February 2019 - Anakeen Business Networks

Posted on February 11, 2019February 28, 2019 by admin — Leave a comment

India Feb Budget 2019

Introduction

The Union Finance Minister, Piyush Goyal announced the Interim Budget for 2019 on Friday, the 01st of February 2019. New schemes or any policy measures are not generally unveiled in the Interim Budget. However, it is contemplated that along with the interim budget, the government will present the vote on account for the upcoming four or five months. With the General Election scheduled in March or April of 2019, the full-fledged Budget will be announced only after the new Government comes to power.

Note: Union Minister Piyush Goyal is temporarily in charge of the ministry of finance, till the time, the Finance Minister Arun Jaitley return from his indisposition.

At A Glance

India is expected to have an economic boost in the next five years and be a USD 5-trillion economy. As per the forecast, over the next eight years, we can seek to become a USD 10-trillion economy.

For 2018-2019, fiscal deficit has been at 3.4% of GDP
In the financial year 2020, the overall expenditure is seen at ₹27.84 trillion.
In the financial year 2020, the capital expenditure is seen at ₹3,36,292 crore
In the fiscal year 2020, the schemes of Central Government to get a ₹3,27,679 crore.
It has recuperated ₹3 lakh crore through the bankruptcy code.
The existing account deficit for the financial year 2018 and 2019 is seen at 2.5% of GDP.
The banks like Bank of India (BOI), Bank of Maharashtra and Oriental Bank are not anymore under the RBI’s prompt remedial action.

The Interim Budget covered:

Taxation policy
Rural Sector
Labour
GST
Health
North East
Defence
Railways
Women
MSME and Traders
Fiscal Plan
Entertainment Industry
And Various Other factors

Taxation policy

Income tax exemption has been raised to ₹ 5 lacs, and if individuals invest in provident funds and prescribed equities, he can claim exemption up to the gross income of ₹ 6.5 lacs.
The rate of income tax to continue at the current percentage.
IT returns to be processed within 2d hours, and it will be paid within the subsequent two years.
Tax to be exempted on notional rent of two properties.
Rental income’s TDS limit is increased to ₹ 2.4 lakh.
The benefit of rollover of capital gains is extended to two residences and up to 2 crores, which can be claimed once in a lifetime.
Rural Sector
An announcement of Pradhan Mantri Kisan Samman Nidhi (PM-KISAN), under which the Government will transfer ₹ 6000 directly to every farmer (with less than 2 hectares of land) each year, in three in three portions.
Rashtriya Gokul mission budget is increased to ₹ 750 crores.
For maintenance and genetic development of cows, Rashtriya Kamdhenu Ayog to be set up.
New distinct Department of Fisheries to cater to 1.5 crore fishers.
For Animal husbandry and Fisheries: 2% interest grant. An added 3% if repayment is made timely.
Rebate of 2% on interest to farmers affected during a disaster will now be given for the entire period of loan payment.
For all 22 crops, an increase of MSP (minimum support price) will be 1.5 times the cost of production.
₹60,000 crore allocated under the Mahatma Gandhi National Rural Employment Guarantee Act 2005.
Over the future five years, the Government has plans to convert 1 lakh Indian villages into Digital Villages.

Labour

Workers in the unorganized sector will be eligible for a confirmed pension of ₹3000 per month under the Pradhan Mantri Shram Yogi Mandhan scheme after the individual attains the age of 60 years. For this, the worker will need to contribute an amount of only ₹ 100 or 55 every month till 60 years of age.
With effect from 01st April 2019, the New Pension Scheme (NPS) had been improved from 10% to 14%.
Gratuity limit payment raised to ₹ 20 lacs from ₹ 10 lacs.
ESI will now cover up to ₹ 21,000.
There is an increase in the minimum pension also (up to ₹ 1000).

GST

GST is expected to be reduced for house buyers.
Interest rebate of 2% for small and medium size business registered under GST, on a loan amount of ₹ 1crore.

Healthcare

Haryana to have its 22nd AIIMS.
Estimate of the National Health Mission budget increased from ₹ 30,634 crore to ₹ 32,251 crores.

