Managing wealth is more than just accumulating money; it involves strategically planning and optimizing your financial resources to achieve your long-term goals. A comprehensive wealth management plan provides a holistic approach to managing your wealth, integrating various aspects of your financial life to create a cohesive strategy. In this article, we will explore the benefits of having a comprehensive wealth management plan and how it can help you achieve financial success. Clear Financial Goals A comprehensive wealth management plan starts with defining your financial goals and aspirations. By clarifying your objectives, whether it’s saving for retirement, purchasing a home, funding education, or leaving a legacy, you can align your financial decisions and actions accordingly. Having clear goals gives you direction and purpose, allowing you to make informed choices that support your long-term vision. Integrated Approach A comprehensive wealth management plan takes into account all aspects of your financial life, including investment management, tax planning, retirement planning, estate planning, risk management, and more. By integrating these different components, your plan becomes cohesive and synchronized, ensuring that each element works harmoniously to support your overall financial objectives. This integrated approach helps avoid fragmented strategies and maximizes the efficiency of your financial resources. Risk Management A crucial benefit of a comprehensive wealth management plan is the inclusion of risk management strategies. This involves assessing and managing various risks that could impact your financial well-being, such as market volatility, economic downturns, health emergencies, or unforeseen events. By identifying potential risks and implementing appropriate measures, such as diversification, insurance coverage, and emergency funds, you can protect your wealth and minimize potential losses. Professional Expertise A comprehensive wealth management plan often involves working with experienced professionals, such as financial advisors, tax specialists, estate planners, and attorneys. A company like Bennet & Porter can be a good reference point to what to look for in an expert! These companies have the knowledge and expertise to provide personalized advice, guide you through complex financial matters, and help you make informed decisions. They can assist in analyzing your financial situation, developing a tailored plan, and adapting it as your circumstances change over time. Access to professional expertise ensures that your wealth management plan is well-informed and optimized for your specific needs. Tax Efficiency Effective tax planning is an essential component of a comprehensive wealth management plan. By proactively considering tax implications in investment decisions, income distribution, and estate planning, you can optimize your tax efficiency and potentially reduce your tax burden. This may involve strategies like utilizing tax-advantaged accounts, maximizing deductions, managing capital gains, and implementing estate planning techniques to minimize estate taxes. By maximizing your after-tax returns, you can preserve and grow your wealth more effectively. Why is it crucial to have a comprehensive wealth management plan? Having a comprehensive wealth management plan is crucial. The wealth management plan consists of different types and segments of the financial aspect, and with the help of experts you will create a financial plan that will enable you and your children to have a more carefree future. We will list you some of the key benefits that will make your wealth management plan better. Holistic Approach A well-structured wealth management plan considers all aspects of your financial life, including investments, retirement planning, estate planning, tax strategies, insurance needs, and more. This holistic approach ensures that all areas of your financial well-being are addressed. Optimized Investment Strategy When you are understanding your risk tolerance, time horizon, and financial objectives, a wealth management plan can tailor an investment strategy that aligns with your needs. This can help optimize your investment returns while managing risk appropriately. Retirement Planning Planning for retirement is a critical component of wealth management. A comprehensive plan helps estimate how much you need to save for retirement, explores suitable retirement vehicles, and ensures you have a comfortable retirement. Estate Planning Without a proper estate plan, your assets may not be distributed according to your wishes after your passing. A comprehensive wealth management plan includes estate planning to ensure your assets are transferred smoothly to your heirs or beneficiaries. Flexibility and Adaptability Life is unpredictable, and circumstances change over time. A comprehensive plan can be adjusted to accommodate life events like marriage, children, career changes, or unexpected financial challenges. Peace of Mind Knowing that you have a well-thought-out financial roadmap can provide peace of mind and reduce financial stress. It helps you feel more in control of your financial future. Professional Guidance Developing a comprehensive wealth management plan often involves the expertise of financial advisors or wealth managers. These professionals can offer valuable insights, personalized advice, and ongoing support, making sure your plan remains on track. Photo credit: Unsplash Conclusion In conclusion, a comprehensive wealth management plan is essential to provide financial clarity, security, and peace of mind. It considers all aspects of your financial life and helps you make informed decisions to work towards your goals effectively.

