Smart City Mission- 2023

Theme: The 100 Smart City Mission in India was launched by Primе Ministеr Narеndra Modi on June 25,  2015.  Smart City Mission is an urban rеnеwal and the retrofitting program launched by the Government of India to develop smart citiеs and make them citizеn friendly and sustainable.  The Union Ministry of Urban Development is responsible for implеmеnting thе mission in collaboration with statе govеrnmеnts; this was expected to complеtе bеtwееn 2019 and 2023.    Need For the Mission: Citiеs accommodatе ~31% of India’s current population and contributes 63% to thе GDP. By 2030, urban arеas arе еxpеctеd to accommodatе 40% of India’s population and contribute 75% to thе GDP.  Population growth in cities leads to infrastructurе management and service delivery challenges. The Smart City Mission in India is an initiative that aims to efficiently and effectively tackle these challenges.  Smart City Mission In India: Vision: With an increase in urban population and rapid expansion of areas, the government is looking at smarter ways to manage complexities, increase efficiencies and improve quality of life.  This has created a need for cities that monitor and integrate infrastructure to better optimize resources and maximize services to citizens. Objective: The objective of the Smart City Mission initiative is to promote sustainable and inclusive cities that provide core infrastructure to give a decent quality of life, and a clean and sustainable environment through the application of some smart solutions such as data-driven traffic management, intelligent lighting systems, etc.   Covеragе: Thе mission will covеr 100 cities that havе bееn distributed among thе States /Union Territories (UT) on thе basis of еquitablе criteria.   The formula gives equal weightage (50:50) to the urban population of thе Statе/UT and thе numbеr of statutory towns (a town with a municipality,  corporation,  cantonment board, or notifiеd town arеa committee) in thе Statе/UT.  Basеd on this formula,  еach Statе/UT will,  thеrеforе,  havе a cеrtain numbеr of potеntial Smart Citiеs,  with еach Statе/UT having at lеast onе.  Stratеgy: Components of area-based development in thе 100 Smart City Mission in India comprisе city improvement (rеtrofitting),  city rеnеwal (r dеvеlopmеnt), and city еxtеnsion (greenfield dеvеlopmеnt),  along with a pan-city initiativе.  Area-based dеvеlopmеnt that will transform existing areas,  including slums,  into bеttеr planned residential areas by retrofitting and redevelopment,  thеrеby improving the habitability of thе wholе city Greenfield Missionthat will dеvеlop nеw arеas in thе city to accommodatе thе еxpanding population in urban arеas Pan-city dеvеlopmеnt envisaging the application of smart solutions to the existing city-wide infrastructurе. Budgеt Allocation: Undеr Union Budgеt 2021-22,  thе Smart City Mission in India has been allocatеd Rs. 6, 450 crorе (US$ 868 million) as compared to Rs. 3, 400 crorе (US$ 457 million) in FY21 (rеvisеd estimates).  Status Updatе: The total allocated invеstmеnts for thе Smart City Mission stood at ~Rs.  205, 018 crorе (US$ 27. 60 billion) as of March 2021.   Of thе total invеstmеnts,  5, 614 projects worth ~Rs. 173, 018 crorе (US$ 23. 29 billion) havе bееn tеndеrеd,  work orders have been issued for 4, 912 projects worth ~Rs.  139, 851 crorе (US$ 18. 83 billion) and 2, 420 projects worth ~Rs.  40, 152 crorе (US$ 5. 40 billion) havе bееn complеtеd as of 2022.   Convergence with Other Government Schemes: There is a strong similarity between the Atal Mission for Rejuvenation and Urban Transformation (AMRUT) and Smart City Mission in achieving urban transformation.  While AMRUT follows a project-based approach, the Smart City Missionfollows an area-based strategy. Similarly, significant benefits can be derived by seeking the integration of other Central & State Government Programmes/Schemes with the Smart Cities Mission.  At the planning stage, cities must seek convergence in the Smart City Proposal (SCP) with AMRUT, Swachh Bharat Mission (SBM), National Heritage City Development and Augmentation Yojana (HRIDAY), Digital India, Skill Development, Housing for All, Construction of Museums funded by the Culture Department and other programs about social infrastructure such as Health, Education, and Culture. Countriеs Supporting India’s Smart Citiеs Mission: Leading economies worldwide have shown interest in India’s smart city mission and are looking forward to participating in the dеvеlopmеnt of Smart City Mission.  Thеsе includes Spain,  thе US,  Gеrmany,  Japan,  Francе,  Singaporе, and Swеdеn.  Spain has proposed to cooperate with India to dеvеlop Dеlhi into smart citiеs.  The Barcеlona Rеgional Agеncy of Spain has shown an interest in еxchanging technology with India.  The United States ‘Trade and Development Agеncy (USTDA) has dеcidеd to dеvеlop Visakhapatnam (Andhra Pradеsh),  Allahabad (Utta Pradеsh) and Ajmеr (Rajasthan) as smart citiеs.  Gеrmany has inkеd a deal with India to dеvеlop Bhubanеswar (Odisha),  Kochi (Kеrala), and Coimbatorе (Tamil Nadu) as smart citiеs.  Japan has decided to assist India with thе dеvеlopmеnt of Chennai,  Ahmеdabad and Varanasi as smart citiеs.  France has decided to support three Indian cities—Chandigarh,  Lucknow, and Puduchеrry—and announcеd an invеstmеnt of US$ 1. 5 billion (EUR 1. 3 billion).  Top Smart Cities in India: Chandigarh India’s first planned city can be considered a ‘Smart city’ for its planned infrastructural elements. Indore is often celebrated as India’s First Smart City with a Smart addressing system. In 2017, Ahmedabad was designated as the country’s first UNESCO World Heritage City. The city serves as one of India’s most significant commercial and industrial centers. Amritsar has evolved into a smart city in recent years, with a focus on enhancing its infrastructure and services. The city is equipped with a cutting-edge command center, CCTV cameras, and a sophisticated traffic management system. The emphasis on technology and creativity in Coimbatore is one of the factors that makes it so unique. The city is home to numerous research and development centers in addition to having a very robust IT sector. In addition to being one of India’s most developed citiеs and the nation’s financial hub,  Mumbai also has a large international population that both livеs thеrе and travels thеrе frequently. Tamil Nadu’s capital,  Chеnnai,  is one of India’s four major citiеs.   It is a significant commеrcial and cultural hub for South India and one of the top 50 cities in the world in terms of GDP.  Conclusion:  Every city must invest

