Month: August 2020

Categories
Startup

WakeFit is Back With Its ‘Sleep Internship’ for 2021; Bengaluru Based Startup to Pay Rs 1 Lakh For 9 Hours of Sleep For 100 Days

Wakefit (Photo Credits: Company website)

Bengaluru, August 31: Bengaluru based startup ‘WakeFit’ is back with its popular sleep internship, where they paid Rs 1 lakh for 9 hours of sleep for 100 days.

According to reports, the company has started the application process for 2021 and has asked for volunteers for their one of a kind internship.

The process to become an intern for this coveted role is not that easy. The applicants will have to prove to their bosses that sleeping is their topmost priority and that is what they love to do the most.

Last year, around 1.7 lakh participants had signed up, out of which only 23 interns were able to make it. The objective behind this internship is because the company plans to change the mindset towards ‘sleep’ and how it can be productive as well as healthy.

While the interns do the needful on the special mattresses provided by them, they will track the sleep patterns of each and every one of them for 100 days. During the internship period, the interns are also given guidance by sleep experts, nutritionists, fitness experts and interior designers to improve the quality of sleep in various aspects of their lifestyle.

Categories
Business motivation

Business From Home: 4 Ideas to Kickstart Your Home-Based Business

 

What could be more tempting than being the entrepreneur you always wanted to be and running the business in the comfort of your own home? Home-based businesses have not only helped professionals follow their passion and be their own boss, they have also served an even greater purpose – the purpose of making the women of India financially independent and stronger than ever!

With the help of this article, we are here to especially support the brilliant minds that have the passion, zeal, and zest to initiate a home-based start-up, but are faced with various inhibitions and constraints such as being a homemaker, inability to finance an office space, etc.

 

Personal Protective Equipment

Some samaritans started making these medical gear when our healthcare professionals, frontline warriors, and the common people were struggling with the shortage of masks and gloves amid the coronavirus pandemic. We eventually witnessed many people starting the business from home where they made the Personal Protective Equipment (PPE) and provided them to the needy. This movement not only helped the nation cope with the shortage but also helped many small entrepreneurs establish themselves and become independent.

 

Online Seller

The list of home-based businesses would always look incomplete if it doesn’t mention online business. Becoming an online seller on e-commerce platforms, such as eBay, has always been topping the list because of its viable nature. However, becoming an online seller requires you to stay on your toes always as customer satisfaction is what this business is all about. If you falter, the negative ratings start to pour in, tarnishing the image of your business. Nevertheless, if you are completely aware of the terms and conditions along with the refund policies, you will be successful despite the cut-throat competition in the market.

 

Digital Marketer

It wasn’t long ago that businesses were not that familiar with the concept and importance of digital marketing. However, with time, this field of marketing has prospered and how! It is not considered wise if a business doesn’t prefer digital marketing to promote and grow in today’s day and age. This global pandemic has taught us the importance of going digital and it is only a matter of time before digital marketing dominates the entrepreneurial world. Considering the immense and great money, it would only be wise to opt for this idea as it could be executed while staying home.

 

Graphic Designer

Now that the businesses rely heavily on digital marketing, the demand for eye-catchy graphics has emerged as the need of the hour. Corporations are ready to pay generous money to graphic designers who have the potential to deliver some great quality content that could help them promote their brand over digital media. If you have the right talent and an eye for appealing visuals, you could make a business out of it. Added to that, it doesn’t take you more than a laptop to kickstart the process. What more could you ask for?

 

No matter what your objective is, there is something for everyone. It doesn’t matter if you just want to focus on a business that brings you some good amount of money or just a business that supports your passion as well as helps you make decent money, you will be able to find something to do. There are n number of options available around you but figuring out the one for you becomes the actual challenge. However, if you have a clear vision and a goal to achieve, nothing will be able to stop you from reaching for the stars.

 

 

Categories
Startup

MSME Schemes by Modi Government for Entrepreneur Loans

You have brainstormed on the business idea, have your plan, have done your research work, and now want to start executing it. The hurdle you face at first is the lack of financial backing. One of the most necessary components of any successful start-up is the capital. We encounter entrepreneurs struggling with one obvious question, how to fund their start-up.

We are here with a solution to this problem. We realize it is tough to get a loan for a start-up, but it’s not impossible after all. With many government policies accessible to MSMEs and start-ups, you can climb this hurdle and reach your destination.

