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Finance minister Nirmala Sitharaman on Tuesday announced the <keyword id="12280048" type="General" weightage="20" keywordseo="pm-gati-shakti" source="Orion">PM Gati Shakti</keyword> National Master Plan aimed at making logistics connectivity seamless across the length and breadth of the country. Sitharaman described the <keyword id="11977289" type="General" weightage="20" keywordseo="gati-shakti" source="Orion">Gati Shakti</keyword> plan – a massive infrastructure development undertaking – to encompass the ‘engines’ of growth, namely roads, railways, mass transport, seamless multi-modal connectivity. In deference to the request from many states, the outlay of the Scheme for Financial Assistance to states has been increased from ₹10,000 crore to ₹15,000 crore. The allocation for FY23 is ₹1 lakh crore to catalyse overall investments in the economy. The 50-year interest free bonds are over and above the normal borrowings by the states. This will be used for Gati Shakti, rural road projects, town planning schemes etc. The Gati Shakti project aims to create a synergy between infrastructure and logistics, both of people and goods, and location of projects. Here are the key takeaways of the announcements under the PM Gati Shakti National Master Plan: <ul><li>A scheme for expressways will be formulated in 2022-23 to facilitate faster movement of people and goods.</li><li>The national highways network will be expanded by 25,000 kilometres in 2022-23, with an outlay of INR 20,000 crores via financing.</li><li>A new Unified Logistics Interface Platform will be brought in to facilitate data exchange between operators across different modes of transport, aimed at implementing a just-in-time approach for logistics management and giving access to real-time information to operators.</li><li>A new open-source mobility stack for organising seamless travel of passengers will be facilitated.</li><li>Contracts for implementation of multi-modal logistics parks at four locations will be awarded on a public-private-partnership (PPP) mode in 2022-23.</li><li>Railways will develop new products and logistics services for small farmers, and small and medium enterprises.</li><li>Railways will integrate railways and postal networks for seamless movement of parcels.</li><li>A 2,000-kilometre railway network will be brought under ‘Kavach’ for safety and capacity augmentation.</li><li>400 new-generation Vande Bharat trains with better energy efficiency and passenger riding experience will be developed and manufactured over the next three years.</li><li>100 PM Gati Shakti cargo terminals for multi-modal logistics facilities will be developed in the next three years.</li><li>‘Innovative’ financing options will be encouraged for building metro systems of appropriate type and scale.</li><li>Facilitation of multi-model connectivity options between mass urban transport and railway stations.</li><li>Standardisation of metro systems and civil structures based on Indian needs.</li><li>Parvatmala, a preferred ecologically sustainable alternative to conventional road systems in hilly areas – also known as National Ropeways Development Programme, will be undertaken in PPP mode.</li></ul>SEE ALSO: <a href="https://www.businessinsider.in/budget/news/union-budget-2022-speech-highlights-and-updates-from-finance-minister-nirmala-sitharaman/articleshow/89264352.cms">Budget 2022: Watch out for the highlights from Finance Minister Nirmala Sitharaman’s speech</a> <a href="https://www.businessinsider.in/budget/news/minda-industries-sona-comstar-greaves-cotton-amongst-biggest-gainers-as-investors-bet-on-budget-2022-being-ev-friendly/articleshow/89264077.cms">Minda Industries, Sona Comstar, Greaves Cotton amongst biggest gainers as investors bet on Budget 2022 being EV-friendly</a> <a href="https://www.businessinsider.in/stock-market/news/shares-of-fmcg-companies-rise-on-hopes-of-consumption-boost-for-the-sector/articleshow/89263952.cms">Britannia, Dabur, Marico surge on hopes that budget will leave people with more money to buy stuff</a>

PM Gati Shakti National Master Plan aims to bring synergy between infrastructure and logistics across the length and breadth of India

