The Federation of Indian Small and Medium Enterprises (FISME), hosted a roundtable session to deliberate on the challenges faced by MSMEs within the e-commerce sector under the current GST regime and put forth recommendations to promote ease of doing business. The event witnessed participation by key stakeholders, including ‘Friends of MSME’ in Parliament (a group of members of Parliament across parties), tax experts, MSME industry associations, and online sellers.

Addressing the gathering, Shri Rajendra Agrawal, Hon’ble MP (Meerut), said, “The objective of this dialogue is clear: to resolve the challenges faced by MSMEs, who are integral to our economy. Any issues discussed, including the hurdles encountered by MSME sellers, will be shared with the relevant ministry and officials for resolution. The PM’s vision of  Atmanirbhar Bharat cannot be achieved without the support of the MSME sector. We urge MSMEs to present their case, enabling us to advocate on their behalf in the Parliament and prompt the government to consider and address their concerns.”

During the roundtable, sellers underscored the ongoing challenges posed by the burdensome GST requirements, notably the obligation to secure Principal Place of Business (PPOB) registrations in every state of operation. This necessitates the need for physical offices, incurring working capital block and personnel costs. Updating GST certificates for additional premises creates complexity as there is a 2-4 week long waiting period for Additional Place of Business (APOB) registration, causing losses during sales. Additionally, the mandatory physical invoice in the digital age and the 1% TCS monitoring mechanism lead to working capital inefficiencies for e-commerce sellers.

Mr. Anil Bhardwaj, Secretary General, FISME, said, “It is astonishing that while PM Narendra Modi is giving a lot of push and encouragement to digital and e-commerce trade to connect small entrepreneurs and artisans to wider markets through e-commerce, they encounter huge difficulties in complying with GST provisions. They are required to obtain multiple registrations in states where goods are stored, are asked to create a full set-up and wait for months for adding new places. Tax processes, harassment and intimidation by state tax authorities are pulling the clock back for ease of doing business.”

Addressing their concerns, Ms. Mamatha Anand, Partner – Indirect Taxes, Deloitte, highlighted, “MSMEs are an essential part of the Indian economy as they contribute 30% to the GDP of the nation. The commitment of the government to increase this contribution to 50% in the coming year is commendable. Apart from government subsidies, quick loan approvals, lower electricity costs, and accessibility to MSME clusters, from a GST standpoint, the compensation scheme that allows MSME players to opt for fixed rates rather than the regular GST mechanism is beneficial.” She also added, “There is a need to relook across sectors to identify areas of improvement for MSMEs. Measures to ease registration hassles, improve working capital blockages, rationalization of rates are some of the key areas that warrant attention.”

Key recommendations tabled during the session include:

• Adopting a single home state PPOB model in GST regulations will enhance operational flexibility for sellers, streamline MSMEs’ expansion through e-commerce, safeguard state GST revenue, and maintain transparent audit trails.
• Permitting digital B2C transaction invoices will aid MSMEs in cost reduction and contribute to minimizing carbon footprint.
• An API-based APOB registration system by e-commerce operators for each seller’s GSTIN at warehouses will help reduce time required for inventory placement and eliminate repeated verification for the same premises.
• Reducing the TCS rate to 0.1% cumulatively will resolve the working capital issue for sellers and help maintain continued visibility.
• Ensure automation of the cash balance refund within T+3/5 days of filing of the application.
• Issue circular explaining the business model of the e-commerce seller.
• Provide comprehensive training to tax officers, equipping them with a nuanced understanding of the new-age e-commerce business model.

The dialogue also witness participation by esteemed guests such as Jagdambika Pal, Hon’ble MP (Dumariya Ganj), Pradeep Kumar Chaudhary, Hon’ble MP (Kairana), Dilip Saika Hon’ble MP (Mangaldoi), Ramesh Chander Kaushik, Hon’ble MP (Sonipat), Subhash Chand Baheria, Hon’ble MP (Bhilwari), and Sankar Lalwani, Hon’ble MP (Indore).

