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India Ready To Offer Incentives to Tesla for Cheaper Production Costs Than China

Tesla (Photo Credits: Pexels)

New Delhi, March 3: Minister of Road Transport and Highways Nitin Gadkari said that India is ready to offer cheaper production than China to Tesla Inc if the electric carmaker commits to set up a plant in the south Asian country. This development comes after billionaire Elon Musk’s firm registered a company in India in a bid to enter the local market.

According to a report by Reuters, Tesla is planning to import and sell its Model 3 electric sedan in India. Gadkari said that instead of importing, the carmaker should make the entire product in the county. “Then we can give higher concessions,” he said.

“The government will make sure the production cost for Tesla will be the lowest when compared with the world, even China when they start manufacturing their cars in India. We will assure that,” the transport minister was quoted as saying by Reuters.

In 2020, only 5000 electric vehicles were sold in India due to poor charging infrastructure. Whereas, in China, Tesla sold 1.25 million EVs. Gadkari said that India is a big market and could also be an export hub. “I think it’s a win-win situation for Tesla,” the union minister told the news agency. The minister, however, did not give particulars of what incentives would be on offer.

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Finance

3 Common Mistakes every Beginner should avoid while investing in Stocks

avoid these stock market mistakes

Piyush, who is an architect by profession, has always invested in schemes that are risk-free. Recently, his friend Hemant told him about his income generated through Mutual Funds. Piyush decided to take a shot at mutual funds.

Piyush replicated his friend`s portfolio and invested his money. To his disappointment, Piyush did not make as much money as his friend did. He also suffered losses. So what could be the reason behind Hemant making a profit in the same scheme, while Piyush suffered losses?

Piyush committed one mistake while investing in stocks that most Indians make. However, it is better to understand these mistakes initially to prevent losses in the future.

Here is a list of some of the most common mistakes that everyone must avoid while investing in stocks:

  1. Lack of Planning

Seasoned investors play their game in the market based on facts and figures. However, this is where a beginner can go wrong. Guessing and blindly investing in stocks might appear to be performing well. However, the absence of proper planning and vague end goals can result in a chaotic mess. Always check the financial data of the company you are planning to invest in and then make informed decisions.

  1. Decision-based on Personal Bias

Being biased can never be beneficial, be it any aspect of life. And the stock market is no exception! Many beginners or first-time investors tend to either buy only companies that are known or the companies they like.

This is not the best way to invest your money in the stock market. The companies you like or know may not be performing well. This way you can also risk your profile or your financial goals.

  1. Short Term Focus

If you have a notion in your mind that investing in the stock market will make you rich quickly then this is another mistake that you must avoid. Having a short-term goal can leave a huge impact on your investment decisions. Avoid taking rash and uninformed decisions as it can likely result in losses.

These three mistakes are the most common ones that every first-time investor makes initially. Trading in investing and equity in the financial markets requires in-depth knowledge of the stock market.

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Finance

Rakesh Jhunjhunwala Says He Will Never Buy Bitcoin, Cryptocurrencies Should Be Ban

Bitcoin (Photo Credits: Pexels)

The digital token, Bitcoin, recently hit an all-time high of USD 58,332.36. However, this was not enough to allure ace investor Rakesh Jhunjhunwala. On the trading of bitcoins, the big bull told CNBC’s “Street Signs Asia” that he would never invest in the cryptocurrency.

“I won’t buy Bitcoin even for $5. In the world, only the sovereign has the right to create currency. The dollar move of 1-2 per cent is news but here the fluctuation is 10-15 per cent in a day, hence the speculation is the highest,” Jhunjhunwala said.

He said that he will never buy bitcoin in his life and “cryptocurrencies should be banned.” The investor further said that India’s regulators should step in and keep bitcoin out.

