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How AI and data are broadening MSMEs' access to narrow India's million-dollar credit disparity | The Financial Express

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How AI and data are broadening MSMEs' access to narrow India's million-dollar credit disparity | The Financial Express

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How AI and data are broadening MSMEs’ access to narrow India’s million-dollar credit disparity | The Financial Express

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Experts suggest that AI and data will help to improve credit disparity in India

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India-Russia to explore Technological Alliances in the Greater Eurasia at a Forum in March

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India-Russia to explore Technological Alliances in the Greater Eurasia at a Forum in March

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iStock
Representative Image

As part of the St. Petersburg International Economic Forum's foreign events segment, the India-Russia Business Forum 'Cooperation for Development and Growth' will be held in New Delhi, on March 29-30 with an aim to push new areas of economic cooperation including IT, construction & mechanical engineering.

Competition between technology standards and ecosystems is growing ever fiercer in the global economy. The purpose of the Forum is to discuss opportunities for creating high-tech alliances in different areas: IT, cybersecurity, industry and manufacturing, smart cities, transport, logistics and healthcare, and to support Russian companies as they refocus on new markets.

"The Russia-India cooperation format is one of the drivers of region-wide efforts to improve the architecture of inter-state relations in the Asia-Pacific Region (APR). The Forum is designed to strengthen business ties between the Russian and Indian business communities, to support Russian businesses entering the Indian market and to acquaint Indian partners with specific export offers," said Anton Kobyakov, Adviser to the President of the Russian Federation.

"India is one of Russia's most important trade and economic partners, and the potential for growth in trade between our countries is very high. As part of the Forum, the Russian Export Center will be carrying out a high-tech business mission, in which over 20 Russian companies from the IT sector, business process management, mechanical engineering, construction, energy and medicine will be taking part. A number of Russian companies have products and solutions that are unique and often unrivalled throughout the world. The REC will be arranging B2B negotiations for them with potential Indian buyers and partners," said Veronika Nikishina, General Director of the Russian Export Center.

Representatives of Russian and Indian government agencies, commercial and industrial organizations will be taking part in the event.

The focus of the ' Technological Alliances in the Greater Eurasia' plenary session will be the question of how to perfect cooperation between Russia and India in high-tech.

Over the course of the two days, panellists will also be discussing an action plan for stakeholders to bolster increased bilateral trade and investment in areas such as smart cities, healthcare, IT and the digitalization of the transport sector.

Forum organizers: the Roscongress Foundation, the Department of Foreign Economic and International Relations of the City of Moscow, the Russian Export Centre, the Technological Sovereignty Export Association, Invest India: Investment Promotion and Facilitation Agency и FICCI : Industry's Voice for Policy Change.

The St. Petersburg International Economic Forum will be held at St. Petersburg's ExpoForum Convention and Exhibition Centre on 14-17 June.

(Catch all the Business News, Breaking News Events and Latest News Updates on The Economic Times.)

Download The Economic Times News App to get Daily Market Updates & Live Business News.

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India-Russia to explore Technological Alliances in the Greater Eurasia at a Forum in March

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Representatives of Russian and Indian government agencies, commercial and industrial organizations will be taking part in the event. The focus of the 'Technological Alliances in the Greater Eurasia plenary session will be the question of how to perfect cooperation between Russia and India in high-tech.

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Catalysing the next generation of startups in semiconductor design space

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Catalysing the next generation of startups in semiconductor design space

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NASSCOM Community | The Official Community of Indian IT Industry

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Terms of Use

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Catalysing the next generation of startups in semiconductor design space

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Insights from the speech of Shri Rajeev Chandrashekhar, Minister of State for Skill Development and Entrepreneurship and Electronics and Information Technology of India at the SemiconIndia: FutureDesign Roadshow @ IISc Bangalore The country today is at an inflexion point in the innovation and technology ecosystem. India is growing rapidly in global electronics value chain.