Here is a list of various Government Schemes which are surely advantageous for your start-up and can assist you to take the idea off the ground.

Stand-up India
The Stand – Up India strategy was launched in 2016 for financial assistance to SC/ST and Women entrepreneurs. It aids bank loans starting from Rs 10 Lakh to Rs 1 Crore. This option is available for domains of manufacturing, services, or trading.

One of the benefits of this scheme is that the loan amount will cover 75 percent of the total venture cost. The entrepreneur is supposed to bear a minimum of 10 percent of the total project cost as Stand – Up India Loan Scheme. Stand Up Scheme will be administered via the banks and to get the loan you will require collateral or a CGFSIL (Credit Guarantee Fund Scheme for Stand-Up India Loans)

Bank Credit Facilitation Scheme
For satisfying the credit requirements of small and medium-size industries, the NSIC has approved a memorandum of harmony with various national and private banks in India. This scheme proposes to provide various MSMEs with credit support.

This scheme offers unsecured loan facilities to the MSME business. They can avail terms of loans or working capital loans under this scheme, and it will be collateral-free or need of the third-party guarantee for availing credit.

Pradhan Mantri Mudra Yojana
Pradhan Mantri Mudra Yojana (PMMY) is contributing support to the MSME sector, which includes manufacturing units, food service, and small industries, including allied agricultural activities. PMMY scheme was launched in the year 2015, under various categories such as Shishu, Kishor, and Tarun. The maximum amount of loan that could be taken ranges from Rs 50,000 and Rs 10 lakhs.

To benefit from this scheme, one must be 18-year-old or above and have no defaulted loan repayment under their name. Any individual business owner could apply to this scheme, be it a private limited organization or a public sector company. Talking of the interest rate, it is nominal and varies from bank to bank.

Credit Guarantee Scheme (CGS)
The CSG scheme for MSMEs was established by the Government of India to provide them with collateral-free credit. One of the most exciting and essential features of this scheme is that it could be availed both by the existing startups and the ones that are still in the process.

The goal of the strategy is to decrease the stagnation of MSME growth, which has been adversely affected due to financial limitations. The lending is given to public, private, and foreign banks, with the regional rural banks.

You are required to analyze a few factors before applying for a business loan that works best for your start-up. Getting a business loan is not that difficult, but you need to do comparative research and figure out which financing option will work for you.
For the micro-enterprises, the government making all efforts to offer business loans to start-ups and MSMEs. We have mentioned a few schemes in the article, but there are more schemes launched by the Government for the benefit of the growth of the start-ups.

 

 

 

 

 

 

Categories
Finance Startup

PM Narendra Modi Urges Startups, Entrepreneurs to ‘Team Up’ Under ‘Vocal for Local’ Theme to Make India Atma Nirbhar in Toy Manufacturing Sector

PM Narendra Modi and toy shop in India. (Photo Credit: PIB/Facebook)
PM Narendra Modi and toy shop in India. (Photo Credit: PIB/Facebook)

New Delhi, August 30: Prime Minister Narendra Modi on Sunday during his Mann Ki Baat address urged the people of the country to become self-reliant in the toy manufacturing sector across the globe. He also urged the startups ‘team up for toys’ under ‘vocal for local’ theme to increase India’s share in the global market.

Highlighting the importance for making ‘toys for the world’, PM Modi said, “There has been a rich tradition of local toys in our country. Many talented and skilled artisans possess expertise in making good toys. We have given the focus on toys in the National Education Policy too. Learning while playing, making toys etc has been made a part of the curriculum.”

Urging the startups to be ‘vocal for local’ under the Atma Nirbhat Bharat initiative, PM Modi said, “I urge our start-up to team up for toys’, this also matches our call for a vocal for local. I urge our young brothers to make games in India and also on India. The global toy industry is over Rs 7 lakh crore but India’s share is very small; will have to work to increase it.”

Citing examples of the expansion of indigenous toy-making industries in India, PM Modi said Channapatna in Ramnagaram (Karnataka), Kondaplli in Krishna (Andhra Pradesh), Thanjavur in Tamil Nadu, Dhubri in Assam, Varanasi in Uttar Pradesh are recently developing as toy clusters. Apart from this, he said, “My appeal to the young talent of the country is Make Games Games in India and Make Games of India; it is said, Let the Game Begin…so come, let us play.”