Source: Press Release

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The Indian Institute of Management Ranchi celebrated its Fifteenth Foundation Day today in Swami Vivekananda Auditorium at the campus, commencing with an address by the Honourable Director, Prof. Deepak Kumar Srivastava. During his address, he highlighted IIM Ranchi’s remarkable 14-year journey. He acknowledged the recent dedication of the campus to the nation by Honourable Prime Minister. Emphasizing the world-class facilities and current program offerings, he spoke of the institution’s confidence, which is evident in the robust placement report. He also showcased recent achievements, notably the establishment of a satellite center in Hyderabad. He highlighted about the research and publications of institute in last two years.

In the virtual address to commemorate IIM Ranchi’s Fifteenth Foundation Day, Shri Praveen Shankar Pandya, Chairman, Board of Governors (BoG), IIM Ranchi, expressed gratitude for the institution’s infrastructure. He encouraged students to engage in community and business initiatives actively, fostering sustainability. Emphasizing the importance of contributing to the tribal community and local businesses, the Chairman highlighted the BoG’s commitment to facilitating development. Specific mention was made of the Board’s readiness to support the enhancement of facilities and sports arrangements through dedicated committees.

The institute hosted a felicitation ceremony to the staff members on completing ten years of service. Recognizing academic excellence, the rank holders were awarded with certificates.

IIM Ranchi welcomed Shri Ramaswami Balasubramanium, Member (HR), Capacity Building Commission, Government of India, as the Chief Guest cum distinguished speaker for the Foundation Day lecture. He emphasized the societal significance of individuals, emphasizing the need to transcend mere rule adherence. Addressing survival requisites, he highlighted essential elements of disruption, innovation, leadership, and digital literacy. Advocating for student preparedness in contemporary skills such as AI/ML and technology, he underscored their evolution from specialist to generalist roles. Mr. Balasubramanium urged faculties to co-learn with students, emphasizing authenticity in a world dominated by fake content. He expressed concern over opinion formation based on brief social media content and urged a deeper understanding of topics. He concluded by addressing the current global crisis, noting the paradigm shift towards a survival imperative.

The day included cultural events, a plantation drive, and a sports & games event for faculty members, concluding with an evening Hi-Tea session.

Source: Press Release

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Responsive, the global leader in strategic response management (SRM) software, today announced the opening of its new office in Coimbatore, India. Need for the new space stemmed from Responsive’s rapid growth as the market leader in strategic response management, and to support that growth, the new space will accommodate nearly double the number of employees of the previous India office.

The strategic response management market is also experiencing robust growth, with an estimated value of $3.34B in 2022 and projected increase to $22.74B by 2028. Aragon Research found, “Strategic Response Management is quickly emerging as the next ‘must-have’ category of enterprise solutions for go-to-market teams.” Companies are increasingly adopting SRM solutions to respond to a growing number of business-critical information requests including RFPs, RFIs, security questionnaires, due diligence questionnaires, ESG questionnaires, and more. Responsive’s Strategic Response Management Platform provides business value by automating these processes and recently earned “Hot Vendor” status in the space.

Responsive originally established its product development operations in Coimbatore, India. Since then, the company has built the majority of its product team in India while also adding other team members in sales, marketing, customer success, professional services, finance and beyond. Coimbatore has proven to be a very rich market of highly talented team members who play an integral part in Responsive’s rapid growth.

Responsive CEO Ganesh Shankar, a Coimbatore native, knows firsthand the strength of the talent pool in the area. In Coimbatore, Responsive has built a local team that’s been able to move quickly, deliver industry-leading product capabilities while contributing to global go-to-market efforts, all while collaborating very effectively with colleagues around the world.

“Our growth in Coimbatore is reflective of Responsive’s evolution and progress toward realizing our ambition to transform how global organizations share and exchange information,” said Ganesh Shankar, CEO at Responsive. “We’re thrilled to provide a new space to our local team members as they continue to rapidly innovate, and to have more space to support hiring additional employees in the area.”