In 2021, bitcoin surged more than 90 per cent. The spectacular run was due to increased adaption of the digital token by major investors and companies, including Bank of New York Mellon and Elon Musk’s Tesla. There is no decision on bitcoin and other cryptocurrencies by India’s regulators, but there is speculation that the Centre is planning to ban all private digital currencies and launch its own official virtual currency.

“A high-level Inter-Ministerial Committee (IMC) was constituted under the Chairmanship of Secretary (Economic Affairs) to study the issues related to virtual currencies and propose specific actions to be taken in the matter recommended in its report that all private cryptocurrencies, except any virtual currencies issued by a state, will be prohibited in India,” Finance Minister Nirmala Sitharaman had said during the Parliament Session.

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Finance

4 Effective Bookkeeping Tips for Small Businesses

Bookkeeping | Representational Image (Photo Credits: Pixabay)
Bookkeeping | Representational Image (Photo Credits: Pixabay)

For business to be successful, it needs to record all its economic transactions chronologically without any emission or omission in the entry book. It helps a business to keep a tab on its dealings as well as inflow and outflow of the financial resources. Here, bookkeeping comes into picture. It undertakes the recording of financial transaction and involves preparing source documents for all transactions that are economic in nature, operations, and other dealings of an enterprise. It is not merely restricted to big business houses, forming the foundation of accounting bookkeeping are used in small as well as medium level business firms and non business enterprises. 3 Top Investment Schemes in India to put your money at!

For small businesses as well, a sound bookkeeping is an important prerequisite to keep all the financial transaction in check. It helps in regular valuation of the assets, tab on debtors and the borrowing activities of the firm. Bookkeeping also helps in keeping a check of embezzlement of funds and money laundering by an employee if any. Here are some tips for bookkeeping for small business:

Keep Personal and Firm’s Account Separate

The first and foremost principle of bookkeeping is to have a separate account of the business and the owner for financial purposes. Following the accounting principle of Separate Legal Entity, the accounts for both the entities should be different. All the transaction related to business should be done through enterprise’s account and not the owner’s personal one. 4 Smart Ways to raise fund for your startup without Investors.

Record Transactions Chronologically

One of the most prominent features of bookkeeping is that all the transactions are recorded timely and regularly. Ideally, all the dealing and financial events are recorded in the books of accounts on the day their occurrences. It also includes the accounts which are debited and credited after a transaction and a brief description about it. It helps the business to look for and clear discrepancies if any.

Organise Business Documentation

Various transactions are substantiated with relevant business documents including vouchers, bills, receipt among others. These works as an evidence to the transaction and provide various essential details about it such as the parties to the deal, date and time of the transaction, amount involves other terms and conditions if any.

Review the Records

To ensure that no fraud or miscalculation is taking place, a firm should keep reviewing its records on a regular basis. It helps business to evaluate all its transactions and accommodate for any omission or error in recording. It also enables the owner to keep a tab on expenses, account receivables, debtors, accrued income and other important accounts.

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Finance

4 Smart Ways to raise fund for your startup without Investors

4 Smart Ways to raise fund for your startup without Investors

Building a business from the ground up is often very hard. To build it without the initial capital investment from the investors can be even harder. It may take a little longer, but starting a startup in India without the burden of investors can yield benefits that outweigh the cons.

You can be in complete control of your destiny, and can quickly change the business direction whenever it`s needed. Here are 5 ways in which you can do fund-raising for business without investors:

  1. Do not quit your Job

Since starting a startup business in India without investors can leave you with a lack of funds, it is always a cool idea to continue with your day job. This will give you the advantage of saving your salary.

  1. Government Loan Schemes

Whether you want to start your business without an investor or unable to find one, you can still fulfill your entrepreneurial dream, thanks to government schemes. To focus on ‘Make in India’, the government has started a few loan schemes.

Schemes like CGTMSE, MUDRA, and Stand-up India can provide you collateral-free debts and can get access to low-cost capital.

