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Why COVID-19 Could Fire the Demand for Digital Twins

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The past few months have been rather unusual for everyone. Like you, my movements too have been restricted by the rapid spread of the COVID-19 pandemic. Sitting at home locked down, trying to orchestrate a business that spans different time zones, functions, and complexities has been hard to say the least. And doing all of this in complete isolation often only having email or phone to manage has been frustrating. The collective brain of the team needing to think alike, understanding what was said and unsaid, making interpretations and marching to the same beat requires new skills, new ways of aggregating, and dis-aggregating, information, and more efficient ways to disseminate responsibilities and governing them. The biggest impediments to this are the numerous hand offs and manual interve...

Agriculture and Emerging Technologies – Made for Each Other

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Agriculture and Emerging Technologies – The Two Diversities (Social, Mobility, Analytics, AI, Cloud, IoT, Blockchain, Big Data, AR/VR) Agriculture as a subject and Agriculture Ministry is quite diverse in terms of its coverage & composition. The stakeholders under ‘Agriculture’ are too many and too diverse in nature. Agriculture is a subject, everyone in the Country is directly and/or indirectly connected and relates to. Agriculture & allied sectors (Agriculture) contributing around 15% to GDP, and around 50% population dependent upon Agriculture. The Agriculture contribution to GDP has been going south over years. This is quite a serious concern; however, it calls for disruptive transformation on yesterday basis with most urgency to keep Agriculture relevant. It is not a matter of...

Cloud telephony: The game-changer in the logistics industry

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India’s logistics sector is expected to reach USD 215 billion by the end of 2020 and cloud telephony is only propelling this progress further The COVID-19 pandemic has merely highlighted the need for logistical services across the world. Projected to grow at a CAGR of 10.7%, between 2020-2024 in India, the logistics industry is one of the fastest-growing sectors in the country. This has been propelled by a variety of factors such as the rise in demand, and most importantly, innovation-driven by new-age technology. Currently, the logistics industry is undergoing a major transformation in the way it functions, and one of the key elements powering this transformation is cloud telephony. Cloud telephony, also called cloud calling, is a kind of unified communication systems as a service (UCaaS)...

Gujarat AAR rejects concessional GST rate for an affordable housing project in a township

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The Gujarat bench of the Authority for Advance Rulings (AAR) has denied the benefit of concessional GST rate for an affordable housing project in a township with a mix of other projects. A private developer had approached the AAR seeking an advance ruling on whether a particular project undertaken by the applicant could take the benefit of the concessional GST rate of 12%. The applicant is engaged in a project comprising two phases, and the second phase is an independent project for affordable housing and is eligible for the concessional 12% GST. The applicant claimed that a township is different from a standalone housing project. It is, in fact, an integration of various projects. Also, the entire area of the township cannot be considered for arriving at the specifications contained in th...

Key Takeaways from #TwitterChat on Fintech Opportunities in India during COVID-19

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FinTech is one the most thriving sectors in India in terms of both business growth and employment generation.  Indian Fintech market is one of the largest fintech markets globally and has a huge potential in near future. Unveiling the impact of Covid19, the opportunities and the untapped potential of this market is extremely crucial, especially in the current times. NASSCOM Insights in association with Ms. Priyanka Naik, Fintech Startup Mentor, Speaker, and Influencer, Women in Finance Top 100, hosted a Twitter Chat on 11th July 2020 on Fintech. The key topic of the Twitter Chat was Fintech In India – The Landscape, Impact of Covid 19 & The Future Ahead and the panelist onboard for this chat along with Ms. Priyanka Naik was Ms. Shivani Aggarwal, BFSI, Fintech & Blockchain Rese...

Kerala becomes the first State to adopt second-level verification for new GST registrations

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To keep in check the rising number of benami registrations that make fraudulent input tax credit claims, the State of Kerala has introduced a second level of verification of registration for all registrations granted after June 1, 2020. This verification is expected to be done for both State, and Central assesses. The office of Kerala’s Commissioner of State Tax, State Goods and Services Tax Department issued a circular stating that the GST registering authority will be holding the primary responsibility of ensuring accurate paperwork. This will be followed by the second level of verification by the intelligence wing. Once GST registration is granted, all details will be made available on the GST portal, and the Deputy Commissioner (Intelligence) of each jurisdictional district will ...

#InsurTech – 5 Trends that will Redefine the Industry in the Covid Era

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Insurance has been a vital industry for the economic development of any country; however, it has seen a very low market penetration in India. The insurance penetration in India is 3.7% of the GDP while the world average is 6.31% (FY 2020) However, Covid19 has brought a huge shift in this trend due to the awareness of the importance of insurance amidst the current pandemic. According to a recent survey conducted by Swiss Re Group, a leading reinsurance provider, 39% and 63% Indians, respectively, now consider life and health insurance policies highly critical to have. This trend in India is only expected to rise shortly seeing the pandemic not going away too soon. InsurTech is nothing but a smart combination of Insurance & Technology – paving the way for the deployment of technology inn...

Role of Technology in the Government & Public Sector Undertakings

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Technology has become a critical facilitator for today’s businesses.  It has a highly profound role in driving optimization and efficiency across all sectors today, including the public and private sectors. CIOs from Government & PSU’s have adopted niche technologies to drive innovation and transformation within the country. Tech-adoption is seen as an investment in keeping the country competitive in an ever-evolving global economy. Reliance on progressive technologies such as blockchain, artificial intelligence, robotics, augmented reality, and machine learning has helped drive sustained growth within the public sector. This constant strive via automation, and the digitalization of services has led to significant social, economic, technological, & environmental outcome...

3 Years of GST: How GST transformed compliance in India?

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The Goods and Services Tax (GST), implemented on July 1st, 2017, completed its three years of operation. Considered to be the biggest reform in indirect taxes, GST combined (subsumed) almost 17 prevalent taxes into a single umbrella. Although introduced under the “One Nation, One Tax” slogan, the transition period was stressful for both the taxpayers and the government. But, the government has taken various measures overtime to stabilize the compliance process and resolve ongoing issues. GST is still an ongoing process, as evident from the 40th GST Council meeting, which has made various amendments to the system. In India, the dual GST model has been adopted wherein the tax is levied concurrently by both the Central and State/UT governments on the supply of goods and/or service...

Will COVID-19 change the future of the electric grid?

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According to data from the IEA in their Global Energy Review 2020 report, the COVID-19 full lockdowns cut overall energy consumption about 25%, due mostly to reductions in transport fuel use. On the electrical grid, residential energy consumption did increase slightly, but reduced power use at industrial and commercial locations resulted in an overall reduction of electric power use by about 20% in areas under full lockdown. Partial lockdowns areas had proportionally less impact. IEA predicted that energy consumption in 2020 will stay at least 5% below 2019 levels. The stress of months of lockdowns, and voluntary isolation has already taken a toll on many businesses, with worldwide job losses and big shifts in energy use patterns. Unprecedented government backed economic stimulus funds are...