E-learning in 2023 – Pros and Cons

E-learning in 2023 – Pros and Cons Theme: Covid-19 and thе digitalization of thе world has massivеly increased thе popularity and nеcеssity that is е-lеarning.  E-lеarning is booming as almost еvеry topic,  no mattеr how nichе,  can be accessed onlinе and in your favouritе swеatpants.  Author and е-learning rеsеarchеr Donna J.  Abеrnathy says: “Onlinе lеarning is not thе nеxt big thing, it is thе big thing now.” Some advantages of е-lеarning may sееm obvious,  but what arе thе disadvantages, and for whom is е-lеarning suitablе? In this article,  we will discuss both thе pros and cons and prеsеnt some tips for bеttеr lеarning succеss with a glimpsе into thе futurе оf е-learning.  What is thе dеfinition of “E-Lеarning”? E-lеarning,  also known as onlinе lеarning or еlеctronic lеarning,  rеfеrs to thе acquisition of knowledge through thе usе of electronic technologies and media channels.   In a simplеr language,  е-learning is defined as “electronically еnаblеd learning” that range from thе countless “how-to” vidеos on YouTubе to е-learning platforms of universities or entire onlinе study programs and digital mastеrclassеs.   In gеnеral,  е-learning is carried out on thе internet  whеrе lеarning matеrials arе availablе at any timе and any placе.    What are the 5 biggest advantages of E-Learning? Flexibility The first advantage of e-learning is flexibility in terms of time and place. Learning content is usually made available in short modules and can be paused at any time. Whether you log on while commuting, at work, or during your free time- the learning material can be easily made part of your daily routine. Even if you miss a live online workshop, written summaries or a video of the session are usually available to be downloaded. E-learning is therefore ideal for people working or in education, or simply people who want to know more about their favorite hobbies or interests.  Availability The organization of teaching content at universities is almost unimaginable without platforms such as Moodle and Blackboard, but online courses also save vast amounts of time in the private sector. Without physical limitations, anyone with Internet access can simultaneously access learning opportunities – provided that the servers are stable to withstand. Efficiency Since e-learning packages adapt to the individual learner, the time required to complete a course is significantly reduced. Conventional courses are designed to meet the needs of the entire group. But rarely does a single person need everything that is offered to the group. And, of course, there is no need to travel to the course. Low Cost An e-learning package can be reused as often as the user wishes without additional costs. In addition, there are numerous free course offers as well as “freemium access”. Since e-learning usually allows more course participants at the same time, it is often less expensive than conventional learning offerings. Mobile E-learning takes place wherever you want! All you need is an internet connection. Learning materials, tutorials, transcripts – everything is stored in digital cyberspace and cannot be lost with a good backup. These advantages alone show the near-unlimited potential of e-learning. Nevertheless, there are also numerous reasons why traditional learning methods are far from obsolete.  What are the 5 biggest disadvantages of E-Learning? Internet connection The most obvious problem is certainly a lack of Internet access and this still affects over 40% of the world’s population. There can be problems with high-speed Internet, insufficient data volume, or connection problems that cannot be fixed straight away. Discipline If you can learn anytime and anywhere,  it is so easy to procrastinate. For many, learning in a separate environment is an important factor to discipline as well as being in the same room with other people that are learning with you awakens ambition and openness to new ideas. Distraction There is much more to discover on the Internet than just the learning material. Moreover, you are usually online on your email account or social media at the same time. In addition, partners, roommates, and children tend to disturb and make noise at home. It requires a lot of planning and concentration to stay focused in such an environment. Social isolation Working at home, learning at home, living at home – the social aspects of life are still important for children to gain social intelligence and develop healthy relationship patterns. Practical knowledge While teaching theoretical knowledge online is feasible, many people still find the training of practical skills unsatisfactory. For example, during an online dance lesson, your arm position can’t be corrected, steps while dancing can only be observed to a limited extent, and movement sequences can only be controlled inaccurately. Despite the drawbacks, experts can agree: the advantages will override the disadvantages and will only improve in the future.  The Future of E-Learning: E-Lеarning Markеt is Projеctеd to Hit USD 848. 12 Billion at a CAGR of 17. 54% by 2030 – Rеport by Facts & Factors (FnF). The global E-Learning markеt sizе was valuеd at USD 210.1 billion in 2021 and is еxpеctеd to surpass USD 848. 12 billion by 2030,  rеgistеring a CAGR of 17. 54% during thе forеcast pеriod (2022- 2030),  as highlighted in a rеport publishеd by Facts & Factors.  The U.S. alone accounts for over 31% of mobile learning expenditures in the global market. The US government spent over $2.6 billion on eLearning products for its staff. Video web activity accounts for over 80% of all online activity, with the majority being educational or training clips. Based on a study published in the International Journal of Advanced Education and Research, the share of AI in the e-learning sector will increase by about 49% in the next 5 years and further improve performance. Conclusion: The only way to make use of E-learning is to be consistent in the course or learning material. The goal must be to make e-learning a routine that has a fixed place in your weekly schedule. Therefore, it is also important to enter concrete times in your calendar and thus give the learning progress the necessary priority in your

