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E-Commerce News

The Central Government Proposes Stricter E-commerce Norms To Tackle Unfair Trade Practices!

The Central Government Proposes Stricter E-commerce Norms To Tackle Unfair Trade Practices
Government Proposes Stricter E-commerce Norms To Tackle Unfair Trade Practices

Love flash sales on e-commerce platforms? Well, it will soon be history! The Central Government has decided to revise the Consumer Protection (E-commerce) Rules, 2020 in the country to prevent unfair trade practices in e-commerce.

The revised e-commerce regulation will come into effect from July 23, 2021, according to which no e-commerce platform will be allowed to display any promotion of misleading advertisements, whether in the course of business on its platform or otherwise.

The Government has taken this step after receiving several complaints from aggrieved consumers, traders, and associations against unfair trade practices and widespread cheating being observed in the e-commerce ecosystem.

The Ministry of Consumer Affairs, Food & Public Distribution stated that the frequent occurrence of such unfortunate incidents has affected the consumer and business sentiment in the market. It has caused immense distress and anguish to many people. It was observed that there was an evident lack of regulatory oversight in e-commerce which required some urgent action.

The fast-growing e-commerce platforms have also brought the unfair trade practices of the market in which the various e-commerce entities are engaged under the radar. These platforms manipulate the search results to promote certain products, sellers, preferential treatment to some sellers, indirectly operating the sellers on their platform, selling goods that are close to expiration, influencing the free choice of consumers, etc.

Though conventional flash sales by third-party sellers are not banned on the platform, certain e-commerce entities are encouraging limited consumer choice by indulging in “back to back” or “flash” sales.

To prevent the exploitation of consumers, protect their interests, and encourage free and fair competition in the market, the Central Government is proposing a revised Consumer Protection (E-commerce) Rules, 2020 with certain amendments.

Many e-commerce platforms like Amazon, Flipkart, and Myntra among others will have to appoint a Chief Compliance Officer, a Resident Grievance Officer, and a nodal contact person in India.

CAIT Secretary General Praveen Khandelwal termed the new draft as a “guiding stone to purify e-commerce landscape of the country which has been greatly vitiated by various e-commerce global companies to the extent that not only the domestic trade has been damaged but even the consumers are also feeling the heat of their unethical business practices”.

The proposed amendments aim to bring transparency in the e-commerce platforms and further strengthen the regulatory regime to curb the prevalent unfair trade practices.

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Business motivation Small Business Consulting Firms

5 Simple Things That Will Make You The Best Business Management Consultant In India

5 Simple Things That Will Make You The Best Business Management Consultant In India
5 Simple Things That Will Make You The Best Business Management Consultant In India

You may have noticed that today the consulting industry is in bloom. There are so many big or small business consulting firms in India that are rapidly growing and making handsome profits.

Not only from the business perspective, but even science says that business management consultants add value to an organization. The World Bank conducted a formal study in which a control group of factories along with a treatment group was included.

The results were quantified and surprising!

The economic benefits for the first year exceeded the cost of the consulting- with later years` benefits like pure gravy.

So, what does it take to become a successful business coach in India when competition is high, and you have to compete with the best of the best? There are few essential qualities that top-class business coaches adopt to make a golden resume.

So whether you have just started a small business consulting firm or considering it as your career path, here are some of the vital characteristics that you must cultivate to go from being a good consultant to the best one:

  1. Become Reliable

A consultant`s worth depends on how much his clients can rely on his word. This essentially means that you will have to deliver exactly what you promised your clients. This may sound simple, but this is the most paramount thing that is needed to build trust and credibility among your existing and future potential clients. Make sure you keep your promises and be consistent in your quality.

  1. Develop an eye for minute details

One thing that can make you one of the best business management consultants in India is having attention to detail. This is such a crucial skill in consulting business as it ensures that your deliverables to your clients go error-free. It showcases how thorough your research and your recommendations are solid.

