Women in Digital Economy Fund

The Women in Digital Economy Fund was launched by Kamala Harris, the Vice President of the United States. The principal aim of the fund is to enhance the livelihoods of women and their economic security. The program is in alignment with India’s commitment as G20 president to shorten the digital gender gap by 2030.

The Director of Reliance Foundation, Isha Ambani said, “We are committed to increasing our efforts to advance digital inclusion to improve women’s livelihoods, economic security and resilience. Through WiDEF, Reliance Foundation will work together to accelerate innovative solutions to empower women through technology in India and also share best practices with other countries to help drive global progress towards this shared vision for a more equitable future.”

Quotation Source: YourStory 

Goal and Funding Innovative Projects

The main goal of the Women in Digital Economy Fund (WiDEF) is to close and shorten the digital gender gap by offering women access to the tools and resources required for success in the digital marketplace. Funding for innovative projects that amplify women’s interaction with digital technology, along with the development of knowledge products, the distribution of promising practices, and enhancing measurement and learning for all India grant recipients, is vital.

Reliance Foundation’s support of WiDEF is designed to intensify progress in narrowing the gender digital divide in India and to distribute best practices with other nations for advancing global fairness. The participation of the foundation will support the goal of making the rewards of the digital economy available to everyone, creating a more inclusive and resilient society.

The USAID/India Acting Mission Director, Dr. Alexandria Huerta said, “Building on our longstanding partnership and impactful results, USAID and Reliance Foundation aim to empower millions of women across India, ensuring that the benefits of the digital economy are accessible to all and fostering a more equitable future.”

Quotation Source: YourStory

Commitment from Reliance Foundation

The Women in Digital Economy Fund is positioned to change the lives of countless women across India. WiDEF seeks to create a more inclusive digital economy in which women can fully engage and gain from technological innovations by providing them with needed digital skills and resources.

The contribution by Reliance Foundation is a major step in the direction of fulfilling this vision. In its role as a Global Anchor Partner, the foundation will play an important part in the success of WiDEF and will guarantee the fulfillment of its objectives. This union is a historic breakthrough for worldwide cooperation to meet the goal of closing the gender digital divide by 2030 as agreed upon by the G20 countries. 

Conclusion

The $10 million commitment from the Reliance Foundation to the Women in Digital Economy Fund represents a key advancement in the battle to address the gender digital divide. Through the creation of strategic partnerships and a focus on inventive solutions, WiDEF is striving to uplift women economically and enhance their lives via improved access to digital resources. 

Scoopearth Team

Scoopearth team comprises a group of highly skilled professionals with expertise in their niche.  These  Team members have extensive experience in understanding and researching in topics such as startups, technology, artificial intelligence, trending business news, Listicles and  Case Studies . To maintain the highest quality standards, all articles are Manually  reviewed and verified by Niraj Kumar and Deepika Khare, ensuring accuracy, authenticity, and reliability.

Note: You can reach us at support@scoopearth.com with any further queries.

Linkedin Page : https://www.linkedin.com/company/scoopearth-com/

www.scoopearth.com/

Federal Reserve Decision

The decision of the Federal Reserve to cut the interest rate by half a percentage point is another long-term plan to ease the credit cost. This rate cut is the first meaningful move since the onset of COVID-19 and is claimed on the grounds of decreasing economic growth rate and persistent inflation worries. To achieve this, the Fed reduces the cost of borrowing because this may increase spending and investment. 

Emerging Markets, including India

Emerging Markets such as India stand to gain a lot from the rate cut by the Fed as stated earlier. A low interest rate in the U. S. results in a weak dollar, which in turn makes investments into emerging markets favorable. This is because instead, investors demand higher returns in markets with faster economic growth and higher interest rates than the US. Nevertheless, financial gurus argue that due to the rate cut, capital will flow into emerging markets.

This inflow of funds can go a long way in funding economic development and enhancing liquidity, and financial markets in these regions. In the case of India, this change will lead to an improvement in FPIs and the stock exchange market.

