Recognizing the visionaries shaping industries, solving global challenges, and driving economic progress
Category: Economy
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National Startup Day 2025: Honoring the Trailblazers of Innovation and Economic Growth
Insights from Industry Leaders
1. Rikant Pittie, CEO & Co-founder of EaseMyTrip
2. Anand Agrawal, Co-founder & CPTO of Credgenics
3. Yuvraj Shidhaye, Founder & Director of TreadBinary
4. Sandiip Bhammer, Managing Partner of Green Frontier Capital
5. Rohan Bhargava, Co-founder of CashKaro and EarnKaro
6. Prabhat Shrivastava, Founder & CEO of VitusCare
A Global Perspective on Startups
Conclusion
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Attero Launches MetalMandi: Transforming India’s Metal Scrap Trade with AI-Powered Solutions
How India’s Largest Cleantech Pioneer is Reshaping Recycling and Sustainability
New Delhi, January 15, 2025: Attero, India’s largest cleantech company and a global leader in lithium-ion battery recycling, has introduced MetalMandi, a state-of-the-art digital platform designed to modernize India’s unorganized metal scrap industry. This initiative leverages AI technology to enhance pricing accuracy, streamline logistics, and ensure transparency in transactions, addressing long-standing challenges in the sector.
The $40 billion Indian recycling market is witnessing a major shift as MetalMandi aims to facilitate the transaction of 1,000 tonnes of scrap daily by May 2025, contributing to an annual turnover of INR 2,000 crore. Attero’s innovative platform addresses critical gaps in the industry, from inconsistent pricing to logistical inefficiencies, empowering small-scale dealers and large enterprises alike.AI-Powered Innovations Driving MetalMandi
MetalMandi employs cutting-edge AI-powered tools to revolutionize scrap trading:Dynamic Pricing: The platform analyzes real-time market data, scrap composition, and supply-demand dynamics to offer accurate and competitive rates.
Image Recognition: By identifying scrap categories from user-uploaded photos, MetalMandi reduces errors and simplifies transactions.
Nitin Gupta, CEO and Co-founder of Attero, remarked:
MetalMandi is a culmination of Attero’s vision to create a transparent, tech-driven recycling ecosystem. By integrating AI technology, we aim to make scrap trading seamless, efficient, and sustainable.Transforming the Indian Recycling Ecosystem
India’s metal recycling industry has historically been plagued by inefficiencies and a lack of organization. Platforms like MetalMandi represent a significant step toward streamlining operations, reducing dependency on intermediaries, and promoting fair trade practices.
MetalMandi is uniquely positioned to compete with established players like Tata Steel Recycling and Global E-Recyclers by addressing the needs of smaller traders while adhering to eco-friendly practices.Attero: Pioneering Cleantech Innovation
Founded in 2008 by Rohan Gupta and Nitin Gupta, Attero is renowned for its expertise in e-waste management and metal recovery. The company’s recycling facility in Roorkee, Uttarakhand boasts a recovery efficiency of over 98%, setting global benchmarks.
With operations spanning six countries, including South Korea, Australia, Poland, and Singapore, Attero continues to lead the charge in sustainability and innovation.A Sustainable Future with MetalMandi
MetalMandi aims to create a circular economy by bridging gaps in the metal scrap industry, offering real-time solutions, and ensuring fair pricing. As India moves toward sustainable development, initiatives like this will play a critical role in reducing environmental impact and fostering economic growth.Conclusion
As the Indian recycling sector undergoes a transformation, MetalMandi emerges as a beacon of innovation and trust. With Attero’s expertise and cutting-edge technology, the platform is poised to revolutionize the scrap industry, paving the way for a cleaner, greener future.
Led by Smruti Bhalerao, Prittle Prattle News is committed to driving impactful conversations and inspiring change.This article is presented by Prittle Prattle News, a platform dedicated to thought leadership and innovation. Led by its Editor-in-Chief, Smruti Bhalerao, the publication continues to bring forth storylines that inspire change and celebrate growth in various sectors.
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Entrepreneurship: Crafting Success from Resilience and Vision
An Exclusive Interview with Durvesh Yadav – Founder, Rising Star Communication, and Best-Selling Author
Entrepreneurship is not merely about building businesses; it is a reflection of passion, perseverance, and the courage to tread uncharted paths. Durvesh Yadav, a visionary entrepreneur, best-selling author, and philanthropist, embodies these qualities. From founding Rising Star Communication to inspiring youth with his book What They Don’t Teach Us, Durvesh has set benchmarks in innovation and leadership.
