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PB Fintech has transformed the way insurance is bought in India, according to Siddharth Mehta, Bay Capital founder and CIO

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PB Fintech has transformed the way insurance is bought in India, according to Siddharth Mehta, Bay Capital founder and CIO

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Policybazaar.com IPO: Capital boost! Check latest news here

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Bay Capital, which manages money on behalf of institutions and endowments from the US and the Europe, has infused an undisclosed sum into the parent company PB Fintech of Policybazaar.Com. Get more Markets News and Business News on Zee Business.

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Digital India Act To Be A Game Changer To Trigger Innovation

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Digital India Act To Be A Game Changer To Trigger Innovation

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Digital India Act To Be A Game Changer To Trigger Innovation

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Aruna Sharma - In line with this, the proposed Digital India Act emerges as a timely initiative, guided by the principle of

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India’s Digital Transformation: Progress, Challenges and Opportunities

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India’s Digital Transformation: Progress, Challenges and Opportunities

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the adoption of technologies like e-commerce and digital payments, India has made substantial progress in its digital transformation in recent years. This change is a vital component of India's economic growth policy since it offers a chance to boost productivity, efficiency, and innovation. In this write up, we are going to look at the numerous aspects of India's digital advancement, as well as its implications on the economy and society and the challenges that lie ahead.
Digital Infrastructure in India
A solid digital infrastructure, including nationwide fibre-optic network, high-speed mobile data networks, and extensive smartphone use, has assisted in making it conceivable for India to undergo a digital transition. Over 700 million people throughout India at present use the internet, and more than 500 million use smartphones, thanks to this infrastructure, which has facilitated the rapid adoption of digital technology.

The Indian government's 2015-launched Digital India programme has been viewed as one of the primary catalysts behind India's digitization. The initiative intends to increase digital skills, give all residents exposure to the internet, and encourage the use of technology in government operations. Due to these initiatives, India has emerged as one of the top emerging digital economies globally, with the next-highest internet usage after China.
Online Payments
One of the most vital components of India's digital transformation is online payments. The Indian government's 2016 demonetization program, which rendered 86% of the nation's currency useless, considerably boosted the uptake of digital payments. Online payment services like Paytm, PhonePe, and Google Pay experienced a spike in usage post-demonetization, and it is widely anticipated that digital payments will total $1 trillion.

Relative to cash transactions, online transactions have a number of benefits, such as increased transparency, less corruption, and higher efficiency. The informal sector, which makes up a sizeable chunk of India's GDP, benefits from digital payments as well. Digital payments can aid in the formalization of the informal economy and enhance financial inclusion by extending a pathway to formal financial services.
E-Commerce
The digitization of India also includes e-commerce which is being spearheaded by businesses like Amazon, Flipkart, and Myntra. The market for e-commerce is anticipated to reach $200 billion by 2027 in India, where it has witnessed tremendous expansion in the recent past. India's retail industry, which has long been dominated by small, independent businesses, has benefited greatly from e- commerce.

E-commerce's potential to provide access to a greater range of goods and services, especially in remote and rural locations, is one of its greatest advantages. E-commerce platforms have also given small and medium-sized businesses (SMEs) an opportunity to connect with more customers and compete with bigger corporations. E-commerce in India, however, also comes across challenges, particularly trouble with logistics, payment methods, and confidence and security.
Challenges and Opportunities
India's digital revolution offers a lot of potential for growth and development, but it also comes with a lot of difficulties. The gap between those who are exposed to digital gadgets and those who aren't is one of the greatest challenges, and it can be referred to as what is known as the "digital divide." Even though India has made substantial progress to expand digital literacy, millions of people still do not have access to the Internet and other digital technology.

The risk of cyberattacks and data breaches has increased as India's digital economy has expanded. The efficacy of India's new privacy law in securing the data of its residents is still under question. India needs stronger data protection norms, as seen by the latest WhatsApp data privacy problem. Additionally, there are issues with education and skill acquisition that India's digital transformation must address. Even while India has a sizable labour force with technical capabilities, there is still a large shortage of expertise in cutting-edge fields like AI and data analytics.

Another area that needs additional investment to facilitate India's digital transformation is infrastructure. There is still a need for high-speed internet access, digital payment systems, and supply chain management and logistics, in spite of the fact that the nation has made tremendous progress in developing its digital infrastructure.