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Siddharth Mehta, Religare former director says digitalization opens job opportunity in India

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Siddharth Mehta, Religare former director says digitalization opens job opportunity in India

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"Digitalization supports efficiency and noticeably affects Gross domestic product across created economies." expressed by Siddharth Mehta, Religare, former director.

#siddharthmehtareligare #siddharthmehta #digitalization #digitalindia

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In recent years, digitization-the widespread use of interconnected digital services by consumers, businesses, and governments-has emerged as a significant economic engine that spurs expansion and makes it easier to create jobs. Digitization may be a significant tool for helping policymakers in the current setting of a slow global economy to promote economic development and jobs. As per Siddharth Mehta of Religare (former director) says "Digitalization is something that changes the society and surround the environment and now it will stay here forever, ow you have to adapt the changes it makes around you".

The effects of digitalization vary by nation and industry, though. While developing nations tend to outpace developed economies in terms of employment creation by a comparable margin, developed economies benefit from economic expansion by a factor of roughly 25% more. The key factor separating the consequences of digitalization in established and emerging nations is their respective economic systems. Non-tradable sectors are crucial since developed nations mostly rely on local consumption.

"Digitization boosts productivity and has a discernible impact on GDP across developed economies. However, when lower-skill, lower-valued work is exported to emerging nations where labor is less expensive, the outcome might be job losses" stated by Siddharth Mehta, Religare, former director currently CIO and founder of Bay Capital. In contrast, developing markets are more focused on exports and are fueled by tradable industries. They often benefit more from the impact of digitalization on employment than it does on growth.

The effects of digitization vary depending on the level of development of an economy. It has a one-fourth bigger influence on economic growth in industrialized economies than in developing ones. However, compared to emerging nations, industrialized countries see less increase in employment.

Wage levels in the labor market might also be impacted by digitalization. Wages may rise as a result of increased productivity and aggregate demand as a result of technology adoption. The national, regional, sectoral, or occupational pay level may fall overall as a result of both increasing productivity and job losses. Which of the two approaches really takes place depends on the labor market and how productivity increases are allocated between capital and labor (supply of and demand for labor).

Digitalization has an impact on both the supply and demand for skills. For recently created occupations or activities, new abilities are required, but other talents will lose value when some jobs and tasks see a decline in demand.

The adoption of new technologies and the related job profiles for people affected by altered production/service supply processes are both predicted to contribute to positive employment growth as a result of digitization (for example, reshoring of activities previously offshored from Europe to locations with lower production costs).

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Digitalization opens up new job opportunity worldwide in different section

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In recent years, digitization-the widespread use of interconnected digital services by consumers, businesses, and governments-has emerged as a significant economic engine that spurs expansion and makes it easier to create jobs. Digitization may be a significant tool for helping policymakers in the current setting of a slow global economy to promote economic development and jobs.

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DIGITAL ENTERPRISE TRANSFORMATION, INDIA PARADIGM: BUSINESS PROCESS DIGITALIZATION

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DIGITAL ENTERPRISE TRANSFORMATION, INDIA PARADIGM: BUSINESS PROCESS DIGITALIZATION

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NASSCOM Community | The Official Community of Indian IT Industry

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Terms of Use

The use of this site and the content contained therein is governed by the Terms of Use. When you use this site you acknowledge that you have read the Terms of Use and that you accept and will be bound by the terms hereof and such terms as may be modified from time to time.

All text, graphics, audio, design and other works on the site are the copyrighted works of NASSCOM unless otherwise indicated. All rights reserved.

Content on the site is for personal use only and may be downloaded provided the material is kept intact and there is no violation of the copyrights, trademarks, and other proprietary rights. Any alteration of the material or use of the material contained in the site for any other purpose is a violation of the copyright of NASSCOM and / or its affiliates or associates or of its third-party information providers. This material cannot be copied, reproduced, republished, uploaded, posted, transmitted or distributed in any way for non-personal use without obtaining the prior permission from NASSCOM.