At Prittle Prattle News—meaning “featuring you virtuously”—we bring you an exclusive insight into his incredible journey, which inspires countless young minds to dream and achieve.1. Your entrepreneurial journey began at the age of 18. What inspired you to take such a bold step at such a young age, and how did you navigate the challenges of starting a business with limited resources?My journey started during my first year of engineering studies at Lovely Professional University. An internship at a five-star hotel exposed me to the disconnect between theoretical knowledge and practical work. Conversations with professionals revealed slow career growth, which led me to question the path I was on.
Determined to build a meaningful career, I began learning new skills, focusing on networking and collaborating with like-minded individuals. One of the key turning points was meeting my first mentor, who guided me toward actionable strategies. Founding Rising Star Communication was the culmination of these efforts.2. Rising Star Communication has worked with over 300 brands. Can you share insights into your approach to understanding diverse client needs and crafting tailored marketing strategies that consistently deliver results?
Every brand has unique goals. For instance, some prioritize organic growth, while others seek rapid traction through paid media. At Rising Star Communication, we balance promotional campaigns with value-driven, informational content.
Continuous learning plays a key role. By staying updated with industry trends and conducting competition research, we ensure that our strategies align with evolving consumer expectations. For example, we’ve successfully implemented campaigns for MSMEs, helping them scale operations and reach wider audiences.3. What They Don’t Teach Us has become a best-seller and an inspiration for many. What was your thought process behind writing this book, and how do you believe it fills the gaps in traditional education for young minds?
The inspiration for What They Don’t Teach Us came from my own experiences. The book begins with the story of an old man’s regret—a reflection of unfulfilled dreams. This story deeply resonated with me and solidified my resolve to encourage youth to chase their aspirations. Traditional education often emphasizes survival rather than thriving. My book addresses these gaps by focusing on mental health, the power of self-belief, and actionable strategies for achieving success. It also tackles the stigma around dreaming big in middle-class India, offering practical advice to overcome societal pressures.4. With recognitions like the Bharat Youth Award and Tradeflock’s 40 under 40, how do these milestones shape your vision for the future? What further contributions do you aspire to make in entrepreneurship and social upliftment?
Being honored with the Bharat Youth Award and included in Tradeflock’s 40 Under 40 category is both humbling and motivating. These accolades reinforce my belief in the transformative power of entrepreneurship. I aim to empower MSMEs by offering marketing and sales solutions that address common challenges like resource scarcity. My work with the Rising Star Youth Foundation is also focused on bridging gaps in education and providing mentorship to underprivileged youthEntrepreneurship: Crafting Success from Resilience and Vision
An Exclusive Interview with Durvesh Yadav – Founder, Rising Star Communication, and Best-Selling Author of What They Don’t Teach UsConclusion: Empowering the Next Generation
Durvesh Yadav’s journey—from a young entrepreneur to a best-selling author and philanthropist—epitomizes the spirit of innovation and resilience. By addressing gaps in education and creating impactful business strategies, he has empowered both individuals and communities.This interview, proudly presented by Prittle Prattle News, highlights the importance of sustainability in every aspect of life. Led by Smruti Bhalerao, the platform is committed to driving impactful conversations and inspiring change.
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Sustainable Packaging: Leading the Charge for a Greener Future
How FMCG Titans, Startups, and Delivery Platforms Are Redefining Packaging Standards
Sustainable packaging is rapidly becoming a key focus for businesses across the globe. With rising concerns over plastic pollution, companies like Nestlé, Unilever, and innovative startups such as Ecoware and Bakeys are introducing groundbreaking solutions. Even food delivery giants like Swiggy and Zomato are contributing to this transformation by adopting eco-friendly packaging options.
At Prittle Prattle News, which means “featuring you virtuously,” we’re spotlighting these efforts that pave the way for a cleaner planet.The Urgency Behind Sustainable Packaging
Plastic waste has reached alarming levels, with over 300 million tons produced globally every year, of which only 9% is recycled. Single-use plastics are among the biggest culprits, lingering in landfills and oceans for centuries. Governments worldwide, including India and the European Union, have introduced regulations to curb this menace.