Office expansion is just one facet of Responsive’s success in the past year. Responsive also:

• Rebranded from RFPIO to reflect significant expansion in the breadth of response use cases supported beyond RFPs
• Won three Comparably 2023 awards for Best Company Work-Life Balance, Best Leadership Teams and Best Marketing Teams
• Ranked #1 in 9 of G2’s Fall 2023 Grid® Market Reports, including Best Global RFP Software
• Delivered industry-leading Responsive Summit23 showcasing overall value proposition and customer highlights and attracting more than 3,000 participants to-date across 44 countries
• Launched multiple new AI-driven products to extend market-leading AI capabilities, including:
  • Enhanced AI Assistant: Responsive’s generative AI solution for creating summarizing and elaborating response content now sources information from customers’ Content Libraries, in addition to publicly available sources, enabling faster response times and productivity
• Expanded robust executive leadership team to support company hypergrowth
  • Responsive’s new leaders are veterans of hypergrowth SaaS enterprises including CMO Michael Londgren, CRO Jeff Santelices, VP of Product Marketing Jennifer Cannizzaro, VP of Sales & Marketing Ops Imran Musaev, and VP of Growth Francois-Olivier Grisel
• Increased hiring for remote employees in Bangalore and Chennai

“As a company leader onsite in the Coimbatore office, I get to see our employee base growing and revolutionizing the SRM space in real time each day,” said Manish Bafna, SVP of Engineering at Responsive. “Our company and employee growth have been steadily rising, and I’m thrilled to be a part of this proud moment, which demonstrates our commitment to a collaborative working environment for our team, our investment in the strategic response management industry, and the power of tapping into Coimbatore’s robust talent pool.”

Source: Press Release

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Automation Anywhere, the leader in intelligent automation solutions that put artificial intelligence (AI) to work across every aspect of an organization, released its fourth Indian edition of the Automation Now & Next report, emphasizing the significance of process automation and generative AI as key investment catalysts for Indian enterprises.

The Automation Anywhere commissioned survey underscores the critical role these technologies will play in facilitating organizations to attain their primary objective of exponential growth. Notably, the report indicates 63% of Indian enterprises are proactively directing investments towards artificial intelligence (AI) and machine learning (ML) for the automation of their business processes in the upcoming 12 months, witnessing 85% growth in AI investments since last year. Furthermore, 33% of these enterprises are strategically planning to adopt Generative AI as a driving force for growth, reflecting a forward-looking approach towards innovative technologies in pursuit of business optimization and transformation.

Currently, more than 78% of enterprises say productivity gains are the desired impact of automation, surpassing all other KPIs.  The Now and Next report predicts to see more AI-driven innovations, especially as generative AI deployments increases with 72% of the respondents globally investing in AI/ML over the next 12 months.

“Productivity is foundational to economic growth and the world’s next level of evolution. Intelligent automation, including AI and generative AI, are proving crucial to solving the massive productivity crisis unfolding in front of us,” said Ankur Kothari,” Co-Founder, Chief Operating Officer, Automation Anywhere. “The 2023 Now and Next report echoes our long-held belief that intelligent automation is the only true solution to the current workforce challenges facing organizations around the globe.”

“Intelligent Automation technologies are designed to improve efficiency, scale operations, and enhance business and employee productivity. Productivity is paramount in today’s dynamic business landscape, and adoption of intelligent automation, especially with generative AI, is crucial for success. Measuring ROI confirms its impact, substantially increasing customer satisfaction and employee engagement.” — Suresh Ramanan, Managing Principal and Intelligent Automation Practice Lead, ZS Associates.

The three major takeaways from the Now & Next Report, released by Automation Anywhere –

Barriers to adopting AI technologies by Indian enterprises:

Despite the widespread recognition of AI’s value in Indian enterprises, deployment challenges persist; however, determined and focused organizations are navigating through these barriers

• According to 39% of respondents, data challenges and regulatory/ethical concerns stand out as the primary obstacles to adopting AI technologies.
• According to 52% of respondents, technical complexities and data security are the challenges/barriers they feel in adopting and using AI.
• Despite these concerns, 33% of Indian enterprises express confidence in implementing robust security measures and privacy protocols to mitigate potential risks associated with AI technologies. This confidence empowers them to embrace AI and Intelligent Automation technologies with assurance.

Overcoming India’s productivity challenges with Intelligent Automation:

Return on Investment (ROI) and work productivity remain on top for measuring the success of automation solutions implemented by Indian Enterprises

• 80% of Indian enterprises are planning to determine the impact of Intelligent automation based on business ROI, however, more than 70% of respondents from Indian enterprises say they measure the success of Intelligent automation based on customer and employee satisfaction levels.
• 63% plan to use industry-specific intelligent automation to solve their specialized requirements.
• 59% of respondents from Indian enterprises believe this higher level of growth requires moving beyond low-stakes task automation and end-to-end process transformation.