<ul class="summary-list"><li>The death of a 26-year-old EY employee has triggered a conversation about India's work culture.</li><li>The employee's family says that she was overworked — and that it reflects a wider problem.</li></ul>Fourteen-hour work days, meetings during vacations, and no overtime.To some, this may sound like a job from hell. But for many employees in India, it's just another working day.India has one of the toughest work cultures in the world. In 2022, according to the most recently available data from the <a target="_blank" href="https://ilostat.ilo.org/topics/working-time/#">International Labour Organization</a>, the average employee in India worked 46.7 hours a week, compared to about 38 in the US.Not only are employees in India working long hours, but many are also doing it under intense pressure."The pressure is very, very high," Jennifer Hephzibah, a senior HR professional in India, told Business Insider. "If you don't deliver it at a particular time, you either lose your bonus, or you lose your job. It doesn't matter what you're going through otherwise."A Boston Consulting Group <a target="_blank" class="" href="https://www.google.com/url?q=https://www.bcg.com/publications/2024/india-hr-revolution-building-workplaces-for-the-future&amp;sa=D&amp;source=docs&amp;ust=1727195342438866&amp;usg=AOvVaw366N6_QMHZIy6fbfnMv__Y">survey</a> of 11,000 workers in eight countries in October 2023 found that 58% of Indian respondents reported feeling burned out — the highest share of any of the countries, including the US (50%), the UK (47%), and Japan (37%).<h2 id="56dd16d5-8f41-4ab5-aad1-efb517f1a780">'Glorifying overwork'</h2>This always-on culture has come under the spotlight recently following the death of an EY employee, Anna Sebastian Perayil, in July.Peryail's father, Sebastian Perayil, told<a target="_blank" href="https://www.thenewsminute.com/news/what-action-will-ey-take-anna-sebastians-father-speaks-to-tnm"> The News Minute</a> that he believed his daughter died of a combination of health issues, including work stress and acid reflux which triggered a lack of sleep. The official cause of Perayil's death, however, remains unclear."Anna was unable to sleep on most days and couldn't eat on time," he told the publication. "After a whole night of work, she would have to wake up at 7:30 the next morning and repeat the same cycle."According to<a target="_blank" href="https://www.thehindu.com/news/national/maharashtra/mother-pens-letter-following-death-of-26-year-old-daughter-due-to-work-stress-urges-ey-chairman-to-reflect-on-toxic-work-culture/article68656957.ece"> The Hindu</a>, Perayil's mother emailed Rajiv Memani, the chairman at EY India, in the wake of Perayil's death, saying her daughter had collapsed four months into the job after struggling with "the workload, new environment, and long hours."She also accused EY of "glorifying overwork."EY told BI it was "taking the family's correspondence with utmost seriousness and humility" and called Perayil's death an "irreparable loss."<h2 id="0e580f7b-a1b5-40de-bcd5-4c5e1cd9f1da">A 70-hour workweek</h2>Concerns about India's workplace culture are not new.Last year, the software billionaire and Infosys founder Narayana Murthy sparked controversy after saying that young people in India should be willing to work 70 hours a week to help the country progress."India's work productivity is one of the lowest in the world," he told<a target="_blank" href="https://www.youtube.com/watch?v=ES8ZNSTswrs"> The Record</a>, going on to say that unless India improved several factors including its work productivity, "we will not be able to compete with those countries that have made tremendous progress.""So, therefore," he continued, "my request is that our youngsters must say: "'This is my country. I'd like to work 70 hours a week.'"The comments appear to reflect wider expectations in India, even among employers with head offices elsewhere.Kavach Khanna, a former EY analyst in India, told BI that he believed he was expected to do more work than his US colleagues."We used to talk to colleagues in the US in the same roles, and their experience was completely different from ours," Khanna said. "They would get to go for client meetings, leave the office on time, no stretched workdays, and they weren't overburdened like we were."EY did not immediately respond to a request for comment.