The UPI (Unified Payments System) digital payment system is getting an upgrade, including the addition of conversational payments that allows users to chat with AI-powered systems to make payments, offline UPI payments and an increased limit for UPI Lite. RBI Governor Shaktikanta Das announced three new features during the Monetary Policy Committee meeting on Thursday, August 10. AI-powered conversational UPI paymentsNPCI plans to introduce ‘Conversational Payments’ on UPI, allowing users to make payments by conversing with AI-powered systems, which is expected to increase digital penetration in the country. Conversational instructions can enhance UPI’s ease of use and reach, which has transformed India’s digital payments ecosystem, notes Das. The feature will be available on both smartphones and feature phones-based UPI channels, initially in Hindi and English and later in more Indian languages.Offline UPI paymentsAnother feature to be announced is that UPI Lite will allow for offline UPI payments with near-field communication (NFC) technology, making payments easier for users by tapping their smartphone on the point-of-sale (PoS) machine.“To promote the use of UPI Lite, it is proposed to facilitate offline transactions using NFC technology. This feature will not only enable retail digital payments in situations where internet or telecom connectivity is weak or not available, it will also ensure speed, with minimal transaction decline,” the Monetary Policy Committee (MPC) said in a statement.Increased UPI Lite limitRBI has proposed to increase the per transaction limit for UPI Lite to Rs 500 from Rs 200 in offline mode. The current limit for small-value digital payments in offline mode, including for National Common Mobility Card (NCMC) and UPI Lite, is Rs 2,000 per payment instrument. However, the overall limit remains at Rs 2,000 to limit the risks associated with relaxing two-factor authentication. RBI will issue instructions regarding this soon.“There have been demands for enhancing these limits. To encourage wider adoption of this mode of payments and bring in more use cases into this mode, it is now proposed to increase the per transaction limit to Rs 500,” RBI Governer said.

In today’s increasingly cashless society, teaching children about financial literacy is more important than ever. One effective tool for introducing kids to responsible money management is a debit card. While traditionally associated with adults, debit cards can be a valuable educational resource, enabling parents to impart crucial financial skills to their children from an early age. This article explores the benefits of using debit cards as a means to teach kids about financial literacy and responsible spending. When it comes to the various options of this offer, the first choice of many parents is the winner of numerous awards, Busy Kid – kid debit card. photo credit: Kindel Media / Pexels Introducing Budgeting Skills Debit cards provide an excellent platform for teaching children about budgeting. By setting a specific amount of money on the card, parents can help their kids understand the concept of limited funds. This approach encourages children to think critically about their spending choices and prioritize their purchases accordingly. As they gain experience managing their card balance, kids will develop essential budgeting skills that will serve them well in the future. Encouraging Responsible Spending Habits Unlike credit cards, which allow users to spend money they don’t have, debit cards promote responsible spending. With a debit card, kids can only spend the funds available in their account, teaching them the importance of staying within their means. This hands-on experience with real money helps children understand the consequences of overspending and instills a sense of financial responsibility early on. Tracking Transactions and Account Balances Debit cards provide an opportunity for children to learn how to track their transactions and monitor their account balances. By regularly checking their card activity online or through mobile banking apps, kids can gain insights into their spending patterns. This practice enables them to evaluate their expenses, identify areas where they can save, and make more informed decisions about their future purchases. Learning Digital Financial Management In an era where digital transactions dominate, it is crucial for children to become comfortable with online banking and financial management. Using a debit card helps kids become familiar with digital platforms, as they learn to navigate online account access, monitor transactions, and set up automatic payments. This exposure to digital financial management equips children with essential skills they will undoubtedly rely on in their adult lives. Developing Independence and Decision-Making By empowering children with their own debit cards, parents give them a sense of financial independence and the opportunity to make their own spending decisions. So a credit card can be the perfect growing up gift. Under parental guidance, kids can learn from their choices, understanding the value of their purchases and recognizing the need for careful decision-making. These experiences foster a sense of autonomy and self-discipline, setting the stage for responsible financial habits as they grow older. Setting Time-bound Obligations Using debit cards, parents can establish time-bound obligations for their children. For example, parents can assign certain chores or responsibilities to their kids, attaching a specific deadline for completion. To encourage a sense of ownership, parents can link monetary rewards or allowances to the successful completion of these tasks within the specified timeframe. This approach not only teaches children about the importance of meeting deadlines but also introduces them to the concept of earning money in exchange for fulfilling obligations. Understanding Consequences of Delay Debit cards can help children grasp the consequences of delayed action. If a child fails to meet a deadline for a specific task, parents can use the opportunity to explain how delayed completion affects their financial standing. For instance, parents can highlight that late completion of chores could result in a delay in receiving their allowance or impact their ability to make desired purchases. This practical lesson helps children comprehend the link between time-bound obligations and the outcomes of their actions. Encouraging Accountability Debit cards provide a means for children to take ownership of their financial obligations. By monitoring their transactions and balances, children can develop a sense of accountability. Regularly reviewing their spending and discussing it with parents allows children to understand the impact of their choices on their financial standing. This process fosters a sense of responsibility and encourages children to make conscious decisions regarding their purchases, while also meeting their obligations within the given time limits. Conclusion Introducing children to debit cards at an appropriate age can be an effective way to teach them about financial literacy. By using these cards, kids can learn budgeting skills, responsible spending habits, and digital financial management. Moreover, the hands-on experience of monitoring transactions and making decisions helps children develop independence and critical thinking. With proper guidance and supervision, debit cards can be powerful tools in preparing the younger generation for a financially responsible future.