Investment and Expansion Driving Economic Growth

India will benefit in many ways from the Fed rate cut. First of all, the decline in the dollar due to the rate cut leads to increased appeal of Indian assets for overseas investors. This can result in higher FDI and other portfolio investments which is crucial for economic growth and development. The potential of a rate cut can be seen because Indian companies could now borrow at a cheaper price.

This means that a lower rate in the U. S. can translate to a lower borrowing cost across the world hence making it easy for Indian firms to borrow. This can lead to increased corporate investment and expansion and boost the economy. This rate cut can have a positive effect on the Indian stock market index. This would be because, with an increase in FDI, the stock prices are expected to escalate thus enhancing market confidence. 

Possible Downsides for the Indian Exporters

A weaker dollar means that other currencies strengthen and may impact the competitiveness of India’s exports. There are possible downsides for the Indian exporters because their products will be costlier for global buyers. This may hamper the situation in financial markets and may lead to high volatility levels.

Volatility often results from fluctuations in capital flows, or short-term movement of capital in and out of an economy, however, the effect can be especially detrimental to countries with relatively young financial markets. These are risks that policymakers in India will need to navigate in a bid to allow them to reap from flows of capital that are associated with foreign investment.

Conclusion

The rate cut by the Fed is good for India and other emerging markets as it means the global liquidity hangover is still with us. The increase of dependency on the international market has been seen as positive by experts as the outlook for India in the coming months is positive for the economy in the country.

Scoopearth Team

Scoopearth team comprises a group of highly skilled professionals with expertise in their niche.  These  Team members have extensive experience in understanding and researching in topics such as startups, technology, artificial intelligence, trending business news, Listicles and  Case Studies . To maintain the highest quality standards, all articles are Manually  reviewed and verified by Niraj Kumar and Deepika Khare, ensuring accuracy, authenticity, and reliability.

Note: You can reach us at support@scoopearth.com with any further queries.

Linkedin Page : https://www.linkedin.com/company/scoopearth-com/

www.scoopearth.com/

InMobi was the first Indian startup to turn unicorn, with over 1 billion USD valuation. The Indian startup ecosystem is gaining increased investor interest and tech entrepreneurship, which plays a huge role in the Startup India initiative. Krutim became the first AI unicorn in the country and attracted major interest from investors in this sector.

The Indian startups achieved a remarkable achievement in 2022 with around 22 Indian startups entering the unicorn club. According to the reports, India is expected to have over 280 unicorns by 2030 if they prevent the migration of these startups while improving business ease. Inc42 mentioned in a report that India has 117 unicorns that have raised over 100 billion USD in the past few years.

These unicorns are combined valued at over 353 billion USD. The government is launching several schemes to help startups scale up their operations by providing financial support and mentorship. Here are some of the Indian unicorns.

Ather

Ather is a two-wheeler electric Vehicle manufacturing company. The recent funding round of $71 million helped the company reach a valuation of $1.3 billion, making Ather Energy join the 106 other unicorns in India. The company designs fast and intelligent EVs across the country.

The unicorn has secured over 431 million USD across 18 funding rounds since its inception in 2013, including $71.5 million raised during its series E funding round. The company has investors, including Hero Motocorp, NIIF, and Innoven Capital. The EV startup faces competition from other companies in the same segment, such as Ola Electricity Mobility and Simple Energy. 

KRUTRIM 

The founder of Ola Electric and Ola cabs, Bhavish Aggarwal founded Krutrim to develop AI models that can understand over 20 Indian languages. The startup claims to generate text in over 10 Indian languages including Bengali, Tamil, and Gujarati. The startup secured over $50 million from Matrix Partners India and other investors in its funding round and turned unicorn.

The company has raised over 74 million USD across multiple funding rounds. The company has investors including Matrix Partners India and competes with other startups in this sector like Sarvam AI and Mistral AI. 

RateGain

RateGain is an online travel and hospitality booking platform with SaaS solutions globally. The platform offers hospitality and travel services in sectors including airlines, OTA, hotels, and meta-search engines. The startup has secured around 64.9 million USD across all its funding rounds, this includes $14.9 million raised during its funding round in 2020. The company has investors, including Plutus Wealth Management, TS, Avataar Ventures, and more. RateGain faces competition from companies including Mews, CloudBeds, and Amadeus.  