<h2 id="c34411b0-4cf7-4ac6-b8b5-d828d78369df">Cost centers and cheap labor</h2>Huge multinational companies, such as EY, Google, Microsoft, Salesforce, and Accenture, have set up cost centers in India.These centers, also called Global Capability Centers (GCCs), manage everything from cyber security to product development. They can also manage human resources and accounting.They are cheaper to run in India due to lower labor costs, and they help companies tap into a wide and hungry pool of tech-savvy, English-speaking talent.An <a target="_blank" class="" href="https://assets.ey.com/content/dam/ey-sites/ey-com/en_in/topics/consulting/gcc/2023/06/ey-future-of-gccs-in-india-a-vision-2030.pdf">EY report in 2023 </a>projected that India is set to host at least 2,400 such centers by 2030, with a market value of more than $100 billion.An associate at the Indian office of a multinational banking and advisory firm told BI that even at his Western company, he believed Indian employees were expected to work longer and harder.He said 16- to 18-hour workdays — including some weekends — were normal in his job."A lot of multinational corporations use India as a cost center because of the cheap labor," said the associate, who wanted to remain anonymous for fear of retaliation. "Offices in other countries have boundaries and then dump their extra work on us."Jeanie Chang, an executive coach who specializes in workplace mental health, said she had noticed such a trend, too. "It definitely exists that multinational companies tend to think, 'We love that the Indians work hard, so let's keep doing that.'"Chang also noted that some Asian communities place a cultural importance on work ethic that can lend itself to exploitation."There's a word in Japanese and Korean," Chang said, "that literally means 'overworking yourself to death.' That should say something."<h2 id="799c5726-4028-4993-85d3-1175f4f96f4d">Fear of replacement</h2>So what is stopping employees from demanding change?Part of it might come down to competition. In 2022, <a target="_blank" class="" href="http://www.indiaenvironmentportal.org.in/files/file/India%20Employment%20Report%202024.pdf">according to the India Employment Report 2024</a>, India's youth made up nearly 83% of the country's total unemployed population. With <a target="_blank" href="https://www.thehindu.com/business/budget/68432023-Economic-Survey-2023-24-Complete-document">India's workforce</a> thought to number well over 500 million, each job counts.Hephzibah, the senior HR professional, said that the sheer number of available workers has contributed to a feeling that employees are expendable, and has held them back from saying no to unreasonable demands for fear of losing their jobs.Perayil's mother's email, for instance, said her daughter "did not know how to say no.""She was trying to prove herself in a new environment, and in doing so, she pushed herself beyond her limits," the email said,Hephzibah said this was especially true for younger workers, who may not have enough experience to become critical within the company yet."In the bigger companies," she said, "if you don't deliver, that's it: You're replaced."<h2 id="76d9e66d-7e50-4929-bb3f-86da08d669dd">Cultural differences</h2>Chang told BI that she's had Indian employees point out their lack of resources compared to international peers in the same company."They tell me, 'Jeanie, we don't have effective mental-health resources, but we hear the US does,'" she said.In a<a target="_blank" href="https://www.gallup.com/workplace/349484/state-of-the-global-workplace.aspx"> Gallup State of the Global Workplace report</a> published in 2024, only 14% of the roughly 2,262 Indian employees surveyed said they were thriving at their workplace, compared with 34% of the 128,278 employees surveyed globally.Hephzibah, who has worked in both Indian-owned and multinational companies, told BI that multiple colleagues had left or requested transfers outside India in recent years — mainly because of the work culture.She also found cultural differences when conducting training sessions for employees in India and the US.When implementing the Indian training schedule for one company's American employees, Hephzibah faced pushback on issues like late session timings."They said, 'We're not going to work after 6 and they could clearly call it out without feeling bad," Hephzibah said. "The problem in India is that people get scared to speak up because their jobs might be impacted."<h2 id="c1e23a63-b3a5-4dfe-9fda-a228d77f5f16">The way forward</h2>In Hephzibah's opinion, overtime and vacation policies need to be strictly enforceable in India."Outside, we're very careful to communicate that we care because they have legal backing to sue," she said. "Over here, that entire system is missing."She agreed with Chang that effecting systemic change would also be up to the leaders and middle management, and not just down to a country's laws."What is the leadership believing in? Is leadership overworking?" Chang said. "Because if they are, they're going to overwork their employees."