GenAI to accelerate scalability for automation:

According to the survey, true transformation requires automation at scale. Business users are crucial to the citizen development efforts that will drive automation at scale while keeping their business objectives in mind.

• Globally, 40% of business users say citizen development is broadly encouraged, while another 41% said it is encouraged in select business areas.
• 48% of the respondents from Indian Enterprise encourage business users to build and scale automation.
• However, respondents from Indian enterprises say security and governance concerns (60%) and a lack of technical skills and training (51%) are preventing automation leaders from encouraging widespread citizen development.
• The Now and Next report predicts that generative AI-powered virtual assistants will enable business users to turn conversational requests into consistent, governed, and high-quality complex automations.
• Most respondents (82%) are looking for specialized and industry-specific automation technologies, such as custom large language models for generative AI.

“We see significant scaling up of investments in Automation and AI/ML at our customers with generative AI driving the identification of new use cases and improving business outcomes. Organizations are increasingly moving up the value chain from automating only rule based, large volume transactions to providing real-time business insights supporting strategic goals. This is expected to unlock significantly faster decision-making capabilities and enhanced customer experiences, driving growth and profitability.” — Satyen Makhija, Partner, Head – Automation and Platforms, KPMG.

Source: Press Release

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Lentra, the leading digital lending platform, introduced its Intelligent Lending Cloud Platform during their annual flagship event, the Lentra Digital Lending Summit.

Representing a significant leap in integrating AI within the digital lending platform, Lentra introduces three cutting-edge AI-driven products. Additionally, it incorporates 40 new functionalities into its existing products, all meticulously crafted to leverage the potential of AI and deliver practical utility for Banks and NBFCs.

“The evolution of trends in India’s credit consumption narrative demands thorough understanding and analysis. At Lentra, we strive to meet the increasing demand for personalization and localization by harnessing the power of AI, ensuring accessibility for our clients.” – Ankur Handa, Chief Product Officer at Lentra.

Lentra’s Intelligent Lending Cloud solution is designed to address the evolving need for Vernacular Languages to expand reach, accelerate processing speeds, and reduce cost of operation.

“AI has recently garnered widespread attention for various reasons, with its capacity for human-like interactions standing out. Aligning with our mission to transforming lending by empowering lenders to democratize credit and foster financial inclusion through intelligent decisions, we are thrilled to introduce a wave of AI products and AI-infused features. With this extended portfolio, we are confident that our clients will experience significant enhancements in their business, equipped with actionable intelligence.” – Rangarajan Vasudevan, Chief Data Officer at Lentra.

Lentra is actively advancing application of AI in intelligently automating solutions for Banks and NBFCs in India. The initiatives include leveraging Machine Learning Models to identify potential borrower segments within the existing customer base, employing AI for intelligent customer engagement and lead nurturing. It utilizes behavioral intelligence to enhance upsell and cross-sell opportunities by implementing hyper-personalized product recommendations for the bank.

These initiatives, rooted in impactful applications, are a testament to Lentra’s commitment to innovation. Their intelligent cloud lending platform addresses current needs and anticipates market evolutions, positioning their partners ahead of the curve.

“With NIM itself becoming a non-differentiative commodity the focus amongst banks is becoming “experience”. How do we create a simple, easy and yet a WoW experience for our new customers? That is where the real differentiator lies! In the world of lending there are quite a few one-trick-ponies that address various components of lending. This is where someone like a Lentra is uniquely different. Their AI-powered solutions remove the friction from the entire lending and collection process, enabling decisions that are faster, fairer, and more accurate. We are impressed with how Lentra is continuously pushing the boundaries of their intelligence-embedded solutions and creating the WoW experience for end customers.”  – Cyrus Daruwala, Managing Director, Global Financial Services, IDC.

Lentra Convo:

To cater to lenders operating across varied geographic and cultural moorings, Lentra Convo brings the power of natural language conversations in multiple languages to simplify the loan origination journey. Powered by AI, this innovation enhances the lending process while providing end customers with a personalized and seamless experience that is convenient for them in the language of their choice.

