Archive: May 24, 2023

Unlocking Opportunities for Smallholder Farmers, National Conclave Explores Digital Platforms and Inclusive Value Chains in Market Access

New Delhi, 24th May, 2023 : A National Conclave on Market Access for Smallholder Farmers, organized by Grameen Foundation India and supported by the Walmart Foundation, successfully concluded at the Hyatt Regency in Bhikaji Cama Place, New Delhi. This conclave aimed to tackle the challenges encountered by smallholder farmers in reaching markets, and explored the potential of digital platforms and inclusive value chains to improve their livelihoods.

The Indian agriculture sector is witnessing a revolution, driven by visionary leaders and groundbreaking technological advancements.

Prabhat Labh, Chief Executive Officer, Grameen Foundation India, Dr .Ashok Dalwai, CEO, Rainfed Area Authority (NRAA), Ministry of Agriculture and Farmers Welfare, Dr. Ashok Kumar Singh, Director and Vice Chancellor of ICAR-IARI and other agriculture leaders are at the forefront of this transformation. Together, they are championing initiatives that empower women, enhance nutrition, boost small farmer employment, and foster sustainable growth across various states.

Recognizing the importance of micro-nutrition, the team is working towards encouraging farmers to cultivate nutrient-rich crops and leveraging women-friendly and climate-smart technologies. Moreover, they are fostering market linkages by promoting Farmers Producer Organizations (FPOs) to improve farmers’ access to markets and finance.

Discussing the MANDI Project, Prabhat Labh stated, “We are dedicated to enhancing employment opportunities for small farmers while ensuring gender mainstreaming. In partnership with 40 FPOs in Uttar Pradesh, Grameen Foundation India is empowering women to actively participate in this project by offering them market and finance support. We have witnessed remarkable growth in FPO turnover, enabling FPOs to access loans and essential services. Mandi support is crucial for the success of these FPOs.”

Shri Ashok Dalwai, CEO, National Rainfed Area Authority (NRAA), Ministry of Agriculture & Farmer Welfare, Govt. Of India, emphasized the significance of asset creation and sustainable development in the agricultural sector. “Land is a fundamental asset that should be distributed equitably,” he noted. “By creating assets, we initiate a cycle of entrepreneurship, building managers and entrepreneurs who drive development. NRAA is actively deploying digital technologies not only in production and marketing but also in areas such as bio-management, fossil resources, and greenhouse solutions. Our aim is to promote micro-industries and ensure systematic sustainability.”

Dr. Ashok Kumar Singh, Director and Vice Chancellor, ICAR-IARI, highlighted the potential of crop diversification and digital solutions in agriculture. “We are promoting the cultivation of unique crops like Kala Namak, which has two distinct varieties, including a shorter height variant. Connecting farmers to markets is crucial for the successful cultivation of such crops. Basmati rice farming is also being expanded, with three different types available. Thanks to its disease-resistant nature, Basmati rice growth is not impeded. Grow Indigo, a company dedicated to providing biological and digital solutions, helps farmers by offering relevant information and improving soil health.”

Purna Roy Chowdhury, Associate Director, Women Economic Empowerment, Grameen Foundation India said, ” Women play a pivotal role in agriculture and allied activities, but they remain invisible as agricultural workforce. Given women’s invisibility, there is a high chance that the new age FPOs will mobilise the recognised farmer, who are typically men and are holders of land. Though land ownership is not a legal criteria to be a member of FPO. It is only when we recognise women farmers, address the gender social norms and barriers and ensure strategic promotion and capacitation of FPOs from a gender perspective that FPOs can become a crucial mechanism for women farmers to be at the fore front in decision making and marking facing roles in agriculture.”

In the study conducted across 162 villages, involving 1,536 participants from 10 districts and 27 FPOs, it was observed that women accounted for 45% of the total involvement. Village traders emerged as the primary sales channel, indicating an opportunity for Grameen Foundation India to support FPOs in becoming aggregators and moving up the value chain.

Gigi Gatti, Senior Director, Program Strategy & Learning, Grameen Foundation, cited, “The Indian agriculture sector is experiencing a wave of growth, driven by these transformative initiatives. With cutting-edge technologies, a focus on gender inclusivity, and a vision for sustainable development, agro leaders are shaping the future of Indian agriculture.”