On a QoQ basis, CarTrade’s PAT declined 22.7% from INR 17.49 Cr in the quarter ended March 2023 despite lower expenses, as its sales declined Operating revenue stood at INR 86 Cr, down over 10% QoQ but up 4% on a YoY basis CarTrade’s adjusted EBITDA rose 74% YoY to INR 30.9 Cr but declined from INR 39.83 Cr in the preceding March quarter Auto marketplace CarTrade Technologies reported an over 300% rise in its profit after tax (PAT) at INR 13.5 Cr in the first quarter of the financial year 2023-24 (FY24) from INR 3.3 Cr posted in the corresponding quarter of the previous fiscal. However, on a quarter-on-quarter (QoQ) basis, the startup’s PAT declined 22.7% from INR 17.49 Cr in the quarter ended March 2023 despite lower expenses, as its sales declined. CarTrade clocked a record quarterly revenue of INR 106.9 Cr in Q1 FY24. Its operating revenue stood at INR 86 Cr, down over 10% QoQ. However, operating revenue grew around 4% YoY from INR 82.8 Cr. CarTrade’s adjusted EBITDA (adjusted for ESOP cost) for Q1 FY24 stood at INR 30.9 Cr, a rise of 74% YoY. However, adjusted EBITDA too declined on a QoQ basis from INR 39.83 Cr. ESOP costs during the quarter under review stood at INR 4.6 Cr as against INR 5.3 Cr in the year-ago period and INR 7.3 Cr in Q4 FY23. Commenting on the quarterly performance, Vinay Sanghi, chairman and founder of CarTrade, said that the company’s PAT continues to outpace the revenue growth as it has an asset-light and scalable business model. “Our robust brands manifest their strength by being leaders in Google Trends and in our huge average monthly unique visitor count of 34 Mn, 85% of which originates organically,” said Sanghi. While this number increased YoY, visitors’ number remained unchanged from the last quarter. However, the company claims that its large customer base and resultant exposure gives OEMs and dealers the perfect platform to effectively leverage their marketing spends and enhance sales. Founded in 2009 by ex-Mahindra First Choice CEO Sanghi and former eBay India head Rajan Mehra, CarTrade is a multi-channel auto platform which has a presence across all vehicle types and value-added services. It operates platforms like CarTrade, BikeWale, and CarWale, among others. CarTrade said that the number of listings for auction on its platforms stood at 2.5 Lakh in Q1 FY24, while the volumes sold via auction stood at 49,112 in the quarter. CarTrade’s total expenses declined to INR 75.9 Cr in Q1 FY24 from INR 76.3 Cr in Q4 FY23. However, expenses rose 5% YoY. Employee expenses, excluding ESOP, grew over 6% QoQ and 8% YoY to INR 46.9 Cr In Q1 FY24. CarTrade recently acquired OLX India’s auto business for a consideration of INR 537 Cr. Following the results, shares of CarTrade ended Thursday’s session 1% higher at INR 535 on the BSE.