North Eastern States

Allocation of funds to be hiked by 21% to ₹ 58,166 crores in 2019-2020 Budget Estimates.
A recent addition to the air map: Arunachal Pradesh.
A recent addition to the rail map of India: Meghalaya, Tripura, and Mizoram.
Due to the improvised navigation capability of the river, the Brahmaputra, chances of container cargo movement introduced.

Defence

For the first time in India’s history, Government to hike the defence budget to over ₹ 3 lakh crore’ with provision for additional funds, if required.
Under One Rank, One Pension scheme, ₹ 35 thousand crores have been disbursed over the last few years.

Railways

Proposed capital support of ₹ 64,587 crores in 2019-2020 Budget Estimates.
Total capital expenditure proposed to be ₹ 1,58,658 crores
The expected improvement in an operating ratio from 98.4% in 2017-18 to 96.2% in 2019 fiscal year and 95.2 in the 2020 fiscal year.
Expected to be the safest years for railways.
To eliminate all Unmanned Level Crossings on a broad gauge network.
A first of its kind developed and manufactured by India, a semi-high-speed express train, “Vande Bharat Express” to be introduced.

Women

With the Mission to Protect and Empower Women, fund of ₹ 1330 Crore is allocated.
Maternity leave will continue to be six months along with the benefit of cash compensation under the Pradhan Mantri Matru Vandana Yojana for pregnant working women.
Under the Pradhan Mantri MUDRA Yojana, more than 70% of the recipients are women.
Under the Ujjawala Yojana scheme, ₹ 6 crores free LPG connections are planned.

MSME and Traders

If a small and medium enterprise, registers for GST, it will get 2% subvention on interest on an incremental loan of up to ₹ 1 crore.
As per the plan, at least 3% of the total 25% sourcing for the Government undertakings will be from women owned SMEs
Internal trade; DIPP which has been renamed as Department for Promotion of Industries and Internal trade will be under high priority of the Government’s plan.

Fiscal Plan

The fiscal deficit is nailed at 3.4% of GDP for 2019-20
The target of 3% of the fiscal deficit is aimed to be achieved by the financial year 2020-21.
The fiscal deficit has been cut down to 3.4% in 2018-19 with respect to approximately 6% which has been there seven years ago.
There has been an increase in the total expenditure of over 13% amounting to ₹ 27,84,200 crore in 2019-2020.
The total capital expenditure for 2019-20 is projected to be around ₹ 3,36,292 crores.
Allocation of a fund to CSS or the Centrally Sponsored Schemes have been increased to ₹ 3,27,679 crores in the year 2019-20.
Indian Government is assertive on achieving the disinvestment target set at ₹ 80,000 crores.
Heavy focus is now being given on consolidating debt along with the consolidation of fiscal deficit.

Entertainment Industry

Lives of Indian filmmakers to become smoother with access to the Single window clearance. They will also have the comfort of shooting films.
Regulatory provisions will depend mostly on self-declaration.
To bring strict vigilance of piracy and to control it, plans to announce anti-cam cording provisions in the Cinematograph Act.

Others

To support the National Program on Artificial Intelligence a new portal named, New National Artificial Intelligence to be introduced.
For identification of all the outstanding De-notified nomadic and semi-nomadic tribes, a new committee under NITI Ayog is to be formed.