The NASSCOM Members login is for the reference of only registered NASSCOM Member Companies.

NASSCOM reserves the right to modify the terms of use of any service without any liability. NASSCOM reserves the right to take all measures necessary to prevent access to any service or termination of service if the terms of use are not complied with or are contravened or there is any violation of copyright, trademark or other proprietary right.

From time to time NASSCOM may supplement these terms of use with additional terms pertaining to specific content (additional terms). Such additional terms are hereby incorporated by reference into these Terms of Use.

Disclaimer

The Company information provided on the NASSCOM web site is as per data collected by companies. NASSCOM is not liable on the authenticity of such data.

NASSCOM has exercised due diligence in checking the correctness and authenticity of the information contained in the site, but NASSCOM or any of its affiliates or associates or employees shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this site. The information from or through this site is provided "as is" and all warranties express or implied of any kind, regarding any matter pertaining to any service or channel, including without limitation the implied warranties of merchantability, fitness for a particular purpose, and non-infringement are disclaimed. NASSCOM and its affiliates and associates shall not be liable, at any time, for any failure of performance, error, omission, interruption, deletion, defect, delay in operation or transmission, computer virus, communications line failure, theft or destruction or unauthorised access to, alteration of, or use of information contained on the site. No representations, warranties or guarantees whatsoever are made as to the accuracy, adequacy, reliability, completeness, suitability or applicability of the information to a particular situation.

NASSCOM or its affiliates or associates or its employees do not provide any judgments or warranty in respect of the authenticity or correctness of the content of other services or sites to which links are provided. A link to another service or site is not an endorsement of any products or services on such site or the site.

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DIGITAL ENTERPRISE TRANSFORMATION, INDIA PARADIGM: BUSINESS PROCESS DIGITALIZATION

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"At least 40% of all businesses will die in the next 10 years... if they don't figure out how to change their entire company to accommodate new technologies" - John Chambers, Former Executive Chairman & CEO, Cisco Systems This is the fourth of the multi-part blog series titled 'DIGITAL ENTERPRISE TRANSFORMATION, INDIA PARADIGM' and covers the State of Technology Adoption in Ind...

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India ushers into digital era in a big way, Telecom News, ET Telecom

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India ushers into digital era in a big way, Telecom News, ET Telecom

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India ushers into digital era in a big way, Telecom News, ET Telecom

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Digital Era: Currently, India is also eyeing upon the expansion of 5G network to capitalise its advantages, which would further expand digital foot print.

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Siddharth Mehta Religare speaks about the growth of digital transformation in India

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Siddharth Mehta Religare speaks about the growth of digital transformation in India

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#siddharthmehtareligare #siddharthmehta #religare #siddharth #mehta #digitalization #digitaltransformation

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Siddharth Mehta, Religare, former director shared a strong intuition about India where he says that India is one of the largest and fastest growing digital marketplaces because to its more than 500 million internet users. Additionally, there is a chance that by 2025, the nation will be "fully linked."

The customer, small company, government, workforce, farmers, and other groups all benefit economically from this digital transition by creating huge opportunities.

Adding to his concern about the progress of India in digitalization Siddharth Mehta, former director of Religare says, Digital transformation in India is rapidly growing its pace very few sectors are sluggish in adapting it. However, in the upcoming years, many industries can experience a proliferation of innovative digital business models.

Digital communication services, electronics manufacturing, and IT and business process management (IT-BPM) are predicted to grow from $355 billion to $435 billion by 2025.

During the same time span, industries including agriculture, education, energy, financial services, healthcare, logistics, and retail may potentially add $10 billion to $150 billion to the global economy.

Between 60 and 65 million employments will be created by this economic tsunami, however some existing functions may be lost and redeployment may be required.

Businesses must create new ways to interact with consumers in order to thrive in a connected society, whether they are in precision agriculture or digital logistics management.