The death of a young EY employee is raising questions over India's 'always-on' work culture

<ul><li>The <keyword id="857141" type="General" weightage="20" keywordseo="loan-amount" source="Orion">loan amount</keyword> can range between ₹10,000 to ₹30,000. </li><li>The entire <keyword id="6360217" type="General" weightage="20" keywordseo="loan" source="Orion">loan</keyword> process, including disbursement and collection, is conducted digitally through the app. </li><li>In FY23, the company reported that 34% of <keyword id="602834" type="General" weightage="20" keywordseo="loan-repayments" source="Orion">loan repayments</keyword> were conducted through <keyword id="3160615" type="General" weightage="20" keywordseo="digital-channels" source="Orion">digital channels</keyword>. </li></ul>Muthoot Microfin Limited on Monday launched a new service called 'Suvidha Loan' aimed at providing customers with instant access to funds. This service allows customers to apply for a loan amount ranging from ₹10,000 to ₹30,000, and receive the funds within 30 minutes of application. The entire process is facilitated through the Mahila Mitra App, which is the company's mobile application platform designed for its customers. With the introduction of this service, Muthoot Microfin aims to empower its customers with quick and hassle-free access to much-needed funds. Says Sadaf Sayeed, chief executive officer, Muthoot Microfin, “Muthoot Microfin has conceptualised Suvidha Loan to empower microfinance customers, strengthening our commitment towards digital inclusion of rural India. This enables customers to borrow at her discretion and convenience without being dependent on a loan officer or joint liability group.” The Suvidha Loan incorporates secure document execution methods like virtual signatures, OTP verification, and geo-coordinate confirmation, ensuring a seamless process, the company says. Customers can choose flexible repayment options, including monthly or weekly instalments, to suit individual needs and preferences. The entire loan process, including disbursement and collection, is conducted digitally through the app, eliminating the need for paper-based transactions and minimising manual intervention. Sayeed adds that with the use of the company’s Mahila Mitra app and credit scorecard, together with integrated household-level credit bureau, digital KYC (know-your-customer), and penny-drop verification, “we can analyse a customer on 40 different parameters in a matter of minutes. We can decide on a loan within 15 minutes and disburse it in 30 minutes.” At present, Muthoot Microfin has a customer base of 13 lakh individuals who use the Mahila Mitra App to manage their loans and access digital services. In FY23, the company reported that 34% of loan repayments were conducted through digital channels, which were encouraged through incentivised payback schemes. The introduction of Suvidha Loans aligns with the company's vision to empower customers by leveraging digital infrastructure and services, further enhancing their convenience and accessibility. The Mahila Mitra app was launched in May 2020, to enable customers to instantly overview their loan details, and learn more about their transactions. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/travel/news/lgbtq-plus-travel-safety-concern-rises-in-india-as-per-booking-com-survey/articleshow/100767027.cms">More than 60% LGBTQ+ cancelled travel plans in India last year with over 90% fearing for their safety</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/indian-railways-kavach-which-aims-to-prevent-railway-accidents-explained/articleshow/100767568.cms">Explained: What is Kavach? The Railways’ protective armour missing in Odisha</a>