  1. Use your Revenue to do Fund Raising

Not all startups are pre-revenue generators. Many startups have customers and monthly revenue, so why not plan smartly and use that money to grow faster. A Revenue Based Loan can turn your revenues into growth capital and can help you to do fund-raising without an investor.

  1. Crowd Funding

You can also raise money through crowd-funding. Crowd-funding refers to raining money from a large number of people who contribute with a small amount of cash. The process of crowd-funding is typically done via online platforms.

Make Necessary Sacrifices for Business

A business is like a baby! Hence, be ready to give all your time and attention. Not just that, you must be willing to make sacrifices to free up your time.

As an entrepreneur, you may want to taste success as soon as possible. However, patience is the virtue that makes any business successful. You may feel challenged at the initial stage of building a start-up. If not prepared, you may have to suffer losses too. Hence, get all the information and knowledge from the industry experts.

Learn from their experience to take your business ahead with our Everything about Entrepreneurship course. To know more, click here: https://www.badabusiness.com/?ref_code=ArticlesLeads

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Finance

3 Top Investment Schemes in India to put your money at!

investment

While growing up, for the longest time, most of us believed that the money plant in our house will grow cash for us in the future. Though, it would have been great had that belief was true, the reality remains the same- we all want to see our money grow!

So, if you are looking to grow your wealth, investing your money in different schemes can be a brilliant option provided you make the right investment decision, at the right time.

India is a land of savers and not many investors. According to a report by New Indian Express, ‘only 2% of the Indian population participates in equity markets directly or through mutual funds due to their risk-averse nature.

Most of the Indians are always on the look-out for a high-return, low-risk combination in an investment plan. Unfortunately, it does not exist, at least not in the real world.

So does that mean you should not invest? Certainly not! Here are 3 top investment plans to look at while reaching for your financial goals:

  1. Debt Mutual Funds

Do you want steady returns? The Debt Mutual Fund schemes are for you! These schemes are less volatile and involve less risk as compared to equity funds.

Debt mutual fund primarily invests in fixed-interest generating securities like government securities, corporate bonds, commercial paper, treasury bills, and other money market instruments.

  1. National Pension System (NPS)

Managed by the Pension Fund Regulatory & Development Authority (PFRDA), NPS is a long-term plan focused on retirement. This investment scheme is a mix of equity, corporate bonds, fixed deposits, government funds, and liquid funds among others. The minimum annual contribution has been reduced to INR 1,000 for an NPS Tier-1 account to remain active.

  1. Public Provident Fund (PPF)

The Public Provident Fund is one of the most popular investment schemes that every Indian turns to. The scheme has a long tenure of 15-years. Thus, it offers huge tax-free compound interest. One of the major reasons behind its popularity is that it is a safe investment as it is backed by a sovereign guarantee.

Some of the above-mentioned schemes are fixed income while others are linked with the financial market. Where fixed-income schemes help to preserve your savings, market-linked investments offer high returns and high risks too.

However, for a long-term financial goal, it is important to make use of both worlds. Hence, make informed decisions by keeping time duration, taxation, and risk in mind. You can understand the in-depth stock market knowledge with our problem-solving courses. To know more, click here: https://www.badabusiness.com/psc?ref_code=ArticlesLeads

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Finance

SMBs in India To Benefit As Google Announces Rs 109 Crore for Small and Micro Enterprises in the Country

Google (Photo Credits: Unsplash)

New Delhi, February 18: With an aim to support small and micro enterprises (SMBs) in India amid the COVID-19 pandemic, tech giant Google on Wednesday said it would give $15 million to Indian SMBs. The amount that has been announced by Google for businesses in India is nearly Rs 109 crore. Reports inform that the investment is part of the $75 million commitment from Google to help small businesses outside of the US. “In India, we will invest $15 million to support small and micro enterprises across the country and are in discussions with local partners,” the company said in a statement.