On the issue of developing online games, the Premier said, “I call upon my start-up friends and new entrepreneurs to team up for toys; let us together make toys; it is time for local toys. You also come forward, innovate and implement something; your efforts in today’s small startups will transform into global conglomerates tomorrow and make a mark for India.”

Categories
Business motivation Strategy

Women Entrepreneurship, Women-Backed SMEs Can Help in Accelerating GDP Growth in India, Says Study

Women Entrepreneurship (Photo Credits: Pexels)

A recent study has revealed that if women entrepreneurship in India is given a push, it can accelerate the GDP growth in the country. As the country is focused on becoming self-reliance and achieving a $5 trillion economy, a report has suggested that a major emphasis on women entrepreneurship and women-backed small business can create a ripple effect in India’s GDP.

According to a joint study by Global Alliance for Mass Entrepreneurship (GAME) and Sattva, women-owned enterprises represent only 20 percent of all enterprises across the country. These enterprises hire 10 percent of the total workforce. The study revealed that women entrepreneurship presents a significant opportunity to strengthen employment and can create a ripple effect on India’s GDP; but the growth of women-owned businesses needs a greater push.

The study, which is centered around Bengaluru, points that there is an urgent need to increase sales and marketing channels and make women finance ready so that they can access capital for their businesses. “While women entrepreneurs in the region face formidable challenges, the combination of new market platforms, peer-support networks, and capital will make women entrepreneurs a force to reckon with before the end of the decade”, the study said.

According to the survey, quoted by IANS, a total of 53 percent of the participants had their monthly household income below Rs 50,000 while 84 percent women entrepreneurs use personal savings for capital needs and also tend to rely on friends and family. Meanwhile, around 97 percent of the women entrepreneurs hired less than five paid employees or workers. The study reveals that 67 percent entrepreneurs had been running their businesses for under five years and for all entrepreneurs, COVID-19 has reduced their revenues by 60-80 percent.

Categories
Finance

Mukesh Ambani’s RIL Announces Acquisition of Future Group’s Retail, Wholesale, Logistics and Warehousing Businesses for Rs 24,713 Crore

Reliance Market. (Photo Credit: Facebook)
Reliance Market. (Photo Credit: Facebook)

Mumbai, August 29: Reliance Retail Ventures Ltd. (RRVL), a subsidiary of Mukesh Ambani’s Reliance Industries Limited, on Saturday announced the decision to acquire Future Group’s retail, wholesale, logistics and warehousing businesses for Rs 24,713 crore. The latest deal between RRVL and Kishore Biyani’s Future Group has been carried on a slump sale basis.

Informing about the latest development, RIL said in a statement, “Reliance Retail Ventures Ltd (RRVL), subsidiary of Reliance Industries Ltd will acquire the retail and wholesale business and the logistics and warehousing business from the Future Group as going concerns on a slump sale basis for lumpsum aggregate consideration of INR 24,713 crore.”

With the latest acquisition, Reliance Retail will now have the access of Future Group’s Big Bazaar, FBB, Easyday, Central, and Foodhall formats. The acquisition will enable RRVL to acquire Future Group’s over 1,800 stores spread over 420 cities in India. It is to be known that Future Group houses leading retail formats, including supermarket chain Big Bazaar, upmarket food stores Foodhall and bargain clothing chain Brand Factory.

Under the acquisition, Future Group would merge certain companies carrying on the aforesaid businesses into Future Enterprises Limited (FEL) of RRVL. Ahead of selling retail assets to the retail subsidiary of RIL, Future Retail Ltd, Future Consumer, Future Lifestyle Fashions, Future Supply Chain and Future Market Networks will be merged into FEL. Following this, all the retail and wholesale undertaking of Future Group will be transferred to Reliance Retail and Fashion Lifestyle Limited (RRFLL).

RRVL Director Isha Ambani said, “With this transaction, we are pleased to provide a home to the renowned formats and brands of Future Group as well as preserve its business ecosystem, which has played an important role in the evolution of modern retail in India.”

Adding more, she said, “We hope to continue the growth momentum of the retail industry with our unique model of active collaboration with small merchants and kiranas as well as large consumer brands. We are committed to continue providing value to our consumers across the country.”

Apart from the retail and wholesale transfer to RRFLL, the logistics and warehousing undertaking is also being transferred to RRVL under the deal. RRFLL is proposing to invest Rs 1,200 crore in the preferential issue of equity shares of FEL to acquire 6.09 per cent of post-merger equity holding and Rs 400 crore in a preferential issue of equity warrants which, upon conversion and payment of balance 75 per cent of the issue price, adds the Reliance statement.

