The union government which is under tremendous pressure from the recent failures of “demonetisation” and GST, has slashed the prescribed rates on certain consumer items and services. The move which comes in the wake of Gujarat elections is supposed to rejuvenate the failing industries and encourage consumer confidence. The 23rd GST Council meeting, held in…
Cashless economy embodies the ultimate end product of cohesive social structuring. The idea itself represents the zenith of technological and economic amalgamation. When citizens deal in electronically chronicled cash networks as their sole means for monetary transactions, it is a sign of social upliftment. It means that as a species, humanity has travelled a fair…
Sometimes expansion is a hard choice. A saturated market can make you consider diversification, but so will excessive market demand for that matter. In actuality, expansion is a strategy that can dynamically solve multiple problems for an organization. Don’t believe us? Here are a few stories of how the advantages of expansion helped some of…
The manufacturing sector contributes 17% to the country’s overall GDP of which 45% of the manufacturing sector’s output is contributed by the SME sector alone. The SME sector forms an integral part of the Indian manufacturing sector and enjoyed a sheltered existence with a high tariff on imports, fiscal incentives and a monopoly on the manufacture of certain goods. However, the reform era beginning 1991 opened India to trade agreements with other countries that proved advantageous to organizations that held a monopoly in their respective trades. To help with this and augment the global competitiveness of the Indian micro, small and medium enterprises (MSME), the Government of India in partnership with the MSME ministry launched a set of schemes under the National Manufacturing Competitiveness Programme (NMCP). These schemes which began to be implemented in 2006 aim to give these enterprises a competitive edge to survive in a liberalised economy.
India has one of the most rapidly expanding service sectors in the world with the least portion of services employment, contributing to around 66% of the Indian GDP. According to data analysis, India has had a 9.2% growth in the service sector in the year 2015-16 but in the year 2014, it had the smallest share of services employment in the world. Following this, the Government made several amendments to develop India’s commercial services exports share in the global services market and this has facilitated multi-fold growth in the GDP. If you look at the manufacturing industry too, about 34% of the manufacturing jobs are service oriented functions. The dollar’s value of final demand for manufacturers comes up to $1.48 in other services and production, thereby boosting the importance of services in the economy and in employment generation.
India’s distinctive competencies and competitive advantage formed by the knowledge-based services makes it a truly unique emerging market. Backed by several government initiatives, the services sector in India has the potential to unlock a multi-trillion dollar opportunity which can create a symbiotic growth for all nations. Here’s a look at how the Indian service industry performed in Q1, 2017.
Amidst the entire economic crisis across the globe, India is demonstrating hope with determined growth targets, supported by a slew of important projects like “Make in India”, “Digital India”, etc. The biggest tax reform since Independence, the Goods and Service Tax (GST), is all set to transform the Indian tax system.
The Goods and Services Tax (GST) is expected to act as the much-needed catalyst for economic growth in India and is expected to alter the indirect taxes levied on goods and services within the economy and also eliminate the cascading effect of the tax system. GST has created high anticipation not only in India but also among all the neighboring and developed economies of the world. India will be playing a vital role in the global economy in the coming years because of GST implementation. Among all the rumours about the negative impact of this bill on the SME sector, would the pros outweigh all the cons?
Invoice discounting is a form of short-term borrowing often used to improve a company’s working capital and cash flow position. Invoice discounting allows a business to draw money against its sales invoices before the customer has actually paid, helping in growth & expansion without impacting the books of accounts.
We wanted to give our readers something informative yet different and thought what better way for that than with a quick recap of the major events from 2016 to early 2017 from across the globe, India and us at KredX. 2016 has been quite a rollercoaster ride for the world and us in India. From terrifying events to groundbreaking changes and new opportunities, it certainly was a mixed bag of emotions. Let’s take a look back at some of the most impactful stories from the last year and early 2017.
This is Part II of a two-part series
Recently, KredX had an opportunity to chat with the man responsible for the introduction of digital payment services in India, Dr. R. B. Barman, who is also an advisor to KredX. Dr. Barman is the Chairman of the National Statistical Commission, Advisor to the National Payments Corporation of India (NPCI) and has also served as the Executive Director of RBI, among the various positions he has held during the span of his illustrious career.
With India shifting towards a cashless economy, digital payments are the need of the hour. The government has introduced several schemes and projects to further provide an impetus to the fast-growing digital payment sector of the country. To think that RTGS, NEFT, NECS, Mobile Payments, ATMs were introduced only in the 2000’s, India certainly has come a long way since then in mobile and digital payments! Recently, KredX had an opportunity to chat with the mastermind responsible for the introduction of these payment services in India, Dr. R. B. Barman, who is also an advisor to KredX.