Give & Tech – The Younger Philanthropies in India

– Prakash.P, Assistant Professor, SIMS.

India’s richest persons have donated less than 1% from their wealth, but the so called younger donors with technological entrepreneurs in India gave a lead, are making thought provoking social investments & trying to build the eco system in a well-balanced way. In India the economic situation/status among citizens becomes bit critical as the rich becomes richer & the poor becomes even worse. But the modern techie philanthropies, wanted to give back something to the society, as the country did a lot to them. The bottom-line is, CSR becoming a trend among youth entrepreneurs that’s highly a welcome note. By seeing the modern youth entrepreneurs, so many people got inspired & as a result, the country is getting the essential monetary supply to the needy one.

The notable donors to our Indian country are, Mr.Abhiraj Singh Bhal, co-founder of Urban company, Mr.Nithin & Mr.Nikhil Kamath, Co-founders of Zerodha & Flipkart co-founder Mr. Binny Bansal who are emerging from technical industry. Among the above, Mr.Nikil Kamath, 35, the co-founder of Zerodha stock brokerage company, has promised to give a one fourth of his wealth, which comes around Rs.750 crore. He planned to give this rs.750 crores, in four years along with his brother Mr.Nithin, Zerodha Co-founder & the CEO. Mr.Kamath told,”We are here to give for the so called effect, change”. Mr.Kamath insists each & every billionaires need to donate something to the society so that the country would respect more the product/service what they produce.

We might be knowing the fact that, the Indian billionaires are becoming super rich than earlier, even then many are not ready to involve in the CSR activity. According to the Indian philanthropy report (IPR) 2022 released recently, the economic disparity becomes more widen between the richest & the opposite. Ms.Neera Nundy, co-founder of Dasra says, the less donor amount indicates, there is a big gap & definitely there is a lot more potential which means there is a potential to receive more from the billionaires. Like Mr.Kamath & Mr.Nithin, the young philanthropies should learn how to collaborate with society so that the country will be grateful to the youngsters. Mr.Kamath insists for government support says, without incentives, the philanthropic contributions have to be accelerated by the innate motivation. To conclude, the government should ensure the philanthropy amount they receives from potential youngsters, should be spent on right way & with correct direction. By doing so, our future India would be free from unemployment.

NFT going Boom with the help to Women Artist’s too….

Ms. Nanthini M, Assistant Professor, SIMS

NFTs (non-fungible tokens) are becoming increasingly common. These digital assets, which include everything from art and music to tacos and toilet paper, are being sold like 17th-century Dutch exotic tulips for millions of dollars. Real-world objects, such as artwork, music, videogame items, and videos, are represented digitally by NFTs. They are traded online, often using cryptocurrency, and they are encoded with the same software as many cryptos.

Despite the fact that NFTs have been around since 2014, they are now becoming more well-known as a means of purchasing and selling digital art. In 2021, the market for NFTs was valued at $41 billion, which is close to the total value of the global fine art market.

NFTs are also generally one-of-a-kind or limited-run, with unique identifying codes. NFTs create digital scarcity, says Arry Yu, chair of the Washington Technology Industry Association’s Cascadia Blockchain Council and CEO of Yellow Umbrella Ventures. Stark comparison this with most digital creations, which are almost always limitless. If an asset is in demand, restricting supply should increase its value.

How its differ from Crypto?

A monetary system is “fungible” when it can be tried to trade or exchanged with another currency. Additionally, they’re both worth the same amount, with one Bitcoin being equivalent to exactly one dollar.

NFTs, on the other hand, represent a departure from the norm. Because each NFT bears a digital signature, they cannot be exchanged or compared with itself (hence, non-fungible). It’s possible to store NFTs on a blockchain (a decentralised public ledger) to keep track of all transactions. If you’ve ever used a cryptocurrency, you’ve probably heard of the term “blockchain.”

Digitized objects that represent both tangible and intangible items are used to “minted” an NFT:

• Grafic art
• GIFs
• Videos and sports highlights
• Collectibles
• Virtual avatars and video game skins
• Designer sneakers
• Music

NFTs are digital versions of physical collectibles. Instead of receiving a physical piece of art, the buyer receives a digital file. Unique ownership rights are indeed given to them. As a result of the use of blockchain technology, it is simple to verify who owns what NFTs and to transfer tokens between them.

