Tag: Coronavirus

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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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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.

 

 

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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 Startup

Gift Shops: 5 Tips to Follow to Revive Your Gift Shop Business Amid COVID-19 Pandemic

Gift shop Business
Gift shop Business (Photo Credits: Flickr)

Mumbai, November 6: Coronavirus pandemic affected every business across the world. From job losses to pink slips, majority of the companies have suffered.  It has been more difficult for small businesses, like gift shops, who had to remain shut for several months in the middle of the lockdown.

Gift shop business is a revenue-generating venture, provided you keep a few things in mind. Across the globe, in the past decade, this business has witnessed a huge growth because of the increase in application for inventive products and extension in the customer base.

Now with the ease in the restrictions, and with the economy opening up, these businesses have also started operating.

Here are 5 tips which you can follow to make your business successful: 

Have Strong Online Presence: In today’s age, there is no other alternative, but you need to have a strong online presence. From having an e-commerce website to allowing customers to discover your brand on social media platforms, you should never miss this opportunity.

Spend your funds wisely: After remaining shut for several months, it is very important to use your resources and funds wisely.

Choose Your Niche, Be Original: Remember there are thousands of gift shops in the market. Try and understand how your shop will be different from the rest. It is very important to be original in your idea in order to stand out from the clutter.

Pay attention to hygiene: Since you are opening the shop in the middle of the pandemic. You need to take care of the hygiene and pay other attention to precautions that need to be maintained amid the pandemic.

Make your shop look attractive: Being a gift shop, you will have different items to showcase. Design your shop in such a manner so that you can manage to attract the attention of the audience. Your shop may not be big in terms of the space, but utilise it with proper planning without making it look cluttered.

 

Categories
Startup

COVID-19 Impact on Women-Founded Startups: Funding Drops 24% in H1 2020

Startup
Startup (Photo Credits: Pixabay)

Bengaluru, October 29: The coronavirus pandemic has affected everyone, from businesses being shut to people being offered pink slips. It has not been a great time for women-founded and co-founded startups. According to an IANS report, funding fell 24 percent to $280 million in the first half of this year, compared to $369 million in the same period last year.

It was witnessed that finding declined across all the three stages- early, growth, and late — compared to H1 2019, said the report by MAKERS India. The report titled “State of Women in Tech Entrepreneurship in India 2020” shared that many women-led startups in order to stay afloat in the middle of the pandemic scaled down their operations or pivoted their business models

There were a few women, who infact branched out to different operations. Like women behind some apparel startups branched out to manufacturing protective face masks and PPE kits.

The positive news was that despite Covid-19, startups with at least one woman founder were able to secure 71 funding deals in H1 2020, at par with H1 2019 (70 deals) and H1 2018 (70 deals).

The study highlighted an interesting trend that between 1990 and 2010, only 26 startups had at least one woman founder. However, 75 startups added at least one woman founder by 2014 and 184 more by 2019. Female-founded and co-founded tech startups in India currently stand at 285.

 

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Finance

India’s Economic Growth in FY21 May Be Negative or Near Zero Due to Ongoing Coronavirus Pandemic, Says Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman. (Photo Credit: PIB)
Union Finance Minister Nirmala Sitharaman. (Photo Credit: PIB)

New Delhi, October 28: Finance Minister Nirmala Sitharaman on Tuesday said that India’s economic growth in the current financial year may be in the negative zone or near zero amid the ongoing coronavirus pandemic.

Speaking at the India Energy Forum of CERAWeek, Sitharaman, however, noted that signs of revival are visible now and India would be among the fastest growing nations in the next fiscal. She added that the festive season will further spur the economy which may lead to positive growth in the third and fourth quarters of the current financial year.

The Finance Minister said that the focus of the government is on public spending to boost economic activity. Earlier this month, she had said that another round of stimulus for the economy is not off the table.

Categories
Startup

Opening a Restaurant Amid COVID-19 Pandemic? Here Are 4 Tips Which Eatery Businesses Can Follow to See Success

Restaurants
Restaurants (Photo Credits: Pixabay)

Mumbai, October 27: The coronavirus pandemic affected everyone, from businesses being shut to people being fired. Now with the economy opening up, and several curbs being lifted, restaurants along with other eateries have started their operations, but at a slow pace.

With the coronavirus rapidly spreading across the world and cases still on the rise, restaurants may need to hold on a little more before resuming operations like before.

Here are a few tips which restaurants can follow to see success in their business: 

Maintain Hygiene: The first and foremost thing is to maintain hygiene. Customers always like to take their meals or have a good dinner at a place which is clean and gives attention to hygiene. This has become extremely important amid the coronavirus pandemic, where people are extremely sceptical of trusting anyone who scores low on this point.

