All posts by Sujata Muguda

Sectoral Quotes from Budget 2024

Chemical and Agriculture- On Behalf of Madhur Singhal, Managing Partner, Chemical and Agriculture, Praxis Global Alliance

-The focus on developing high-yielding and climate-resilient crop varieties is a monumental step for our agricultural sector. The introduction of 109 new varieties of field and horticultural crops will revolutionize productivity and sustainability for our farmers, making us more resilient in the face of climate challenges. The government’s commitment to enhancing natural farming practices by supporting 1 crore farmers is a forward-thinking approach that aligns with our industry’s goals for sustainable agriculture.”

-“The establishment of 10,000 bio-input resource centers will empower our farmers with the tools and resources needed to transition to more organic and sustainable farming methods. These initiatives underscore the government’s dedication to ensuring food security and self-reliance in oilseed production, a crucial aspect for India’s agricultural landscape.”

1. “The 2024-25 budget’s robust allocation of ₹20 lakh crore for agricultural credit reaffirms the government’s dedication to strengthening the agricultural sector. This investment is set to provide farmers with the financial support needed to enhance productivity and ensure food security.”

2. “The budget’s focus on promoting natural farming techniques and sustainable practices represents a forward-looking approach to agriculture. By integrating traditional wisdom with modern innovation, the government is paving the way for a greener and more resilient agricultural sector.”

3. “With increased funding for agricultural infrastructure and rural development, the budget addresses critical needs in the agricultural sector. This support will not only boost productivity but also improve the overall quality of life for farmers and rural communities.”

4. “The emphasis on expanding irrigation facilities and improving crop insurance schemes underscores the government’s commitment to mitigating risks and enhancing agricultural resilience in the face of climate change and market fluctuations.”

5. “The budget’s provisions for agricultural technology and research signify a significant push towards modernizing farming practices. This investment in innovation is expected to drive efficiency and sustainability, positioning India’s agriculture for long-term growth.”

Financial Services for Madhur Singhal, Managing Partner, Financial Services, Praxis Global Alliance

> “The development of a comprehensive financial sector vision and strategy document is a significant step towards preparing the sector for future growth. This initiative will undoubtedly foster a more robust and resilient financial ecosystem capable of meeting the economy’s demands.”

> The introduction of the NPS-Vatsalya plan provides a unique opportunity for parents and guardians to invest in their children’s future, ensuring financial security and encouraging long-term savings habits.”

Private Capital For Madhur Singhal, Managing Partner, Private Capital, Praxis Global Alliance

The simplification of Foreign Direct Investment (FDI) rules is a welcome move that will undoubtedly attract more overseas investors, providing a much-needed boost to our private capital markets. This will open new avenues for growth and innovation, positioning India as a more attractive destination for global investors.”

> “The proposed Variable Capital Company structure offers an efficient and flexible mode for financing, which is a game-changer for industries like aviation and maritime. This will enhance our competitiveness and ensure we remain at the forefront of global private equity opportunities.”

“We are particularly encouraged by the 2024-25 budget’s announcement of a ₹100 crore credit guarantee scheme for manufacturing MSMEs. This initiative will significantly enhance access to finance for small and medium-sized enterprises in the manufacturing sector, enabling them to scale operations and innovate. At Praxis Global Alliance, we believe this support is crucial for driving growth and competitiveness within the sector, and we look forward to leveraging these opportunities to further strengthen our contribution to the industry.”

Healthcare and Lifesciences for Aryaman Tandon, Managing Partner, Healthcare, Praxis Global Alliance

> “The full exemption of three more cancer medicines from custom duties is a commendable move that will significantly reduce the cost burden on patients and enhance access to essential treatments. This demonstrates the government’s commitment to making healthcare more affordable and accessible.”**

> “The budget’s focus on affordable medicines and support for the domestic pharmaceutical industry will foster innovation and competitiveness, driving growth in the healthcare sector while ensuring the well-being of our citizens.”

“The 2024-25 budget’s focus on the healthcare sector, with an allocation of ₹85,000 crore and increased support for pharmaceutical research, is a significant boost for the industry. As a leading company in the healthcare space, we are particularly encouraged by the government’s commitment to enhancing public health infrastructure and supporting innovation in pharmaceuticals. This budget paves the way for collaborative efforts to advance healthcare delivery, expand access to essential medicines, and drive breakthroughs in treatment.”