FTCCI organises Webinar on TDS/TCS under Income Tax

Hyderabad, May 24, 2023 : We organised 80 plus webinars and physical awareness meetings last year in Telangana and AP. It is our endeavour to reach out to stakeholders composed of educators, taxpayers and others. Last year we also focused on districts. TDS is one of the main streams of revenue for the Government of India. Direct taxes from 50 to 65% of tax collection, said Mr K. Meghanath Chowhan, IRS; Commissioner of Income Tax- TDS addressing the webinar on Tuesday afternoon.

Telangana and AP stand as one region as far as Income Tax is concerned and stands 6th in India after Mumbai, Bangalore, and Delhi. Chennai and Pune in tax collection. TDS (Tax Deducted at the Source) as we understand is an activity that involves various stakeholders. Deductors are a very important segment. As the Economy is growing, financial activity is also becoming complex. TDS Provisions or Laws are also evolving from time to time. Now TDS is expanded to many other activities such as online gaming, and cash withdrawals beyond a limit. The technological advancements in the department are providing facilities to deductors and capturing all activities. And department can analyse such data to get information at a click of a mouse Mr. K. Meghanath added

Speaking further he said, the law is clear, and the due date is clear. Adhere to the guidelines.

“We have been proactively resolving taxpayers’ grievances. 95% of 850 grievances received last year were resolved within 30 days. The balance of 5% of grievances could not be resolved due to insufficient data. 70 to 80% of the grievances we received were disputes of deductees and taxpayers” said K. Meghanath Chowhan, IRS; Commissioner of Income Tax- TDS addressing the webinar on Tuesday afternoon.

It was organised by the Direct Tax Committee headed by Hari Govind Prasad, Chairman. It was participated by Sri K. Meghanath Chowhan, IRS; Commissioner of Income Tax- TDS; Smt. Aditi Goyal, IRS, Joint Commissioner of Income Tax-TDS, Range 1; Sri P. Krishna Kumar, IRS; Joint Commissioner of Income Tax (OSD) TDS, Circle -1(1); Dr P. Sudhakar Naik., IRS, Deputy Commissioner of Income Tax[1]TDS, Circle 2 (1), Hyderabad; Nikshit Hemendra Shah, Co-Chair, Direct Tax Committee- FTCCI and Managing Committee Members and Past Presidents of FTCCI. In all together over 150 participated in a two and half hours Webinar.

The object of today’s webinar was to put forth grievances and get clarifications from the department vis-a-vis to help the department get feedback from assessees for improvement in its functioning.

Ms Aditi Goyal said the tax paid will help our nation move forward and reach its ambitious goals of a 5 trillion economy and beyond by 30 million by 2050.

Krishna Kumar P another officer said TDS is you pay as you earn. It is an immediate revenue collection for the government. It prevents tax evasion. It widens and deepens the tax net. The stakeholders in the TDS are Deductor, Deductee (Payee)/Tax Payer, Banks/Financial Institutions, IT Department and others. He highlighted and explained a few important provisions of the TDS such as Section 192–TDS on Salary, Rent, Contracts, Interest, TDS for professional or technical services, due dates of filing of e-TDS, consequences in late or not filing etc.

Giving his welcome address, Mr Anil Agarwal, President of FTCCI, congratulated the department for registering a growth of 20.33% in direct taxes collections during the Financial Year- 2022-23. Compliance with tax laws is the shared responsibility of the taxpayer and tax collector. Nevertheless, a tax system can be effective only if it can systematically obtain voluntary compliance with the tax laws by assessees. It is often noticed that a large number of grievances can be resolved, with mutual discussions and regular meetings that can help a lot in creating awareness among taxpayers. In this context, FTCCI requested the department to constitute a grievances resolution committee for mutual advantage.

Sri Hari Govind Prasad, Chair of the Direct Tax Committee of FTCCI, set the tone for the webinar. TDS is voluntary compliance between the deductor and deductee under various income/receipts/payments/transactions generally, he said in his introductory remarks. The Tax deducted at source should be seamlessly available as tax payment at the time of filing the return of income. But due to several lapses such as mentioning of wrong PAN/assessment year/sections/amount, such credit of TDS is not available to the assessee. The deductor’s fault on account of above-stated situation results in double payment of Tax, penalty, interest and recovery/adjustments from due refunds of other years. We have requested the department to give an opportunity to the assessee to get their tax credits by way of physical interaction and representation on submission of supporting documents or evidence in support of their claims, he said.