If you have this skill naturally, nothing can be better than that. However, if you are not then it is best to create a list of things to double-check before submitting or promising anything to your clients.

  1. Stay Ahead from the League

If you have just started your journey as a business coach, your first few years of consulting will keep you juggling between industries, clients, and areas. No matter how broader your experience is, it is a good idea to learn something new or develop a skill that will differentiate you from the rest of all your competitors.

From communication skills to advanced financial modeling, or gaining in-depth knowledge about a specific area in the industry, take out the time to discover in which field you can become a specialist.

  1. Learn to think Critically & Analytically

Every business management consultant has a charming personality with enough ambition to last a lifetime. But what distinguishes a good consultant from a great one is his or her ability to not only take care of the tasks at hand but also to think critically about the work.

For instance, your client might ask you to find cost savings in a supply chain. But, it is crucial to understand why it is necessary for the business? Are profits declining? Is your client lowering prices to compete with his competitors? Thinking critically will help you develop better insights and solutions for your client.

  1. Resolving crisis via Resourcefulness

Be it a large or a small business consulting firm, you will be asked to solve problems that may be completely new to you, or maybe altogether an alien concept event to the industry. However, a great consultant is prepared to face these tough problems or challenging demands through his resourcefulness.

Hence, developing an ability to quickly and creatively solve problems should be one of the main things to become the best business coach in India.

It takes a lot to succeed in the consulting business. But focus on the above-mentioned skills and you will yield great results. Also, always ask questions. However, ensure that you ask them in a helpful, least annoying way. You can also listen to some of the best motivational speakers in India to learn the nuances of consulting world.

Want to open a small consulting firm but have no clue how to build a business from the scratch? You can take our ‘Entrepreneurship Course’ that will help you gain in-depth knowledge about establishing your startup.

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News

For Global Economy Industry, Governments And Civil Society Must Work As A Coalition: Mukesh Ambani

For Global Economy Industry, Governments And Civil Society Must Work As A Coalition: Mukesh Ambani
For Global Economy Industry, Governments And Civil Society Must Work As A Coalition

While addressing the Qatar Economic Forum, the Chairman of Reliance Industries Limited (RIL), Mukesh Ambani stated that for the global economy industry, governments, and civil society must work as a coalition.

He also spoke about the major challenges for the industry as the world trying to emerge from the COVID-19 pandemic.

Mukesh Ambani further added, “Well, I think that one of the challenges is to make sure that we get rid of the vaccination divide. The bulk of the developed world must be vaccinated by the end of the year. I think we in India have taken a lot many steps, and we expect that by the end of this year or by the first quarter of next year, we will do very well. We have to make sure that we
are in this all together”.

“The second challenge for all of us, particularly in the more developed countries, is to make sure that we bring back the economies, which have not had the benefit of stimulus, which have not had the benefit of government money, by really supporting the whole global economy to come back and grow,” Ambani said.

“We must be able to grow the whole world sustainably and not only bring back the developed economies. And towards that all of us — the industry, governments, and civil society — will have to work as a coalition, not only for our own company, not only for our own country but for the global economy,” Ambani added.

Upon asked how business has changed post the pandemic, he said “I think that trade along with purpose and compassion is the way forward. And that is going to get all of us, as humanity, together to integrate and make sure that collectively we can deal with global problems as one, and help each other moving forward. To my mind, this for the global economy is a fork in the road, and gives us an opportunity that together we can achieve a lot more.”

On digitalization, Ambani said that connectivity and communication have become necessities like food, clothing, and shelter, and fundamental rights of humankind.

“We never realized this as acutely as we did in the corona pandemic. Even in India, our Prime Minister had given a call for Digital India, and I was privileged, with our digital services company called Jio, to roll out a 4G network. We were lucky that we rolled out the network across the length and breadth of India by 2018. We have always wondered what we could have done without a 4G network across India in facing the corona crisis.