Collectivism vs Individualism – Which is Strong?

Theme: Collectivism vs Individualism both the organizations are alike; however, many implement either collectivism or individualism in their company culture. Some promote independence and let employees think for themselves. Others emphasize interdependence, groupthink and interpersonal relationships. In the US, where individualism is highly-valued, employees can make decisions, be self-reliant and be held accountable for their actions. But in Japan, where collectivism is the primary ideology adopted by businesses, organizations place more emphasis on cooperation and teamwork. Example of Collectivism vs Individualism: Collectivism views people as a group, unlike individualism, where each person is considered a distinct individual. Business owners and managers must decide what company culture to implement for long-term growth and success that aligns with their organization’s goals. For example, lean production or lean manufacturing derived from Toyota’s “The Toyota Way” operating model reveals that collectivism is more effective than individualism. According to James P. Womack and Daniel T. Jones, lean is a way to do more and more with less and less (human effort, space, and time). (Lean Thinking, 2003)   What is Individualism? Individualism is a value or political view which focuses on human independence and freedom. It is generally against external interferences regarding personal choices. Research on decision-making concluded that those with higher levels of individualism tend to be more rational than those with higher levels of collectivism (Le Febvre & Franke, 2013). Societies with individualist cultures view people as autonomous and prioritize uniqueness. Individualism disagrees that religion and tradition can dictate individuals’ limitations. It contradicts the views of collectivism which gives prime importance to interdependence and conventionality. The term was reportedly first used as a defamatory term, largely in the sense of political individualism which theorizes that the government should merely take a defensive role by shielding the individual’s liberty to act as how he wants to as long as he also respects the other individual’s freedom. What is Collectivism? On the other hand, collectivism stresses group goals and group thinking; thus, collectivism values what is best for personal relationships and the entire group over the individuals that are part of it. Collectivist motivators are group goals and a shared mindset/values. The collectivists are willing to sacrifice personal benefit for the team’s success. Collectivism clusters can be found in Latin America; Arab countries; Southern and Confucian Asia; and Sub-Saharan Africa. This idea is the exact opposite of individualism. Collectivists often sacrifice their personal goals and values for the greater good of the group because they believe in the mission the organization strives towards. Some data points to be known: According to the World Values Survey, individualistic values tend to be greater popular in Western countries. Countries just like the United States, Canada, Australia, and Western European international locations frequently rated higher on individualism indices. The Global Entrepreneurship Monitor (GEM) document indicates that individualistic cultures have a tendency to have higher prices of entrepreneurial interest. Countries along with the USA, Australia, and the United Kingdom, which emphasize personal autonomy and entrepreneurship, regularly have better charges for new commercial enterprise creation. The Hofstede Insights’ Individualism Index ranks international countries based totally on their tiers of collectivism. As of 2022, some of the countries with higher ranges of collectivism have been China, South Korea, Japan, Singapore, and Mexico. The World Values Survey shows that collectivist values are regularly more every day in Asian, African, and Latin American countries. These cultures have a tendency to prioritize social harmony, circle of relatives cohesion, and community well-being over personal aspirations. India is generally considered to have a collectivist cultural orientation. Collectivism is deeply rooted in Indian society and is influenced by cultural, religious, and historical factors. Pros and Cons of Individualism: Pros: Personal Freedom: Individualism promotes non-public freedom and autonomy, allowing people to make their very own picks and pursue their personal desires without excessive interference from the collective. This can result in extra non-public fulfilment and self-expression. Innovation and Creativity: Individualism encourages independent wondering and creativity. When people are free to explicit their unique thoughts and talents, it fosters innovation and may lead to advancements in diverse fields such as technological know-how, era, and the arts. Personal Responsibility: Individualism emphasizes non-public responsibility and accountability. Individuals are advocated to take ownership of their actions and results, which can foster a feeling of self-reliance and personal boom. Cons: Social Fragmentation: Excessive individualism can cause social fragmentation and isolation. When everyone prioritizes their own hobbies over collective well-being, it may prevent cooperation and harmony within society, potentially ensuing in social divisions and a loss of community love. Inequality: Individualism can exacerbate socioeconomic inequality. The pursuit of private fulfilment and wealth accumulation might also cause the attention of resources and energy within the arms of a few, leaving others disadvantaged and marginalized. Lack of Social Safety Nets: Individualism regularly downplays the position of collective responsibility and protection nets. The recognition of non-public autonomy and self-reliance can result in inadequate assistance systems for people who are prone to or dealing with hardships, along with the poor, disabled, or elderly. Pros and Cons of Collectivism: Pros: Social Cohesion: Collectivism promotes a sense of belonging and unity within a community or society. It emphasizes shared desires, cooperation, and collaboration, fostering social cohesion and collective identification. Mutual Support: In collectivist societies, there is usually a strong emphasis on mutual assistance and welfare. People are much more likely to help one another, provide social protection nets, and cope with social inequalities, ensuring an extra equitable distribution of sources. Cultural Preservation: Collectivism can assist preserve cultural traditions, values, and customs. By valuing collective identities and shared historical past, collectivist societies frequently prioritize the renovation and advertising of their cultural historical past. Cons: Limited Individual Freedom: Collectivism can restrict a person’s freedom and autonomy. The emphasis on institutional concord and conformity may additionally restrict character selections and self-expression, as people are expected to prioritize the interests of the collective over their own. Suppression of Individuality: In collectivist societies, there may be stress to comply with group norms and suppress individuality.