Chief Areas of Fund Allocations

Rural Development: in comparison to the current fund allocation of ₹ 1.12-lakh crore, funds have been augmented by 4.6 percent to ₹ 1.18 lacs crore for the upcoming financial year.
Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA): ₹ 60, 000 allocated crore for MGNREGA scheme in 2019-20 Budget Estimates. The MGNREGA, i.e. Mahatma Gandhi National Rural Employment Guarantee Act has been introduced in 2005. It aims at providing manual and unskilled work to each individual above 18 years residing in the rural areas of India, for at least 100 days in a year.
In the fiscal year 2018-19, allocation of funds to NREGS was ₹ 55,000 crore.
Pradhan Mantri Awas Yojana (PMAY-G): the distribution of the fund is reduced to ₹ 19,000 crores from ₹ 21,000 crores in 2018-19.
Pradhan Mantri Gram Sadak Yojana (PMGSY): it is the same as it was in the last financial year and it stands at ₹ 19,000 crores in the fiscal year 2019.
Education sector: funds of ₹ 93,847.64 crores to be allotted in the education sector for 2019-20, which is an increase of over 10 percent from ₹ 85,010 crores 2018-19
The budget estimation for higher education is at ₹ 37,461.01 crores, and ₹ 56,386.63 crores have been held in reserve for school education.
Job and Skill Development: Funds have been increased to ₹ 7,511 crores in 2019-20 as compared to ₹ 5,071 crores in 2018-2019.
Urban Rejuvenation Mission under Atal Mission for Rejuvenation and Urban Transformation (AMRUT) and Smart Cities Mission: Budget estimation is increased to ₹ 13,900 crores in 2019-20to from ₹ 2,169 for the 2018-19 fiscal year.
Food Corporation of India: Subsidy for food to Food Corporation of India (FCI) under National Food Security Act is hiked to ₹ 1, 51, 000 crore in the financial year 2019-20 from ₹ 1, 38, 123 crore of last fiscal year.
Space Technology: budget allocation has been raised to ₹ 7,483 crores from ₹ 6,576 crores.
National Highways Authority of India: hiked to ₹ 36,691 crores from ₹ 29,663 crores in the upcoming financial year.
Transfer of Direct Benefits: it is increased to ₹ 29,500 crores from ₹ 16, 47800 crores.
Subsidiary for Urea: it is expanded to ₹ 50, 164 crores from ₹ 45,000 crores.
The budget for Sports: it is raised to ₹ 2216.92 crores in 2019-20 from the amount of ₹ 2002.72 (2018-2019) crore.
Allocation for Integrated Child Development Scheme (ICDS): it is amplified by over 18% to ₹ 27,584 crores in the budget estimation of 2019-20.
Considerable raise in fund allocation for the Scheduled Castes (SC) and Scheduled Tribes (ST)
Apportionment of the budget for the SCs is increased by 35.6% to ₹ 76,801 crores in budget estimation for 2019-20 from ₹ 56,619 crores in budget estimation 2018-19.
Apportionment of a budget for the STs increased by 28% to ₹ 50,086 crores in 2019-20 budget estimation from 39,135 crores in budget estimation 2018-19

The vision for the year 2030 in Budget

Besides presenting the Interim Budget, the Finance Minister has also laid out the Government’s ten point vision for India to be attained by 2030.

They are as follows:

Next Generation Infrastructure also is known as Gen-X Infrastructure is to make available an “ease of living” for all citizens.
Vision Digital India is to make sure digitalization reaches to every corner of the country and enhances the life of each citizen.
Cleaner and Greener India is to make India a pollution free country by leading the transport revolution in the form of electronic transports and to focus on renewables.
Industrializing Rural India is to increase the usage of contemporary digital technologies which will create enormous employment opportunities.
Clean Rivers is to make safe drinking water available to every Indian citizen, by introducing the usage of micro-irrigation methods.
Oceans and Coastlines are mounting up of Sagarmala.
Space Programme – An Indian astronaut is to be placed in space by 2022, and thus making India a launch pad for the entire world.
Self-Sufficient India is to ensure that India becomes self-sufficient in its food production and to improve agricultural yield with significant prominence on organic food production.
Healthy Country to make sure a stress less, affordable, and all-inclusive wellness arrangement for every citizen.

Minimum Government, Maximum Governance is to put in place a pre-emptive, responsible, approachable administration and automated governance system.

Posted on February 8, 2019March 7, 2019 by admin — Leave a comment

Business Management Tips and Tricks

As new entrepreneurs, you will have a lot of things to take care, and it is easy to fall prey to the umpteen tasks in your hand. You will have to manage client deadlines, keep track of payments and income, value your customers’ needs, the to-do list never seems to end.