Several new provisions have been briefed by various officers of the department which have come into effect from 1 st April 2023.

This webinar provided insights into TDS and TCS changes inserted by the Finance Act, of 2023 particularly TDS on income from online gaming, clarification for tax deductibility on benefits/perquisites, enhanced TCS rate on certain remittances made outside India etc.

Real Estate Marketing Agency Realatte, becomes the digital agency of choice for 70% Real Estate brands

Mumbai,24.05.2023 : Premium Real Estate Marketing agency, Realatte, has been pioneering innovative digital marketing and tech solutions targeted for the real estate sector and has announced its ambitious growth plans of doubling its International market share with offices now in UK and Dubai, and foraying into the upcoming tier 2 markets in India, by setting up 6 more offices in FY 23-24, in the real estate digital marketing space. The agency also aims to expand their current portfolio of digital marketing for hospitality and large-scale retail (malls) real estate, across leading metros. Realatte, over the last 5 years, has worked with over 500 real estate builders and has in all managed 1000+ real estate projects across the entire spectrum including budget homes to ultra-luxury homes in residential, and from small offices to large retail spaces in commercial and also hospitality sector. Their impressive client roster includes some of the top names in real estate, such as DLF, Godrej Properties, Puravankara Limited, Brigade Group, M3M India, Sunteck Realty, Shapoorji Pallonji, Mahindra Lifespaces, House of Hiranandani Group, Kolte Patil Developers, Piramal Realty, Rustomjee to name a few.

Founded by an expert team of digital marketing professionals, Relatte has been successfully implementing an ROI-Centric approach and their result-driven strategies have established them as the best in the business. Today, Realatte has grown and expanded its presence through offices in Mumbai, Bangalore, Chennai, Pune, Delhi, the UK, and Dubai.
Speaking about the growth, Mr. Rahul Goyal, Co-Founder, Realatte, said, “The pandemic changed the paradigms of marketing, across the globe, for various sectors. Especially for the Real Estate sector, which comes with its own set of unique challenges and dynamic growth opportunities. We at Realatte understand these finer nuances of what it means to connect, engage and delight customers seeking to invest in a home or office purchase, which is often a once in a lifetime investment. We also work closely with brands to help alleviate the entire digital engagement from being a lead generation activity to a holistic branding exercise. In terms of harnessing the potential of digital marketing, this is a good time for India as positive policy push is helping build a strong digital infrastructure, while the number of mobile phone and internet users across the country continues to rise. The accelerated digitization of processes, further calls for a stronger focus on digital marketing as a vital, if not primary tool for marketing, and we at Realatte, aim at driving the transition to digital marketing for sector-specific sales and brand building needs.”

According to a recent report, the size of the Indian real estate market is USD 263.37 billion and is anticipated to register a CAGR of over 20.51% during 2023-28. Realatte aims to leverage its deeply rooted relations within the entire real estate fraternity, and expand its service offerings to real estate clients in tier 2 markets, as well as international clients, providing them the best of tech innovations in transformative solutions and digital marketing, helping businesses of its repertoire of clients to move on the upward trajectory.

Mr Rohan Shah, Co-Founder, Realatte adds, “As an ROI driven digital marketing agency with a focus on real-estate as a sector, we have been a witness to the dynamic changes in the sector, especially in the post-pandemic era. As one of India’s largest real estate digital marketing agency, we have now come to realize that it’s not only about selling a project digitally but it is also important to create a unique brand positioning and build a narrative around that. We at Realatte are leading this change, by offering our clients a result oriented, consumer focused, holistic approach to a real estate brand. We currently handle brand management, project-specific positioning, Online reputation management, and also help developers leverage the power of brand ambassadors/influencers to create trust value”