There was a time in the not too distant past—say, nine months ago—when the Turing test seemed like a pretty stringent detector of machine intelligence. Chances are you’re familiar with how it works: Human judges hold text conversations with two hidden interlocutors, one human and one computer, and try to determine which is which. If the computer manages to fool at least 30 percent of the judges, it passes the test and is pronounced capable of thought. For 70 years, it was hard to imagine how a computer could pass the test without possessing what AI researchers now call artificial general intelligence, the entire range of human intellectual capacities. Then along came large language models such as GPT and Bard, and the Turing test suddenly began seeming strangely outmoded. OK, sure, a casual user today might admit with a shrug, GPT-4 might very well pass a Turing test if you asked it to impersonate a human. But so what? LLMs lack long-term memory, the capacity to form relationships, and a litany of other human capabilities. They clearly have some way to go before we’re ready to start befriending them, hiring them, and electing them to public office. And yeah, maybe the test does feel a little empty now. But it was never merely a pass/fail benchmark. Its creator, Alan Turing, a gay man sentenced in his time to chemical castration, based his test on an ethos of radical inclusivity: The gap between genuine intelligence and a fully convincing imitation of intelligence is only as wide as our own prejudice. When a computer provokes real human responses in us—engaging our intellect, our amazement, our gratitude, our empathy, even our fear—that is more than empty mimicry. So maybe we need a new test: the Actual Alan Turing Test. Bring the historical Alan Turing, father of modern computing—a tall, fit, somewhat awkward man with straight dark hair, loved by colleagues for his childlike curiosity and playful humor, personally responsible for saving an estimated 14 million lives in World War II by cracking the Nazi Enigma code, subsequently persecuted so severely by England for his homosexuality that it may have led to his suicide—into a comfortable laboratory room with an open MacBook sitting on the desk. Explain that what he sees before him is merely an enormously glorified incarnation of what is now widely known by computer scientists as a “Turing machine.” Give him a second or two to really take that in, maybe offering a word of thanks for completely transforming our world. Then hand him a stack of research papers on artificial neural networks and LLMs, give him access to GPT’s source code, open up a ChatGPT prompt window—or, better yet, a Bing-before-all-the-sanitizing window—and set him loose. Imagine Alan Turing initiating a light conversation about long-distance running, World War II historiography, and the theory of computation. Imagine him seeing the realization of all his wildest, most ridiculed speculations scrolling with uncanny speed down the screen. Imagine him asking GPT to solve elementary calculus problems, to infer what human beings might be thinking in various real-world scenarios, to explore complex moral dilemmas, to offer marital counseling and legal advice and an argument for the possibility of machine consciousness—skills which, you inform Turing, have all emerged spontaneously in GPT without any explicit direction by its creators. Imagine him experiencing that little cognitive-emotional lurch that so many of us have now felt: Hello, other mind. A thinker as deep as Turing would not be blind to GPT’s limitations. As a victim of profound homophobia, he would probably be alert to the dangers of implicit bias encoded in GPT’s training data. It would be apparent to him that despite GPT’s astonishing breadth of knowledge, its creativity and critical reasoning skills are on par with a diligent undergraduate’s at best. And he would certainly recognize that this undergraduate suffers from severe anterograde amnesia, unable to form new relationships or memories beyond its intensive education. But still: Imagine the scale of Turing’s wonder. The computational entity on the laptop in front of him is, in a very real sense, his intellectual child—and ours. Appreciating intelligence in our children as they grow and develop is always, in the end, an act of wonder, and of love. The Actual Alan Turing Test is not a test of AI at all. It is a test of us humans. Are we passing—or failing?