Customer is king: Like any business, restaurants also thrive on customers. It is therefore very important to keep them at the centre of your planning and strategy. Be polite, hospitable and make them feel special. Invest your time and effort on your guests. Give them special offers on their birthdays, anniversary and other days.

Be online: If your business is not yet online, it is time, you should rethink and make a strategy on how to go online. With the increase in online food delivery apps and the rise among people ordering food from their home, you will lose out on a major chunk of the customers if your presence is not on the online platforms.

Be Active on digital: As a restaurant, it is very important to be active on the digital platform. You need to always keep updating your customer base about exciting offers and lure them with attractive food pictures.

Categories
MSME

Credit Guarantee Scheme: Banks Sanction Rs 1.86 Lakh Cr to 50 Lakh MSMEs Impacted by Slowdown Amid COVID-19 Pandemic

New Delhi, October 17: The Finance Ministry announced that banks have sanctioned loans of about Rs 1.86 lakh crore to 50 lakh business units under the Rs 3-lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) for the MSME sector, those who have been affected by a slowdown due to the coronavirus pandemic. According to a report by PTI, over 27 lakh MSME units have received about Rs 1,32,246 crore till September 29.

Emergency Credit Line Guarantee Scheme is part of the fiscal component of the Rs 20-lakh crore Aatmanirbhar Bharat Abhiyan package that was announced to lessen the stress caused by the lockdown due to coronavirus pandemic.

The scheme will be applicable to all loans sanctioned under GECL facility during the period from the date of announcement of the scheme to October 31 or till the amount of Rs 3 lakh crore is sanctioned under GECL, whichever is earlier.

Categories
Finance

Gold Rate Today: Price of Yellow Metal Slips Below Rs 50,000 Per 10 Gram, Silver Down to Rs 58,851 Per Kg

Gold jewellery (Photo Credits: Wallpaperflare)

Mumbai, September 23: The gold and silver rates slipped sharply on Wednesday, extending losses for the third day. October gold futures on MCX were down 1.2 percent to Rs 49,764 per 10 gram while silver futures slumped 4 percent to Rs 58,851. The precious metal prices have slipped sharply this week across the globe.

In comparison to last month’s high of Rs 56,200, gold is now down over Rs 6,000 per 10 gram in India. The Indian markets echoed the sentiments in the global markets, where the gold prices today slipped to a six-week low. The fall was also on the back of the dollar strengthening with the coronavirus crisis rattling sentiment in Europe.

Talking about the spot gold prices, there has been an increase of 0.02 percent in the Indian market in comparison to Tuesday’s rate, taking the value to Rs 50,640. The spot gold prices in India witnessed a marginal growth, despite global gold prices($1887.3) seeing a drop of 0.68 percent.

Customers in Mumbai will be able to buy 10-gram 24-carat gold at Rs 50,000. On the other hand, people will have to dish out Rs 53,460 for a 10-gram 24-carat gold in New Delhi. The same quantity of purity of gold can be purchased at Rs 52,070 in Kolkata. People in Chennai need to spend Rs 52,470 for a 10-gram 24-carat gold on Wednesday.

The dollar to rupee conversion has been constant since Tuesday and any fluctuation today in the gold price would suggest no relation with the dollar value.

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Categories
Startup

Coronavirus Disruptions to Hamper MSME Recovery Prospects, Challenging Operating Environment to Remain For the Rest of 2020, Predicts Moodys

Ministry of MSME
Ministry of MSME (Photo Credit: PIB)

Mumbai, September 18: Credit rating agency Moody’s Investors Service on Thursday said that coronavirus disruption will hamper the recovery prospects of India’s micro, small and medium enterprises (MSMEs). According to an Economic Times report,

Moody’s stated that economic and property market disruptions due to coronavirus will lead to higher delinquences by MSMEs. This will hit the companies’ asset-backed securities (ABS) over the remainder of the year and hurt their chances of recovery.

The credit rating agency expects India’s economy to contract 11.5% percent in the fiscal year ending March 2021. The coronavirus induced lockdown has severely impacted the economy of several countries including India. There have been job losses, businesses have been shut and many SME businesses have also stalled. Moodys informed that demand for SME’s goods and services has fallen along with job and income declines.

The report further states that the government of India’s stimulus measures like guarantees on loans to MSMEs will partially help to alleviate liquidity pressures in the sector but it not help the sector to avert a downturn.

The rating agency further elaborated that they expect the challenging operating environment for SMEs to continue for the rest of 2020, which will also be increasing the risk of loan delinquencies.