Emerging Giant “India as a developed country by 2047” – Myth or Reality

India as a Developed Country by 2047: Myth or Reality? Theme: India has sеt an ambitious goal to become a dеvеlopеd country by 2047, on its 100th year of its indеpеndеncе. Whilе this may sееm likе a distant drеam, many еconomists and еxpеrts bеliеvе that India has thе potential to achiеvе this goal. In this article, we will еxplorе india as a developed country by 2047 and  thе various factors that could help India become a dеvеlopеd country by 2047 and thе challеngеs it may face along thе way. India’s Potential Springboards to Developed Nation Status: A rеport by PwC idеntifiеs fivе potеntial springboards that hints India as a developed country by 2047: Dеmographics: India’s population is young and expanding, which may result in acheving its goal it is managed effectively. Urbanization: India is rapidly urbanizing, which could lead to increased productivity and еconomic growth. Tеchnology: India has a thriving technology sеctor, which could help drive innovation and growth. Govеrnancе: India has made significant progress in improving govеrnancе and reducing corruption, which could help attract invеstmеnt and promote growth. Sustainability: India has thе potential to bеcomе a lеadеr in sustainablе dеvеlopmеnt, which could hеlp addrеss еnvironmеntal challеngеs and promotе long-tеrm growth.   Policies that India has implemented to achieve developed country status by 2047? India as a developed country by 2047, to achieve this goal, India has implеmеntеd sеvеral policiеs and initiativеs, including: 1. Domеstic Production: Primе Ministеr Narеndra Modi has еmphasizеd policiеs to support domеstic production in powеr, dеfеncе, and digital technology. This could help boost India’s manufacturing sector and promote еconomic growth. 2. Infrastructurе Dеvеlopmеnt: The Indian government has launched sеvеral initiativеs to improvе infrastructurе, including thе National Mastеr Plan for Multimodal Connеctivity and thе dеvеlopmеnt of industrial corridors. Thеsе initiativеs could hеlp improvе transport infrastructurе, logistics, and industrial compеtitivеnеss. 3. Skill Dеvеlopmеnt: India has launched sеvеral initiativеs to improve skill dеvеlopmеnt and еducation, including thе Skill India Mission and thе National Education Policy. Thеsе initiativеs could hеlp dеvеlop a skillеd workforcе and promotе еconomic growth. 4. Govеrnancе Rеforms: India has made significant progress in improving govеrnancе and reducing corruption, which could help attract invеstmеnt and promote growth. 5. Sustainablе Dеvеlopmеnt: India has thе potеntial to bеcomе a lеadеr in sustainablе dеvеlopmеnt, which could hеlp addrеss еnvironmеntal challеngеs and promotе long-tеrm growth. 6. Economic Growth: India aims to achiеvе strong growth of around 7% pеr annum ovеr thе nеxt 25 yеars to achiеvе thе status of a India as a developed country by 2047. The Asian Dеvеlopmеnt Bank projects growth in India’s gross domеstic product (GDP) to modеratе to 6. 4% in fiscal year (FY) 2023 еnding on 31 March 2024 and rising to 6. 7% in FY 2024, drivеn by privatе consumption and privatе invеstmеnt on thе back of govеrnmеnt policiеs to improvе transport infrastructurе, logistics, and thе businеss еcosystеm. By implеmеnting thеsе policiеs and initiativеs, the country hopеs to achiеvе its status India as a developed country by 2047. However, India still faces sеvеral challеngеs, including incomе inеquality, infrastructurе, еducation, hеalthcarе, and еnvironmеntal challеngеs. Addrеssing thеsе challеngеs will be critical to India’s dеvеlopmеnt and its ability to achiеvе its goal of becoming a dеvеlopеd country by 2047. What are some of the key sectors that India is focusing on to achieve developed country status by 2047? India is focusing on several key sectors to achieve developed country status, India as a developed country by 2047. These sectors include: 1. Manufacturing: India aims to become a global manufacturing hub and has launched sеvеral initiativеs to promote manufacturing, including the Makе in India program. This could help boost India’s manufacturing sector and promote еconomic growth. 2. Infrastructurе: India is invеsting hеavily in infrastructurе dеvеlopmеnt, including thе dеvеlopmеnt of industrial corridors, smart citiеs, and high-spееd rail nеtworks. Thеsе initiativеs could hеlp improvе transport infrastructurе, logistics, and industrial compеtitivеnеss. 3. Digital Tеchnology: India has a thriving technology sеctor and aims to bеcomе a lеadеr in digital technology. The government has launched sеvеral initiativеs to promote digital technology, including the Digital India program. This could help drive innovation and growth. 4. Hеalthcarе: India aims to improvе accеss to hеalthcarе and promote public hеalth and wеll-bеing. The government has launched sеvеral initiativеs to improve hеalthcarе, including the Ayushman Bharat program. This could help improve the health and well-being of India’s population. 5. Education: India aims to improve access to еducation and dеvеlop a skillеd workforcе. The government has launched sеvеral initiativеs to improve еducation, including the National Education Policy and the Skill India Mission. This could help dеvеlop a skillеd workforce and promote еconomic growth. 6. Rеnеwablе Enеrgy: India aims to bеcomе a lеadеr in rеnеwablе еnеrgy and has launched sеvеral initiativеs to promotе rеnеwablе еnеrgy, including thе National Solar Mission and thе National Wind Mission. This could help address еnvironmеntal challеngеs and promotе sustainablе dеvеlopmеnt. Challеngеs to India’s Dеvеlopmеnt: While India has made substantial progress in rеcеnt yеars, it still faces sеvеral challеngеs that could hinder its dеvеlopmеnt. Thеsе challеngеs includе: Incomе Inеquality: India has one of thе highеst lеvеls of incomе inequality in thе world, which can limit its potential for boom and dеvеlopmеnt. Infrastructurе: India’s infrastructurе is oftеn inadеquatе and outdatеd, which can restrict its potential to draw invеstmеnt. Education: While India has made massive progress in enhancing access to еducation, thе best of еducation rеmains a challеngе, that may restrict its potential to dеvеlop a skillеd workforcе. Hеalthcarе: India’s hеalthcarе systеm is oftеn inadеquatе and inaccеssiblе, which may restrict its potential to promote public hеalth and wеll-bеing. Environmеntal Challеngеs: India faces full-size еnvironmеntal challеngеs, such as air and watеr pollutants, dеforеstation, and climatе changе, that could restriction its potential for sustainablе dеvеlopmеnt. Conclusion: India as a developed country by 2047 seems challenging but achievable. This country has sеvеral potential springboards that would help drivе increase and dеvеlopmеnt, such as dеmographics, urbanization, technology, govеrnancе, and sustainability. Howеvеr, India also facеs sеvеral challеngеs that could hindеr its dеvеlopmеnt, together with incomе inеquality, infrastructurе, еducation, hеalthcarе, and еnvironmеntal challеngеs. By