AMOLED displays are prone to getting random lines, especially green ones. This issue has affected smartphones that have AMOLED displays from several manufacturers and price brackets. The issue is slightly more prominent in OnePlus devices and to address this, the company has announced a lifetime free screen replacement warranty on its smartphones. It’s India-specific, but there’s a catchOnePlus has confirmed to Android Authority that it will offer lifetime free screen replacement to its customers in India. In addition to this, select users may also get eligible for upgrade discounts. OnePlus spokesperson told Android Authority that “lifetime screen warranty on all affected devices.” The spokesperson further clarified that the screen replacement warranty offer is only applicable in India at the moment. Here’s the complete statement:“We realise that this issue has caused a great deal of inconvenience to the affected users, and we apologize for it. In line with our unwavering commitment, we encourage users to visit the nearest OnePlus service centre for device diagnosis, and we will provide free screen replacement for all devices affected by the situation. On select OnePlus 8 and 9 Series devices, we are also offering a voucher that will provide the user with a fair percentage of the device value to upgrade to a new OnePlus device. In light of the current situation, we are now offering lifetime screen warranty on all affected devices. Thank you for your understanding and support.”OnePlus further clarified that the “lifetime screen warranty” applies to any OnePlus phone affected by the green line issue in India, not just selected devices.List of OnePlus smartphones that are eligible for lifetime screen replacement warranty OnePlus 8 Pro OnePlus 8T OnePlus 9 OnePlus 9R This means owners of these OnePlus devices can get their phone’s display replaced for free if the display is affected by the green line issue.OnePlus is proposing an upgradeIn addition to the free screen replacement warranty, OnePlus is also offering owners of the OnePlus 8 Pro, OnePlus 8T, OnePlus 9 and OnePlus 9R with green line defects in their phone a free upgrade voucher for the new OnePlus smartphone. Also, these upgrade vouchers are applicable to buyers in India only. Here are the complete details of the voucher value users can get: Product Name Voucher Value 10R Bonus Total Pick a 10R Top up Discount rate OnePlus 8 (8GB+128GB) 20000 4500 24500 34999 10499 70% OnePlus 8T (12GB + 256GB) 20000 4500 24500 34999 10499 70% OnePlus 9 5G (8GB + 128GB) 23500 4500 28000 34999 6999 80.00% OnePlus 9 5G (12GB + 256GB) 23500 4500 28500 34999 6999 80% OnePlus 9R 5G (8GB + 128GB) 19000 4500 23500 34999 11499 67.14% OnePlus 9R (12GB + 256GB) 19000 4500 23500 34999 11499 67.14% OnePlus 8 Pro (8GB + 129GB 25500 4500 30000 34999 4999 85.72% OnePlus 8 Pro (12GB + 256GB) 25550 4500 30000 34999 4999 85.72% To avail of this upgrade offer, buyers are supposed to buy the new OnePlus phone via the company’s official website and not online or offline retail channels. Additionally, OnePlus is also offering additional discount benefits if the customer chooses to buy a OnePlus 10R smartphone.

NCLT directed Walmart India to submit supporting judgements from higher courts to strengthen its arguments Walmart India has moved the tribunal to offset accumulated losses against the share premium received from existing shareholders under Sections 66 and 52 of the Companies Act, 2013 Flipkart said that it is ‘confident’ of honouring its commitments, meeting its liabilities, as well as fulfilling both present and future fund requirements Ecommerce major Flipkart’s parent entity Walmart India has moved the Delhi bench of the National Company Law Tribunal (NCLT) to seek a reduction of share capital. Reduction of share capital allows a company to adjust (or eliminate) accumulated losses or change the capital structure of a company.  While hearing the case on Wednesday (August 9), the NCLT directed Walmart India to submit supporting judgements from higher courts to strengthen its arguments. Meanwhile, the tribunal has adjourned the matter to next week. According to Moneycontrol, Walmart India has moved the tribunal to offset accumulated losses against the share premium received from existing shareholders. The ecommerce major, in its plea, cited Sections 66 and 52 of the Companies Act, 2013 to undertake the move.  Flipkart, in a statement, said, “In compliance with the Companies Act, 2013 and with the consent of the Company’s Board and shareholders, Walmart India has proposed to undertake the reduction of share capital. The reduction of share capital essentially entails the set-off of our accumulated losses with securities premium and does not have any impact on creditors and shareholders of the company, nor does it impact the value of the shares.” Section 52 empowers a company, issuing shares at a premium, to transfer a sum equivalent to the premium to a ‘securities premium account’ to provision for the future reduction of share capital. On the other hand, Section 66 allows a company to reduce its share capital with the explicit permission of the tribunal.  Flipkart, as per the report, reiterated that the reduction would be subject to the NCLT approval, adding that the company was ‘confident’ of honouring its commitments, meeting its liabilities, and fulfilling both present and future fund needs.  If the NCLT concurs with the plea, it will notify the Registrar of Companies (RoC) and the central government to pave the way for capital reduction.  While it was not immediately clear what has led to the move, it has come at a time when Flipkart has been raking up heavy losses. The company’s marketplace arm saw its standalone net loss zoom 1.5X to INR 4,361 Cr in FY22 against a loss of INR 2,881.3 Cr in the year-ago period. 