Tourism for Madhur Singhal, Managing Partner, Consumer and Internet , Praxis Global Alliance

The 2024-25 budget’s strategic investments in tourism infrastructure and promotion reflect a strong commitment to revitalizing India’s tourism sector. By enhancing facilities and supporting sustainable tourism initiatives, the government is poised to attract global visitors and boost economic growth, creating vibrant opportunities for local communities and showcasing India’s diverse cultural heritage.

We are excited about the budget’s initiative to promote Nalanda in Bihar and Odisha as premier tourism destinations. This strategic focus will not only highlight the rich historical and cultural heritage of these regions but also drive sustainable economic growth through tourism. By investing in the development and promotion of these iconic sites, we are paving the way for enhanced global recognition and increased visitor engagement, benefiting local communities and preserving our national heritage.

“We welcome the 2024-25 budget’s ambitious allocation of ₹70,000 crore for infrastructure development, which is a significant boost for our sector. The increased focus on expanding road and rail networks, along with the introduction of tax incentives for infrastructure projects, aligns perfectly with our company’s strategic goals. This investment not only promises to enhance connectivity and operational efficiency but also provides a solid foundation for long-term growth and innovation in the industry. We are excited about the opportunities this budget presents and are committed to leveraging these developments to drive sustainable progress and deliver exceptional value to our stakeholders.”

Technology for Aryaman Tandon, Managing Partner, Technology at Praxis Global Alliance

> “The government’s emphasis on digital public infrastructure is a visionary step towards integrating technology into the backbone of our economy. By implementing digital crop surveys and creating farmer and land registries, we are setting the stage for a digital revolution in agriculture that will improve efficiency and transparency.”

> “The advancement in digitalization across various sectors, from healthcare to education, will bridge the gap between urban and rural areas, providing equal opportunities and access to resources for all citizens.”

Artificial Intelligence (AI)

1. “The 2024-25 budget’s substantial investment in artificial intelligence marks a pivotal moment for India’s technological landscape. By focusing on AI research and development, the government is setting the stage for India to emerge as a global leader in next-generation technologies.”

2. “With dedicated quotes AI innovation and digital infrastructure, the budget is a testament to the government’s commitment to integrating AI into various sectors, driving efficiency, and enhancing economic growth.”

3. *The emphasis on AI and machine learning in this budget underscores a forward-thinking approach, equipping India to leverage AI for transformative impacts across industries and societal sectors.”

Mobility for Aryaman Tandon, Managing Partner, Mobility, Energy, and Transportation, Praxis Global Alliance

> “The reduction of customs duty on key components like mobile phones and solar panels is a strategic move that will boost domestic manufacturing and drive the adoption of renewable energy. This aligns perfectly with our industry’s goals of sustainability and technological advancement.”

> “The government’s focus on energy transition and strategic sector support will propel India towards a greener future, ensuring our energy security while fostering innovation in mobility and transportation.”

-The 2024-25 budget’s focus on advancing solar and thermal power reflects a significant leap forward for the energy sector. These measures not only bolster our commitment to sustainable energy but also pave the way for innovative advancements and increased efficiency. We are excited about the opportunities this budget creates for driving clean energy initiatives and contributing to India’s energy future

Consumer for Madhur Singhal, Managing Partner, Consumer and Internet, Praxis Global Alliance

> “Promoting Farmer-Producer Organizations, cooperatives, and start-ups for vegetable supply chains is a crucial step towards modernizing our agricultural sector. This initiative will streamline the collection, storage, and marketing processes, benefiting both producers and consumers.”

> *The emphasis on digital infrastructure will enhance the consumer experience across various sectors, from e-commerce to financial services, making transactions more efficient and accessible to a broader audience.”

Next Gen Industrials (Automotive, Infrastructure, Engineering and Construction, Textiles, Discrete Manufacturing, Packaging, Manufacturing Services, Advanced Manufacturing)

> “The focus on next-generation reforms and digitalization in the manufacturing sector will propel India to the forefront of global innovation. By prioritizing advanced manufacturing techniques, we are ensuring that our industries remain competitive and future-ready.”