This has prompted businesses to rethink packaging strategies, pushing for solutions like biodegradable plastics, edible cutlery, and reusable materials. These changes are not just eco-friendly but also align with evolving consumer expectations.FMCG Giants Leading the Sustainability Movement
Nestlé: A Paper-Based Future
Nestlé is phasing out traditional plastic wrappers in favor of paper-based alternatives for products like KitKat. This initiative aligns with its goal to make all packaging recyclable or reusable by 2025. By investing over $2 billion, the company is pioneering eco-friendly innovations that set benchmarks for the industry.
Unilever: Recyclable Pouches and Circular Systems
Unilever has introduced recyclable pouches for household brands like Lifebuoy and Dove. The company’s collaboration with Loop encourages customers to return empty containers for reuse, significantly reducing waste. These initiatives reflect Unilever’s commitment to reducing virgin plastic usage by 100,000 tons annually.
PepsiCo: Plant-Based Bottles PepsiCo is testing bottles made entirely from plant-based materials, showcasing its dedication to minimizing its environmental footprint. These bottles are expected to eliminate virgin plastic usage by 2030, reinforcing PepsiCo’s leadership in sustainable innovation.Startups Driving Packaging Innovation
Ecoware: Biodegradable Solutions
Indian startup Ecoware is revolutionizing tableware with its biodegradable products made from sugarcane bagasse. These materials decompose naturally within 90 days, providing an alternative to Styrofoam and plastic.
Bakeys: Edible Cutlery
Bakeys has introduced edible spoons, forks, and knives crafted from sorghum and wheat. This innovation not only eliminates waste but also offers a novel dining experience for eco-conscious consumers.Delivery Platforms Taking Green Steps
Food and grocery delivery platforms like Swiggy and Zomato have swapped out plastic bags for paper alternatives. Similarly, BigBasket and Instamart are using reusable crates for deliveries, further reducing their environmental impact. These platforms demonstrate that even small changes can make a big difference in reducing plastic waste.Challenges in Sustainable Packaging
The journey toward sustainability isn’t without its hurdles:
Cost: Sustainable materials can cost 20-30% more than traditional plastics, making affordability a challenge for smaller businesses.
Recycling Infrastructure: Many regions lack the facilities needed to process biodegradable and recyclable materials effectively. Consumer Awareness: Educating consumers about proper disposal remains an uphill battle, with many still unaware of how to handle eco-friendly packaging.Innovations Shaping the Future
The sustainable packaging market, projected to reach $413.8 billion by 2027, is buzzing with innovative solutions:
Edible Packaging: Materials made from seaweed and other plant-based substances are gaining popularity.
Smart Packaging: Embedded sensors that monitor food freshness are emerging as a way to reduce waste. Biodegradable Plastics: Advanced materials like polylactic acid (PLA) offer plastic-like benefits but decompose naturally.Conclusion: A Collective Responsibility
The shift to sustainable packaging is a win-win for businesses and the planet. FMCG leaders like Nestlé and Unilever are setting examples with large-scale initiatives, while startups like Ecoware and Bakeys bring fresh, creative solutions to the table. Delivery platforms such as Swiggy and Zomato demonstrate that even operational tweaks can lead to significant environmental benefits.
At Prittle Prattle News, we believe that building a greener future is a collective responsibility. By embracing sustainable packaging, we can turn the tide against plastic waste and create a legacy of environmental stewardship for future generations.This article is presented by Prittle Prattle News, a platform dedicated to thought leadership and innovation. Led by its Editor-in-Chief, Smruti Bhalerao, the publication continues to bring forth storylines that inspire change and celebrate growth in various sectors.
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Coworking Spaces: Driving Workplace Evolution in the Post-Pandemic Era
Coworking Spaces in the Post-Pandemic Era: Insights from Robin Chhabra, Founder & CEO of Dextrus
The rise of coworking spaces has reshaped the workplace landscape, emerging as the go-to solution for businesses and professionals navigating the post-pandemic world. According to Mr. Robin Chhabra, Founder and CEO of Dextrus, the pandemic accelerated the adoption of flexible work environments, pushing businesses to move away from rigid office models.
With the gig economy projected to grow at a compound annual growth rate (CAGR) of 17%, reaching $561 million by 2031, coworking spaces are increasingly becoming the backbone of this transformation. As businesses strive for flexibility, scalability, and agility, coworking providers like Dextrus are leading the charge with innovative solutions tailored to meet diverse professional needs.