Realatte currently offers a strong tech backbone for clients, which includes marketing automation tools, CRM systems, corporate websites, mobile apps, and booking engines, etc., which is all managed by the strong 100 members. The technology experts at Realatte leverage cutting-edge strategies to drive results, including Search Engine Optimization, Social Media Management, Pay Per Click Marketing, ORM, Social Lead Generation, Affiliate Marketing, and our proprietary ORCA – Marketing Automation platform. Their services also extend to website auditing and consulting, ensuring that a brands online presence is optimized for success, through customized solutions, including custom scalable portals, CMS-based solutions, static sites, landing pages, and a seamless Book Now – Payment Gateway integration

At the heart of Realatte’s success is its core expertise in creating comprehensive and impactful digital marketing campaigns, backed by its state-of-the-art technology. The founders Nirav Gosalia, Mayank Vora, Harish Patel, Rahul Goyal, and Rohan Shah bring their futuristic vision and strong understanding of the sector, while helping brands make the best out of each campaign. It is a part of “The Logicloop Alliance”, which comprises a group of companies which includes the technology services company Logicloop Tech, the 360-degree digital marketing agency Logicloop Digital and Juicy Gifts which is into corporate gifting.

100 member FLO delegation visits Nita Mukesh Ambani Cultural Centre in Mumbai

Hyderabad, May 24, 2023……. The 100-member FICCI Ladies Organisation (FLO)delegation visited on Sunday the recently opened Nita Mukesh Ambani Cultural Centre in Mumbai. Led by its Chairperson Ms Ritu Shah, 100 FLO Hyderabad members explored a first-of-its-kind, multi-disciplinary cultural space in the sphere of arts.

Mr Tim Brinkman, Performing Arts expert, experienced in developing and launching world-class venues and Business Head NMACC (Nita Mukesh Ambani Cultural Centre) facilitated the FLO delegation.

The opening of the newest landmark in Mumbai took the cultural world by storm and it evoked a lot of response among our members. We wanted to be among the first Hyderabadis to explore it said Ritu Shah.

We understand that NMACC aims to preserve and promote India’s rich art, culture and heritage, through varied art forms. The spaces nurture and inspire talent, bringing together communities from across India and the globe Ritu Shah, Chairperson of FLO Hyderabad.

The Members visited the Studio Theatre, The Cube, Art House, Sangam- The Confluence, India in Fashion Exhibition and The Dhirubhai Ambani Square.

The delegation witnessed the International Award-Winning Broadway Musical “The Sound of Music at The Grand Theatre which was a surreal experience.

It was a great learning experience for the entire delegation to witness how the corporate world has meticulously conceptualized a centre with immersive experiences to showcase the best of India across music, theatre, fine arts and crafts to audiences from India and the world, Ritu Shah added.

Vedanta Aluminium engages ERM India to bolster Biodiversity Management Plan

New Delhi; 22nd May 2023: On International Day of Biological Diversity, Vedanta Aluminium, the largest aluminium producer in India, announced its collaboration with ERM India, a renowned environmental consulting firm, to enhance its Biodiversity Management Plan (BMP). The collaboration will aim to reinforce the implementation of biodiversity management practices across the operations of Vedanta Aluminium, marking a significant step towards its commitment to sustainable and responsible business operations.

As part of the collaboration, ERM India will assess and bolster Vedanta Aluminium’s biodiversity conservation efforts focusing on operations across different locations and evaluating the overall impact using metrics and tools of global standards. Based on the assessment, ERM India will suggest actions to further strengthen the company’s efforts to foster biodiversity around its operations which will ultimately lead to generating positive actions and help mitigate climate change. This will help Vedanta Aluminium create a roadmap with enhanced actions to nurture biodiversity and establish new goals, including Science-Based Targets for Nature, reinforcing the company’s commitment to sustainable development.

Vedanta Aluminium strives to incorporate the principles of ‘Lifestyle for Environment – LiFE,’ an initiative by the Government of India and enhance its efforts to help achieve the UN Sustainable Development Goals 14 & 15 focusing on conserving aquatic and terrestrial biodiversity.