Lentra Insights:

The second product, Insights, provides actionable intelligence to the lending institution, to better optimise credit policy and loan journey design. Coupled with AI-generated recommendations, lenders can now assess the impact of credit policy rules  and change policy parameters to drive higher  take-up rates. This one-of-a-kind tool will be of great value to lenders in boosting their asset businesses.

Lentra Wingman:

A game-changer for lending operations, Lentra Wingmanis geared to help directly what is arguably the most critical stakeholder in the origination journey: the underwriter. It intelligently summarizes financial information from various sources in typical credit journeys like bank statements and related financial transaction records. It then automatically identifies financial behaviors that need  further investigation by the underwriters. Such instances are then articulated as natural language questions that the customer-facing operations executive can air to the loan applicant to get needed clarifications. Thus, the Wingmanguides the underwriter to focus only on those loan applications requiring further scrutiny, along with the specifics of that application that merit attention, all in a form factor that makes it easy for more information to be collected seamlessly to speed up decision making.

Aligned with the theme ‘Empowering Economic Growth for all, Bridging the Credit Gap,’ the Digital Lending Summit, provides a holistic perspective on the digital lending landscape in India. The summit serves as an interactive platform for CXOs, Credit Heads, Retail Heads, CEOs and all other top-level executives in Banks & NBFCs, fostering discussions on market innovations, trends, enablers, and drivers.

The event features insightful panel discussions, special addresses, and breakout sessions and is a beacon for lending industry practitioners. Lentra’s flagship annual event consistently draws distinguished guests from the regulators, Prominent Banks, and NBFCs, underscoring its growing significance year after year.

Source: Press Release

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The 4th PropertyGuru Asia Property Awards (India) were presented today in an exclusive luncheon and presentation ceremony at The Athenee Hotel, a Luxury Collection Hotel, Bangkok.

DLF Cyber City Developers Ltd. came out on top as the year’s biggest winner, scoring the title of Best Sustainable Developer. The company also earned Special Recognitions in ESG and Sustainable Design and Construction.

A wide array of companies and projects were given Special Recognitions this year. Supreme Universal received the Special Recognition for Luxury Development while Turner House by Raiaskaran won the Special Recognition for Landmark Office Design. The Special Recognition for Redevelopment was meanwhile presented to S. Raheja Realty.

The latest edition of the Awards in India also recognised the country’s finest integrated, mixed-use, and office projects, including Brigade Cornerstone Utopia by Brigade Group and The Ark- Voyage to the Stars by Tribeca Developers & Acropolis Developer. Embassy REIT gained wins for the projects Embassy Hub Phase 1 and Embassy Manyata Block D1 & D2.

Jeremy Williams, managing director, Marketplaces, PropertyGuru Group, said: “Congratulations to the distinguished companies and projects that have raised the standard of real estate in India. The winners represent the continual improvement in the quality of real estate in India, showcasing a readiness to meet the demands of NRIs, the domestic housing market, and investors. We look forward to seeing many more such exemplary companies committed to transforming the nation’s property sector for the better.”

Jules Kay, GM of PropertyGuru Asia Property Awards and Events, said: “The built environment of India continues to show impressive growth with the support of smart property seekers and investors at home and abroad. Thanks to the country’s many experienced property developers and high-performing real estate investment trusts, the country’s award-worthy residential and commercial offerings have made great strides in terms of design and construction in recent years, setting quality benchmarks both at a national and international level.”

The independent panel of judges who determined the list of awardees this year consist of Ajai A Kapoor, chairperson of the Awards in India and CEO of 360 degrees – Real Estate Services; Avinash Khater, founder chairman, The Real Estate Kings (TREK); Jitender Girdhar, co-founder & director, Qonqests Technical Solutions and VDC Technologies; Madhav Raman, co-founder, Anagram Architects; Ravi Ahuja, India Real Estate Services; Shradha Batra Mithal, director, Alto Vita; and Sidhartha Talwar, principal and co-founder, Studio Lotus.

HLB supervised the selection process under the leadership of Surabhi Bansal, partner with HLB Advisory Services Delhi LLP.