Gig Economy and Independent Professionals Boost Coworking Demand: Before the pandemic, coworking spaces were largely dominated by startups, freelancers, and independent professionals. Today, the growth of the gig economy, driven by flexible work models, has broadened their appeal. Independent workers now account for a significant share of coworking users.
The gig economy’s growth will contribute to the creation of over 90 million jobs by 2031 and 1.25% of the global GDP. Coworking spaces such as Dextrus support this evolving workforce by providing customized workspaces, offering flexible options like hot desks, private offices, and shared workspaces.The hub-and-spoke model, which connects central offices with smaller regional hubs, is gaining traction as businesses seek to expand operations while maintaining flexibility. According to Robin Chhabra, Dextrus supports this model by helping companies design scalable solutions that connect central offices with satellite locations across cities.
Customization – A New Frontier in Workspace Solutions: As businesses adopt hybrid work strategies, customization has become a key offering from coworking providers. Coworking spaces now go beyond offering basic office solutions; they create environments that mirror a company’s brand identity and work culture.
Dextrus stands out by offering personalized services through its BUILD team, which specializes in designing and building bespoke workspaces. By incorporating a company’s brand values into the design, Dextrus enables businesses to create inspiring and unique environments for their teams.This high level of personalization ensures that coworking spaces remain relevant and appealing to both large organizations and small teams seeking flexibility and functionality.
Technology and Strategic Partnerships: Enhancing Productivity: Modern coworking spaces leverage advanced technology to boost productivity and efficiency. Amenities like high-speed internet, video conferencing, and state-of-the-art meeting rooms are now standard in coworking facilities.
Many providers also establish strategic partnerships to offer value-added services. For instance, Dextrus partners with software and consulting firms to provide comprehensive solutions that help clients optimize their operations. These partnerships enable coworking spaces to become productivity hubs, offering resources that go beyond the traditional office environment.
Community Building: Creating Connections in a Disconnected World: One of the defining aspects of coworking spaces is their role as enablers of community and collaboration. The isolation brought on by remote work during the pandemic made employees crave meaningful interactions, which coworking spaces provide.
At Dextrus, community engagement is a priority. Events such as inter-company sports tournaments, festive celebrations, and networking sessions foster collaboration among members. Additionally, initiatives like pop-up events and local business promotions create opportunities for startups and entrepreneurs to showcase their products and services.Social initiatives, including sustainability efforts and community action programs, further promote inclusivity and give coworking members a sense of shared purpose.
Economic Growth Drives Coworking Expansion: As the global economy rebounds post-pandemic, the demand for coworking spaces continues to grow. Tier-1 and Tier-2 cities in India are becoming hubs for startups, IT companies, and global capability centers (GCCs), all of which require flexible office solutions.
The Indian coworking market is expected to reach $40 billion by 2028, driven by the tech industry’s rapid growth and India’s projected GDP crossing $7 trillion. Coworking providers like Dextrus are playing a pivotal role in supporting this growth by offering scalable and cost-effective workspace solutions.
Conclusion: The Future of Coworking Spaces: In the post-pandemic era, coworking spaces have redefined how businesses operate, offering flexibility, customization, and collaboration opportunities. As Robin Chhabra, Founder and CEO of Dextrus, explains, the success of coworking lies in its ability to adapt to evolving workplace demands while fostering community and innovation.
The future of coworking looks promising, driven by the gig economy, technological advancements, and the increasing demand for agile workspaces. With their scalable and cost-effective solutions, coworking spaces are set to remain integral to the global work ecosystem, enabling businesses to thrive in a rapidly changing world.
This article is proudly presented by Prittle Prattle News, a platform dedicated to thought leadership and innovation. Led by its Editor-in-Chief, Smruti Bhalerao, the publication continues to bring forth storylines that inspire change and celebrate growth in various sectors.
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Sustainable Decor: Transforming Homes While Protecting the Planet
An exclusive interview with Ashutosh Pandey, Co-Founder of Life n Colors
Sustainable Decor is more than a trend; it’s a movement towards mindful living and responsible consumption. From choosing eco-friendly materials to understanding the lifecycle of furnishings, sustainable decor empowers consumers to make decisions that enhance their homes while reducing environmental impact. By embracing this approach, individuals can create stylish, durable, and environmentally conscious spaces that reflect both personal taste and a commitment to sustainability.