NFT is employed to accomplish the following tasks: NFTs can be used to generate revenue in other ways as well. To raise money for charity, Charmin and Taco Bell have auctioned off NFT art themed around their brands’ logos. This isn’t the first time that celebrities like Snoop Dogg and Lindsay Lohan have jumped on board the NFT bandwagon.

Women artists have only recently begun to participate in NFT. A L’Oreal Paris team led the investigation. In the NFT market, they had a significant impact on female artists.

When you buy an NFT, you become the sole owner of a piece of digital art, as was the case with the L’Oréal Paris USA auction. Only 5% of NFT art sales went to confirmed female artists, according to a recent study. Considering the size of the market—$2.5 billion in NFTs were sold in the first half of 2021—it’s important that women break into it.

With this latest effort, it’s L’Oréal Paris USA’s tendency to change that. As a part of this initiative, we hope to draw attention to gender disparity in the NFT industry, while also encouraging more women artists and buyers to fight for change,” Brunschwig said. The artists will receive all of the profits from the initial sales. Some of the secondary sales revenue derived by these NFT artworks, which would be tracked via blockchain, is also slated for this fund.

Finally, the NFT demand has only been around for a few years, but it’s already booming. In general, NFTs are a new tool that satisfies some of the needs of creators, users, and collectors of a wide variety of digital and non-digital objects. This makes them here to stay, or at the very least, a first major milestone towards new power to deal with possessions and the provenance of such assets, to some extent. A wide range of realms, which would include economic concepts, law, evolutionary divergence, creative arts, combinatorial sociology, and computer science are expected to propel from our research. Results will also contribute to future in sense – making of a rapidly changing market and informing the aesthetic of more efficient markets and the associated regulation that stretches through as well.

Towards an Accident Free Workplace

                 Dr.S.Sethuram, Assistant Professor, SIMS

Industrial Accident is an unexpected event in an industrial establishment which causes bodily injury or death of a worker. There are minor accidents which causes scratches or minor wounds. Major accidents may cause disability to the worker or death. In the industrial environment there are high chances of accidents and injuries.

 There are several causes for occurrence of Accidents. (i) Poor lighting at work place contributes to many accidents (ii) Too much of heat and too much of cold temperature at work place leads to sickness like frost bite. (iii) Obstructions in pathways and slippery floors due to poor house keeping leads to slips and falls (iv) Lifting of very heavy objects causes sprains and injuries to the workers (v) Inadequate circulation of air and air pollution leads affects lung diseases (vii) Too much of sound at workplace will cause hearing problems (viii) Working in poorly maintained machinery is a major reason for accidents (ix) Sparks at workplace lead to fire accidents and explosions (x) Workers who are under stress and fatigue are prone to get involved in accidents (xi) Workers with no training or inadequate training are likely to get injured at work. (xii) Carelessness on the part of workers and not adhering to safety practices is an importance cause of industrial accidents. (xiii) Workers who are under the influence of alcohol or drugs are more likely to suffer accidents.

The effects of Industrial Accidents include (i) Death, injury, pain and suffering of the workers who are involved in the mishap. The medical expenses and loss of wages due to disability affects the workers economically (ii) On the part of organization, the suffering includes  loss of productivity, damages to machinery and materials, compensation to be given to injured workers and legal issues.

To prevent industrial accidents the organization should (i) ensure timely inspection and repair of defective machines (ii) imparting training to workers (iii) giving adequate rest to the workers (iv) providing safety equipments and gadgets to workers including boots, gloves and goggles (v) avoiding obstruction in path ways (vi) proper housekeeping preventing accumulation of dusts and fumes (vii) adequate lighting and ventilation in the work rooms.

To conclude, when safety becomes an habit at workplace there will be no accidents. The management should provide good working conditions. Both workers and managers should recognize that several lakh rupees can be saved by preventing accidents in the workplace.

                                                                            

                                                               

                                                                                

Prof. V. Vidhya

Assistant Professor

Department of MBA

Sankara College of Science and Commerce

Healthcare has become a largest sector in India that has both revenue and employment. It comprises not only hospitals but also health insurance, telemedicine, medical tourism, medical equipment and pharmaceutical companies. The Indian health sector is growing in a high degree as it has strong coverage, quality service and expenditure increase by public and private healthcare providers.