Organised by PropertyGuru Group (NYSE: PGRU), Southeast Asia’s leading property technology company, the 4th PropertyGuru Asia Property Awards (India) are supported by official portal partner Housing.com; official marketing partner SHK360; official magazine Property Report by PropertyGuru; media partner The Hindu; supporting association IFC – Excellence in Design for Greater Efficiencies; official courier partner Ezy Express; and official supervisor HLB.

Source: Press Release

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India demonstrates remarkable resilience in the face of a challenging global landscape, according to the World Bank. Robust domestic demand, public infrastructure investments, and the strengthening of the financial sector collectively contribute to India’s performance. As a testament to this resilience, a staggering 77% of business leaders surveyed maintain a positive outlook for the upcoming year. These findings emerge from a comprehensive study conducted by Forrester Consulting, commissioned by Experian, a global information services leader. The study also explores the profound impact of AI on analytics, risk assessment, and customer experience. Notably, India demonstrates impressive AI and Machine Learning (ML), adoption rates, reaching 49% in customer service and 40% in identity verification.

The study highlights India’s leadership in the EMEA and APAC regions, with 85% of surveyed Indian businesses using external cloud providers for analytics. India’s adoption outpaces countries like Germany (66%), New Zealand (70%), and Spain (58%), solidifying its position as a front-runner in cloud, AI, and ML utilization.

Role of AI in mitigating top risks

The report delves into the transformative potential of AI, the biggest risk priorities, and underscores how AI plays a pivotal role in fortifying resilience. Data privacy (59%) and cybersecurity (53%) emerge as the top risk concerns for the upcoming year, followed by ESG risk (47%) and credit risk (41%).

Effectively mitigating these risks depends on improving the predictiveness of models and unlocking value from a wide variety of data sources. In this regard, AI, particularly ML, stands out as an instrumental tool with immense potential.

Data integration and cloud investments drive AI success

Achieving AI success requires large volumes of data and the right data infrastructure. Despite an increase in new data sources, the biggest data-related challenge (for 48% of respondents) pertains to the difficulty in effectively sharing data at a large scale while ensuring trust and security. As a result, 86% of business leaders are prioritising investments in new data sources to better understand risk and affordability.

The research shows that the biggest analytics-related challenge for nearly half of respondents (55%) is the ability to seamlessly connect different data assets in a data warehouse that can adequately support AI/ML use cases. To address this issue, 86% are prioritising investments in cloud technology for seamless data integration with 63% agreeing that externally hosted cloud services are the best way to avoid data silos and aggregate data sources.

Unlocking AI’s potential: productivity and efficiency enhancements

There are multiple ways in which AI can improve productivity, efficiency, and service delivery. Many organisations are actively exploring AI use cases, with a diverse range of possibilities, including enhanced underwriting with ML-based models, proactive and early identification of vulnerable customers, improved fraud prevention and faster customer service. More than half (65%) of those already using AI find that their productivity gains have offset the initial cost – a clear indication of positive ROI from AI adoption.

“AI is currently leading the way in identifying innovative approaches to unlock the power of data, revolutionising business operations and elevating customer experience. As businesses engage with increasingly intricate decisions, AI plays a pivotal role in optimising the efficiency and effectiveness of business processes. Embracing the enduring role of AI becomes imperative, providing unparalleled insights for precise decision-making, particularly in critical areas such as risk management and fraud prevention. Simultaneously, it ushers in a new era of operational efficiency through automation, ultimately elevating the customer experience to new heights.” said Saikrishnan Srinivasan, Managing Director, Experian.

“AI/ML has increasingly emerged as a pivotal catalyst in combating new fraud challenges, automating credit risk processes, and leverage alternative data. AI is rapidly transitioning from a choice to a necessity, driving improved business performance and fostering inclusive financial growth,” he further added.

Adding to it Malin Holmberg, CEO, EMEA & APAC, Experian, said, “While AI is driving innovation and enhancing analytical performance, it is critical to ensure this technology is used in a responsible and ethical way. It is reassuring that 61% of our respondents have a comprehensive AI risk management program in place and are actively addressing unintentional bias through fully transparent and explainable AI. Businesses that embrace this technology will find themselves at an advantage as they unlock new growth opportunities through process efficiency and greater automation,”.

Source: Press Release

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