1. How can consumers identify whether a brand is truly using sustainable production practices?
Consumers can identify whether a brand is genuinely sustainable by looking for certifications like Fair Trade, GOTS (Global Organic Textile Standard), or FSC (Forest Stewardship Council). Brands committed to sustainability provide transparent details about their materials, energy usage, and waste management. They also adhere to ethical labor practices.
Customer reviews and independent audits can validate these claims, offering additional assurance. Brands that emphasize reducing water and energy consumption and avoid harmful chemicals are leading the charge in making decor environmentally friendly.2. What steps can consumers take to extend the lifespan of their decor to reduce overall waste?
Extending the lifespan of decor starts with choosing high-quality, durable materials like bamboo or reclaimed wood. Regular maintenance, cleaning, and repairs also ensure longevity.
Repurposing or upcycling old pieces offers a creative and sustainable way to breathe new life into Sustainable Decor. For example, transforming an old wooden table into a rustic coffee table not only saves resources but also creates a unique design element. Additionally, timeless designs are a better investment compared to fleeting trends.3. What are the most important factors to consider when designing eco-friendly furnishings?
Designing eco-friendly furnishings involves prioritizing several critical factors:
Sustainable Materials: Use of renewable and non-toxic options like organic cotton and avoiding harmful materials like PVC.
Energy-Efficient Production: Processes that minimize energy consumption, reduce carbon emissions, and conserve water.
Durability: Ensuring products last for decades, reducing the frequency of replacements.
Non-Toxic Finishes: Use finishes that are safe for both the environment and indoor air quality.
Waste Minimization: Recycling scraps and implementing circular economy practices.
Eco-Friendly Packaging: Materials like biodegradable or recyclable packaging reduce environmental impact.
By addressing these factors, Life n Colors aims to deliver eco-friendly products that combine beauty with responsibility.4. How can consumers assess the hidden environmental costs associated with decor, such as water usage or chemical treatments during production?
Hidden environmental costs can be uncovered through brand transparency. Research the certifications and sustainability claims on their websites. Certifications like LEED or Fair Trade often highlight compliance with water conservation or avoidance of toxic chemicals.
Additionally, consumer awareness campaigns and third-party validations offer insights into a brand’s production footprint, ensuring informed choices.5. What is a sustainable manufacturing process like, and how is it different from traditional manufacturing?
Sustainable manufacturing prioritizes:
Resource Efficiency: Reducing water and energy usage and focusing on renewable resources.
Waste Reduction: Implementing circular economy practices such as recycling and reusing materials.
Toxic-Free Processes: Eliminating harmful chemicals to protect both the environment and workers.
Ethical Labor Practices: Ensuring fair wages and safe working conditions.
In contrast, traditional manufacturing often prioritizes cost-efficiency over environmental impact, leading to higher emissions, waste, and energy use. Sustainable manufacturing not only reduces harm but also aligns with consumer demands for eco-conscious products.Conclusion
The journey toward sustainable decor begins with informed choices. From certifications like FSC to adopting timeless, durable designs, every decision matters. By embracing eco-friendly furnishings, consumers can contribute to a greener planet while enjoying stylish, long-lasting products.
This interview, proudly presented by Prittle Prattle News, highlights the importance of sustainability in every aspect of life. Led by Smruti Bhalerao, the platform is committed to driving impactful conversations and inspiring change.
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Prodigy Finance’s Education Loans: Empowering Students for the Future Job Market
An Exclusive Interview with Sonal Kapoor, Chief Commercial Officer at Prodigy Finance
Prodigy Finance’s innovative education loans are revolutionizing the way students prepare for the future job market. In this exclusive interview, Sonal Kapoor, Chief Commercial Officer at Prodigy Finance, delves into the company’s unique approach and its impact on students worldwide.
Q. Can you elaborate on how Prodigy Finance’s education loans are tailored to address the future needs of the job market, especially in light of the Fourth Industrial Revolution?
A. The Fourth Industrial Revolution is bringing new technologies and skills to the forefront of the job market, which is changing at an unprecedented pace. At Prodigy Finance, our education loans are not only designed to help students get a degree but to prepare for the careers of tomorrow.
We keep our focus on funding programs that are aligned with future industry needs. This includes degrees in technology, data science, artificial intelligence, and other fields that are at the forefront of innovation. We work closely with many top universities across the globe to provide education loans for the courses that equip students with the skills most in demand.