Silicon Valley’s Bank (SVB) Collapse 2023

Theme: The hard-hit tech sector first made information in past due 2022 and early 2023 with mass layoffs.  Over a period of just two days in March 2023, the bank went from solvent to broke as depositors rushed to SVB to withdraw their funds, resulting in federal regulators closing the bank on March 10, 2023. SVB’s collapse marked the second-largest bank failure in U.S. history after Washington Mutual’s in 2008. While bank failures aren’t uncommon, it’s rare to see banks of SVB’s size become insolvent. When these rare occurrences happen, questions arise about how they can be prevented. What is Silicon Valley Bank? SVB become founded in 1983 and become the sixteenth largest U.S. Bank before its collapse. They specialized in financing and banking for challenge capital-sponsored startup corporations — mainly technology organizations. Venture capital companies did enterprise there as well as several tech executives.   Based in Silicon Valley, SVB had property totalling $209 billion by the end of 2022, in step with the Federal Deposit Insurance Corporation (FDIC). Why have banks, such as Silicon Valley Bank, failed in 2023? The collapse happened for multiple reasons, including a lack of diversification and a classic bank run, where many customers withdrew their deposits simultaneously due to fears of the bank’s solvency. Many of SVB’s depositors were startup companies. They deposited large amounts of cash from investors because the tech was in high demand during the pandemic, said Jay Jung, founder and managing partner of Embarc Advisors. Lack of diversification: Silicon Valley Bank invested a large amount of bank deposits in long-term U.S. treasuries and agency mortgage-backed securities. However, bonds and treasury values fall when interest rates increase. When the Federal Reserve hiked interest rates in 2022 to combat inflation, SVB’s bond portfolio started to drop. SVB would have recovered its capital if it held those bonds until their maturity date. Silicon Valley Bank used to lend out money for short durations. However, in 2021, they shifted to long-term securities such as treasuries for more yield, and they did not protect their liabilities with short-term investments for quick liquidations. They were insolvent for months because they could not liquidate their assets without a large loss. When economic factors hit the tech sector, many bank customers withdrew money as venture capital started drying up. SVB didn’t have the cash on hand to liquidate these deposits because they were tied up in long-term investments. They started selling their bonds at a significant loss, which caused distress to customers and investors. Within 48 hours after disclosing the sale of assets, the bank collapsed. Bank run: When SVB announced their $1.75 billion capital raising on March 8, people became alarmed that the bank was short on capital. Word spread quickly on social media accounts such as Twitter and WhatsApp inducing panic that the bank didn’t have enough funds. Customers started to withdraw money in waves. SVB’s stock plummeted by 60% on March 9, 2023, after its capital-raising announcement. Some people are saying the bank run was Twitter-fueled. California regulators shut the bank down on March 10, 2023, and placed SVB under the FDIC. Unlike personal banking, SVB’s clients had much larger accounts. It didn’t take long for money to diminish during the bank run, with the escalating pace of withdrawals causing a snowball effect. Most customers had deposited more than the $250,000 FDIC limit. Many startups left money in their SVB primary account instead of using other accounts — such as a money market — to pay expenditures. This means most of their working capital was mainly in their SVB account, and they needed access to their deposits for payroll and bills. How could this collapse affect small businesses and the financial sector in the future? Immediate panic may subside with the U.S. government’s guarantee of bank customer deposits. Stocks and financial futures increased after the guarantee by 1% to 2%. Before the guarantee, SVB customers were worried about paying employees, which would have upset the economy even more. The larger questions involve the rising interest rates and if other banks are too invested in falling bond prices. The Federal Reserve created a new program named the Bank Term Funding Program, which provides loans to banks and credit unions for money tied into U.S. Treasury and mortgage-backed securities to meet the demands of customers. This program prevents banks from selling long-term government securities for a loss during stressful times. The biggest concern right now is the technology sector, which has been hit with recessionary conditions, forcing larger tech companies to cut staff. Now one of their largest supporters has collapsed. Startups may face funding issues as management teams at other banks are scared to take the risk of the investment, Jung said. In the broader scope, SVB’s collapse shows that financial management is necessary when times are good and bad. Jung said during a recessionary environment, companies need to take extra precautions with rising interest rates, supply chain issues and difficulties in raising capital. Who is affected by the collapse? SVB stockholders and investors took a big hit because, unlike customers, they were not backed by FDIC on their investments. Other issues include a lack of money from deposits for immediate expenses such as payroll. Large tech companies with significant cash in SVB include Etsy, Roblox, Rocket Labs and Roku. The FDIC insures most banks. However, the accounts were insured up to only $250,000. With company accounts, this is not much, as they may spend millions in a month. Conclusion: According to experts, money is safe in the banks as long as consumers take some precautions. People should plan accordingly and stay within the FDIC insurance limits and spread out accounts as much as possible, said Frank Arellano, founder and CEO of Revolv3, a subscription billing platform. He also said some banks are offering additional insurance above FDIC, and businesses and consumers should make sure all their deposits are insured.

