends and Free Fire), and Shopee, made two rounds of cuts in June and September and rescinded job offers. Sea had 67,300 employees as at the end of 2021, double its headcount the year before, according to the company's most recent annual report. Following a net loss of USD931 million in the second quarter of this year, and amidst mounting cost of borrowing and a slowing global economy, the company scaled back its overseas footprint and periphery businesses with the aim to boost profitability by consolidating its position in its key markets and core products. The company did not reveal the number of job cuts but the job losses in Singapore and in its offices around the world is estimated to be in the hundreds. "Last year, a lot of what happened was a lot of cheap capital in the market flooded the market (which) allowed companies to grow really at any cost," said <keyword id="15509891" type="General" weightage="50" keywordseo="jessica-huang-pouleur" source="Orion">Jessica Huang Pouleur</keyword>, a partner at venture capital firm Openspace, to CNBC in June. "What happened was people hired very rapidly. You have a problem; you just throw people at it. I think we'll likely see more of it to come over the course of the next few months." Among the Southeast Asian companies that downsized in the middle of the year are Singapore-based digital wealth manager, StashAway which laid off 31 employees, or 14 per cent of its headcount, and currency exchange Crypto.com which let go 260, or 5 per cent of its workforce in Singapore. Meanwhile, Malaysian online shopping platform iPrice also retrenched 250 workers or 25 per cent of its employees, and Indonesian education tech company Zenius made more than 200 employees redundant. In November, digital payments startup <keyword id="944108" type="General" weightage="50" keywordseo="stripe" source="Orion">Stripe</keyword> and social media network Twitter were among the companies that reduce jobs in their Singapore offices. On November 3, Stripe announced said it would cut its global workforce by 1,000 or 14 per cent. After the job cuts, Stripe will have about 7,000 employees. Some Singapore-based jobs were impacted. A day later, Twitter chopped off half its global headcount or about 3,700 employees a week after Elon Musk's takeover. Those in the Singapore office were also affected. Singapore's Straits Times reported that the among those impacted were staff from its engineering, sales and marketing teams. Startups in the region were particularly badly affected due to a fall in venture capital funding levels this year. According to a Crunchbase report, funding in the region dropped by 7 per cent in the first quarter of 2022 to USD36.3 billion compared to the same quarter last year. Many tech companies expanded rapidly during the COVID pandemic as much of the world stayed at home and formed habits which created a spike in demand for online services. As consumer behaviour began to normalise after the lockdowns, some of these habits have shifted. This coupled with inflation and rising interest rates has put a squeeze on all tech companies. Some call the recent fall in share prices of big tech companies an overdue correction. While revenue and jobs in the tech will be impacted in the short-term, and market volatility is likely in the near future, the tech industry is expected to continue to grow in the long-term. A recent article published by consulting and recruitment specialist Mercer says that the demand for tech jobs and talent continues to outstrip supply in Asia. The evidence Mercer claims is in the starting salaries for graduates with a computing degree. Comparing Mercer's data from 2018 and factoring the time it generally takes for one cohort in most locations to complete an average degree course; there has been significant growth, primarily driven by massive hiring in emerging tech markets such as Vietnam (59 per cent increase) as well as lower-tier cities in China (22 per cent increase). Furthermore, economies across Asia are becoming more digital. According to research from Google, Temasek Holdings and Bain &amp; Co., the internet economy in Southeast Asia is projected to double to USD363 billion by 2025, surpassing the previous forecast of USD300 billion. The tech industry always goes through "periods of major adjustments and corrections", such as the "dotcom bubble" in the mid-1990s to early 2000s, said Dr Natalie Pang to Channel NewsAsia. Dr Pang is the principal investigator at the Centre for Trusted Internet and Community at the <keyword id="87108" type="General" weightage="50" keywordseo="national-university-of-singapore" source="Orion">National University of Singapore</keyword>. "Widespread adoption of tech at work and at home drove significant growth for the industry during the last two years of the pandemic, but the post-pandemic era has highlighted the need to adjust and correct," she added. "In the case of the recent layoffs, I would say that tech is in a major period of adjustment." SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/indices-open-flat-as-investors-await-october-inflation-data/articleshow/95500085.cms">Indices open flat as investors await October inflation data</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/cloud-lending-platform-lentra-raises-60-million-will-use-funds-for-product-strengthening-and-global-expansion/articleshow/95499744.cms">Cloud lending platform Lentra raises $60 million, will use funds for product strengthening and global expansion</a>