“So yes, the digital infrastructure was very useful in work from home, in vaccinating all our people, in making sure that our children learn at home and learn online. And I think that this trend of digital-physical will be the new normal and in the future, we will deliver most of our health and education services in a digital-physical sense,” Ambani said.

On sustainability in business, he said that as a society or as a business, it is imperative to adopt the sustainable business model. Embracing the model of clean energy is essential for growth, and to ensure that Reliance Industries have adopted the change whole-heartedly and is trying to transform each of our businesses to be sustainable, circular, recyclable, and fully transparent with the environment, social, and governance standards.

I think that is a prerequisite for every business to survive as we go forward. It will mean transforming our businesses and integrating them with the future”, he further added.

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Startup

Indian Startups Gear Up For T-Angel Program As T-Hub Announces 2nd Batch Of Funding!

Indian Startups gear up for T-Angel Program as T-Hub announces 2nd batch of funding!
Indian Startups gear up for T-Angel Program as T-Hub announces 2nd batch of funding!

Hyderabad-based T-Hub, which is leading India`s pioneering innovation ecosystem has announced the launch of its redesigned funding program- T-Angel. T-Angel will aid the startups funding needs amid the COVID-19 pandemic.

This funding program will be supported by various angel investors who will invest collectively up to INR 50 Lac in each startup that will be qualified for this program.

T-Angel is a 45 –days acceleration program for which around 15-20 startups only with innovative and leading-edge solutions in the various sectors will be shortlisted. The program for the shortlisted chosen startups will then begin in July 2021.

The process of shortlisting startups involves inviting applications after an extensive screening process by a 5-members committee of mentors and investors. The program will emphasize understanding and resolving two pain points of a startup that are the major roadblocks and hindering the chances of raising capital.

A customized framework and plan would be developed for each of the startups with specific interventions. Subject matter experts will also assist the startups to come up with a more refined business plan and an investor pitch deck. The committee will then evaluate the startups and will decide on the investments, which is up to INR 50 lakh for the qualified startups, in three tranches.

According to Ravi Narayan, CEO, T-Hub, “T-Angel’s existence has been tailored to solve the issue of entrepreneurs’ awareness of what the angel investors are looking for. T-Hub believes that there are plenty of investment-ready technology startups, provided they learn the fundamentals from an investor’s perspective.”

Any startup across India can apply to be a part of the program as the applications are opened on 17 June 2021 Thursday. The last day for sending applications is June 30, 2021.

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MSME

Validity Of Udhyog Aadhaar Extended Till Dec 31, 2021; MSME Entrepreneurs Can Register For Free!

Validity Of Udhyog Aadhaar Extended Till Dec 31, 2021; MSME Entrepreneurs Can Register For Free!
Validity Of Udhyog Aadhaar Extended Till Dec 31, 2021; MSME Entrepreneurs Can Register For Free!

The Ministry of Micro, Small, and Medium Enterprises (MSME) has extended the validity of Entrepreneurs Memorandum (EM) Part-II and Udyog Aadhaar Memorandums (UAMs) from March 31 to December 31, 2021.

This extension will provide a sigh of relief as it will facilitate the holders to avail the benefits of the provisions under various existing schemes and incentives. The numerous benefits will also include Priority Sector Lending benefits for MSMEs.

All enterprises registered until June 30, 202, were earlier required to file a new registration on the Udyam Registration Portal before March 31, 2021.

UAM is a single-page registration form that involves a self-declaration format. In this form, the MSME entrepreneur will have to self-certify the existence of his/her enterprise, bank account details, owner`s AADHAR details, and other required official information.

According to an IBEF report, India has about 6.3 crore MSMEs majorly dominated by micro-enterprises, and the number of registered MSMEs grew 18.5 percent Y-o-Y to reach 25.13 lakh (2.5 million) units in 2020 from 21.21 lakh (2.1 million) units in 2019.

As of June 17, 2021, the portal has facilitated the registration and classification of more than 33 lakh enterprises, as per the official data.