At Prodigy Finance, we understand that the career paths of today and tomorrow are more dynamic. To accommodate the needs of the evolving job market, our loans include several features like flexible repayment terms and grace period.
We provide more than just financial support. Aspiring students can get in touch with our mentors to seek guidance from where to study to potential career trajectories in a changing job landscape.
Q. What impact have you observed in terms of cross-cultural understanding and collaboration among international students financed by Prodigy? Can you share some specific success stories?
A. I’ve observed that when students from diverse backgrounds come together, they’re naturally curious about each other’s cultures. They share dorm life, tackle group projects, and even celebrate holidays together. This often forms tight-knit communities on campus that support each other academically and socially. The exchange of knowledge and formation of lifelong friendships are invaluable outcomes that go beyond the financial aspect of our loans. Many Prodigy alumni continue to collaborate professionally after graduation.
94% of our graduates from emerging markets believe that they were able to create stronger professional networks while studying abroad. They find that their experience studying in close circuits with students from other nations has made them culturally more sensitive in team settings.
Q. Prodigy Finance uses a unique model that bases loan approvals on future earning potential. Can you explain how this model works and how it differentiates Prodigy Finance from traditional loan providers?
A. Over the years, we’ve developed a unique credit model. Our model is all about looking forward rather than backward. Traditional lenders often sanction loans based on credit history and collateral, which many international students are unable to fulfil. We focus on future earning potential instead.
Here’s how it works: when a student applies for a loan, we assess their application based on the salary they can earn after graduation. We look at the university they’ll attend, the program they’ll study and historical salary data for graduates in similar fields. This forward-looking approach allows us to evaluate the return on investment for the student’s education.
By using this model, we can lend to students who may not have a strong credit history or collateral but have the drive and potential to succeed in their chosen careers. This makes our funding more accessible to more students from different backgrounds.
What sets us apart is that we believe in the students’ future success. We’re not just providing a loan – we’re investing in their potential.
Q. With World Youth Skills Day in mind, how does Prodigy Finance plan to expand its support for youth education and skill development in the coming years?
A. World Youth Skills Day is a great reminder to invest in our youth’s education and skill development. Quality education can bridge the gap between industry demand and talent supply, creating a workforce that meets the currently evolving needs of the job market. By studying in high-growth areas like science, technology, engineering and mathematics (STEM), students can be part of a future-focused workforce that drives innovation and progress.
At Prodigy Finance, we are committed to providing financial solutions that enable students to access top education in these critical fields. Our model, which is based on future earning potential, opens doors for talented individuals from diverse backgrounds to study abroad and achieve their career goals.
Going forward, we will continue to support youth education and skill development by increasing our university partnerships, initiating scholarship programs and providing additional resources like mentorship. By equipping the next generation with the education and skills they need, we want to create a world where innovation and progress are driven by a diverse and skilled workforce.
Q. What are the key challenges international students face in securing education financing, and how does Prodigy Finance address these issues?
A. International students face many challenges when it comes to financing their education. Many struggle to find loans that cover the full cost of attendance, tuition and living expenses. Even when loans are available, they often come with high interest rates, collateral requirements or restrictions on transferring funds out of the country.
At Prodigy Finance, we remove these barriers by offering loans that cover the full cost of attendance, with competitive interest rates and without the need for collateral or a co-signer. Our unique credit assessment model looks at each student’s future earning potential, not just their current financial situation. This means we can support students from all backgrounds who may not qualify for traditional loans.
We also know flexibility is important, which is why our loans have no prepayment penalties and no payments required during the 6 months grace period after classes end. By tackling these key challenges, we hope to enable more international students to pursue their academic dreams and contribute to a more diverse and talented global workforce.
Prittle Prattle News composed this article as an Interview.
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Driving Innovation and Growth in the Technology and Startup Ecosystem in Union Budget 2024-2025
The Union Budget 2024 has introduced several measures aimed at bolstering the technology and startup ecosystem in India. With a focus on innovation, research, and support for startups, the budget sets the stage for significant advancements in this dynamic sector.