Indian Healthcare system is divided into two components Public and Private. Public system is run by our Government which has limited secondary and tertiary care institutions in the form of Primary health centres at rural areas. The Private providers have majority of secondary, tertiary and quaternary care services in cities and metros.

India has well trained professionals both in medical and non-medical areas and India is also comparative in cost advantage compared to its neighbouring countries. The cost of healthcare in other countries is more when compared to cost of healthcare in India. As of Nov 2021 nearly 115 crore of Covid 19 Vaccine doses had been administered across the country.

The Healthcare market has increased in three-fold from RS.1.8 trillion to RS. 8.6 trillon in 2022. In the 2021 Budget the public expenditure for healthcare was 1.2% of GDP. The increase in burden of disease is boosting the demand of health insurance coverage. With the increase in demand for quality healthcare and cost of healthcare the penetration of health insurance shown to be increased automatically. In the Financial year 2021 the health insurance companies scored gross direct premium income of RS.58572 crore. The health segment has 29.5% share in the total GDP in the country. Indian medical tourism market was valued as US $ 2.89 billion in 2020 and is expected to increase by US $ 13.42 billion by 2026. According to Indian Tourism statistics report of 2020 697300 foreign tourists have come for medical treatment in India for the financial year 2019. India has been ranked as 10^th position in the MTI for 2020-21 out of 46 destinations by the Medical Tourism Association.

Our India lags in the expenditure for healthcare. As per the recent Economic survey of India 2020-21 it was said that the public spending on health will raise from 1% GDP to 2.5 – 3 % of GDP. The current Covid -19 pandemic highlighted the need for the Government to invest in Public Health.

The Private sector plays an important role in healthcare as the public healthcare systems does not cater all the need to all. Private healthcare players has an important role not only metros but also in tier I and tier II cities. So the private expenditures has greater share in Health expenditure of India which means the share of out of pocket expenditure is more. The high OOPE leads ultimately to poverty according to the Economic survey. The NHP 2017 has visualised that Health for all which is affordable to all.

Lastly, the Government should take initiatives to strengthen the public health services rather than to promote private players. This initiative can be helpful for the public to afford the treatment and decrease of the poverty in the country.

PUBLIC & PRIVATE HEALTHCARE EXPENDITURE IN INDIA

Prof. V. Vidhya

Assistant Professor

Department of MBA

Sankara College of Science and Commerce

Healthcare has become a largest sector in India that has both revenue and employment. It comprises not only hospitals but also health insurance, telemedicine, medical tourism, medical equipment and pharmaceutical companies. The Indian health sector is growing in a high degree as it has strong coverage, quality service and expenditure increase by public and private healthcare providers.

Indian Healthcare system is divided into two components Public and Private. Public system is run by our Government which has limited secondary and tertiary care institutions in the form of Primary health centres at rural areas. The Private providers have majority of secondary, tertiary and quaternary care services in cities and metros.

India has well trained professionals both in medical and non-medical areas and India is also comparative in cost advantage compared to its neighbouring countries. The cost of healthcare in other countries is more when compared to cost of healthcare in India. As of Nov 2021 nearly 115 crore of Covid 19 Vaccine doses had been administered across the country.

The Healthcare market has increased in three-fold from RS.1.8 trillion to RS. 8.6 trillon in 2022. In the 2021 Budget the public expenditure for healthcare was 1.2% of GDP. The increase in burden of disease is boosting the demand of health insurance coverage. With the increase in demand for quality healthcare and cost of healthcare the penetration of health insurance shown to be increased automatically. In the Financial year 2021 the health insurance companies scored gross direct premium income of RS.58572 crore. The health segment has 29.5% share in the total GDP in the country. Indian medical tourism market was valued as US $ 2.89 billion in 2020 and is expected to increase by US $ 13.42 billion by 2026. According to Indian Tourism statistics report of 2020 697300 foreign tourists have come for medical treatment in India for the financial year 2019. India has been ranked as 10^th position in the MTI for 2020-21 out of 46 destinations by the Medical Tourism Association.

Our India lags in the expenditure for healthcare. As per the recent Economic survey of India 2020-21 it was said that the public spending on health will raise from 1% GDP to 2.5 – 3 % of GDP. The current Covid -19 pandemic highlighted the need for the Government to invest in Public Health.