According to the official statement issued by the MSME ministry, “the said amendment has been carried out considering the hardships faced by MSMEs during the prevailing COVID-19 situation and the representations received from the various MSME associations, financial institutions, and government departments dealing with the interest of MSME Sector”.

The MSME ministry expects the smooth migration of the existing UAM holders to the new system of Udyam registration, which was launched in July 2020. They would avail the benefits of the government schemes, thereby paving the way for empowering & strengthening MSMEs and leading to their faster recovery, boost to their economic activity and creation of jobs.

It is a one-time registration, and hence, no renewal is necessary. A permanent registration number is provided post the registration, and after completion of the process, an online certificate will be issued.

The enterprises can register for free on https://udyamregistration.gov.in  and without any documents. However, they will require PAN and Aadhaar cards for registering on the Udyam portal.

Categories
Finance Process & Business Expansion

Food Processing Becomes The Most Preferred Sector For Investment In UP

Food Processing Becomes The Most Preferred Sector For Investment In UP
Food Processing Becomes The Most Preferred Sector For Investment In UP

The food processing sector in Uttar Pradesh has garnered attention and has become a preferred sector for industrialists when it comes to investment.

The major reason behind this welcoming change is due to the ease-of-doing-business that this sector offers in the state.

Various industrialists from India and abroad have set up their food processing units in Uttar Pradesh. These industrialists have submitted proposals to the government to set up 139 food processing factories, for Rs 9105.58 crore, out of which 101 food processing factories have already started production, according to the government spokesman.

These food-processing factories were established at the cost of INR 4,074.02 crore and have generated around 20,176 employments opportunities.

The other 38 factories are under construction, and they are expected to start operating by the end of 2021. And with an investment of INR 5,031.31 crore, these factories will generate employment for an additional 21,111 people.

This is the first time when such a huge investment has been made in the history of Uttar Pradesh. To promote the food processing units in the state, the Yogi Government implemented the ‘U.P. Food Processing Industry Policy -2017’.

The policy not only ensured a fair price but also provided a rebate in capital subsidy and interest in all the facilities that were given to the small and big industrialists.

Following the relaxation provided in the food processing policy, the state received many proposals for the construction of cold storages, onion warehouses, pack houses, and the establishment of flour mills.

The companies that have invested in Uttar Pradesh include Patanjali Ayurveda Limited in Gautam Buddha Nagar – Rs 2,118 crore, Pepsico in Mathura – Rs 514 crore and Haldiram Snacks Pvt Ltd in Gautam Buddha Nagar – Rs 490 crore, SLMG Private Limited in Lucknow – Rs 300 crore, Khattar Edibles Private Limited in Rampur – Rs 150 crore, BL Agro in Bareilly – Rs 160 crore, and Organic India Private Limited Plant in Barabanki – Rs 55 crore.

The government is also contemplating revising the existing food processing policy so that Uttar Pradesh can become India’s top state in this sector and further accelerate the establishment of new units of food processing in the state.

Categories
MSME Technology

Nitin Gadkari: India`s Transport Sector Will Transform With Bio-fuels & Low-Cost Battery Technology

Nitin Gadkari: India`s Transport Sector Will Transform With Bio-fuels & Low-cost Battery Technology
Nitin Gadkari: India`s Transport Sector Will Transform With Bio-fuels & Low-cost Battery Technology

India`s Union Minister for Road Transport & Highways and Micro Small & Medium Enterprises said that the transport sector in the country is transforming rapidly with the growing use of bio-fuels in all kinds of vehicles.

While delivering the plenary address at a three-day virtual Conference of BRICS Network Universities based on the theme of electric mobility, he also added that the country has also made a lot of progress about low-cost battery technology. It is not only good for sustainability and the environment but also the economy as it will open up new livelihoods in the country.

The conference was inaugurated at IIT Bombay on June 16, 2021, and was a part of the engagements that India is hosting under the education stream during its Chairship of the 13th BRICS Summit this year. IIT Bombay is the lead institution of India for the BRICS Network University.