> “The proposed land-related reforms and the integration of GIS mapping and IT-based systems for property management will revolutionize the infrastructure and construction sectors, leading to more efficient urban planning and development.”
The emphasis on infrastructure development and technological advancement in manufacturing showcases India’s commitment to becoming a global leader in next-generation industries. “With increased investments in infrastructure, automotive, and advanced manufacturing, the budget signals a new era of industrial growth and innovation in India. “The government’s focus on enhancing industrial capabilities through technology and innovation is set to drive economic growth, creating new opportunities across sectors.

Metals and Mining for Madhur Singhal, Managing Partner, NextGen Industrials, Praxis Global Alliance

“The 2024-25 budget’s substantial allocation of ₹70,000 crore for infrastructure development is a game-changer for the mining and construction sectors. This investment will drive growth and innovation, enabling us to undertake significant projects and enhance connectivity across the country. The focus on modernizing railways and expanding road networks will not only streamline operations but also open new avenues for the mining sector, supporting our efforts to meet global demands more efficiently. With these strategic investments, we are optimistic about the future, as they provide a strong foundation for sustainable development and economic progress in our industries

Education for Madhur Singhal, Managing Partner, Consumer and Internet at Praxis Global Alliance

“We are pleased to see the Union Budget 2024-25 prioritize significant investments in education, including the allocation of ₹2.5 lakh crore for the sector. This substantial funding is expected to drive transformative improvements in educational infrastructure, teacher training, and student resources. Our company, [Your Company Name], views these measures as pivotal for enhancing educational outcomes and equipping students with the skills needed for the future. We look forward to collaborating with educational institutions to leverage these opportunities and contribute to India’s growing talent pool.”

For Madhur Singhal, Managing Partner, Consumer and Internet at Praxis Global Alliance

Real Estate

“The 2024-25 budget’s focus on enhancing affordable housing with an allocation of ₹70,000 crore for infrastructure development is a significant boost for the real estate sector. This funding will not only accelerate the development of affordable housing projects but also stimulate demand across the real estate market. Our company is excited about the potential opportunities this brings and is committed to leveraging these investments to drive innovation and growth in the sector.”
Startup

“With the introduction of new tax incentives and the extension of the ‘Startup India’ scheme, the 2024-25 budget is a game-changer for entrepreneurs. The enhanced funding for innovation and technology incubators will provide crucial support for startups, fostering a thriving ecosystem. Our company is poised to take full advantage of these initiatives, aiming to accelerate our growth and contribute to the vibrant startup landscape in India.”

Construction & Interior Design

“The budget’s allocation of ₹70,000 crore towards infrastructure development and the focus on modernizing construction practices are highly encouraging for the construction and interior design sectors. These investments are set to enhance project efficiencies and drive the adoption of advanced technologies. Our company is enthusiastic about these developments and is committed to aligning our strategies with the government’s vision for sustainable and innovative construction practices.”

Haqdarshak and Mastercard Collaborate to Empower 500,000 Small Businesses and Agri-Entrepreneurs

12 July 2024:Haqdarshak Empowerment Solutions Pvt Ltd (Haqdarshak) and the Mastercard Center for Inclusive Growth (CFIG) today announced their collaboration to improve the financial resilience of 1,000 Haqdarshak women agents, who will provide last-mile delivery of services that increase the financial security of 500,000 micro and small enterprises (MSEs) and agri-entrepreneurs. The initiative is part of Mastercard’s Strive in India program and will be rolled out across five states, namely, Madhya Pradesh, Maharashtra, Uttar Pradesh, Telangana, and Karnataka.

As part of the collaboration, Haqdarshakwill develop, test, and scale a new specialist sales training methodology to transform 1,000 of its highest performing women agents into entrepreneurs who specialize in the doorstep delivery of high-value services for MSEs and agri-entrepreneurs, elevating their income and improving their financial resilience. They will also develop partnerships with market players to introduce new services onto the Haqdarshak platform. These services include credit, market linkages, and government welfare programs.

These women agents will leverage Haqdarshak’s proprietary mobile app and database of over 10,000 government welfare programs and private market services to provide last-mile delivery of services to MSEs and agri-entrepreneurs—the majority of whom will be women—and catalyze $153 million in credit and market linkages, government schemes and other benefits.