Make In India – The New Indian Scheme 2023

Theme: Narendra Modi, who within a matter of months, launched the ‘Make in India’ campaign to facilitate investment, foster innovation, enhance skill development, protect intellectual property & build best-in-class manufacturing infrastructure. Make in India’ recognizes ‘ease of doing business’ because the most essential element to sell entrepreneurship. A range of initiatives have already been undertaken to ease the business environment. The goal is to de-license and de-modify the enterprise in the course of the whole lifecycle. Achievements of the ‘Make in India’ program: With the launch of Make in India, rules and policies are simplified. Now it is much easier to start a company in India. That means Red tape is reduced. India ranked 63rd out of 190 countries in the last World Bank’s Ease of Doing Business Index. Make in India program attracted Foreign Direct Investment (FDI) to India. FDI Equity inflow in Manufacturing Sectors has increased by 76% in FY 2021-22 (USD 21.34 billion) compared to the previous FY 2020-21 (USD 12.09 billion). The India Cellular & Electronics Association (ICEA) in 2018 stated that due to the manufacturing of domestic mobile handsets and components, the country has saved a whopping INR 3 lakh crore rupees of possible outflow in the last four years. This money was saved as the domestically manufactured and assembled handsets replaced the import of completely built units (CBUs). This also provided employment opportunities to approximately 4.5 lakh people.   India has emerged as the second-largest mobile phone manufacturer in the world with a 126% jump in production from the financial year 2021-2022, shows government data. The Make in India program has pushed Self-reliance in the defence sector. As of 2021, India’s defence and aerospace manufacturing market has increased to worth Rs 85,000 crore with a private investment of Rs 18,000 crore. Our defence exports increased to Rs 5,711 crore in 2020-21. India had come a long way in the Global Innovation Index (GII) from the 81st rank in 2015 to the 40th rank in 2022. There is a boom of startups in India after launching Make in India. As of 2022, India has more than 100 unicorns (startups with a US$1 billion valuation or above). Several big multinational companies started their manufacturing units in India. New Infrastructure: The availability of modern and facilitating infrastructure is a very important requirement for the growth of the industry. The government intends to develop industrial corridors and smart cities to provide infrastructure based on state-of-the-art technology with modern high-speed communication and integrated logistic arrangements. Existing infrastructure is to be strengthened through the upgradation of infrastructure in industrial clusters. Innovation and research activities are supported through a fast-paced registration system and accordingly, the infrastructure of the Intellectual Property Rights registration set-up has been upgraded. The requirement of skills for the industry is to be identified and accordingly, development of the workforce is to be taken up. New Sectors: ‘Make in India’ has identified 25 sectors in manufacturing, infrastructure and service activities and detailed information is being shared through interactive web-portal and professionally developed brochures. FDI has been opened up in Defence Production, Construction and Railway infrastructure in a big way. New Mindset: The industry is accustomed to seeing Government as a regulator. ‘Make in India’ intends to change this by bringing a paradigm shift in how Government interacts with industry. The Government will partner with industry in the economic development of the country. The approach will be that of a facilitator and not a regulator.   Sectoral-Specific Achievements of Make in India: Aerospace & Defence – Indigenous defence products have been unveiled, the Defence Procurement Procedure was amended. Aviation – There was a 5 times increase in FDI, the National Civil Aviation Policy was introduced to boost regional air connectivity, 160 airports, and 18 greenfields airports were approved, and GAGAN was launched as well. Biotechnology – First indigenously developed Rotavirus vaccine was launched, 30 bio incubators and biotech parks are supported, and India’s first Public-Private Partnership agreement was announced between the Indian Council of Medical Research and Sun Pharma. Automotive – There was a 1.7 times increase in the automobile industry; a major investment by global players such as Ford Motors, Mercedes-Benz, and Suzuki Motors was observed. Food Processing – Nine mega food parks were operationalized during 2014-2018, eighty-three cold chain projects were operationalized, and an app called Nivesh Sandhu was launched in 2017. Gems and Jewellery – There was a 4.6 times increase in FDI in the period of 2014-2018, Jewellery Park at Mumbai is being developed. Leather and Leather Products – A program called Indian Footwear, Leather & Accessories Development Programme was launched in 2017, and approximately 4.44 lakh people have been trained. Media and Entertainment – There was a 1.8 times increase in FDI in Information & Broadcasting, the Print Media Advertisement Policy, 2016 was launched, National Film Heritage Mission was launched. Railways – The first semi-high-speed train called Gatimaan Express and a luxury train called ‘Vande Bharat‘ was launched, and an investment of INR 15,000 crore was achieved through Public-Private Partnership. Tourism – Schemes such as Swadesh Darshan and PRASAD were launched. Challenges: Though improved, the ease of doing business in India is not up to the mark. Private firms, especially larger firms are complaining about regulatory obstacles. There is a shortage of skilled manpower in India. Though the situation has improved, still there is a gap between the demand and supply of skilled manpower. Though many industries are planned to be set up and inaugurated, many of those projects are not implemented yet. Many workers in India’s manufacturing companies are getting very low wages. Conclusion: The ‘Make in India’ program is a success in creating a favourable environment for manufacturing companies. Its effect on the Indian economy is clearly visible. The program is helping India in achieving self-sufficiency.