The Private sector plays an important role in healthcare as the public healthcare systems does not cater all the need to all. Private healthcare players has an important role not only metros but also in tier I and tier II cities. So the private expenditures has greater share in Health expenditure of India which means the share of out of pocket expenditure is more. The high OOPE leads ultimately to poverty according to the Economic survey. The NHP 2017 has visualised that Health for all which is affordable to all.

Lastly, the Government should take initiatives to strengthen the public health services rather than to promote private players. This initiative can be helpful for the public to afford the treatment and decrease of the poverty in the country.

CONTENT ANALYSIS A BOOM FOR MARKETERS

Ms.K.SINDHUJA, Asst.Professor , SIMS 

“Less Is More, Keeping It Simple  Takes Time & Effort”

                    Content analysis is just like internet site analysis, however, in place of checking out your internet site’s technical elements, it analyzes your internet site’s content material and ordinary content material method to discover regions of improvement.

Conversion quotes are nearly six instances better for agencies that put money into content material advertising. But consequences like this show up most effective whilst your internet site brims with optimized content material. The cause of your content material is to compel customers to take the favored action, or in different words, convert.

Content analysis unearths out how properly it serves this cause.

You can discover numerous metrics with content material analysis, like which content material kind is the maximum famous amongst your audience, which content material is bringing you towards your advertising objectives, and which wishes greater work.

For example, an advertising optimization software program enterprise can also additionally have blogs and case research in its content material method. Their net analytics can also additionally screen those case research pressure greater conversions at the same time as blogs get the maximum social shares.

With its content material advertising goal being accelerated conversions, content material analysis will assist them aware of  greater on publishing greater case research.

A powerful content material analysis may even discover whether or not or now no longer your content material fits the quest reason of your goal seek queries. And therefore, whether or not or now no longer you want to locate new search engine optimization key phrases and re-optimize. If your content material doesn’t suit the quest reason perfectly, even supposing it receives traffic, the ones customers will now no longer convert.

So, in essence, content material analysis will assist boom conversions with the aid of using, assisting you create content material validated to pressure consequences. It may even assist store time and sources from being spent on less-worthwhile strategies.

Real-time Example: Brookdaleliving.com, an internet site providing network residing answers for the elderly, had a disappointing internet site conversion rate. But then, their internet site had not anything that might pressure conversions.

The virtual advertising specialists they employed remodeled their internet site and examined special content material kinds on their touchdown page – an picture and a testimonial video – to look which one plays better.

ATL , BTL, TTL and Guerilla Marketing

-Dr.K.ThirugnanaSambanthan, Asst.Professor, Department of MBA, SANSAC

 Line Marketing or ATL Marketing refers to substantial campaign to promote brand awareness and to reach more people.

ATL campaigns are prevalent campaign, untargeted and commenced at general level.  Television Advertisements, Theatre Advertisements fall into this category.  The purpose of ATL campaign is to make the brand horizon reach everyone. The main drawback of ATL campaign is that it is difficult to measure the impact created by it.

 Line Marketing or BTL Marketing refers to targeted marketing. Brochures, Direct Marketing, Flyers, email and social media. 

Though the Line Marketing is an integration of both Line and below the Line Marketing.  Large companies only use above the line as below the Line Marketing is very expensive to use both ATL and BTL.

Guerilla Marketing campaigns are campaigns we come across in everyday life without engaging with them.  It is an effective campaign to impress your audience, it actually makes impression on the people who hear about it in all medias.

Companies must select the best marketing method to suit their marketing needs.

Mental Health at workplace

Dr.Priya, HOD, SIMS

Gone back the culture where employee-employer relationships began and ended with salary, life insurance, retirement benefit and some other basic health care. 

Nowadays the corporate has started looking into physical and emotional support for the well-being of their employees. Many innovative policies have been framed to engage employees like health insurance, annual health check-up, yoga , meditation at work  not only with employees but also involving their family members of employees as well and it has become top conversations globally.