AniketDoegar, Co-founder and CEO of Haqdarshak, said, “With this initiative, we, at Haqdarshak, will be taking a huge leap in the capacity building of our women agent network who are the most critical component of our service delivery. With an ambitious aim of maintaining an active network of 100,000 Haqdarshaks by 2030, we are thankful to the Mastercard Center for Inclusive Growth for their support in building the foundation for our scale-up. This initiative will also contribute to the Indian government’s LakhpatiDidi scheme. Overall, with this organizational support, I am confident Haqdarshak will be poised to impact 100 million end users by 2030.”

“Unlocking the potential of agri and women entrepreneurs is crucial to turning the vision of Viksit Bharat into reality. Mastercard’s experience of working with these sections has shown that if provided the right training and tools, they can empower their communities. This collaboration with Haqdarshak aims to leverage digitization to ensure their financial security and resilience, allowing them to act as agents of change in India’s transformative journey,” said Gautam Aggarwal, Division President, South Asia Mastercard

“Mastercard is delighted to mark the 10th anniversary of its Center for Inclusive Growth with a partnership that leverages the catalytic role of the private sector to drive inclusive innovation and reinforces the commitment to enable MSEs to succeed in the digital economy. This collaboration combines the power of technology, social enterprise, and corporate philanthropy to expand economic opportunities and bolster financial health for women entrepreneurs,” said SubhashiniChandran, Vice President, of Social Impact, Asia Pacific, Mastercard Center for Inclusive Growth.

Haqdarshak is a social protection and financial inclusion-focused organization providing blended tech-and-touch services for the doorstep delivery of welfare entitlements for individuals and businesses, delivered via their agent network of ‘Haqdarshaks’.

This initiative sits within the Mastercard Strive in India program, which aims to enable micro and small enterprises (MSEs) to succeed in the digital economy, prioritizing women and agri-entrepreneurs. Mastercard Strive is a portfolio of philanthropic programs – supported by the Mastercard Center for Inclusive Growth – aimed at helping small businesses worldwide thrive in the digital economy.

Kapture Revolutionizes CX in BFSI, Contributing 25percent of Quarterly New Revenue

India, July 2024: Kapture CX, a leading provider of Gen-AI powered customer experience platform has bolstered its presence in the BFSI sector, anticipating it to contribute to 25% of this quarter’s new business and is poised to grow exponentially in the coming years. Kapture’s continued expansion into the BFSI segment signifies a pivotal achievement in its mission to redefine customer support across diverse industries, including banking and finance.

Kapture CX is a verticalized solution provider that caters to the BFSI sector and all its prominent sub-verticals including lending, insurance, wealth and asset management, payments, trading, fintech & neobanks. It transforms the customer experience and empowers niche use cases by addressing operational inefficiencies, security threats, fragmented systems, and late resolution of customer queries.

In a short span, the integration of Kapture CX has helped several BFSI players including Aditya Birla Capital, Airtel Payments Bank, Universal Sompo, Reliance Securities, Incred, ProgCap, AEGON, JM Financial, among others record notable improvements in its key metrics.

Additionally, it is actively pivoting towards integrating advanced Gen AI capabilities to aid customer support across all touchpoints and offering omnichannel support for hyper-personalization, given that the BFSI sector possesses a great appetite for advanced technologies and is one of the earliest adopters.

Being an end-to-end customer experience platform, Kapture has enabled the customer support teams of organizations in the BFSI sector to protect sensitive financial data through an industry-leading encryption process, data masking, and localized data storage. Additionally, it has developed LLMs in-house that are GDPR compliant to further keep sensitive information private and in compliance with regulations. Kapture also boasts industry-leading certifications such as ISO 27001, SOC 2 Types 1 & 2, HIPAA, and more.

For enhancing customer satisfaction which remains a primary concern for the BFSI industry, Kapture leverages its unified ticket management to consolidate customer data onto a single screen to streamline and query resolution process.

Commenting on the need to revolutionize customer experience in the BFSI space, Gaurav Juneja, CRO of Kapture CX said, “BFSI companies have long struggled with high customer acquisition costs and retention especially when the customer support process is fragmented. Our extension of CX support to the BFSI sector automates the customer journey with an emphasis on personalization, efficiency, and tech prowess. Our value proposition has found great resonance with several large players, both in India and globally, and are looking forward to expanding this vertical.”