Despite these obstacles, India's digital transformation presents great opportunities for growth and prosperity. E-commerce and other digital platforms offer an opportunity to increase access to a greater range of goods and services, particularly in remote and rural locations. Digital payments and other financial innovations may increase financial inclusion by providing previously underserved people with a route to formal financial services. By opening up a path to formal financial services for previously underserved people, digital payments and other financial innovations can improve financial inclusion. The digital economy in India has the potential to generate a lot of jobs, especially in sectors like software development, data analytics, and e-commerce.

The expansion of the digital economy provides an opportunity to encourage further innovation and entrepreneurship spirit, which can support and promote economic progress. To ensure the accomplishment of India's digital shift, a number of challenges have to be tackled. India may unlock the full potential of its digital economy and pave the road for long-term growth and development through substantial investments in digital infrastructure, improving digital literacy levels, bridging talent gaps, and enhancing data security and privacy.

The author is currently pursuing Masters in Economics at SMVD university

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India's Digital Transformation: Progress, Challenges and Opportunities

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By M. Nayyar Azam WITH the adoption of technologies like e-commerce and digital payments, India has made substantial progress in its

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Collabera Digital achieves 30% revenue growth

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Collabera Digital achieves 30% revenue growth

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NEW DELHI: IT-consultancy firm, Collabera Digital, which recently partnered with Katonic.ai, an Australia-headquartered AI-ML company, has achieved a revenue growth of 30% from its focus clients, said Mehul Shah, founder & MD at Collabera Digital.
Counting several Fortune 500 companies and unicorns as clients, Collabera's recent acquisition of Pracedo, a UK-based Salesforce consultancy partner, brings it even further close to its goal of becoming a full service digital transformation services provider, said Shah.
"We have created solutions and provide services at our client's global R&D centers, innovation centers across India, Philippines, Poland and Romania, perfectly aligned with their objectives. Our industry solutions have left a mark across the globe - from Australia to UK, covering regional hubs in Singapore, Kuala Lumpur & Manila," said Shah.
"We work extensively in the fintech industry, providing effective solutions in the areas of digital wallets, m-payments, and asset management. Additionally, our work in the retail, consumer packaged goods (CPG) and e-commerce industries has been on data science, supply chain, inventory management and reporting."

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Collabera Digital: Collabera Digital achieves 30% revenue growth - Times of India

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IT-consultancy firm, Collabera Digital, which recently partnered with Katonic.ai, an Australia-headquartered AI-ML company, has achieved a revenue gro

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Siddharth Mehta, Bay Capital Founder is interested in companies that contribute to India's growth

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Siddharth Mehta, Bay Capital Founder is interested in companies that contribute to India's growth

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India's digital economy to grow over fivefold at $1 trillion by 2030

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India's digital economy to grow over fivefold at $1 trillion by 2030

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NEW DELHI: India's digital economy is expected to surge more than fivefold to USD 1 trillion by 2030, led by a growing appetite for digital products and services -- especially in its smaller cities, according to a joint research report released on Tuesday by Google, Temasek, and Bain and Company.
Titled 'India e-Conomy Report', the research states India is in its 'Digital Decade' and its Internet economy will grow to 12-13 per cent of its GDP by the end of the decade from the current 4-5 per cent.
A phenomenal rise in online activities for day-to-day life has put India well ahead of some of the world's largest economies.
"As India undergoes a dramatic boom that will see household consumption doubling by 2030, digital commerce will invariably become even more entrenched in Indians' everyday experience," the report said.

The inaugural report on India was driven its potential -- the growing interest of consumers from Tier 2+ towns and cities in digital products and services, rapid digitisation of large businesses and micro, small and medium enterprises (MSMEs), and the success of India's national digital infrastructure.
Services such as Aadhar, United Payments Interface (UPI) and Digilocker have been instrumental in unlocking potential in India's internet economy.

The report tracked the performance of key digital sectors - business-to-consumer (B2C) and business-to-business (B2B) e-commerce, online travel, food delivery, media, ride-hailing, edtech, healthtech, and Software-as-a-Service (SaaS) - and outlined the opportunities, challenges and enablers for growth.
According to the report, business-to-consumer e-commerce will continue to dominate digital services, growing five to six times to USD 350 billion-380 billion by 2030; the number of online shoppers is expected to double to 500 million-550 million.
Software as a Service, eCommerce and EdTech are expected to lead the upswing in India's digital exports.
"Global interest in adopting India's digital frameworks is cementing the country's position as a digital technology leader," it added.