Upon talking to a few successful entrepreneurs of 2019, to learn how to manage a small business, we have understood that the most challenging ordeal is “time management.” Once you can manage your time efficiently, you will be able to handle every other aspect your business seamlessly.

In this article, today, we will talk about some of the business management tips.

Set clear and measurable goals

Without clear goals and objectives, you will find yourself caught in the web of multitasking. While you are bound to have a lot of tasks on your hand, it is imperative that you prioritize them for completing them.

So, the first and most crucial business management tip is to have a clear goal which you can measure. Create a list of realistic and achievable goals for each day of the week. Be specific about what you want to achieve over the week and how do you want to meet it, and then start completing one at a time.

Prepare a vivid to-do list and start tracking your time against each activity. Initially, it might take up sometime of yours, but once you get the hang of it, it will be a quick task. Moreover, it will help you to find out what are the functions which takes up most of your time and which tasks generate maximum output.

Technology has made our lives easier, so to track your time you can use the various apps available depending on your activity types and business.

Invest time in proper recruitment

Some businessmen might feel that they will be able to carry out all their tasks single-handedly, our research has revealed, “please don’t try to do so.” While you might keep the crucial tasks for yourself, delegate the other jobs to your employees because this way you will be able to save time and focus more on the priority task.

There are a lot of activities in a business, and if you can prioritize them, you will be able to sort them and delegate them.

So, another crucial business management tips are to hire the correct resource. While as a small business, you might not feel the need of hiring too many employees, we will advise you to choose them meticulously. Your business is in the initial phase, and you cannot afford to waste time and money on the incorrect resource.

Approach your professional network, look out for referrals, and find professionals who are reliable and can get your job done. Delegating tasks becomes meaningful only if it gets done appropriately.

So, take time, scan profiles, and employ only those who are not only resourceful but also resonate your business objective.

Plan your financial sources

This was one of the most common business management tips that each successful entrepreneur had stressed on. According to them start-up mostly keeps this aside for the next level, i.e., till the time they start growing, which is incorrect. From the very inception of the plan, you must start planning your finances; this will keep you prepared for the coming days.

Do thorough research, work out on your proposals, and keep your financial options open. Even if you are planning to invest your savings, do it cautiously as business is unpredictable and you cannot empty all your savings on it.

Having more than one source of finance is safe. In case you are not comfortable with investments, you can take the help of a financial advisor, who can guide you.

Keep strict vigilance over your financials

Even if you own a very small business, you must maintain your books of account; it might not be a detailed one, but it should have all your incomes and expenditures; always make sure that you do not miss out any of the financial entries.

If you are vigilant on your income and expenditure, you will know from where you are earning the maximum amount and which all factors need control to maximize your profit.

Keep your personal and business finance utterly separate from each other, and never overlap them or else you will lose track of your finances.

You can either use a simple spreadsheet to track your income and expenses, or you can also take a smarter approach and use the various available apps. Most of these apps are easy to use, and you can access them from both your laptops and your smartphones, on the go.

Keep your family separate from your business

A simple yet one of the most impactful business management tips is to stay maintain a difference between your family and your business.

Being your boss is a bliss; you do not have anyone to breathe down your neck and to follow up with you, but it also comes with a few challenges and the most important of all is to stay away from distractions. This challenge mounts up if you are working alone without any team.

So, it is crucial that you keep your family and business separate. While it might term crude to say family causes distraction, but the fact of the matter is your family is essential, and therefore they take up a lot of space in your mind.

When you are at work, focus on it, and try to stay away from your family matters. If required have a small office of your own; or if you are doing your business from home, keep a designated space for your work.

If you can do that it will also help you to have a better work-life balance. Once you can finish your tasks on time, you will be more at ease, and thus you will get to spend quality time with your family at the end of the day. If you want to learn how to manage a small business, adhere to the above management tips, and you will see the difference in both your business and personal life

Posted on February 1, 2019March 7, 2019 by admin — Leave a comment

How to identify Industry trends?

The trend identification in 2019 of your business is crucial, and researching these trends is your primary duty to survive in this growing competitive market. Every type of business is continuously evolving depending on the type of trend that they are dealing with. It is essential to properly build your business by using optimal marketing strategies with analytics tools like Google AdWords, Moz, etc.

