The impact of the covid-19 pandemic has been enormous across the world and nations are now gearing up to make a comeback and regain a level of normalcy. India is one of the fourth-worst covid-19 affected countries in the world, however, in a question of lives versus livelihoods, Prime Minister Narendra Modi announced ‘Unlock 1.0’ after over two months of the lockdown period.India is now looking to gradually restart its economy, which is a task tougher than going into lockdown. According to the Ministry of Statistics and Programme Implementation (MOSPI), India's growth in the fourth quarter of the fiscal year 2020 went down to 3.1 per cent. With Unlock 1.0, will the economy recover to the pre-covid-19 era? The answer lies in the SMB industry and how reviving the sector is a means to recovering the economy of the country.It is a well-established fact that the Indian SMB sector is a major growth driver of the Indian economy and is the backbone of the national economic … [Read more...] about Digital empowerment of SMBs must for restarting Indian economy in new normal
Digital economy forum
By Puneet NarangThe June 2020 World Bank Global Economic Outlook predicts that 90 per cent of the countries in the world will go into recession in the coming months. The Indian economy was facing headwinds much before covid-19 and is currently looking at its fourth recession since independence, although the reasons are very different from the earlier ones.The tough question our policy makers and industry leaders are faced with is: how do we get back on the recovery path? There may be a silver lining.The decision to go into lockdown and shutdown for most production activity was a conscious one taken by the government as a precautionary move to slow down the spread of the virus. There wasn’t a structural or fundamental fault in the economy that has caused this deep and sudden decline.The most damaging and lingering effects of the covid-19 crisis will be the psychological impact, and, most importantly, the loss of human lives. There are already a few green shoots like power demand … [Read more...] about Reviving Indian economy: Does infrastructure hold the key
Dr Neeta Verma, Director General, National Informatics Centre has said all the toughest challenges that the Covid-19 pandemic has thrown before the government could be tackled majorly with the help of technology.In a fireside chat discussion with Kamal Arora, Country Director, Government, Dell Technologies India and ETGovernment's Mohd Ujaley, she said that technology has been the key enabler of various functionalities for the government as well as the private sector."As the world is still fighting the coronavirus pandemic, we are exploring innovative solutions for the functioning of government offices in a paperless and contactless mode in order to ensure safety and security of every citizen," she said.She informed that the RT-PCR app developed by NIC is widely being used by hospitals across the country for collecting, processing and reporting Covid-19 cases.While acknowledging the role of applications in business continuity plans, senior technology leader from Dell Technologies, … [Read more...] about MSME digitalization critical for India’s economy in post-Covid world: Dell Technologies
“This is especially important right now, because small businesses are the core of every economy and they need our support. India has more than 60 million small businesses and millions of people rely on them for jobs,” Zuckerberg said in a Facebook post.“With communities around the world in lockdown, many of these entrepreneurs need digital tools they can rely on to find and communicate with customers and grow their businesses,” he said. “We're looking forward to getting started”.The main focus of the deal is to come up with digital based solutions for 60 million micro, small and medium businesses, 120 million farmers, 30 million small merchants and millions of small and medium enterprises in the informal sector. Concurrent with the investment, Jio Platforms, Reliance Retail and WhatsApp have also entered into a commercial partnership agreement to further accelerate Reliance Retail’s New Commerce business on the JioMart platform using WhatsApp … [Read more...] about Jio Platforms to sell 9.99% stake to Facebook for Rs 43,574 crore
equalisation levy (“2% EL”) in the Finance Act, 2020. This came as a bolt from the blue for many since the 2% EL was not a part of the budget proposals or part of the Finance Bill, 2020.The 2% EL is levied on foreign e-commerce operators, who own, operate or manage a digital facility or platform for selling or facilitating sales of goods and services online to Indian residents [or persons using an Indian internet protocol (IP) address]. In some cases, EL also applies to consideration received from non-residents on (a) sale of advertisement targeting Indian residents or persons using an Indian IP address; and (b) sale of data collected from Indian residents or customers using an Indian IP address.The intent of the levy is clear – to tax non-resident e-commerce players who often escaped taxation in India even though a major chunk of their business and profitability was derived from Indian users.However, a lot of hue and cry has been made by the e-commerce industry … [Read more...] about Equalisation levy: Administrative woes making a stronger case for deferral?