Sourabh Deorah, CEO & Co-founder, AdvantageClub.ai, highlighted the budget’s impact on startups and innovation, “Today’s Budget announcement about abolishing the angel tax for all classes of investors will significantly boost growth and create a more supportive environment for angel investments in startups. This should help reduce the stress in the market for early stage startups. With increased R&D investments, there will be creation of newer industries and more job opportunities that will ultimately benefit the entire startup ecosystem and position India as a global innovation hub. Also, the changes in tax slabs along with increased standard deduction brings much-needed relief to salaried individuals, enhancing their disposable income and overall economic well-being. Additionally, it’s encouraging to see a strong focus on youth empowerment with internship opportunities for 1 crore young people across 500 companies and one-month wage support for all first-time formal job entrants. At AdvantageClub.ai, I have Innovation always advocated for hiring fresh talent. Modi 3.0’s top nine priorities will generate ample opportunities for Indians and transform India for a brighter future.”
Mr. Sumit Gupta, Co-founder, CoinDCX, expressed optimism Innovation about the budget’s support for the tech startup ecosystem, “CoinDCX welcomes the Finance Minister’s announcement in today’s budget regarding the abolition of the Angel tax for all classes of investors. We are confident that this will significantly bolster the Indian tech start-up ecosystem, especially in the Web3 sector. India stands at the forefront of the global Web3 ecosystem with a network of over 1,000 startups spanning diverse sectors. Collectively, these Indian Web3 startups have secured funding exceeding $2.5 billion, reflecting the landscape’s robust growth and investment potential. In 2023, Indian Web3 projects secured approximately $270 million in funding. These figures indicate investors’ interest in the region’s early-stage Web3 innovation. As Web3 becomes more mainstream, investment in Web3 startups is expected to increase. The abolition of the Angel tax will definitely benefit Indian founders, especially those leading early-stage Web3 companies in India. For investors, we had anticipated some relaxation to the taxation framework in this budget. We will continue to push for rationalization of the taxation framework which includes reducing the TDS to 0.01%, allowing setoff of losses on VDA transactions and modifying the 30% tax on capital gains. We have submitted data-backed quantitative analyses on the flight of capital and users, and the potential increase in government revenue should the taxation structure be revised. We are hopeful that the government will consider our requests and that we will see changes in the future.”
Mr. Navneet Ahluwalia, Head of Division, Human Resources & Administration, FUJIFILM India, praised the budget’s emphasis on skilling and innovation, “We applaud the 2024-25 Union Budget for its forward-thinking approach to education, skill development, and promoting women-led development. The introduction of the internship opportunity scheme is commendable, significantly enhancing youth skills and motivation, and bridging the gap between academic learning and real-world application. The substantial allocation for AI-enabled learning demonstrates a strong commitment to innovation, transforming traditional methods and ensuring students are prepared for a tech-driven future. Additionally, several employment schemes are set to boost skill development. Scheme A offers one month’s wage to new workforce entrants across all sectors. Scheme B incentivizes additional employment in manufacturing, directly benefiting employees and employers with EPFO contributions, expected to aid 30 lakh youth. Scheme C covers additional employment in all sectors, with the government reimbursing employers up to Rs 3,000 monthly for two years per additional employee, aiming to create 50 lakh jobs. The Budget’s allocation of over Rs 3 lakh crore for schemes benefiting women and girls underscores the government’s commitment to enhancing women’s roles in economic development. The establishment of working women hostels, collaboration with industries for creches, and women-specific skilling programs promote higher workforce participation. These initiatives ensure a supportive environment for women, fostering empowerment and economic independence. With Rs 1.48 lakh crore dedicated to education, employment, and skilling, the budget reflects a comprehensive approach to building a robust educational infrastructure. This investment will improve education quality, expand learning access, and foster skill development nationwide. By prioritizing skilling and promoting women’s participation, the government is equipping youth and women with the tools needed to succeed in a rapidly evolving job market. Overall, the 2024-25 Union Budget paves the way for a brighter, more skilled future for our youth and a more inclusive, empowered future for women, ensuring they are well-prepared to meet the demands of a dynamic and competitive world.”
The article was curated by Prittle Prattle News as an industry story.
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Catalyzing Growth in Manufacturing and MSMEs in Union Budget 2024-2025
The Union Budget 2024 has introduced a series of impactful measures aimed at propelling the manufacturing and MSME sectors to new heights. With a focus on credit support, infrastructure development, and technological advancement, the budget lays a solid foundation for sustainable growth and competitiveness.