InCred

InCred is a digital lending platform that operates in various sectors through its three entities: Lending vertical InCred Finance, Wealth and asset management InCred Capital, and InCred Money for retail bonds and investments. The company provides a platform offering Personal loans, education, or SME loans. The company allows users to repay loans through bank transfer, credit or debit cards. The startup secured $60.1 million in its series D funding round from Incred Wealth with the participation of Ranjan Pai and others. InCred competes with Credit Saison and other lending companies.

Rapido

Travel tech startup Rapido provides a ride-hailing platform. The startup allows users to book rides by offering details, locations, and payment. The application has two-wheeler, three-wheeler, and four-wheeler transportation services. The platform mainly operates bike taxi and auto services, but it launched cab transportation last year. The startup has secured over $449 million across multiple rounds to date, including the latest funding round of $120 million from WestBridge Capital. The company receives investments from Nexus Venture Partners, WestBridge Capital, and Thompson Taraz.

Perfios

Perfios is a SaaS-based fintech company that provides real-time credit decisions. The company operates in around 18 countries with 1,000 financial institutions. The startup aims to help businesses grow and enable them to automate the loan decision process. The platform offers financial data analysis tools and software. The company turned unicorn after securing 80 million USD in a funding round led by TVG. The Bengaluru startup secured over 452 million USD across 14 funding rounds since its inception. It faces competition from other companies like Socure and Jumio.

1mg

Healthcare and medicine service provider 1mg is one of the few unicorns in the Indian healthtech sector. The startup provides medicine-related information and medicine deliveries. The startup operates in three business verticals including labs, doctors, and Pharmaceuticals. The company also offers medical devices, diagnostic kits, wellness supplements, and personal care item deliveries. The startup raised 231 million USD across multiple funding rounds since its inception. The healthcare company faces competition from other online pharmacy and medical consultation platforms such as HBM Healthcare Investments, IFC, and others.

PhsyicsWallah

PhysicsWallah is an online learning platform that offers learning services to students including live coaching classes and study materials.  The edtech company provides coaching materials for competitive exam preparation like IIT and NEET. The platform offers multiple courses and claims to have over 20 centers across 18 cities. The startup became the 101^st Indian unicorn after securing 100 million USD from GSV Ventures and WestBridge in its series A funding round. The startup has only held one funding round since its inception. The company faces competition from other Edtech companies such as Vedantu, GoStudent, and BYJUS.

Games 24×7

This gaming startup provides an online gaming platform to offer players with skill games. The startup uses advanced technologies to provide a seamless gaming experience.  The company has raised over 107 million USD in funding across multiple rounds. The startup recently secured $75 million from its existing investors in its series C funding round. The company receives investment from Malabar Investments and Tiger Global Management. This gaming startup competes with other gaming companies such as FanDuel, Dream11, PlaySimple, and more. 

LivSpace

LivSpace is an Online interior service platform that uses advanced artificial intelligence to provide in-home interior design solutions. The company offers home improvement services like False ceiling, painting, flooring, plumbing, and more. The platform lets users fill out the form and book professionals to renovate and design the house. The application provides online consultation services to users. The company secured 522 million USD across multiple funding rounds, including $184 million raised from Jungle Ventures, KKR, and others during the series F funding round. The startup competes with other interior design solution providers such as Design Café, and HomeLane.  

Conclusion

Recent reports showed that India’s unicorn club has been increasing rapidly. The country now has over 117 unicorns that have raised over 100 billion USD in the past few years. The Indian government has been launching several schemes in the past few years including different initiatives and backing schemes to promote the Indian startup ecosystem. The country has 112 soonicorns. India’s unicorn Club is predicted to grow at a huge CAGR in the next six years and have 280 unicorns.