The pandemic has caused hospitalisation, deaths, lockdown leading to frustration and struggle and due to this the employee engagement level has decreased to 10% in 2020.The pandemic has given employers a better insight into employees struggle which has resulted in corporate wellness program, yoga session etc. Due to this  many employers have started corporate wellness programs and are making changes to promote mental health and well-being, These things not only benefit employees but also employers like it increase productivity, reduces absenteeism, and having a healthy work force, working in a good mood. Therefore companies need to create a supporting environment for  employees  working at office or working remotely. This will create employee satisfaction, increase productivity and retain the talent.

IoT in Education – The Trending New Revolution

• Prakash, Asst.Professor, SIMS

Education has become predominant in overcoming economic & personal grievances across the world. If a country gives importance for education, then they can excel across the globe. There are so many countries giving importance for education & they are succeeding. The development of Internet of Things (IoT) has made education more simple. Children & youth are mostly addicted to mobile phones, now they can learn education with the same mobile phone where they are losing their life.

How Education can be improved with IoT?

Today, it’s possible to attend a IIT guest lecture class from your living room thanks to Google meet / Zoom etc. With Youtube  anything can be learnt positively. MOOC courses like Swayam NPTEL, Coursera, & Udemy, users can take degrees online with resource persons from IITs, IIMs & famous business personalities or experts in particular subject domain. You can learn a lot through Byjus, Vedantu, Unacademy, Khan academy, toppr, meritnation & myCBSE guide etc for enriching students’ knowledge. In all of the above scenarios, IoT plays a significant role as everyone from teachers to students, parents, people working in industry are getting benefit thanks to IoT.

IoT is unavoidable in IT sector has become core & all MNCs are following IoT concept. In the same manner IoT has become inevitable in education sector too. All developed/developing institutions are implementing IoT to enhance the students’ knowledge & interest among the subject. As a result, student feels enthusiastic.

The evolution of internet playing an important role in classroom environment. Schools are allowed to take online class, encourages students to take online courses instead of submitting assignments, thereby students are showing more passion to read through IoT has become their favorite than their regular class. IoT can be well applied in Schools, Colleges, Universities, Self-learning for working / willing to work people & education in general.

Conclusion

It’s very easy to come to conclusion like, nowadays most of the people can live without food for one full day, but it’s almost impossible for the same most of the people can live without mobile/internet even for half a day. Many children & youth are having the habit of seeing their WhatsApp & Facebook immediately once they wake up at the morning. As a conclusion, it’s almost impossible to blame the children for addicted to mobile phones, instead we can insist them to learn through IoT with mobile phones so as the win-win situation can be attained. The future of education has to be IoT based for sure & undoubtedly.

Backlash and Extrapolation of the Union Budget for 2022

M.Nandhini, Asst.Professor, SIMS

            A fiscal year runs from April 1 to March 31 of the following year, and the Union Budget lays out the government’s revenue and expenditure plans for that time period. So that it may be implemented before the next financial year begins, Hence it is presented in February.

            Article 112 of the Indian Constitution states that it is a thorough financial statement that gives the Government’s estimate of income sources and expected spending for the year. The budget is broken down into two sections: income and capital. In contrast to the government’s income budget, the capital budget is comprised of the government’s expenditures and investments in capital assets.

            The first Indian Union Budget was given on April 7th, 1860, by India’s Finance Minister James Wilson, while the nation was still ruled by the British. On November 26, 1947, the first Finance Minister of Independent India, Sir R.K. Shanmugham Chetty, delivered the first Union Budget India of the Independent Nation.

Budget 2022: Salient Points to Grasp

            It is the goal of the Union Budget for 2022-23 to enhance macroeconomic growth with an emphasis on microeconomic fellow human tone for the entire demography. Indian economic rapid expansion will be facilitated toward Amrit Kaal by this year’s budget for the following 25 years, from India’s 75^th years to India’s 100th.

            An optimistic outlook for India’s economy despite the epidemic is provided by Union Budget 2022-23’s priority on long-term driven by growing consumerism. It has made a respectable and audacious move by substantially boosting capital spending by 35.4%.

            Furthermore, despite the fact that “second wave” caused significant harm to human health, a smaller economic impact was predicted in the poll. It predicted a 9.2 percent GDP growth rate for FY22 based on the return of activity to pre-pandemic levels in most industries. In November 2021, the annual growth rate of home mortgages, the biggest segment of personal loans, was 8 percent. Lending to commercial real estate by banks grew by 0.4% as well during this time period. Overall, the study predicted that India’s GDP would rise between 8.0 and 8.5 percent in FY23. The Hon. Finance Minister’s budget declaration, one of the shortest of her four dimensions, was presumably sustainable over the long strategies rather than short-term remedies.