To enhance its offering in the BFSI vertical, Kapture harnesses the power of Gen AI which analyses customer data and ongoing tickets to upsell or cross-sell opportunities to agents whenever a ticket is raised. In tandem, Kapture adopts a multi-pronged approach – smart routing of tickets to ensure they are assigned to the right agent that further ensures agents follow streamlined workflows and have all information at their tips to provide the most accurate resolutions.

Furthermore, Kapture CX also leverages Auto QA that follows through with post-call analysis to ensure continuous improvements. Along with this, agents can loop in experts from other teams to deal with complex customer issues with side conversations thereby, ensuring timely resolution of tickets and fostering cross-functional collaboration.

As part of its strategic expansion in the BFSI segment, Kapture is planning to integrate its Gen AI voice bot for a more natural and efficient customer experience, with faster resolution times and increased customer satisfaction, potentially eliminating the ever-frustrating IVR queues. Additionally, Kapture is also implementing bot analytics and natural language queries.

Driven by the fact that efficient and prompt service qualities serve as the baseline for the BFSI sector, Kapture offers agent assistance, personalized FAQs, and an automated quality assurance process. This helps deliver omnichannel, centralized, and multilingual support, enabling BFSI companies to witness a 28% uptick in CSAT scores, a 41% reduction in the cost of support, and a 53% decrease in average handling time.

Grundfos brings together industry experts for the 10 th Annual Sustainable Water Management Conclave

Mumbai, 12 July 2024: Grundfos, a global leader in intelligent and energy-efficient pumping solutions, is proud to announce the successful completion of the ‘10th Annual Sustainable Water Management Conclave.’This convention emphasized the transforming potential of smart technologies in water management that can help address the pressing issues of water scarcity and its quality across the nation.

The conclave brought together government officials from the Ministry of Jal Shakthi and industry experts, including policymakers, water-tech leaders, and international diplomats, providing a platform for a vibrant discussion about sustainable water management. Severe climate change and inefficient management of water resources have led to major environmental and economic issues around the world. The event deliberated on solutions that can help address the major water crisis.

Sanjeev Sirsi, Head of Municipal Business, INDO Region, Grundfos, said, “India has seen firsthand how the extreme weather has subjected us to improve our planning in the water landscape. This conference showcased how the right technological interventions can help tackle issues and provide sustainable water management holistically. By doing so, we at Grundfos believe in helping not only secure water for future generations but also to drive economic growth through environmental preservation. This will increase our resilience to the impacts of climate change and improve access to water for all.”

With innovation and sustainability at the core and knowledge combined with optimized water solutions for water utility applications, and water treatment solutions forend-to-end water supply solutions, the company is helping countries around the world become water secure. Across the world, Grundfos works to make cities water-positive.

Gordon Ramsay Restaurants And Travel Food Services Bring World-Renowned Dining To India

The culinary landscape at Indian airports is set for a seismic transformation. In an exciting move that sets a new standard for culinary excellence in Indian airports, Gordon Ramsay Restaurants is pleased to announce a landmark partnership with Travel Food Services (TFS), India’s leading travel Food and Beverage Company. The arrival of Gordon Ramsay Plane Food, Street Pizza, Street Burger and Gordon Ramsay Plane Food To-Go marks the celebrated chef’s first foray into dining in India.

The agreement, as announced today marks the beginning of a three-year opening programme, which will see six restaurant concepts unveiled across Indian airport terminals by 2027, with the first sites due to launch in the final quarter of 2024.

Gordon Ramsay, known for his unwavering commitment to excellence and his high culinary standards, has built an empire of critically acclaimed restaurants and an array of popular television shows, making him a household name around the world. For the first time, the culinary icon brings his signature flair and unparalleled standards to Indian airports with his three stand-out concepts: Street Pizza, Street Burger, and Gordon Ramsay Plane Food To-Go. Each brand embodies Ramsay’s commitment to quality and creativity, offering travellers a taste of his world-renowned culinary proficiency. Gordon Ramsay Plane Food offers discerning travellers succulent all-day pre-departure dining, Street Pizza delivers artisanal pizzas inspired by London’s vibrant street food scene, Street Burger serves up gourmet burgers with bold flavours and premium ingredients, and Plane Food To-Go provides gourmet meals designed for convenience without compromising on taste.