These startups are from various sectors like electric vehicles, AI, fintech, and edtech. The number of unicorns highlights the country’s increasing innovation and investor interest. Indian startups are seeing improved business conditions due to continued support from government initiatives. India’s unicorn count is expected to increase, potentially reaching 280 by 2030. This growth in unicorns reflects the role of startups in driving the economy and technological advancements in India.

aleena parvez

With a proven track record in Trending News and Startup News, Aleena Parvez combines expertise with creativity to deliver engaging Startup Stories. Her meticulous approach to creating Listings and interpreting Case Studies empowers businesses with actionable knowledge and strategies.

www.scoopearth.com/

Impressive $675 Billion

The record-setting number can be associated with a sound financial position in the country, of India. Consequently, instability in the international markets is countered by India’s healthy forex reserves, a testament to its strong monetary policy. Such reserves include foreign currency assets and the reserve place of India in the International Monetary Fund. The latter is particularly crucial in building confidence in the Indian economy.  

Trade Surplus and Remittances

India has been experiencing a favorable balance of trade as far as exports and imports are concerned because exports have outweighed imports. A large trade surplus is also useful in the build-up of forex reserves A large trade surplus proves useful in the build-up of forex reserves. Portfolio investment and FDI have been invested in India. The consumer base, talented workforce, and business opportunities are some of the factors that make the country attractive to investors. This remittance income from Indians employed overseas has boosted the forex reserves significantly. Another group of very important people is sending money back to their countries. 

Currency Stability and Investor Confidence

Foreign currency reserves safeguard against the fluctuation of local currency. In case of exchange rate volatility, the RBI intervenes to contain the situation and maintain order. Therefore it can be concluded that India has enough foreign exchange reserves to cover a major chunk of its external liabilities. This assists in reducing vulnerability to shocks and repayment pressures. Larger reserves help make global investors more confident. It increases confidence in India’s ability to deliver on international obligations. 

Diversification

Exchange rate overvaluation renders the rupee too strong compared to its trading partners and this affects export competitiveness. India has to look beyond the mature economy currencies to build its reserve holding. Considering options such as gold or digital assets is about being prepared. 

Impact on India’s Economy

The RBI can use monetary policies to control the movement of the rupee on the foreign exchange markets, facilitating easier trade and investment. These reserves represent a significant part of the external debt that India has to pay. During an emergency, adequate reserves help to mitigate the risk of failure and help the borrowers to gain confidence in the lenders.

These expectations arise from the notion that high reserves portray fiscal discipline and prudent monetary management. India is seen as a safe borrower in the international market, thus making FDI and portfolio investment possible. The RBI can employ forex reserves to influence both interest rates and the quantity of liquidity, and hence inflation. This is because having strong reserves helps in the implementation of appropriate monetary policies by the central bank.

India has a large reserve position to support its import needs, even under the unfavorable balance of payments situation. This resilience has a bearing on the stability of the economy. However, issues persist, including regulating inflows to mitigate against the over-appreciation of the rupee and diversification of reserves from traditional currencies. In aggregate, INR forex reserves unmistakably provide for a robust economic armory and sentiment.

Conclusion

India’s foreign exchange at $675 billion is much more than a statistical figure; it is strength, solidity, and a country on the threshold of progress. The financial evolution of India goes on as it marches forward towards the future, firmly guided by sound policies and perseverance.

Scoopearth Team

Scoopearth team comprises a group of highly skilled professionals with expertise in their niche.  These  Team members have extensive experience in understanding and researching in topics such as startups, technology, artificial intelligence, trending business news, Listicles and  Case Studies . To maintain the highest quality standards, all articles are Manually  reviewed and verified by Niraj Kumar and Deepika Khare, ensuring accuracy, authenticity, and reliability.

Note: You can reach us at support@scoopearth.com with any further queries.

Linkedin Page : https://www.linkedin.com/company/scoopearth-com/

www.scoopearth.com/

Payment of Gratuity Act, 1972

Before we begin, it’s noteworthy to apprehend the Payment of Gratuity Act 1972. The act is a pivotal law in India designed to provide financial protection and gratitude from employers to personnel for his or her lengthy-time period provider. This Act mandates that employers in factories, mines, oilfields, plantations, ports, railway agencies, shops, and different establishments should pay a lump sum gratuity to personnel who have finished as a minimum 5 years of non-stop service. Continuous service encompasses uninterrupted work, together with accepted leaves, layoffs, and non-non-stop periods because of accidents or infection.