One of the greatest internet user populations worldwide is found in India. India is digitizing faster than many developed and emerging countries, with more than 40% (560 million people) of the population having an internet subscription as of September last year.

In 2018, more than 12.3 billion applications were downloaded by Indians. China is the only other country on earth to surpass that total. Additionally, the average Indian user logs on for up to 17 hours each week, which is greater than either Chinese or American users.

The quick growth has been facilitated by government policies. With coverage close to 80%, the government's Jan-Dhan Yojana mass financial inclusion initiative increased the number of mobile phone accounts by 332 million and nearly quadrupled the proportion of Indian adults who had a digital financial account.

Online usage is becoming more widely available thanks to private-sector innovation. Programs like Reliance Jio's, which bundle inexpensive devices with mobile service subscriptions, have spurred innovation and increased price competition in the industry.

This has helped down data prices by more than 95% since 2013; the price of 1 GB dropped from 9.8% of monthly GDP per capita in 2013 (about $12.45) to 0.37% in 2017. Between 2014 and 2017, the average fixed-line download speed tripled. Due to this, monthly mobile data use per user has increased by 152% yearly. These rates are more than twice as high as those in China and the US.

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Transformation of India as connected nation through digital technology: Siddharth Mehta

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Siddharth Mehta, Religare, former director shared a strong intuition about India where he says that India is one of the largest and fastest growing digital marketplaces because to its more than 500 million internet users. Additionally, there is a chance that by 2025, the nation will be "fully linked."

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Educational trends that will make 2023 a powerhouse of skilling and technology | The Financial Express

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Educational trends that will make 2023 a powerhouse of skilling and technology | The Financial Express

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Educational trends that will make 2023 a powerhouse of skilling and technology | The Financial Express

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Only by adopting and embracing technology, learning, development and growth opportunities in the education area can be easily accessible and beneficial to all.

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Fintech giving wings to lending space in India

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Fintech giving wings to lending space in India

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Fintech is revolutionizing the financial services industry with the ideal integration of technology and innovation. The seamless process and service in fintech have made India clasp to it resulting in a FinTech adoption rate of 87%. Out of many financial services that have captured the momentum of this fintech wave, the lending space is witnessing significant traction. The fast-growing space is projected to reach $179 billion in 2022. And is predicted to reach $213 billion by 2024. But what exactly were the issues with traditional bank lending that Fintech has succeeded in solving? Here are a few challenges that traditional lending models face:

* Lack of formal data to access creditworthiness
* One product fits all approach that does not adjust to risk profiles of different borrower segments
* Requirement of collaterals/guarantees
* Hefty onboarding and complex application procedures

Fintech has utilised innovative strategies in order to overcome these barriers and make credit access hassle-free. Let's take a deep dive into a few waves of change that fintech financing solutions have brought into the lending sector.
Financial Inclusion
Fintech, or financial technology, is improving financial inclusion by making financial services and products more accessible and affordable for millions of unbanked and underbanked Indians. This is especially true in developing countries where traditional banking infrastructure may be limited. Fintech is inclusive of individuals and enterprises that have remained largely ignored by traditional banks due to the high cost of delivering financial services to the customer - thus rendering them an unprofitable target customer segment.
Faster approval and processing
Traditional bank lending operates on a conventional documentation process which takes months for a loan to get approved. In fintech, the process is quick and agile with the intervention of technology. Digitalization has made the approval and disbursement process quick and effective. The customer doesn't have to go through a heavy documentation process or a huge waiting period to access credit.
Alternative data-driven underwriting
A key feature of fintech is the substitution of algorithms and alternative data for in-person interaction between lenders and borrowers. A traditional credit score is no longer the only way to evaluate creditworthiness which naturally makes credit access inclusive for a large number of people who may not have much of a credit history to evaluate. This Alternative underwriting method has especially been a boon in education financing where fintech has to take an alternative approach to assess the borrower's repayment capability. Here the underwriting is not based on the loan type but they consider the student's academic performance and the potential outcome of the job. This makes education financing accessible to financially disadvantaged students who are otherwise considered ineligible for loans.
What are the upcoming challenges for fintech in lending?
The journey of fintech continues and has been getting set for solving the next challenges in the lending sector. Here are a few challenges that fintech is getting ready to solve in the coming year.