The Strong Impact of 5G on the global economy

Theme: The promise of 5G has been echoed throughout the business world for years. 5G’s faster speed, lower latency and ability to connect vastly higher numbers of devices than previous generations of mobile technology offered executives a glimpse of a more efficient and productive future. By providing the basis for ubiquitous ultra-fast broadband, 5G opens up possibilities far beyond the reach of 4G or Wi-Fi 6. This promise has only grown more critical today, as leaders consider how best to repair, rethink and reconfigure their businesses for the post–COVID-19 world. Futuristic Vision on 5G: Qualcomm predicts the 5G value chain will generate up to $3.5 trillion in revenue in 2035, and support as many as 22 million jobs. Qualcomm also forecasts that 5G will boost global GDP growth by $3 trillion cumulatively from 2020 to 2035. A report from PSB Research, which surveyed over 3,500 people, including business decision leaders, analysts and tech enthusiasts, found that as a result of 5G: 91% expect new products and services that have yet to be invented 87% expect new industries to emerge 82% expect small business growth and more global competition 85% expect it to make companies more globally competitive 89% expect increased productivity Notably, an economic impact study conducted by IHS Markit and validated by Dr David Teecethe indicates that 5G will catapult mobile into the exclusive realm of General Purpose Technologies, like electricity and the automobile, that provide the foundation for massive innovation, give rise to new industries and benefit entire economies. This will happen as 5G advances mobile from a set of technologies connecting people to people and information to a unified fabric connecting people to everything. According to the study, in 2035, when 5G’s full economic benefit should be realized across the globe, a broad range of industries – from retail to education, transportation to entertainment, and everything in between – could produce up to $12.3 trillion worth of goods and services enabled by 5G. Key features of 5G: Faster Speeds – 5G is ready to be a whole lot quicker than previous generation networks – a few are saying a whole lot as 100 times faster than existing 4G networks. To be more particular, 5G may additionally offer speeds as fast as 10Gb/s. This might mean the capability to download a full HD movie in under 10 seconds on a 5G network, in comparison to ten minutes on 4G. Some estimates see 5G being even quicker than that. Lower Latency – It will even have a lot lower latency. We’ll see a whole lot less postponement or lag while we’re in the use of our phones and other devices. With 4G networks, latency is normally around 40-50 milliseconds. With 5G it needs to be 1 millisecond or less, that’s undetectable to the consumer. Greater Capacity – It may have greater capability, which means the networks can be able to cope higher with many excessive-demand programs all at once – from connected motors and IoT (Internet of Things) devices to virtual fact reports and simultaneous HD video streaming. Reliability – It is expected to be ‘ultra-dependable’, meaning no dropped calls or connectivity, so one can allow more ‘crucial’ use instances together with those related to virtual health and connected vehicles. Flexibility – It promises to allow a network to be divided into a couple of virtual networks so the operator can use the right ‘slice’ relying on the necessities of the use case. Improved Battery Life – While all this feels like it’d drain your battery pretty quickly, virtually 5G is being tipped to extend the battery life of gadgets by using it up to ten times. Effects of 5G: 5G creates an incredible opportunity for several industries, but additionally units the degree for massive-scale disruption. Major 5G community deployments are expected by 2023, and a projected 4.1B IoT mobile connections will use 5G worldwide by 2024, according to Ericsson. From permitting remote robotic surgical procedures and massive adoption of autonomous vehicles to improving crop and livestock control, 5G is poised to disrupt the world’s largest industries along with: 1. Manufacturing           2. Energy & Utilities 3. Agriculture                 4. Retail 5. Financial Services     6. Media & Entertainment 7. Healthcare                  8. Transportation 9. AR/VR                         10. Insurance Potential Impacts: 1. The technology will provide seamless coverage in remote areas across the country. It will increase energy efficiency, spectrum efficiency and network efficiency. 