Mr Rahul Sharma, CEO, Vedanta Ltd – Aluminium Business commented on the announcement, “At Vedanta Aluminium, we recognize the critical role of biodiversity conservation in sustainable business operations. We always strive for more sustainable and environmentally conscious practices, demonstrating our firm commitment to the preservation of nature for generations to come. We look forward to our collaboration with ERM India to bolster our Biodiversity Management Plan and strengthen the implementation of biodiversity management practices. This partnership reflects our unwavering commitment to responsible environmental stewardship. Together with ERM India, we aim to assess and enhance our biodiversity conservation efforts, aligning them with global standards and best practices. This collaboration marks a significant milestone in our journey towards a more sustainable and environmentally conscious future.”

Speaking about the collaboration, Dr Arun Venkataraman, Technical Consulting Director, ERM India said, “We are delighted to collaborate with Vedanta Aluminium in their commendable efforts to bolster their Biodiversity Management Plan and strengthen biodiversity management practices. We aim to deploy tools and metrics of global standards to help the company enhance their repertoire of biodiversity initiatives. Vedanta Aluminium’s commitment to sustainable business operations and its recognition of the critical role of biodiversity conservation is remarkable. We also wish to learn from the success of their approaches in establishing sustainable practices and ensuring inclusive development.”

On the occasion of International Day of Biological Diversity, Vedanta Aluminium embarked on a range of projects across its business units in Odisha and Chhattisgarh:

Over the past few years, Vedanta Aluminium has made substantial contributions to the wildlife conservation of species protected under Schedule 1 of the Wildlife Protection Act across Balco and Jharsuguda.

Awareness sessions for the local villagers were organized to protect the endangered Yellow Monitor Lizard that is hunted to make traditional medicine.
The company launched a conservation project to protect over 30 species of butterflies, several protected under Schedule I of the Wildlife Protection Act, through the establishment of a new butterfly park at Jharsuguda.

To protect the vulnerable Chloroxylon swietenia, commonly known as Ceylon Satinwood, the company planted saplings of this species at Jharsuguda.
The company also undertook the restoration of several local waterbodies around its business units to rejuvenate the aquatic life and support the livelihoods of the local communities. So far Vedanta Aluminium has restored over 40 local water bodies in areas of Odisha and Chhattisgarh for community use.
Several women under the Vedanta Sakhi project at Lanjigarh in Kalahandi district were selected to participate in the apiculture (beekeeping) training, where they learnt about different honeybee species, beekeeping equipment, and the installation of bee colonies.

Installation of birdhouses and nests in the company’s operational areas was undertaken to support the local avian species. Watering stations were installed across peripheral areas to provide hydration for birds and animals during hot weather.

Vedanta Aluminium also collaborated with school students to organize plantation drives, where the students pledged their dedication to conservation efforts.
Vedanta Aluminium, a business of Vedanta Limited, is India’s largest producer of aluminium, manufacturing more than half of India’s aluminium i.e., 2.29 million tonnes in FY23. It is a leader in value-added aluminium products that find critical applications in core industries. Vedanta Aluminium ranks 2nd in the Dow Jones Sustainability Index (DJSI) 2022 world rankings for aluminium industry, a reflection of its sustainable development practices. With its world-class aluminium smelters, alumina refinery and power plants in India, the company fulfils its mission of spurring emerging applications of aluminium as the ‘Metal of the Future’ for a greener tomorrow. www.vedantaaluminium.com

Partially bio-based resin enables recyclable food packaging

The world of packaging is changing quickly. Legislators, food brands, and society at large are all demanding packaging that is less wasteful. At the same time, consumers don’t want to compromise on food safety and convenience.

The latest innovation from Covestro provides a solution to meet these growing needs: a partially bio-based barrier coating resin, Decovery® CQ 6010, which helps ‘close the loop’ for recyclable paper packaging.

Reducing waste by replacing PE and aluminum layers

Many packaged food products are sensitive to moisture, so controlling the moisture vapor transmission rate (MVTR) is critical to maintaining the quality of the food. To protect the product inside a package, paper and board food packaging is often laminated with polyethylene (PE) or aluminum. These materials limit the packaging’s recyclability, meaning it often ends up going to landfill or being incinerated. Covestro’s innovative barrier coating resin reduces waste by replacing these PE or aluminum layers in paper food packaging to make it recyclable.