Speedy, small loan market sees Muthoot Microfin make an entry

<ul><li>Apple announced a slew of updates to iOS, iPadOS and watchOS at its annual Worldwide Developers Conference (WWDC). </li><li>The new operating system updates include new features focused around communication, sharing and smarter input, among other things. </li><li>Apple has dropped support for several <keyword id="57315" type="General" weightage="20" keywordseo="iphones" source="Orion">iPhones</keyword> and <keyword id="130116" type="General" weightage="20" keywordseo="ipads" source="Orion">iPads</keyword>, here’s the full list. </li></ul>Apple announced a slew of updates to iOS, iPadOS and watchOS at its annual Worldwide Developers Conference (WWDC) 2023 on Monday, bringing a range of new features and improvements. The new operating system updates include new features focused around communication, sharing and smarter input, among others. However, as is usual with major software updates, Apple has dropped support for several iPhones and iPads. Apple’s new <keyword id="6903543" type="General" weightage="20" keywordseo="ios-17" source="Orion">iOS 17</keyword> system requirements lists that iPhones need to be powered by at least the A12 Bionic chipset or later. This means that all iPhones older than the iPhone 8, 8 Plus and the iPhone X are no longer supported and will not get iOS 17 or any new features. As for iPads, those with A12 Bionic chipset, or Apple M1 and M2 chipset are all supported. The iPad 6th generation with the A10 chipset is the only exception – it will still get the iPadOS 17 update. On the other hand, Apple has also dropped support for iPads launched before 2018. <cmsannotation type="cmsannotation" annotationid="Unsupported iPhones and iPads" comment="subhead" text="Unsupported iPhones and iPads">Unsupported iPhones and iPads</cmsannotation> <ul><li>iPhone 8, 8 Plus or older </li><li>iPhone X </li><li>iPad Pro </li><li>iPad Air 2nd generation and earlier </li><li>iPad 5th generation and earlier </li><li>iPad mini 4th generation and earlier </li></ul><cmsannotation type="cmsannotation" annotationid="What happens if you use an unsupported iPhone or iPad?" comment="subhead" text="What happens if you use an unsupported iPhone or iPad?">What happens if you use an unsupported iPhone or iPad?</cmsannotation> Unsupported iPhones and iPads will still continue to remain functional and receive almost all app updates. However, they will no longer get new features. Fortunately, Apple does release critical security updates over-the-air from time to time. But these updates only address severe issues, so minor security issues will still persist. If you have an unsupported iPhone or iPad, you might want to consider upgrading to a newer iPhone or iPad. <cmsannotation type="cmsannotation" annotationid="iPhones compatible with the iOS 17 update" comment="subhead" text="iPhones compatible with the iOS 17 update">iPhones compatible with the iOS 17 update</cmsannotation> iPhones powered by the Apple A12 Bionic chipset or later will all receive the iOS 17 update. The following iPhones will receive the iOS 17 update: <ul><li>iPhone XS and XS Max </li><li>iPhone XR </li><li>iPhone 11, 11 Pro and Pro Max </li><li>iPhone 12, 12 mini, 12 Pro and Pro Max </li><li>iPhone 13, 13 mini, 13 Pro and Pro Max </li><li>iPhone 14 Pro and Pro Max </li><li>iPhone SE (2nd and 3rd gen) </li></ul>These iPads will receive the iOS 17 update: <ul><li>iPad Pro 2nd generation or later </li><li>iPad Air 3rd generation or later </li><li>iPad 6th generation or later </li><li>iPad mini 5th generation or later </li></ul>SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/ikio-lighting-ipo-ten-things-to-know-before-you-subscribe/slidelist/100767847.cms">IKIO Lighting IPO opens today: 10 things to know before you subscribe</a> <a href="https://www.businessinsider.in/india/news/indian-railways-kavach-which-aims-to-prevent-railway-accidents-explained/articleshow/100767568.cms">Explained: What is Kavach? The Railways’ protective armour missing in Odisha</a> <a href="https://www.businessinsider.in/finance/news/rbi-mpc-likely-to-hold-repo-rate-in-june-policy-as-inflation-cools/articleshow/100760075.cms">RBI monetary policy: MPC likely to keep the pause-button pressed</a>

