Small and Medium Enterprises (SME) form the backbone of the Indian economy and contribute immensely to the GDP numbers. As per the annual report of MSME ministry 2017-18, the sector, which has a vast network of 63.38 million enterprises, contributes more than 28% to the GDP and employs around 111 million people. In terms of volume, the SME sector stands next to the agriculture sector.Thus, the role of the sector cannot be emphasised enough, and if given the right push, it has the potential to contribute even more. MSME Minister Nitin Gadkari said in the years to come, it will be his endeavour to raise the contribution of the MSME sector to the country's GDP to 50%.Visit the website at irisgst.com or EasybizClose That said, one of the ways that SMEs can grow further is through a digital transformation where business owners are willing to use the latest technology in their daily operations to drive efficiency, accuracy, innovation and reduce turnaround time. Although SMEs … [Read more...] about Here’s why SMEs should go digital to grow their businesses
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Slowdown pinches business travel. But there’s a silver lining
The economic slowdown has hit India's travel sector, and it is not just the leisure segment that is seeing a slump in activities. Business travel too is suffering.According to Prashant Pitti, Executive Director, EaseMyTrip, the travel industry is witnessing slowdown owing to the increasing price of ATF (average ticket fare) and dropping margins on air tickets.“In corporate travel segment, there has been cost cutting and average spend on travel has also dropped as compared to last year,” he said.Close But there is a silver lining as companies are focusing on travel cost optimisation, which is helping the corporate travel sector grow. related news World's most popular travel destinations of 2019: Only 1 Indian city makes top-10 list 87% female Indian business travellers harassed on business trips: Survey Jet Privilege goes for brand revamp; to be known as 'InterMiles' According to Anish Khadiya, co-founder and Chief Business Officer, ITILITE, an AI-powered … [Read more...] about Slowdown pinches business travel. But there’s a silver lining
Two new cities to be surveyed from next year for Ease of Doing Business rankings
The Indian government has asked World Bank to represent India's diversity and said more than two cities need to be surveyed for Ease of Doing Business (EODB) rankings."Till now, only two cities used to be covered for ease of doing business rankings. We have asked World Bank to add Kolkata and Bengaluru in the list of cities to be surveyed for the rankings," Finance Minister Nirmala Sitharaman said at a press briefing on October 24.India jumped to 63rd position in World Bank's latest Ease of Doing Business rankings, soaring 14 notches from last year, as the multilateral body endorsed a string of reforms—from the signature 'Make in India' initiative to insolvency resolutions — that the Narendra Modi government has launched over the last few years.Close India's ranking jumped to 52 in 2019 from 108 last year, a 56 position jump, in resolving insolvency. The credit for this goes to the Insolvency and Bankruptcy Code (IBC), which came into force in 2016. related news … [Read more...] about Two new cities to be surveyed from next year for Ease of Doing Business rankings
You’ve hit a plateau in your business or career. Now what?
When I started my software company, we received more job offers than what I could realistically handle. At the time, I thought that the best thing for me to do would be to say yes to them all and reframe the situation as a challenge to conquer. It worked for a while—but eventually, I got to the point where the only growth that I could pursue was scaling the business for more clients and more employees. advertisement advertisement That vision wasn’t particularly inspiring for me. I wanted my name associated with things that people used every day. I wanted to build things that created utility. But I couldn’t see any growth opportunities for myself in the future of this company. In other words, I’d hit a plateau. So I decided to take a step back and reinvent myself. During this time, I learned that when I always have my nose to the grindstone, I have no time to reflect and strategize long-term. Hitting a plateau allowed me to refresh my viewpoint, … [Read more...] about You’ve hit a plateau in your business or career. Now what?
Households expect inflation to rise, businesses see weak demand: RBI survey
Households’ inflation expectations, measured by the Reserve Bank’s November 2019 round of the survey, increased by 120 basis points over the three-month ahead horizon and 180 basis points over the one-year ahead horizon, as food prices have been rising.According to the Reserve Bank’s consumer confidence survey, spending onnon-essential items of consumption has shrunk compared to a year ago.However, consumers expect their overall spending to remain unchanged going forward largely due to an increase in prices.Close The RBI expects high food prices to persist for some time. related news Top 5 reasons why Sensex fell after RBI leaves rates unchanged RBI Credit Policy | To issue draft norms for cooperative banks to strengthen safety of deposits "The upsurge in prices of vegetables is likely to continue in immediate months; however, a pick-up in arrivals from the late kharif season along with measures taken by the Government to … [Read more...] about Households expect inflation to rise, businesses see weak demand: RBI survey