Google said it is working with non-government partners who have a long track record of providing resources to businesses that are generally overlooked by traditional lenders. When the coronavirus pandemic hit in 2020, Google had announced a $200 million investment fund as part of its more than $800 million commitment to support small businesses. In a statement, Google said it has had a special relationship with small businesses around the world – helping them scale, innovate and reach new customers. “With today’s announcement, we’re proud to help them meet a new challenge — accessing capital needed to recover and build resiliency for the future,” the tech giant said.

In July 2020, Sundar Pichai, the CEO of Google, had announced a ‘Google for India’ digitisation fund through which, the company will invest Rs 75,000 crore or approximately $10 billion over the next five to seven years to help India go digital. During the ‘Google for India’ virtual conference, Pichai had said, “We will do this through a mix of equity investment, partnerships, and an operational infrastructure ecosystem in India. This is a reflection of our confidence in the future of India and its digital economy”.

 

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Finance

5 Schemes to Financially Empower Women Entrepreneurs in India

Schemes for Women Entrepreneurs | Representative Image (Photo Credits: Pixabay)
Schemes for Women Entrepreneurs | Representative Image (Photo Credits: Pixabay)

The start-up ecosystem has been blooming in India without any gender disparity, more and more women are also establishing and running their own businesses successfully and independently. In many sectors, the women-led businesses have outshone the male ones. Even the government through its various organisations, several private and public sector banks and other non-banking financial institutions are progressively supporting the women-led initiatives. They are providing loans and funds at easier and flexible terms of repayments and lower interest rates to female entrepreneurs so that they easily overcome the financial bottlenecks and a smooth and efficient functioning of business is undertaken.Women-Led Businesses in India Get Major Boost As Visa Announces Grants To Empower Budding Businesswomen.

Here are 5 schemes to financially empower business women :

Pradhan Mantri Mudra Yojana

Under this central government scheme, loans ranging between Rs 50,000 to Rs 10 Lakh are offered to women entrepreneurs at easy terms of repayments. It is managed by the Micro Units Development and Refinance Agency (MUDRA) and offers loans to production, trading and service sector businesses.

Stree Shakti Package For Women Entrepreneurs

Under this scheme offered by the State Bank of India, women who have at least 50 per cent of the ownership stake can avail a discounted rate of interest by 0.50 per cent if the loan amounts is Rs 2 Lakh or more. The applicant should however taken part in state run Entrepreneurship Development Programmes.

Orient Mahila Vikas Yojana Scheme

Under this scheme offered by the Oriental Bank of Commerce, women who have at least a 51 per cent of the ownership stake can avail loans ranging from Rs 10 Lakh to Rs 25 Lakh without any collateral security. With a payback period of seven years, a concession of up to 2 per cent is also given on the loan. Business Confidence in India Improves As Economic Activities and COVID-19 Vaccination Drive Gathers Pace: NCAER Survey.

Stand-Up India

Under this scheme offered by the Small Industrial Development Bank of India (SIDBI), loans are offered to manufacturing, trading and service sector businesses. Loan amount ranging from Rs 10 Lakh to Rs 1 Crore are offered to the applicant. It can be repaid within seven years from the date of issue.

Bharatiya Mahila Bank Business Loan

Under this scheme, loans are offered up to Rs 20 Crore for businesses in the manufacturing and production sector. It also provides, a concession up to 0.25 per cent on the interest rates is also provided. Under it, one can avail a loan up to Rs 1 Crore without any collateral security.

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Finance Startup

Women-Led Businesses in India Get Major Boost As Visa Announces Grants To Empower Budding Businesswomen

Women Entrepreneurs in India (Photo Credits: Pixabay)

New Delhi, February 8: In a bid to boost women entrepreneurship globally and empower budding businesswomen, Visa on Monday announced the recipients of its grant programme in India. This would be Visa’s first global grant programme which will be in partnership with several startups that are led by woman entrepreneurs. Visa has partnered with IFundWomen, Bunko Junko, My Chapter One and MoWo Social Initiatives, where each one received a Rs 7,00,000 grant from Visa.