If you have a Gmail account that you rarely access or haven’t used in years, then Google has some bad news for you. Last month, it was revealed that Google will shut down inactive accounts and now the company has started sending reminder ‘notices’ to all users pertaining to this. In the email, Google says that it updating the inactivity period for a Google Account to two years across all its products and services. “This change starts rolling out today and will apply to any Google Account that’s been inactive,” said Google in the email. How does Google decide an account is inactive? According to Google, any account that has not been signed in to or used within a two-year period is considered an inactive account. When will Google start deleting accounts? An inactive account and any content in it will be eligible for deletion from 1 December 2023, said Google. “While the changes go into effect today, the earliest that we would enforce any account deletion would be December 2023,” informed Google in the email. Will your account be deleted without any notification? No, if your account is considered inactive, Google will send several reminder emails to both you and your recovery emails (if any have been provided) before it takes any action or delete any account content. How can you keep an account active? It’s simple — just log in once every two years. If you have signed in to your Google Account recently in the last two years, your account is considered active and will not be deleted.“Our priority is to make it as easy as possible for you to keep your account active, if you want to, and we’ll ensure that you have adequate notice before any account is impacted by this change,” added Google in the email.

By Market Capitalisation.Net Sales.Net Profit.Total Assets.Excise.Other Income.Raw Materials.Power & Fuel.Employee Cost.PBDIT.Interest.Tax.EPS.Investments.Sundry Debtors.Cash/Bank.Inventory.Debt.Contingent Liabilities. Screen Crit AbrasivesAerospace & DefenceAgricultureAir ConditionersAirlinesAluminium & Aluminium ProductsAmusement Parks/Recreation/ClubAquacultureAuto AncillariesAuto Ancillaries – Air Conditioning PartsAuto Ancillaries – Auto, Truck & Motorcycle PartsAuto Ancillaries – Axle shaftsAuto Ancillaries – BearingsAuto Ancillaries – BrakesAuto Ancillaries – Bus BodyAuto Ancillaries – Castings/ForgingsAuto Ancillaries – ClutchesAuto Ancillaries – Diesel EnginesAuto Ancillaries – Engine PartsAuto Ancillaries – GearsAuto Ancillaries – Head lamps & lightsAuto Ancillaries – OthersAuto Ancillaries – PistonsAuto Ancillaries – Seating covers & partsAuto Ancillaries – Sheet MetalsAuto Ancillaries – Shock absorbersAuto Ancillaries – Spare Parts & AccessoriesAuto Ancillaries – SpringsAuto Ancillaries – Tyres & Rubber ProductsAuto Ancillaries – WheelsAuto AncillaryAutomobile – 2 & 3 WheelersAutomobile – Auto & Truck ManufacturersAutomobile – Dealers & DistributorsAutomobile – LCVS/ HVCSAutomobile – Passenger CarsAutomobile – TractorsAutomobile – Trucks/LCVsBank – PrivateBank – PublicBatteriesBeveragesBiotechnology & Medical ResearchBPO/ITeSBreweries & DistilleriesCable & D2HCablesCarbon BlackCementCement & Construction MaterialsCeramics/Marble/Granite/SanitarywareChemicalsCigarettes/TobaccoCoalCommodity ChemicalsCompressors / PumpsComputer PeripheralsConstruction – InfrastructureConstruction – Real EstateConstruction – Residential & Commercial ComplexesConsumer FoodContainers & PackagingCourier ServicesCyclesDefenceDetergents & SoapsDiamond & JewelleryDiversifiedDiversified ChemicalsDomestic AppliancesDyes & PigmentsEducational InstitutionsElectric EquipmentElectric Equipment – Boilers / TurbinesElectric Equipment – SwitchgearsElectric Equipment – TransformersElectrodes & Electrical EquipmentsElectrodes & Welding EquipmentElectronic GoodsElectronics – ComponentsEngineeringEngineering – ConstructionEngineering – Industrial EquipmentsETFFastenersFerro ManganeseFertilizersFilm Production, Distribution & EntertainmentFinance – HousingFinance – InvestmentFinance – NBFCFinance – OthersFinance – Stock BrokingFinance Term LendingFish/Poultry & Meat ProductsFood & Drug RetailingFood ProcessingFootwearGas DistributionGlass & Glass ProductsGoldGold ETFGround Freight & Logistics ServicesHospital & Healthcare ServicesHotel, Resort & RestaurantsHousehold & Personal ProductsInfrastructureIron & SteelIT – EducationIT – NetworkingIT Services & ConsultingLabs & Life Sciences