This is not the first time Future Group’s CEO Kishore Biyani sold his assets. Earlier on September 30, Future Group’s debt rose to Rs 12,778 crore. In 2012, Biyani sold his most valuable asset Pantaloons Retail to Aditya Birla group for Rs 1,600 crore after grappling with an equally heavy debt of Rs 12,000 crore. He had also sold Future Capital to Warburg Pincus for Rs 4,250 crore.

Categories
Technology

GST Network Starts Providing Auto-Drafted ITC Statement GSTR-2B to Assist Taxpayers in Determining ITC Liability

Documentation of tax | Representational Image (Photo Credits: Pexels)

The GST Network (GSTN) on Saturday started providing auto-drafted input tax credit (ITC) statement GSTR-2B to taxpayers. The newly launched initiative would assist the taxpayers in determining their ITC liability. GSTR-2B will be generated on GST portal for every registered person on the basis of the information furnished by his suppliers. It will be made available for each month, on the 12th day of the succeeding month, GSTN said in a statement. Moreover, it is expected that GSTR-2B will help in reduction in time taken for preparing return, minimising errors, assist reconciliation & simplify compliance relating to filing of returns.

The GST Network handles the IT backbone of Goods and Services Tax (GST). “It is expected that GSTR-2B will help in reduction in time taken for preparing return, minimising errors, assisting reconciliation and simplify compliance relating to filing of returns,” it said.

Key features in GSTR-2B which would assist taxpayers in return filing are as under:

  1. It contains information on import of goods from the ICEGATE system including inward supplies of goods received from Special Economic Zones Units / Developers. This is not available with the release of GSTR-2B for the month of July and will be made available shortly.
  2. A summary statement which shows all the ITC available and non-available under each section. The advisory given against each section clarifies the action to be taken by the taxpayers in their respective section of GSTR-3B;
  3. Document level details of all invoices, credit notes, debit notes etc. is also provided both for viewing and download.
  4. GSTR-2B for the month of July 2020 has been made available on the common portal on trial basis.

Since, this is the first time that the statement is being introduced, taxpayers are advised to refer to GSTR-2B for the month of July, 2020 only for feedback purposes. All taxpayers are requested to go through their GSTR-2B for July 2020 and after comparing the same with the credit availed by them in July 2020, provide feedback (if any) on any aspect of GSTR-2B by raising a ticket on the self-service portal (https://selfservice.gstsystem.in/). All taxpayers are advised to view the detailed advisory relating to GSTR-2B on the common portal before using the statement.

The GST Council, in its 39th meeting held on March 14, 2020, had recommended to adopt and implement the incremental approach of linking the present system of filing of GSTR-3B and GSTR-1 and other significant changes like enhancements in GSTR-2A and its linking to GSTR-3B. One such enhancement that the Council recommended was introduction of an auto-drafted input tax credit (ITC) statement which would aid in assisting / determining the input tax credit that is available for every taxpayer.

Categories
Finance MSME Process & Business Expansion

Jio Mart, Facebook Tie-Up Aims to Bring 25 Million SMEs Online in Near Future

Facebook and JIO Mart (Photo Credit: pixabay and Facebook)
Facebook and JIO Mart (Photo Credit: pixabay and Facebook)

Mumbai, August 29: With an aim to help millions of COVID-19 affected Kirana stores in India, JIO Mart has tied up with Facebook to bring 20-25 million small businesses online in the near future. The two business giants have joined hands to help these small and medium enterprises digitise their product catalogues through the use of instant messaging app Whatsapp.

Speaking at an event organised by Internet and Mobile Association of India (IAMAI), Facebook India’s vice-president and managing director Ajit Mohan said, as quoted by Business Standard, “Our excitement is with connecting the dots between WhatsApp and Jio with the objective of helping millions of Kirana owners to digitise their product catalogues.”

Mohan was of the opinion that the move will fundamentally change the consumer behaviour in India and help in changing consumers change from opting to digital payments from physical cash. Citing a recent Boston Consulting Group-Facebook consumer behaviour study, Mohan stated that digitally-influenced purchases had gone up by 15-20 per cent for consumer goods brands like apparels, mobile phones and packaged goods. He added, as the daily quoted, “Video and virtual experiences will be at the heart of buying in the upcoming festive season.”