Resources from Instamojo will grow their businesses digitally, in a continued effort to offer better services to their communities. In a statement, Kevin Phalen, global head of business solutions, Visa that  access to funding, educational resources and a digital presence are fundamental building blocks that will help small businesses get back to not only surviving, but thriving.

Women-owned enterprises in India have grown from 14 percent to 20 percent in the past decade and employ between 22 to 27 million people.

  1. Highlighting this growth in women-led startups in India, Visa received applications from hundreds of businesses across the country in sectors including apparel and fashion, healthcare and wellness, food and beverages and art and events.
  2. The company evaluated 16 semi-finalists by a jury panel comprising senior leaders across Visa, FICCI FLO (FICCI Ladies’ Organization) and Instamojo. The final winners were selected based on the count of jury votes.

In addition to the grants, Instamojo, the digitization partner, is providing the winners with tools and resources to help build their digital presence.

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Finance

Union Budget 2021 Highlights: The 5 Big Takeaways.

highlights of Union Budget 2021-22

When Finance Minister Nirmala Sitharaman presented her third Union Budget 2021 on Monday, everyone had great expectations from it. The Union Budget 2021 came at a time when the economic growth of India is on the downhill due to the COVID-19 lockdown and its aftereffects.
During her two-hour-long speech, Sithraman said that the proposed Budget for this financial year is based on six pillars- health & well-being, physical, financial capital and infrastructure, reinvigorating human capital, inclusive development for aspirational India, innovation, and R&D, and ‘Minimum Government, Maximum Governance’.
There have been many significant announcements that include a proposal to disinvest two more PSBs and a general insurance company, hikes in customs duty to benefit Make in India, and numerous infrastructure pledges to poll-bound States.
The fiscal deficit that currently stands at 9.5% of the GDP, is estimated to be 6.8% in 2021-2022. Personal income tax slabs remain the same, however, there have been changes induced for the senior citizens above 75 years.

Here are 5 most important Budget takeaways:

Healthcare Sector
Along with focusing on the strengthening of the Urban Swachh Bharat Mission, the Government has launched new schemes such as PM Atma Nirbhar Swasthya Bharat Yojana to develop primary, secondary and tertiary healthcare, and Mission POSHAN 2.0 to improve nutritional outcomes across 112 aspirational districts.
The set-up of around 17 new public health units is proposed at points of entry. Also, the existing health units at 32 airports, 15 seaports, and land ports will be modernized.
Keeping the healthcare sector in focus, FM allocated Rs 2,23,846 crore to the healthcare sector in 2021-2022, Rs 35,000 crore for the Covid-19 vaccine.

Growth in Focus
Despite the year 2020 is hard on the common man, Sitharaman has avoided any tax relief exemptions to the ‘aam aadmi’. There have not been any increase in the standard deduction and no raise in the tax slabs.
Taxpayers are not required to estimate the dividend income while making advance tax payments. The advance tax will be payable only when the dividend is declared or paid by the company. Taxpayers can save the payment of interest due to underestimation while paying advance taxes.

Road to Recovery
After struggling for six years, the government has finally decided to come up with an asset reconstruction company to take over the bad loans of banks that will give them the flexibility to boost the economic growth.

Asset Monetisation
This is one sector, where the government has not performed much to inspire confidence. National Monetisation Pipeline of potential assets of NHAI, PGCIL, warehouses, airports, Railways, sports stadiums.
Major Highway Projects
The four poll-bound states get major highway projects: Kerala (1,100 km- Rs 65,000 crore), Tamil Nadu (3,500 km- Rs 1.03 lakh crore), Assam (1,300 km –Rs 34,000 crore), and West Bengal.
Finance Minister Sitharaman`s third budget is bold on multiple levels. It not only carves a pathway to growth but also signifies a strong intent for reforms.