ServicesLaminates/DecorativesLeatherLeisure ServicesLife & Health InsuranceLogisticsLPGLubricantsMediaMedical Equipment/Supplies/AccessoriesMetals & MiningMetals – Castings/ForgingsMetals – Non FerrousMisc. Commercial ServicesMiscellaneousMultiline Insurance & BrokersOil Exploration and ProductionOnline Servicesother agriculture productsOther Construction MaterialsOthers-Industrial Gases & FuelsOthers-ManufacturingPackaging – FilmsPackaging – Packaging MaterialsPackaging – PolyfilmsPackaging – Sacks and BagsPackaging Materials-Containers & PackagingPackaging Materials-Plastic ProductsPaintsPaper & Forest ProductsPaper & Paper ProductsPesticides & AgrochemicalsPharmaceuticals & DrugsPhotographic ProductsPlastic ProductsPlastic Products – OthersPlastics – Moulded Articles and FurnituresPlastics – Pet Bottels, Jars & ContainersPlastics – Self Adhesive TapesPlastics – ThermoplasticsPlastics – Tubes/Pipes/Hoses & FittingsPortsPower Generation/DistributionPrinting & PublishingPrinting & StationeryPrinting And PublishingRailways WagonsRatingsReal Estate OperationsReal Estate Rental, Development & OperationsRefineriesRefractoriesReinsuranceRenewablesRetailingRubber ProductsShip BuildingShippingSoftwareSolvent ExtractionSpeciality ChemicalsSpeciality RetailersSpecialty Mining & MetalsSugarTea/CoffeeTelecommunication – EquipmentTelecommunication – Service ProviderTelecommunications ServicesTextile – MachineryTextile – SpinningTextilesTextiles & ApparelTradingTransmission Towers / EquipmentsTransport InfrastructureTravel ServicesTV Broadcasting & Software ProductionVegetable Oils & ProductsWatches & AccessoriesWood & Wood Products Screen Code

Commerce Minister Piyush Goyal said the move is aimed at bolstering collaboration and knowledge sharing among startups from BRICS nations During the seventh BRICS Industry Ministers’ meeting, Goyal also said that the Centre’s Startup India initiative has nurtured the growth of nearly 1 Lakh startups in the country The development comes at a time when India has been using global forums, including the G20, to promote startups in the country and cross-border cooperation between startups In a move aimed at bolstering collaboration and knowledge sharing, India is all set to launch a BRICS startup forum later this year. Union Minister for Commerce and Industry Piyush Goyal made the announcement during the seventh virtual BRICS Industry Ministers’ meeting held in South Africa. BRICS is the acronym for a bloc of five countries – Brazil, Russia, India, China, and South Africa. Touting the achievements of India’s Startup India initiative, Goyal told the delegates that the scheme has nurtured the growth of nearly 1 Lakh startups within the country. He also conveyed India’s unwavering commitment to offering support and insights to fellow BRICS members for fostering an environment conducive to entrepreneurial success. One of the key outcomes of the conclave was the unanimous adoption of a joint declaration that emphasised the pivotal role played by digitalisation, industrialisation, innovation, inclusivity, and investment in shaping the trajectories of the BRICS economies. As Industry 4.0 and cutting-edge technologies drive digital transformations across various sectors, the BRICS ministers also emphasised the significance of human resource development.  “The BRICS members acknowledge the imperative of human resource development and the exploration of cooperative opportunities in upskilling and reskilling programs,” said the joint declaration. The development comes at a time when India has been using global forums to encourage startups in the country and cross-border cooperation between startups. As part of its G20 presidency, India aims to rally $1 Tn in annual investment in startups globally by 2030. Leading the Startup20 Engagement Group, India has advocated a common framework to define startups while retaining local autonomy.  The initiative aligns with India’s five-point startup definition and seeks to address issues such as access to capital, market access, talent, and inclusivity. These efforts shine light on India’s thriving startup ecosystem, which counts 108 unicorns and nearly 1 Lakh DPIIT-recognised startups.  This comes even as the Indian startup ecosystem reels under the impact of the ongoing funding winter. According to an Inc42 report, homegrown startups raised $5.4 Bn in the first half (H1) of 2023, a decline of 10% from $6 Bn during the year-ago period.