During the interaction, the Facebook-India MD said that the launch of Instagram’s Reels and WhatsApp video calls had reflected users’ changing consumer behaviour. It is to be known that Facebook recently acquired a 9.99 per cent stake in Jio Platforms, which houses many digital platforms like JioSaavn and Radisys. Also, Reliance’s fully-owned subsidiary is the biggest disruptor in the Indian telecom market as Jio.

Categories
Startup

Modi Govt Launches ‘Chunauti’- Next Generation Startup Challenge Contest, to Identify Around 300 Startups in India

Startups in India (Photo Credits: Pexels)

In a bid to give a major fillip to startups in India, the government on Friday Launched ‘Chunauti’- Next Generation Startup Challenge Contest. Under this programme, the government aims to identify around 300 startups working in identified areas and provide them seed fund of up to Rs 25 lakh among other facilities.

Union Minister for Electronics and Information Technology Ravi Shankar Prasad launched the contest to further boost startups and software products with special focus on Tier-II towns of India. The Startups can apply by visiting the website of STPI or by clicking at the link https://innovate.stpinext.in/

The government has earmarked a budget of Rs 95.03 Crore over a period of three years for this programme. It aims to identify around 300 startups working in identified areas and provide them seed fund of up to Rs 25 Lakh and other facilities.

Under this challenge, the Ministry of Electronics and IT will invite startups in the following areas of work:

  1. Edu-Tech, Agri-Tech & Fin-Tech Solutions for masses
  2. Supply Chain, Logistics & Transportation Management
  3. Infrastructure & Remote monitoring
  4. Medical Healthcare, Diagnostic, Preventive & Psychological Care
  5. Jobs & Skilling, Linguistic tools & technologies

How Will Chunauti Help?

  1. The startups selected through Chunauti will be provided various support from the Government through Software Technology Parks of India centers across India.
  2. They will get incubation facilities, mentorship, security testing facilities, access to venture capitalist funding, industry connect as well as advisories in legal, Human Resource (HR), IPR and Patent matters.
  3. Besides seed fund of up to Rs. 25 Lakh, the startups will also be provided cloud credits from leading cloud service providers.
  4. Start-ups who are in the ideation stage may be selected under the pre-incubation programme & mentored for up-to six months to evolve their business plan & solution around the proposed idea.
  5. Each intern (start-up under pre-incubation) will be paid Rs. 10,000/- per month up to a period of 6 months.

Speaking at a virtual event, Prasad said that the launch is a bold initiative under the clarion call for Atmanirbhar Bharat given by Prime Minister Narendra Modi. He urged the young, talented innovators of India to come forward and avail benefits of Chunauti challenge of Government and create new software products and app.

 

Categories
Finance

Open Digital Ecosystems Have Potential to Contribute Rs 35 Lakh Crore in India by 2030, Around 5.5% of the Projected GDP: Report

ODE (Representational Image) Photo Credits: mygov.in

Mumbai, August 28: Amid the coronavirus pandemic, Indian enterprises are increasingly working on their digital transformation. According to a joint report by investment firm Omidyar Network India and Boston Consulting Group, by 2030,  10 high potential national open digital ecosystems (NODEs) in sectors like health, agriculture and justice has the potential to create Rs 35 lakh crore in India by 2030.

This is expected to be around  5.5 per cent of the projected GDP in 2030, and also generate over Rs 15 lakh crore in savings.  Roopa Kudva, MD, Omidyar Network India said, “India has been a pioneer in the movement to build ‘digital highways.’ We were one of the first developing countries to have a population scale Digital ID initiative, and have built digital payments infrastructure such as UPI.”

The government was able to transfer Rs 37,000 crore directly to the bank accounts of 16 crore citizens using India’s digital infrastructure even during the pandemic. However, Kudva stressed that critical issues like privacy must be taken care of.  ODEs are defined as open and secure digital platforms that enable a community of actors to unlock transformative solutions for society, based on a robust governance framework.

The report envisioned three layers – digital platforms, community and governance – to transform service delivery through ‘Responsible ODEs’. The ODE approach suggests that the government should focus on creating the ‘digital commons’ and enable interoperability between siloed systems.

J Satyanarayana, Advisor, National Digital Health Mission and former chairperson, UIDAI said, “We need to raise the bar from systems-thinking to ecosystems-thinking. Digital ecosystems can evolve faster if we create the right environment, which includes open-standards-based architecture, data policies, collaborative design, and innovation.”