With a presence in over 19 cities and managing more than 380 eateries, TFS continues its legacy of innovation by introducing world-renowned dining concepts to Indian travellers. This initiative not only promises to transform terminal dining into an exhilarating, top-tier gastronomic adventure but also reflects TFS’s commitment to bringing sophisticated and diverse culinary offerings to the Indian market.

Varun Kapur, Executive Director of TFS, shares his enthusiasm: “This is not just a launch; it’s a monumental culinary event! With this partnership, we are building on the food revolution in Indian airports that TFS has been passionately driving. Gordon Ramsay’s iconic brands will deliver an unprecedented fusion of flavour and finesse, further adding excitement to the Indian travellers’ journey and making their dining experience unforgettable.”

From Gordon Ramsay Restaurant’s CEO Andy Wenlock: “India’s rich culinary heritage and its reputation for hospitality make it the perfect landscape for our brands. With Travel Food Services, Indian airports are the new stage for our culinary journey, and we are excited to see how travellers embrace these vibrant, flavour-intense dining experiences.”

Merch Matters Reaches New Heights with 15 lacks in Orders in One Week

Delhi – July 12, 2024, Merch Matters, a pioneer in corporate gifts, is pleased to share this significant accomplishment: in just one week, they were able to secure orders totaling 15 lacks. Through our clients with several esteemed businesses, including Hero, Snowman, Gateway Distriparks, Mankind, WeChartered, Impulse, SS Supply, and Xceedance, this important milestone was accomplished.

This success confirms Merch Matters’ commitment to quality, creativity, and client happiness and strengthens its position as a dominant player in the corporate gifting industry. The company’s strong capabilities, wide range of products, and steadfast dedication to fulfilling the various needs of its clientele are all evidenced by its ability to secure such sizable orders quickly.

“We are overjoyed to have accomplished this milestone, which is a testament to the dedication of our team and the faith that our clients have in us,” Mr. Karan Sehdev, Founder of Merch Matters stated. “This achievement highlights our market leadership and inspires us to continue delivering innovative and high-quality gifting solutions that delight our customers and enhance their corporate relationships.”

Merch Matters has a robust pipeline of new projects from prestigious sectors, positioning it for rapid expansion. Its position as a top supplier of corporate gifting solutions will be strengthened further by anticipated alliances with top technological, financial, and healthcare organizations, which will drive innovation and excellence in the sector.

Steel Minister Encourages NMDC’s Goal of 100 MnT by 2030

Mumbai, July 12, 2024: Shri H.D. Kumaraswamy, Honourable Union Minister of Steel and Heavy Industries visited NMDC Head Office in Hyderabad on Thursday along with Shri Bhupathiraju Srinivasa Varma, Honourable Minister of State for Steel and Heavy Industries.

The Honourable Ministers held a meeting with Shri Amitava Mukherjee, CMD (Additional Charge); Functional Directors and senior officers of the company to review the performance, future roadmap, social initiatives, and challenges faced by NMDC and NSL.

The review meeting included discussions on projects in the pipeline that can set a course for a future driven by excellence, innovation, and sustainability. Appreciating the legacy of NMDC, the Honourable Union Minister of Steel expressed his confidence in the company’s journey to become a Maharatna. Shri H.D. Kumaraswamy encouraged NMDC officers to commit to their goal of 100 million tonnes by 2030, as a tribute to the Honourable Prime Minister’s vision of Viksit Bharat.

Addressing the NMDC employees, Shri Bhupathiraju Srinivasa Varma, Honourable Minister of State for Steel said, the Ministry of Steel is fueling the efforts of Steel PSEs to enhance production and profit. Envisioning a robust industrial ecosystem, he said, NMDC will play a defining role in uplifting the smaller units of the iron and steel industry while meeting the demands of the key players of the sector.

The CMD of India’s largest iron ore producer, Shri Amitava Mukherjee said, “We are honoured to host the Union Minister of Steel and the Minister of State for Steel. NMDC remains steadfast in its commitment to emerge as a global environmentally friendly mining company with a positive thrust on social development. We are foraying towards a future where Indian Mining is synonymous with progress, innovation, and responsibility.”