Gratuity is payable upon the termination of employment, whether or not because of retirement, resignation, or different reasons. In instances of dying or disablement of the employee, the 5-yr minimal service requirement is waived, making sure immediate financial support to the affected employee or their family.

The administration of the Act falls underneath the jurisdiction of the proper government, whether relevant or nation, relying on the status quo. Employers are obligated to calculate the gratuity amount and disburse it inside 30 days of the termination of employment. Delays or non-compliance in price can bring about penalties, inclusive of interest at the due gratuity amount, ensuring timely and fair repayment.

Certain companies, including authorities personnel and employees of nearby authorities, may be exempt from the Act if different gratuity provisions are applicable below one of a kind guidelines. 

The Gratuity Act, 1972, accordingly, plays a crucial role in defensive personnel’ economic pursuits, ensuring they get hold of honest recognition and reimbursement for his or her lengthy-time period contributions. This law fosters honest labour practices and gives a based framework for retirement advantages, promoting economic stability for employees put up-retirement.

Step 1: Determine Eligibility

The first step to calculate gratuity is figuring out your eligibility. As mentioned, you must have finished at least five years of non-stop provider in a enterprise. For calculating gratuity, an ’employment yr’ begins from the date of joining to of entirety of twelve months, including prolonged leaves.

Step 2: Understand the Gratuity Formula

The components to calculate gratuity in India is:

Gratuity = (Basic Salary + Dearness Allowance) x Number of Completed Years of Service x 15 / 26.

This method is useful for determining the amount an worker will collect over time of provider.

Step 3: Break Down the Numbers

Let’s move in advance and break down this system. If, for instance, your simple salary is Rs.30,000 and DA is Rs.Four,000, then for 20 years of service, your gratuity amount may be:

= (30,000 + four,000) x 20 x 15 / 26

= 34,000 x 300 / 26

= Rs.3,ninety two,308

Keep in mind; the most gratuity payable is Rs.20 lakhs as mandated by means of the Central Government from 29th March 2018.

Understanding the Importance of Gratuity

Calculating gratuity is crucial for know-how your capacity retirement blessings earlier. It allows you create a economic plan on your golden years, accelerating your retirement savings.

It’s essential to refine the art of calculating gratuity, but it’s equally essential to stay updated with the present day amendments and guidelines in gratuity laws in India. Additionally, using a PPF Calculator can simplify expertise your provident fund contributions and withdrawals. Your employer’s finance branch can be a tremendous supply of obtaining this statistics.

Disclaimer

This facts is shared with the reason to spread financial cognizance and assist people recognize the standards higher. However, investors have to understand that trading inside the Indian Financial Market is concern to marketplace risks. Kindly measure all the implications and risks earlier than making any buying and selling decisions.

Summary

This piece gives a clean, step-by-step manual on how to calculate gratuity in India. It discusses the basics of the Gratuity Act, 1972 and descriptions the eligibility criteria for gratuity price. The manual additionally breaks down the system used to calculate gratuity and uses an instance with numbers to illustrate how the calculation is accomplished.

The importance of knowledge one’s ability gratuity amount for retirement making plans is also highlighted. The manual concludes with a disclaimer, emphasizing the significance of updated facts and cautious buying and selling within the Indian economic marketplace.

Scoopearth Team

Scoopearth team comprises a group of highly skilled professionals with expertise in their niche.  These  Team members have extensive experience in understanding and researching in topics such as startups, technology, artificial intelligence, trending business news, Listicles and  Case Studies . To maintain the highest quality standards, all articles are Manually  reviewed and verified by Niraj Kumar and Deepika Khare, ensuring accuracy, authenticity, and reliability.

Note: You can reach us at support@scoopearth.com with any further queries.

Linkedin Page : https://www.linkedin.com/company/scoopearth-com/

www.scoopearth.com/