New Apple iOS: If you have these devices, it might be time to upgrade

<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div><ul class="summary-list"><li style="font-weight: 400;">On Wednesday, data analytics company Splunk announced Splunk Ventures, its $150 million <a href="https://www.businessinsider.com/power-players-executives-corporate-venture-capital-funds-2019-7">corporate venture fund</a>.</li><li style="font-weight: 400;">The fund will include two distinct funds: a $100 million Innovation Fund and a $50 million Social Impact Fund. Susan St. Ledger, president of Splunk's worldwide field operations, told Business Insider this was to ensure nonprofits had the same access to funds as startups.</li><li style="font-weight: 400;">Splunk Ventures will operate under Splunk's larger merger and acquisitions team, but St. Ledger said the team will <a href="https://www.businessinsider.com/greylock-mayfield-emergence-enterprise-tech-acquisition-surge-2019-7">not primarily look to acquire portfolio companies</a>.</li><li><a href="https://www.businessinsider.com/prime?module=article&amp;area=summary">Click here for more BI Prime stories</a>.</li></ul>If you can't beat them, <a href="https://www.businessinsider.com/base10-base11-automation-will-upend-venture-capital-2019-9">fund them</a>. Splunk, a data analytics company based in San Francisco, has caught <a href="https://www.businessinsider.com/silicon-valley-venture-capital-founders-market-notion-funding-2019-8">Silicon Valley's fear of missing out</a>, so on Wednesday the company announced its own $150 million corporate venture fund called Splunk Ventures.Splunk Ventures will oversee two separate funds: the $100 million Innovation Fund will fund early-stage tech companies that could benefit from Splunk's massive customer base and data stores. The fund's first investment also announced Wednesday was an undisclosed amount in cloud security applications startup Kavach.There is also a $50 million Social Impact Fund explicitly dedicated to funding nonprofits that also benefit from data analytics."We want to focus on accelerating the data ecosystem that we play in to unlock more value," Susan St. Ledger, president of Splunk's worldwide field operations, told Business Insider. "We felt strongly that it wasn't just around technology companies but also anyone that uses data for social impact."Read More: <a href="https://www.businessinsider.com/crowdstrike-accel-falcon-fund-venture-capital-security-startups-2019-8">Less than 3 months after its blockbuster IPO, CrowdStrike is launching a $20 million VC fund to invest in early-stage security startups, and it's partnering with Accel</a>Splunk is the <a href="https://www.businessinsider.com/power-players-executives-corporate-venture-capital-funds-2019-7">most recent tech company to jump on the corporate venture bandwagon</a>. Large tech companies, like Intel and Cisco, have for years operated in-house venture funds dedicated to investing in promising startups and technologies. Often, these corporate VC arms served as mergers-and-acquisitions pipelines for the parent company. In the last six months, public and private tech companies like Slack, <a href="https://www.businessinsider.com/crowdstrike-accel-falcon-fund-venture-capital-security-startups-2019-8">Crowdstrike</a>, and Airbnb have created corporate venture funds to invest in "the ecosystem."But Splunk has set a more altruistic standard with its dedicated $50 million Social Impact Fund. The company has worked on social good initiatives and provided grants for years, but this is the first time it will use dedicated funds to back organizations like nonprofits that are usually left on the back burner in favor of more lucrative investments."We have to make sure we are investing in both sides of the equation," St. Ledger said. "We don't want to lose sight of the social impact side of things."St. Ledger said that Splunk Ventures will operate within Splunk's larger organization under the mergers and acquisitions team. Given the <a href="https://www.businessinsider.com/greylock-mayfield-emergence-enterprise-tech-acquisition-surge-2019-7">founder-unfriendly power dynamics historically associated with corporate venture capital</a>, St. Ledger acknowledged that the Splunk Ventures team will have to work hard to convince entrepreneurs to accept funding from the new fund."Very often that is what corporate venture is used for, but the truth of the matter is that's not our intent going into it," St. Ledger said of whether or not the fund would be used to help the company source acquisition targets. "It's really about accelerating the data ecosystem and partnering with the portfolio companies."

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PM Gati Shakti National Master Plan aims to bring synergy between infrastructure and logistics across the length and breadth of India

Rounak Jain

The death of a young EY employee is raising questions over India's 'always-on' work culture

Hannah Abraham

Speedy, small loan market sees Muthoot Microfin make an entry

Anagh Pal

New Apple iOS: If you have these devices, it might be time to upgrade

Rounak Jain

Data analytics company Splunk officially enters the venture capital game with $150 million Splunk Ventures and a dedicated Social Impact Fund

Megan Hernbroth

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