How Singapore tech layoffs are impacting Indians

Kolkata, May 13 () India took the right call byannouncing a prompt lockdown in March in the wake of theCOVID-19 pandemic, but a lot will depend on how the countrymakes an exit from it as the landscape of the global economywill change by then, former chief economic advisor KaushikBasu said on Wednesday.The basic issues at present are the concerns about thefood chain, jobs and migrant workers, which have to beresolved immediately, he said."The first move of a quick lockdown made by India wasright. It was called for. Now, a lot will depend on how Indiaexits from the lockdown as landscape of the global economywill change by then," Basu, a professor of economics atCornell University, said during a webinar hosted by the BengalChamber of Commerce.He said extending tax benefits might not be enough asthe poor need direct support."Just giving tax benefits is not enough. Poor peopleshould be given cash. But, this will not lead to hyperinflation," the former World Bank chief economist said."I am optimistic about the long-run indicators of theeconomy of India. The problem is with the perception of thepeople, who perceive more danger and risk than economy. Thatcan jeopardise the entire process of recovery. The issue ishow we balance these," Basu added. DCRBT RBT

Lot will depend on how India exits from lockdown: Kaushik Basu

New Delhi, May 12 () India needs to come out with a basic income scheme to make the lockdown work, noted French economist Thomas Piketty said on Tuesday.He also said that India has the potential to become the global democratic leader of the 21st century if it manages to address the issue of inequality.The government has imposed lockdown from March 25 to curb the spread of coronavirus and since then extended the restrictions twice. "I think the government would be well advised to introduce a basic income scheme, and more generally to develop a safety net in India. I do not see how a lockdown can work without a system of income maintenance," Piketty told in an interview. Interestingly, the idea of universal basic income was mooted in Economic Survey 2016-17 by the then chief economic advisor Arvind Subramanian and there was a discussion last year during the electoral campaign to introduce a basic income in India.Piketty also pitched for more equitable and progressive taxation including a wealth tax and inheritance tax in India. "India has the potential to become the global democratic leader of the 21st century, assuming the country manages to come to terms with its legacy of inequality," the eminent economist emphasised."The attention that was put to the reservation system was not matched by sufficient attention to other issues, including land reform and the redistribution of property, and the funding of adequate education, infrastructure and health investment through a more equitable and progressive tax system (including a wealth tax and inheritance tax)," he said.Piketty, who recently wrote a book 'Capital and Ideology', noted that a pandemic like Covid-19 can have contradictory effects on inequality."On the one hand, it can raise the legitimacy of public investment in health, infrastructure and education. But on the other hand, it can also raise the fear of strangers and reinforce the preexisting trends toward sectarian conflicts," he said.Before the pandemic, Piketty said the trend toward sectarian conflict reflected the lack of political ambition to change the economic system and to put in place a system that is truly based on economic justice. "This will be even more true after the pandemic: we need to think again about how to reconcile prosperity and equality," he said adding that in his book, he explored the possibility of a system based upon educational justice and participatory socialism, involving private property for all and the permanent circulation of wealth and power. Asked how coronavirus pandemic will impact India's rising inequality, Piketty said the experience of the Spanish flu of 1918-20 is frightening."According to some studies, mortality rates were as large as 5 per cent in India or Indonesia, as compared to 0.5 - 1 per cent in Western Europe and the US (which was already very high). "It seems unlikely that things can get so bad today, but this means that we have to be very careful," Piketty, who is currently a professor at Paris School of Economics, said.The French economist, who has worked extensively on issues like inequality and poverty, said by looking at a broader range of historical trajectories, he has also come to stress the key role of ideological and political change in the evolution of inequality. "The main determinants of inequality are not economic and technological: they are ideological and political," he argued.Piketty's previous book 'Capital in the Twenty-First Century ' became the best-selling work in the history of Harvard University Press and made him a household name. BKS CS MR

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