Eighteen experts from Brazil, Russia, India, China, and S. Africa discussed the distinct aspects of electric mobility like traffic management, hydrogen technology, hybrid vehicles, lithium-ion batteries, and linkage between e-mobility and livelihoods for three days.

Over 100 students, researchers, and faculty from the BRICS Network Universities of the five-member countries participated in the conference.

Shri Nitin Gadkari also urged the IITs in the country to dig deeper and further research innovative technology to bring a revolution in e-mobility. He also called for research cooperation among the BRICS countries in this sector.

Secretary, Higher Education, Amit Khare expressed hope that the interactions between the best minds from the BRICS countries will benefit each member country in their collective quest for sustainability and inclusive growth.

BRICS Network University is a union of higher education institutions of the five BRICS member countries, formed to enhance educational cooperation in general, and especially in the realm of research and innovation.

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News

4 Lac Charging Stations For 2 mn EVs Are Required In India By 2026: Report

4 Lac Charging Stations For 2 mn EVs Are Required In India By 2026
4 Lac Charging Stations For 2 mn EVs Are Required In India By 2026

As the Indian government plans for a mass scale shift to electric vehicles (EVs) by 2030 for both personal and commercial vehicles, the ambitious plan presents challenges along with opportunities.

According to a Grant Thornton Bharat-FICCI report, ‘the country will require 4 lakh charging stations for more than 20 lakh EVs in the country by 2026.’

‘To achieve 100% EVs by 2030, several sectors will have to play a significant role, which includes lower technology cost, higher pollution level, and a complete government support’, the report also added.

The study also claims that the EV ecosystem is tightly interlinked with the electric vehicles and charging stations, further coupled with battery technologies and electricity markets. It also suggested the active participation of electric distribution companies in the deployment and classification of charging infrastructure to empower Electric Vehicle Supply Equipment (EVSE).

To bring down the EV costs, the study recommended simplifying the designs and partnerships during this gradual transit of the country towards electric mobility.

There are around 1,800 charging stations in India catering to approximately 16,200 electric cars, which also includes the fleet segment, as of March 2021. However, these numbers are way too less than the country will require achieving its target of 100% EVs by 2030, claims SMEV.

The global sales of zero-emission BEVs in 2020 have increased by 39% to 3.1 million units as compared to 2019. EV manufacturers across the globe have spent a huge amount of funds to improve the efficacy and availability of EV charging stations. As a result, the fastest charging station takes no more than 15 minutes to recharge an electric vehicle.

The total passenger car market has been declined by 14% and the new customers who are planning to buy a new vehicle are giving preference to EVs for a healthy and clean environment.

Also read this: ICRA: International Prices Are Expected To Aid Indian Steelmakers Tide Over The Second Covid-19 Wave

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Business motivation Business Startup Ideas Startup

5 Best Non Tech Business Ideas You Can Start In 2021!

5 Best Non-tech Business Ideas You Can Start In 2021!
5 Best Non-tech Business Ideas You Can Start In 2021!

Are you looking to launch a startup in 2021? Do you have the potential to build a profitable business but not trying due to a lack of technical skills? Do not lose heart because there are some of the best non tech startup ideas waiting for you in this article.

The term “startup” in today`s world often paints a picture in our heads of a business that has something to do with modern-day technology. Technology is an essential aspect of every business today without an iota of doubt. However, it certainly does not mean that every business needs to be technology-based.

While some entrepreneurs might jump with excitement about launching a new app, for others the idea of technology being so complex can be quite intimidating. There are multiple non-tech startup ideas that young and aspiring entrepreneurs, solopreneurs, and wantrepreneurs who lack technical skills can use to and start their entrepreneurial journey.

We have compiled a list of the five best small business ideas that involve minimum to zero technical knowledge and you can start them in 2021:

  1. Interior Decoration

Many people in India want to decorate their homes in an elegant and sophisticated way. However, they do not know the drill and stay confused about where they should begin. If you have a knack for revamping homes and possess an ability to go into details, Interior Decoration can be your best bet.