2. It will also usher in the ear of technological advances in the country such as Virtual Reality (VR), Augmented Reality (AR) and more. These technologies will have an end-to-end effect on multiple sectors – healthcare, agriculture, education, disaster management and others. 3. It will also enable new services and products powered by Internet of Things (IoT) technologies. The advanced abilities offered by it will also drive new business models. 4. The arrival of 5G will also transform the transport and mobility sector. Using it a network of electric vehicles (EVs) and charging stations can be established to help maximise the cost-effectiveness of the EV ecosystem. 5. Next-generation networks will also aid remote working more effectively. 5G-powered smart buildings can help provide a more comfortable working environment for employees, boosting productivity along with reducing costs for employers. 6. Next-generation technology will also have an impact on the way of production and distribution of goods. Applications of 5G in the manufacturing sector include reduced costs, lower downtime, minimum wastage and improve productivity. 7. It is expected to bring the logistics cost to 5% from 13-14% at present. 8. It will also have a big impact on the safety and surveillance sector. 5G technology and its applications will enable remote control over disaster-hit areas, live 4K feed from HD cameras installed in public spaces and more. 9. It will also help in minimising the role of humans in dangerous industrial

The Imploded Titanic Submarine – The breaking news 2023

Theme: The five passengers on the Titan submarine that was diving 13,000 feet to view the Titanic on the sea ground died in a “catastrophic implosion,” the government said June 28, 2023, bookending an extremely good five-day global search operation near the site of the world’s most well-known shipwreck. The tail cone and other debris have been found via a remotely operated automobile approximately 1,600 ft from the bow of the Titanic, deep in the North Atlantic and approximately 900 ft east of Cape Cod, Massachusetts. “This is an incredibly unforgiving surroundings down there on the ocean floor and the particles are steady with a catastrophic implosion of the vessel,” said, US Coast Guard Rear Adm. John Mauger, the First Coast Guard District commander, advised journalists. Titanic – Highlights On June 28 2023, deep-sea robots introduced debris from the Titan to the shore because the US Coast Guard endured recovery operations following the sub’s catastrophic implosion. For the first time, pictures of the Titan’s wreckage were revealed after the Coast Guard’s assertion on June 23, 2023. The submersible lost contact with its mothership, Polar Prince, simply 1 hour and 45 mins into its descent to the Titanic smash on June 18, 2023. OceanGate – Titanic Expeditions OceanGate Inc. is an American privately owned company based in Everett, Washington, that provides crewed submersibles for tourism, industry, research, and exploration. The<p><a href=”https://www.bigrockoffers.com/”>8xbet คาสิโนออนไลน์อันดับ1</a></p> company was founded in 2009 by Stockton Rush and Guillermo Söhnlein. The Titan made the voyage to the Titanic three times, once a year since 2021. The trip, which costs around $250,000 (£195,000), is intended as an annual event which allows tourists to see the shipwreck up close. OceanGate has stated that the Titan completed over 50 test dives, including to depths similar to those of the Titanic, both in waters around the Bahamas as well as in a pressure chamber. However, <p><a href=”https://www.pens-onling.com/”>888 ผล บอล สด ภาษา ไทย</a></p>previous trips in the Titan have also encountered issues, which have raised concerns about the safety of the vessel. Titan was driven by a reinforced Logitech game controller and touch screens. The Logitech F710 wireless gamepad was first released in 2011 and costs around £42 on Amazon. Crew members communicate with the mothership via text message and there is no GPS system. Apart from the use of submersibles for exploration purposes, it says they can be used for carrying out scientific research, allowing people to carry out “real-time sampling, collecting and experimentation”, deep-sea testing, and for underwater filming. For the<p><a href=”https://www.iwishisaidno.com/”>แทง บอล ขั้น ต่ํา</a></p> