Month: November 2020

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Startup

Mobility Startups Like Bounce, Vogo & Others Working to Increase the Electric Vehicles Market Space And Ensuring Green Environment

Electric Vehicle
Electric Vehicle (Photo Credits: Pinterest)

Bangalore, November 7: There has been a surge in mobility startups like Bounce, Vogo and Rapido, which are increasing the share of the electric vehicles (EVs) space. In fact, the Indian government is emphasising on the sale of only electric vehicles by 2030 or having a larger percentage of EVs on the road by then.

According to a Livemint report, scooter rental startup Vogo aims to turn 70 percent of its fleet into EVs over the next five years. Similarly, Bounce raised capital to invest in transitioning a significant portion of its fleet to EVs.

The EV market currently makes up less than 1 percent of total vehicle sales in the country and experts said that this has not helped to bring down the cost of batteries, which account for almost half of the vehicle’s cost.

More than 90 percent of all EVs in India comprise of low-speed electric scooters. Experts believe that the induction of more EVs will help to bring down the operating costs for mobility startups, which were affected due to the pandemic and amid the nationwide lockdown.

As per reports, in the past two years, more than one million electric vehicles (EVs) hit the road in India. Talking about numbers, over 350,000 units were sold in FY18 and 750,000 units were sold in FY19. This shows that the government and startups are going all out to up the electric mobility game to ensure a clean and green environment.

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Startup

Planning to Start a Clothing Business? Here Are 5 Creative Ideas You Can Consider Before You Start

Clothing Business (Photo Credits: Pexels)

If you have always been fascinated with opening up an apparel store or starting up with a venture related to clothing and you have a good taste of colours, go for it! Opening an apparel store is serious business. If you are so confident of your style that you need to share that good taste with the community, clothing business is the thing for you! It is a business that will never lose its essence as people will always be in for fashionable outfits. Also, once you have made a brand identity of your product, your clothing business will prosper and attract more people during the festive season.

As clothing is everyone’s basic need, the business related to it will never be out of fashion. If you start a clothing business with a right business plan, you can manage to mint money in no time. The most important thing that you need to consider is, which type of clothing business can benefit you the most and find ways to explore the business by targeting the right target audience. There is always a demand for clothes and if you are determined enough and have good contacts, the business can prosper and flourish in just a few years.

5 Ideas to Start Clothing Business

  1. Readymade Garment Store

Decide what niche is your focus. It should be something that interests you, so you have enough passion for your clothing business. Readymade clothing store can be a really good option, if you are looking to start a clothing business. The most beneficial thing in opening a retail store is that you can keep clothes as per your choice. If you open a clothing store in a busy market, you are bound to make a lot of profit. You can keep clothes in your store according to season and fashion trends.

  1. Online Clothing Business

Like we all know, the clothing business functions online. In times of the pandemic that we are reeling in now, online clothing business can prove really beneficial as there is no chance of physical contact with anyone. Online shopping is now becoming popular and is a common trend as people look for things online. People also have a lot of options to choose from among a variety of things. You can create your own website and start the online clothing business.

  1. T-shirt Printing

If you are creative and you think of putting your creativity into use, you can start the business of printing t-shirts. Printed t-shirts are always in trend. While some prefer plain t-shirts, most people like wearing printed ones. The t-shirt printing business can be beneficial as people are always attracted by abstract designs and decent prints for daily use. There are many ways of printing T-shirts but training is required to learn these methods.

  1. Rental Clothes

You can always opt for the business of renting clothes, which is also very beneficial. You can also start this business from a small level. There are many clothes that people do not like to buy forever, that is why people think of rental options. Rental clothes are also becoming a trend during marriage functions and other events as people don’t really want to spend a lot of money buying designer wears for a day. You can always rent out the same dresses to different people and make profit. It would be a one-time investment for the buyers, as he will have tp buy the outfit once and then rent it out to people who look for it.

  1. Make Baby Clothes

Baby clothes never go out of fashion. They are always in trend. Baby clothes make us coo with adoration. The baby clothing business is constantly in demand strand of the fashion market is crying out for creative designers to bring us more adorable baby clothes.

Categories
Startup

Startup Hub in Odisha to Be Set Up by March 2021, Aims to Create Employment Opportunities for Youth in State

Startup

Bhubaneswar, November 16: With an aim to give a major fillip to startups in Odisha, the Naveen Patnaik government in the state has decided to set up a startup hub. The hub, comprising of common facilities and will be set up by March 2021 and aims to create employment opportunities for youth in the state.

An official aware of the development said that the government has also given its in-principle approval to provide financial assistance to five startups and four incubators. “With the completion of the new startup hub by March 2021, it would be a centre of excellence with co-working space, laboratory and common services under one roof,” the official said.

According to reports, the decision for setting up the hub was taken at a State Startup Council Meeting chaired by Chief Secretary AK Tripathy in Odisha on November 13. During the meeting, the state government gave its in- principle approval for providing financial assistance of around Rs 2.88 crore to five startups and four incubators, the official added. Tripathy also directed officials to make a third-party assessment on the outcomes of the financial assistance to these units.

In Odisha, the number of startup ventures have gone up to 774, which created 6,000 employment opportunities. Moreover, a financial assistance of over Rs 15 crore has been provided to 196 startups and incubators, he added. The chief secretary also asked them to strengthen the startup eco-system in Odisha through a strategic partnership and policy intervention. “The council recognised the first startup in June 2017. The number has increased to 774, including 250 women-led units, by November 2020,” the official said.

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Finance Sales Startup

Diwali 2020 Shubh Mahurat: Auspicious Time and Dates to Open New Shop, Office and Factory This Festive Occasion

Shubh Mahurat (Photo Credits: File Photo)

In Hinduism, when we start something new, be it a new business, office, or any new venture, it is to be done on an auspicious occasion or ‘Shubh Mahurat’. The five-day Diwali festival started on November 12 under the shadow of COVID-19. Traditionally, the ‘auspicious time’ by Hindus is being valued since time immemorial as it is believed that starting something during the auspicious time provides many benefits and help the business flourish. It is believed that any business, office, shop or factory that is started at a ‘shubh mahurat’ always open up new business opportunities for the entrepreneur.

If one starts the business at an ‘shubh’ time, the business will become a great success with speedy growth. Let us see when are these auspicious days in November 2020 according to astronomy.

November 12, 2020 (Thursday): Dwadashi Tithi and Hast Nakshatra falls on this day and it is a good time to start a new office.

November 13, 2020 (Friday): Chhatra Nakshatra falls on this day and is the best time to start any new business on the day of Dhantrayodashi.

November 15, 2020 (Sunday): This is an auspicious time which will open up new avenues as Amavasya and Anuradha Nakshatra falls on this day.

November 19, 2020 (Thursday): This is also an auspicious time for setting up and anew business as Panchami Tithi and Uttarashada Nakshatra fall on this day.

Other auspicious dates in November 2020:

Any shop or factory or new office can be inaugurated on November 12 and 13. Both the days are the best date to start a new shop or office.  Amritasiddhi is an auspicious time which is formed by the special combination of war, date and constellations. This shubh time is very auspicious and fruitful. Any work that has starts at this mahurat will reach new height and will proper and flourish in the years to come.

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MSME

MSMEs Show Signs of Recovery, All Eyes Now on Diwali 2020 to Bailout the Stressed Sector

Startup Growth
Startup Growth (Photo Credits: Pixabay)

Mumbai, November 3: The coronavirus pandemic has been extremely difficult on every business, and India’s MSME sector is one of the worst-hit. The sector which has about 70 million enterprises and employs around 110 million people is battered due to the lockdown.

From factories being shut down, and freeze in the production, it is the small companies who are facing the heat of the pandemic. All eyes are now on Diwali 2020, from which they expect the sales to recover and help them to bounce back.

With the ease in the lockdown restrictions and with the economy opening up, business is taking place. According to a Financial Express report, retailers in majority sectors are yet to recover back to the year-ago level, and businesses in consumer durables and electronics seem to be scaling back relatively faster.

Some of these sectors like- sports goods, furniture, jewellery, footwear, food and grocery have still not managed to hit October 2019 level growth, according to the survey done by the Retailers Association of India.

While all hopes are pinned on the Diwali season, but according to reports, the demand continues to be low as people are sceptical of going to shops and making their purchases. On the other hand, customers are extremely careful in terms of spending as well.

 

 

Categories
Business motivation Finance

Gold Price on Dhanteras 2020: Rate of Yellow Metal Up at Rs 50,635 Per 10 gram, Analysts Predict Higher Sales Ahead of Diwali 2020

Gold
Gold (Photo Credits: Pixabay)

Mumbai, November 13: On the auspicious occasion of Dhanteras today, gold price inched higher. On MCX, gold futures edged 0.07 percent higher to Rs 50,635 per 10 gram while silver rates dropped 0.2 percent to Rs 62,615 per kg on Friday.

Gold rates on Friday increased amid fears over the economic fallout from mounting cases of Covid-19 as they overshadowed hopes of a vaccine. Analysts had predicted that due to Dhanteras and Diwali, there might be a rise in sales. Dhanteras is considered as an auspicious occasion to buy gold. Jewellers offer incentives to lure customers to buy gold, silver coins and other ornaments on this day.

Spot gold rose 0.1 percent to $1,877.14 per ounce by 0325 GMT. For the week so far, it is down 3.8 percent. US gold futures gained 0.2 percent to $1,876.

The price of a 10-gram 24-carat gold in Mumbai is Rs 50,770. On the other hand, people in Kolkata will have to spend Rs 53,540 to buy a 10-gram 24-carat gold.

Categories
MSME

Stimulus 3.0: Narendra Modi Govt Announces Fresh Relief Package, From Creating More Jobs to Credit Guarantee Support Scheme, Here’s How MSMEs Will Benefit

Stimulus Package
Stimulus Package (Photo Credits: Picpedia)

New Delhi, November 12: FM Nirmala Sitharaman announced a slew of measures as part of stimulus 3.0 with an attempt to give relief to the stressed sectors amid the coronavirus pandemic.

FM announced Atmanirbhar Bharat Rozgar Yojana to boost employment and create jobs. This will be effective from October 1, 2020. Under the new scheme, any EPFO-registered employer takes on new employees or hires those who lost jobs between March 1 and September 30 will be given some benefits.

The other measure was Credit guarantee support scheme, which was launched for the healthcare sector and 26 sectors stressed due to coronavirus pandemic. The scheme can be utilised for 100 percent guaranteed collateral-free additional credit at capped interest rates in these sectors.

The entities from these sectors with an outstanding credit of above Rs 50 crore and up to Rs 500 crore as of February 2, 2020, will be benefited in this scheme, the further FM added.

As part of PM Garib Kalyan Rozgar Yojana, an additional outlay of Rs 10,000 crores will be provided for in the current financial year, to boost rural employment.

Categories
MSME

MSMEs in India: Over 11 Lakh MSMEs Registered So Far on Udyam Online System Since July; Here’s How You Can Register Your MSME Online

A worker at an MSME firm
A worker at an MSME firm. | Representative image.

New Delhi, November 11: As many as 11 lakh MSMEs in India have registered on the new online system of Udyam Registration so far in just less than 5 months. The Udyam Registration was launched in July by the government. Of the 11 lakh MSMEs, as many as 3.72 lakh enterprises have registered under manufacturing category whereas 6.31 lakh enterprises under service sector. The five leading states for Udyam registrations are Maharashtra, Tamil Nadu, Rajasthan, Uttar Pradesh and Gujarat.

The MSME ministry stated that the top five industrial sectors of registrations are food products, textile, apparel, fabricated metal products and machinery & equipment. 1,01,03,512 persons have been given employment by these registered units. Registration without PAN and GST number is permitted on the system up to March 31, 2021 as a transitional arrangement.

Reports inform that the share of micro enterprises is 93.17 percent whereas small and medium enterprises are 5.62 percent and 1.21 percent, respectively. Adding further, an official statement said that 7.98 lakh enterprises are owned by male whereas 1.73 lakh enterprises by female entrepreneurs, and 11,188 enterprises are owned by divyangjan entrepreneurs.

Here’s How MSMEs Can Register:

  1. MSMEs can register on the official website of Udyam Registration- i.e. udyamregistration.gov.in
  2. An enterprise for the purpose of this process will be known as Udyam and its Registration Process will be known as ‘Udyam Registration’.
  3. A permanent registration number will be given after registration. After completion of the process of registration, a certificate will be issued online.
  4. This certificate will have a dynamic QR Code from which the web page on our Portal and details about the enterprise can be accessed.
  5. There will be no need for renewal of Registration.
  6. The single window systems at Champions Control Rooms and at DICs will help you in the process. Registration Process is totally free. No Costs or Fees are to be paid to anyone.
Categories
Startup

Production Linked Incentives Scheme: Govt Approves PLI Scheme For 10 Sectors; Here’s What is PLI Scheme & How it Works

Automobile Industry
Automobile Industry (Photo Credits: Pxfuel)

Mumbai, November 11: Just ahead of Diwali 2020 and amid the coronavirus outbreak, Narendra Modi government announced Diwali bonanza for different sectors in India. The Union Cabinet on Wednesday gave in-principle clearance to Production Linked Incentives (PLI) scheme for ten sectors including white goods, auto, auto components and battery manufacturing wherein sops worth Rs 1.47 lakh crore would be given over the next five years.

According to reports, among sectors, auto components and automobile sectors have received the maximum incentive of Rs 57,000 crore.

The scheme is aimed to give an impetus to India’s manufacturing, by providing subsidies and incentives to sectors which excel in their performance.

What is PLI?

The PLI is part of the government’s plan to make India an attractive manufacturing destination and self-reliant besides helping it emerge as a strong alternative to China. It aims to do this through reduced corporate tax rate of 25 percent, PLI benefits and phased manufacturing plan (PMP).

“The PLI scheme will make Indian manufacturers globally competitive, attract investment and enhance exports,” Union Minister Prakash Javadekar said, following the Cabinet’s decision.

PLI will not only make India self-reliant but will also create more jobs in the country

How will it work?

The Centre will give incentives on additional production and will allow companies to export products made in India. The PLI scheme now offers 4-6 percent incentive to eligible electronic companies on incremental sales (over the base year of 2019-20) of manufactured goods–mobile phones and electronic components such as printed circuit boards, sensors, among others–for a period of five years.

There is no cap on the number of companies that will be eligible for PLI under each category, for now, said FM Sitharaman.

The decision of the Union Cabinet was announced by information and broadcasting minister Prakash Javadekar along with finance minister Nirmala Sitharaman in New Delhi on Wednesday. PLI will thus aid economic recovery while remaining committed to an open and global economy.

Categories
Startup

3 Social Media Strategies Which Small Firms Can Use to Revive Their Business Amid COVID-19 Outbreak

Social media Marketing
Social media Marketing (Photo Credits: Wikimedia Commons)

Mumbai, November 10: The coronavirus pandemic has affected everyone across the globe and small businesses are the worst hit. Businesses have been severely affected due to the coronavirus induced lockdown. However, with the opening up of the economy, things are getting better.

Small firms, therefore, need to draw out a proper plan and a strategy which will help them move forward and tide through the difficult times. They will have to keep in mind to use the resources in hand wisely and devise strategies which will reap the maximum results.

We bring to you three cost-effective social media strategies which you can use to revive your business:

The coronavirus pandemic has taught us the importance of technology. At a time when the entire world was shut down, it was technology which kept things running.

  1. Have a website: Start a website giving details to the customers about your business. There should be a contact us and a feedback page, which will help you get in touch with your probable customers. Now use this link on all your social media handles. This will be the face of your brand in the online world.
  2. Have a strong social media presence: If you have been thinking to start a Facebook page or an Instagram page for your business, our advice is DON’T DELAY. These social media platforms are a great way for small firms to promote their business and get in touch with people who are looking out for them.

    In today’s age, you need to start a page on all the social media platforms and can’t think of which one will be more beneficial to you. Remember to populate your page at least three times a week. This will help your customers to remember you.

  3. Be Human: Remember one thing that customers like to interact with humans. So your posts should also have a humanely touch. Don’t ignore any queries from your customers on your social media page. Attention should be given on how to make your customers feel special.

Today social media has become an important part of all our lives, and this is the reason, why you can’t afford to ignore this space. People today spend a good amount of their time on social media and this is where you need to target your probable customers.