By enabling low MVTR values, Decovery® CQ 6010 provides a moisture barrier to protect the food, as well as delivering good oil and grease resistance. This makes it suitable for use in packaging for a wide range of food, from dry high-fat products such as chocolate bars to ice cream, frozen food, and fresh fruit. The resin is made with 37 percent plant-based and transparently sourced ingredients, such as bark, castor beans, and corn. This substantially reduces its carbon footprint in comparison to virgin PE and standard fossil-based coatings.

Davide Reverdito Bove, Sector Marketing Manager Printing & Packaging at Covestro: “While PE laminates do a good job of protecting food contents, they make food packaging virtually impossible to recycle. As a result, a lot of them go to landfill or are incinerated. Our new resin is a game-changer in addressing this issue. It gives food producers and packaging makers an excellent opportunity to deliver the protection that packaging requires while having less impact on the environment. That’s just one reason why we are so proud of this new coating, and so excited to be telling the world about it.”

ExxonMobil Lays Foundation Stone for New Lubricant Manufacturing Plant in Raigad, Maharashtra

Navi Mumbai(S.N): ExxonMobil today laid the foundation stone of its new lubricant-manufacturing plant in Raigad, Maharashtra, in the presence of Dave Hergenrether, VP, Finished Lubricants, ExxonMobil Product Solutions Company (a division of Exxon Mobil Corporation); Monte Dobson, Lead Country Manager for ExxonMobil affiliates in India; and Vipin Rana, CEO, ExxonMobil Lubricants Pvt Ltd. The investment is aimed at localized manufacturing of high-performance lubricants, which will cater to the growing demand from India’s industrial and automotive sectors. The plant, with an investment outlay of INR 900 crore (US$110 million), will be built in Maharashtra Industrial Development Corporation’s Isambe Industrial Area in Raigad. Once operational, it will have the capacity to potentially manufacture 159,000 kiloliters of finished lubricants annually.

Expecting to create over 1,200 new jobs during the construction phase, the plant will also support the local economy by creating a vibrant manufacturing ecosystem that will potentially benefit several ancillary sectors. In a significant boost to “Make in India,” a large part of the base stocks, additives, and all packaging will be sourced from local business when the plant begins production.“This sizeable investment in India’s domestic manufacturing of lubricants will further cement our reputation as a trusted provider of high-quality products designed for the Indian market. We understand the aspirations of our customers and tailor our products to meet their specifications. With the new facility, we can further optimize our supply chain and meet the growing demand seamlessly,” said Vipin Rana.

A global leader in lubrication technology, ExxonMobil’s extensive range of Mobil™ branded engine oils, greases, and lubricants has been advancing energy efficiency, productivity, and sustainability for India’s automotive and industrial sectors for decades. The company is also a major supplier of liquefied natural gas to India and its chemical products are widely used in Indian manufacturing.

Steady FY23 by India’s Mining Major NMDC

Hyderabad, 24 May 2023: Country’s largest iron ore producer, NMDC declared its FY23 results today. In the financial year 2022-23, the company produced 40.82 million tonnes and sold 38.22 million tonnes of iron ore. NMDC is the first iron ore producer in India to cross the 40 MnT production mark for the second consecutive fiscal.

Government of India’s profit making PSE recorded a turnover of Rs.17667 crore, with Profit Before Tax (PBT) at Rs.7637 crore and Profit After Tax (PAT) at Rs.5529 crore in FY23. The mining major has also announced 2nd and final dividend of Rs.2.85 per share. The total dividend including 1st interim dividend (Rs.3.75 per share) is Rs.6.6 per share for FY23.

Concluding the year with a strong performance, NMDC registered iron ore production of 14.13 MnT and sales of 12.41 MnT in the fourth quarter of FY23 which is the highest for any quarter since inception. For Q4 of the financial year, turnover stood at Rs.5851 crore while PBT and PAT clocked Rs.3285 crore and Rs.2277 crore respectively.

Commenting on the company’s performance, Shri Amitava Mukherjee, CMD (Additional Charge) said, “NMDC’s strong core and technical affinity has helped us report steady volumes and margins in the face of challenges like heavy rainfall, dull demand and price volatility. With Government of India’s fillip to infrastructure, NMDC is committed to fuel the increase in domestic steel production and consumption by ensuring raw material security.”