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India's digital economy to grow over fivefold at $1 trillion by 2030: Report - Times of India

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India Business News: NEW DELHI: India's digital economy is expected to surge more than fivefold to USD 1 trillion by 2030, led by a growing appetite for digital products a.

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Small Businesses in India catapulting their growth through Digital Technology

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Small Businesses in India catapulting their growth through Digital Technology

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Established in 2019, Saanvi Enterprises - named after Mr. Chanduka's daughter - caters to both B2B and B2C customers in Odisha. Saanvi Enterprises' multi-brand display showroom

The advent of the digital revolution in India has led to a paradigm shift in the way how businesses across the country are carrying out their business operations today. From big to small, all businesses are jumping onto the digital technology bandwagon to catapult their growth significantly. This was not the case a decade back. Today, businesses are investing heavily in this new technology to charter into new markets and also improve their customers' overall experience. One such business that has been making all the right noises on this front is Saanvi Enterprises, which deals in plywood and home interior products and is headquartered in one of the Smart Cities of India - Rourkela, Odisha. Led by its young, dynamic founder Sumit Chanduka, the firm is smartly using digital technology not only to cater to its customers online but also to strategize each of its day-to-day operations and marketing activities.

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Established in 2019, Saanvi Enterprises - named after Mr. Chanduka's daughter - caters to both B2B and B2C customers in Odisha. A serial entrepreneur, Mr. Chanduka with his astute business acumen has in a way revolutionized the plywood and home interiors trade in the State. Today, Saanvi Enterprises is associated with India's top home interior infrastructure brands including Greenply, Century Plywood, Greenlam, Hettich, Merino, Pidilite, Godrej and others.

Digital Technology: The Differentiator for Saanvi
Mr. Chanduka has been tech-savvy all his life and thus has been implementing technology into all his businesses from the beginning. So, when he started Saanvi Enterprises, he was quite clear from the start that digital technology is something that would differentiate his business from his competitors. Today, from handling his warehouse operations to showroom activities, he has implemented digital technology to make each area of his business, proficient. From putting all customers' order data on Google Forms at the warehouse and showroom to placing QR-based price lists at different locations of the showroom, Saanvi Enterprises is slowly taking all its processes online to make their job easy and prompt and enhance their customers' buying experience.
First-ever Website in Plywood Trade in Odisha
Recently, the firm launched its website and mobile app featuring its product offerings and catalogs of all brands it is associated with. This is the first-ever website developed in the plywood trade and home interiors in the State. The idea behind the development of this website and app is to facilitate customers, contractors and architects to choose products of their choice with a few taps on their smartphones. The website immediately hit the right chord with all the firm's stakeholders.
Creating Online Presence
Another aspect that Saanvi Enterprises is now focusing on is online digital marketing; something that most businesses in the State are yet to embrace. Today, the firm has social media accounts on Facebook, Instagram, Pinterest, LinkedIn and others where they are posting regular content to engage their stakeholders. By doing so, they can create a constant reminder in the minds of their stakeholders about their presence. In addition to social media, the team at Saanvi Enterprises is also sending out newsletters to both prospective and existing clients to keep them aware of the new products or schemes launched. Today all office Whatsapp numbers of the firm have been converted into business accounts. This was done specifically to cater to customers, who can now easily get access to all product information from the catalog section in these business accounts from their smartphones. Besides this, even a Whatsapp API Chatbot service has been introduced by the firm so that their customers get quick responses to their queries, regarding any product or product specifications and other details.

On using so much technology in his business, Mr. Chanduka says that it is the firm's vision to offer all its customers a seamless buying experience, and it would be only possible when both internal and external operations of the business are optimized for efficient output. And today, this is only possible through technology. He further says, "After having introduced technology into our business, we have seen the difference. It has made us more efficient, productive and helped us focus more on qualitative aspects. This is the way how we wish to take our business forward because technology is fast changing and if we are not adapting to this change, we will be left behind".

The fact that even small businesses in India are shifting their focus towards technology and understanding how it can help their growth is heartening to see. With e-commerce business booming in India, and with new avenues and markets welcoming small businesses, it is high time that more and more businesses get ready to implement digital technology in their day-to-day operations to not only make their workload less but also to streamline all aspects of their businesses.

Website: https://www.saanviavs.com

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Small Businesses in India catapulting their growth through Digital Technology

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Established in 2019, Saanvi Enterprises - named after Mr. Chanduka's daughter - caters to both B2B and B2C customers in Odisha.