Sunil Agarwal, Director, Vinod Cookware, highlighted the strategic focus on MSMEs, “The Union Budget 2024 is commendable for its strategic focus on strengthening Micro, Small, and Medium Enterprises (MSMEs), which form the backbone of our economy. The allocation of INR 100 crore to the Credit Guarantee Scheme and the enhancement of the Mudra Loan limit to INR 20 lakh are decisive steps toward empowering small businesses. As for the manufacturing industry, the provision allowing MSMEs to acquire machinery without collateral is particularly noteworthy, as it paves the way for enhanced productivity and growth.
Moreover, the reduction in Goods and Services Tax (GST) rates and the simplification of compliance procedures underscore the government’s commitment to fostering a cohesive business environment. The planned expansion of the Small Industries Development Bank of India (SIDBI) with 24 new branches by 2025 is guaranteed to further support MSME clusters across the country. These measures collectively enhance the ease of doing business and provide a strong foundation for economic development. From the consumer’s standpoint, the new tax regime is expected to result in a reduction in income tax for salaried employees, offering significant relief to the middle class. This reduction in the tax burden is anticipated to increase savings and lead to a rise in consumer retail demand. We see these initiatives as a positive catalyst for growth and innovation. The expansion of Vinod Cookware is poised to benefit from these developments, further elevating our commitment to quality and customer satisfaction.”
Mr. Kushal Patel, Managing Director, Axita Cotton, commended the budget’s focus on industrial growth, “The Finance Minister announced the development of twelve new industrial parks under the National Industrial Corridor Development programme. These Manufacturing parks will be equipped with complete infrastructure, and ‘plug and play’ parks will be established in or near 100 cities. These provisions will significantly boost industries across the spectrum, and we commend the budget for its strong focus on industrial growth.”
Dhiren Jatakia, Head of Finance and Accounts, Covestro India, appreciated the progressive measures for MSMEs, “The Union Budget 2024 is a progressive step towards fostering economic growth and sustainability. Revamping the Tax structure & custom duty will bolster business confidence and investment in India. The focus on skill development, energy transition and the development of small modular nuclear reactors aligns well with our commitment to sustainability. Additionally, the enhanced support to MSMEs and the introduction of employment-linked incentives will significantly benefit our workforce and supply chain. Overall, the budget’s emphasis on innovation, infrastructure, and inclusive growth presents promising opportunities for Covestro India.”
Mr. Sagar Gupta, Director, Ekkaa Electronics, lauded the focus on job creation and manufacturing, “Speaking on Union Budget 2024-25 for the Consumer Electronics System Design and Manufacturing (ESDM) Sector, Director of Ekkaa Electronics, Mr. Sagar Gupta, said, ‘As our FM Nirmala Sitharaman outlaid the Modi 3.0’s first budget, and the 13th Budget of the Modi government, the FM brought the focus on job creation in manufacturing and additional employment is a significant step forward.
By providing incentives to both employers and youth, these schemes are poised to benefit 30 lakh young individuals, fostering a skilled and productive workforce. This approach by our government will drive economic growth, enhance global competitiveness, and ensure a brighter future for India’s youth and manufacturing sector. We are particularly encouraged by the special attention given to MSMEs and manufacturing, especially labour-intensive sectors. The emphasis on labour-intensive manufacturing and technology support will not only help these sectors grow globally but also generate substantial employment opportunities across various industries. The new formulated package covering financing, regulatory changes and technology support for MSMEs will help them grow and also compete globally. The introduction to facilitate term loans to MSMEs for purchase of machinery and equipment without collateral or third-party guarantee, a credit guarantee scheme, was great move by our FM.
We welcome the new scheme to skill 20 lakh youth through enhanced training institutes and industry-aligned curricula. The substantial ₹3 lakh crore allocation for women-centric initiatives demonstrates the government’s commitment to boosting women’s economic participation and supporting women-led enterprises, paving the way for inclusive growth. This support is crucial for sustaining high growth with next-generation reforms that cover all factors of production, including land, labour, and capital. We believe that collaboration between the Centre and States will be essential in implementing these reforms and achieving sustained economic growth. Additionally, the launch of a comprehensive scheme providing internship opportunities in 500 top companies to 1 crore youth over five years is a commendable initiative. At Ekkaa Electronics, we fully support these initiatives and are committed to leveraging these opportunities to foster innovation, growth, and employment within the industry.’”
The article was curated by Prittle Prattle News as an industry story.
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