• PM GatiShakti
• Advancement for All People
• Productivity Enhancement & Investment, Sunrise Opportunities, Energy Transition, and Climate Action
• Investing Capital Funding

Union Budget 2022 Frameworks:

• As Finance Minister Nirmala Sitharaman intends to deliver the Union Budget on February 1, 2022, the country’s capital expenditure (CAPEX) and fiscal deficit reduction plans would be spelled forth.
• According to the Union Budget, India’s inclusion into the global supply chain will be bolstered by massive investments in healthcare and infrastructure.
• She made significant tax reforms in her first year as finance minister, including reducing corporate income tax to 25% and creating a 15% tax rate for new manufacturing companies.
• As India’s economy tries to recover with the phenomenon, the Finance Minister has the option of tax concessions. As a corollary, the salaried class, on which the epidemic has had the greatest impact, would see a surge in demand for their products and services.
• Union Budget 2022 would focus on speeding up India’s recovery from the disease epidemic. Additionally, there is a good chance that the focus would be on enhancing India’s educational system.
• Tax benefits are available to employees. The amount that can be deducted from the work from home allowance should not be constrained by the current standard deduction.

Some of the budget’s proposals will be welcomed by Indian investors, businesses, and the general public, while others will be viewed as potential sources of frustration by these constituencies. Here’s a quick look at a few of our favourites.

Investors’ group – Despite the lack of notable good news for individuals in the budget, the introduction of the impending central bank digital currency (CBDC) attracted considerable attention.

At a press conference, FM Sitharaman said that the RBI will create an Indian national digital currency in FY2022-23.

Long-term capital gains (LTCG) will be subject to a surcharge of 15% this fiscal year, with the cap being applied to all assets. For the most part, it was only applicable to publicly traded equity shares and units of equity-oriented funds. To put it another way, this means that unlisted shares will be taxed like public shares.

The bad news for cryptocurrency investors is that they will be taxed at a rate of 30 percent on any income they get from the transfer of virtual digital assets. Gifting will also be a part of this. Except for the cost of acquisition, no deductions can be made when calculating income. Investors are also unable to deduct losses from any other source of income, such as dividends.

One more annoyance is the 1% TDS on virtual digital asset purchases, subject to specified criteria.

Incorporated Entities – By March 31, 2023, entrepreneurs will be able to recoup 100% of their profits. Companies incorporated before March 31, 2024 will be legally liable for the 15% tax rate. Inherently, this is an augmentation of an even more institution.Trade agreements on wrist wearables, smart watches, hearing devices, smart electric metres, and their components will rise over the next four years as part of a special legislation. It’s worthy to note that a 10% TDS will be imposed to any benefits or perquisites received over Rs 20,000 as part of a business or profession. Consequently, over 350 customs duty exemptions have been abolished. Another 40 or so permits will be tapered aside whilst also.

Consumers – The import duty on cut and streamlined precious stones and gems was reduced from 7.5 percent to 5 percent in the 2022 budget, according to the AFP. In addition, the tax on sawn gemstones was waived. A wonderful thing for the buyers of these commodities. The customs tariff on imitation jewellery was moved to a higher proportion of 20% or Rs 400/kg, which will causes an increase in their premium.

Tax Payers – There will be a fresh 3-year grace period for taxpayers to revise their tax returns and pay additional taxes, if necessary. Also, if they miss the deadline for lodging belated or amended returns, an extension will be offered to them. Another piece of good news is that Covid treatment reimbursements received from an employer or other source are no longer taxed. Payments made to the heirs of Covid the dead are also exempt from taxation. However, the total amount collected from sources other than the employer will be limited to Rs 10 lakh. Employer contributions to the National Pension System (NPS) can now be deducted up to 14 percent of a state government employee’s pay. As a result of this new rule, they will be on par with their central government equivalents. Updated returns will now require an extra premium of up to 50% of one’s capital gain, which may be a dilemma for some.