You should also analyze the competition of the business along with the network that you have built with several types of business professionals for having a proper insight on how your business is going to work. You need to spend some attention along with diligence for identifying trends and how to keep it trendy. Given below is a list of the ways as to How to identify industry trends.

Analytics and tools

We all have heard about Excel sheets or spreadsheets. One of the most preferred analytics tools is Microsoft Excel, and it is very useful. You can quickly learn to utilize it properly. Excel will help you in summarising the data, visualizing the data and then manipulating the basic data. Moreover, several places will help you to get a proper idea of implementing excel in a way that it will be beneficial for your business when it comes to mapping and tracking of data.

It is very easy to see how your business is growing when you have proper tools for calculating the numbers. You can start by tracking the gross income of your business every month by using charts and graphs and see how the predicted income is behaving each month. One can also utilize excel for the analysis of regression. If you want to use excel, then you will have to install the Microsoft Office, or you can also use other alternatives if you know how to use them optimally. This is one of the crucial market trends that you need to know about.

Google AdWords

Google AdWords is basically an online advertising tool which has been developed by Google, and it will help you by offering relevant services and provide opportunities for advertisement of products or services. It will help you in boosting the traffic in your website and will make you see significant changes in the online sale along with increasing the brand awareness.

By using this Google AdWords, you will be able to identify all the business or industry trend and will help you to analyze what the customer wants right now. You will have to visit the website to know more about them. This is a crucial answer to How to identify Industry trends.

Research on Consulting industry

It is crucial to go through the website of your competition to check how they are approaching the customers for getting a decent marketing position. In this way, you will be able to get yourself aware of new innovations and ideas. Analyze the process of how your competitors are bringing and attracting their customers and see the reviews of their customers to check out what is working for them and what is not.

If you have started a business and you are not much aware of how a particular field is working, then you should definitely check out the relevant blogs or publications. When you are dealing with a particular field, you should do proper research on it by getting online reports because all the people in the industry are making out the compilation of all the success and the failure rates related to the business and how much growth can be achieved. This is definitely a perfect solution for How to identify industry trends.

Talk to other people from the industry

It is very important to always surround yourself with people who are dealing with similar business and learn about their approach. Whenever you are surrounding yourself with relevant and intelligent people, then they will keep you motivated and will discuss all the industry trends which you can later implement. This industry research is crucial, and you need to know the advantage as well.

You can also talk to your co-workers or anyone from the industry if they have any new ideas to share. You can also attend the regional and local marketing campaigns along with entrepreneur conferences and make sure to introduce yourself to people with whom you can build a professional relationship. This is an amazing thing that you need to know about How to identify industry trends.

Keep track of the changes

When you are thinking of succeeding in a particular field, you must be smart enough to get out of your comfort zone and approach people. You will have to keep on modifying your business trends and approaches if it is not working for the customers. Since the field of business is changing rapidly, always make some room for improvements and innovations and keep your mind open so that you can easily achieve whatever is coming into your way.

Have patience

The world of business will keep you in a lot of uncertainty because one day your product might be in demand and on the other day it might not be. You will have to keep yourself calm and implement marketing strategies and trends at the right time. So, if you think that a particular trend is not working for you and you are not satisfied, then you can definitely try out something new. You can also do a survey where you can ask your customers about their opinion regarding your company and what are the changes they are looking forward to.

Having a good connection and keeping up with the trend is very important if you are an entrepreneur or even a skilled business leader. Customers will be your god, and you need to treat them properly to maintain the profit margin. If you see that your company is gaining a good profit every month, do not just shift the price to the higher range because it may drive away your potential customers and make them choose any other brand over yours. As mentioned above, find the answers for How to identify industry trends and incorporate the tricks into your business.

So, stand like a pillar with your company because you can’t expect overnight success from a business. You will have to give it your hard work. Make sure you are also engaging your employees as they are a part of the family who is also dedicating their time for the welfare of the company.

Month: February 2019