- Innovations in Technology

Technology being the cornerstone for the growth of the fintech industry, it is important for tech innovations to be agile to keep the industry thrive. When it comes to increasing the user experience and user retention and catering to underwriting for high-risk profiles, the interaction of big data and AI is inevitable. According to a recent Deloitte survey, 86% of financial services AI adopters say that adopting this technology will be critical to their business's success in the next two years.
- Lending partners to source capital
Lending partners are the pillars that drive fintech. As fintechs grow and flourish, it's inevitable for lending partners or financial institutes to be agile in their innovations to serve as the financial partner. Technological integration is the first biggest step that lending partners are to make possible for their smooth partnership. The tech of the lending partners are also rising up to match up the fast paced tech innovations in fintech companies. Another conflict in the way if the difference in risk analysis by fintech and lending financial institutes which the integration of right technology will solve.

In a nutshell, Fintech is bridging the gap between financial services and a huge number of people who are excluded from accessing it due to various reasons. A recent report by Ernst and Young states that this financial inclusion will generate sizable economic benefits - boosting gross domestic product (GDP) by up to 14% in large developing economies such as India. It will also increase FinTech revenues by delivering microfinance to financially excluded individuals and MSMEs. Therefore it is quite expected that fintech will be the way forward for India's lending sector with its innovative tech integration.

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Fintech giving wings to lending space in India

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Fintech is revolutionizing the financial services industry with the ideal integration of technology and innovation. The seamless process and service in fintech have made India clasp to it resulting in a FinTech adoption rate of 87%. Out of many financial services that have captured the momentum of this fintech wave, the lending space is witnessing significant traction.

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#siddharthmehtareligare #siddharth mehta #religare #siddharth #mehta

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New Delhi, Feb 17 () Diversified financial services firm Religare Enterprises today said it has inducted three new board members and plans to raise Rs 1,200 crore through mix of equity and debt.
New Delhi, Feb 17 () Diversified financial services firm Religare Enterprises today said it has inducted three new board members and plans to raise Rs 1,200 crore through mix of equity and debt.
The announcement comes close on the heels of the resignation of promoters Malvinder Mohan Singh and Shivinder Mohan Singh from the board earlier this week.
Malvinder Mohan Singh had stepped down as CEO of the firm in November.

The three new members are Vikram Talwar, an experienced banker and entrepreneur; P Vijaya Bhaskar, retired Executive Director of the Reserve Bank of India; and Siddharth Mehta, the founder of Bay Capital Partners, Religare said in a statement.
Mehta has been appointed as interim CEO, while Vijaya Bhaskar will chair the Audit Committee, it said, adding the search for a full time CEO and other senior management is being started on an immediate basis.
The company also announced plans to raise additional funds of up to Rs 1,200 crore for investments to bolster its capital and to make investments in subsidiaries as required.
A special sub-committee of the board comprising the three new board members has been appointed to review the entire business of the company and any specific governance issues. Sub-committees of the board for audit, risk, corporate governance and compensation have also been reconstituted, it said.
The statement said the board intends to establish a clear long term strategy for the company with the objectives of ensuring financial stability, prudent growth and strong profitability. DP ABM

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New Delhi, Feb 17 () Diversified financial services firm Religare Enterprises today said it has inducted three new board members and plans to raise Rs 1,200 crore through mix of equity and debt. New Delhi, Feb 17 () Diversified financial services firm Religare Enterprises today said it has inducted three new board members and plans to raise Rs 1,200 crore through mix of equity and debt.