Real estate announcements featured data centres being nominated as infrastructure and housing receiving a grant of INR 48,000 crores for the renovation of 80,001 new dwellings. SEZ law has been embraced participation from states, land records have indeed been digitised, and expert groups have been formed to boost urban capacity. These are all important announcements. Tier-2 and Tier-3 villages, as well as the largest cities, were emphasised as important targets for this effort, therefore this final phase is crucial. Investors are likely to gravitate to cloud servers that have been granted ‘infrastructure status’ as a result of the ongoing revolution in digital consumption and attention on data localization legislation. Large tech companies that have been considering India as a location for data centres are anticipated to take notice of this development. As we see it, India’s ability to produce at the global level would be further enhanced with the creation of an exclusive task force focused on the AVGC industry.

The IT industry will closely monitor any legislation that changes the Special Economic Zones Act. A high-level panel of urban planners and economists has been organised to give recommendations on urban capacity building, planning implementation, and governance because many people have been working from home during the pandemic.

ECLGGS (Emergency Credit Linked Guarantee Scheme) has been prolonged till March 2023, and a further INR 50,000 Cr has been disbursed to the MSME sector, which would be anticipated to aid the beleaguered service industry.

The optimised allocation underneath the Production Linked Incentive (PLI) Scheme for solar PV modules would promote domestic production and warehousing. As part of the PLI Scheme, a design-led manufacturing intervention will also be launched to help develop a unique ecosystem for 5G.

On the whole, the Union Budget for 2022-23 has retained righteous to the long-term goal of reinforcing macro-growth with an insistence on infrastructure, the digital economy, and fintech.

India’s Union Budget 2022- Impact on Imports

Ms.Susanajoy, Asst.Professor, SIMS

On 1^st Feb 2022 India proposed a new custom duties and tariffs on commodities imported from global countries in Union Budget 2022. Decrease in  customs duty on cut and polished diamonds to 5% and some changes are done which affect the trade of commodities in the future.  Herein the  key highlights of budget 2022 and products on which customs duties have changed and a list of goods that will become cheaper and costlier.

Finance Minister,at the time of proposing  the Union Budget, conveyed that the country is expected to grow at 9.27% in the coming year. With a crisp on four pillars of development – climate action, energy transition, productivity enhancement, and inclusive development; the budget gives a blueprint of the economy from India at 75 to India at 100. 

Cut & polished diamonds, gems to be reduced to 5%

Import duty on cut and polished diamonds and gemstones will be reduced to 5% and shows nil change in sawn diamond to boost the sector. Current  import duty on cut and polished diamonds as well as gemstones is 7.5%. In 2021, India imported cut & polished diamonds worth US$ 7,097 million.

Steel Scrap – Exemption

There is a proposal to continue the customs duty exemption on steel scrap for one year, For providing relief to the secondary steel producers in the MSME sector.

Raise in imitation jewellery – discourage  imports

An increase in customs duty on imitation jewellery at the rate of Rs 400 per kg, for discouraging the dumping of cheap quality jewellery by importers in Indian Market.   India imported imitation jewellery worth US$ 25.3 million in 2021.

Reduction on methanol

One more proposal is laid to reduce customs duties on certain chemicals, including methanol, in order to promote indigenous manufacturing.  India’s imports of methanol valued US$ 1,702 million in 2021.

Phone Chargers, transformers, parts gets duty concessions

There is a raise in Phones and phone chargers as exemptions on certain parts have been withdrawn to encourage domestic manufacturing. Certain parts of phones will move from a nil rate to 2.5%.

Solar inverters and lanterns could get costlier as customs duty has been increased to 20% from 5% on solar inverters and to 15% from 5% on lanterns.

Budget 2022 –  Cheaper, Costlier

Cheaper

smart watches, Chargers and cameras for phones, Gemstones and diamonds, Hearing aids, Farming tools and smart meters, Frozen mussels and squids, Cocoa beans and asafetida, Chemicals for petroleum refining, Steel scraps.

Costlier

Imported items like auto parts & steel screws (customs duty raised to 15%), Jewellery (Imitation), Speakers, headphones and earphones, Umbrellas, Unblended fuel, X-ray machines.

The budget estimates the effective capital expenditure of the Central government at Rs 10.68 lakh crore in 2022-23, making up about 4.1 per cent of the GDP. The gross GST collections for the month of January 2022 are Rs 1,40,986 crore — the highest since the inception of the tax in 2017.