Good interior decorators are either expensive or hard to find. You can begin on small scale and later can expand your business. There are certain online tools related to designing as well that do not require advanced knowledge of technology and can be easily learned.

  1. Franchise

Think of a franchise as a “plug & play” business that comes with an organized system and a business structure in its right place. If you do not want to take much risk, becoming a franchisee of a well-established brand is the ultimate money making ideas.

For a fee, you can receive a popular and fully established brand catering to a certain demographic area. It could be apparel, furniture, a café chain, a food chain, or an edtech startup-like Bada Business. To become a franchise partner is highly beneficial for someone new to the business world, and starting afresh.

  1. Online Tutoring

Do you have an upper hand in any subject? If yes, then you can start taking online classes. Whether you excel in music or have a solid grip on physics or chemical equations, with online classes you can generate a new source of revenue.

Today, almost everyone is using social media platforms like Facebook or Instagram, Google Meet, or Zoom meetings. You too can pursue your entrepreneurial dream by using one of these platforms to take classes. It is one of the best small business ideas that you can start with zero or minimum investment.

  1. Painting Business

A good piece of art can give meaning to this world. From living room to bedroom, workplace to the boardroom, a good painting can not only enhance the beauty of void space but can also fetch a great price. If you are blessed with creative instincts, you can start selling your masterpieces for a good price. However, you can also start exhibiting the work of other artists via painting exhibitions and earn good revenue.

  1. Kids Party Planner

Planning a birthday party for kids is not child`s play. Kids have free imagination and innocent concepts when it comes to their birthday parties. From fun activities to delicious food, there is a lot that needs to be taken care of. If you are good at managing parties and events, you can also become a kids` party planner.

To start one of the above-mentioned business ideas, you neither require a lot of investment nor you need to be technically sound. These money-making ideas need a solid business plan and never-ending determination and passion to pursue dreams.

It is also true that once you start a business, you will face many unknown challenges. However, fret not! With our ‘Problem Solving Courses’, you can find creative and practical solutions to your burning business problem.

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News

ICRA: International Prices Are Expected To Aid Indian Steelmakers Tide Over The Second Covid-19 Wave

ICRA: International Prices Are Expected To Aid Indian Steelmakers Tide Over The Second Covid-19 Wave
ICRA: International Prices Are Expected To Aid Indian Steelmakers Tide Over The Second Covid-19 Wave

With the gradual lifting of lockdowns, ease in mobility guidelines, and improving vaccination coverage provided by the Indian government, the ICRA is expecting the domestic demand in steel to gain momentum in June and the coming months in 2021.

Also, the supportive international prices are expected to help domestic steelmakers come out of the second Covid wave that has wreaked havoc on the industry. This trend is expected to help recover and result in a pick-up in capacity utilization levels.

‘The COVID-19 induced pandemic has hit worse the steel demand within the country due to the second wave, which resulted in a 22 percent drop in April 2021, and a further 1 percent drop that followed the trend in May 2021, the agency added.

On the bright side, the data stating the current year’s demand and consumption look far better as compared to the former year. The reason could be the nationwide lockdown and stricter guidelines that were imposed during April-May 2020.

Though the domestic demand has not gained much momentum, buoyant international demand and steel prices have experienced a surge that has helped the domestic steelmakers in India to remain a net exporter of steel with 122% year-over-year growth in exports in April 2021.

Though the exports in April month were lower than March 2021, the export momentum continued with a 30% M-o-M growth recorded in May 2021.

With many auctioned merchant mines yet to ramp up to their early level of production in Odisha, the country is experiencing a shortage of iron ore which is a key raw material in the production of steel.

This has further aggravated the domestic iron-ore prices due to which exports have become remunerative for miners. Even the higher grades of iron-ore export attract a 30% duty.

ICRA expects the shortage to persist for the next 6-9 months, resulting in elevated prices for a greater part of FY2022.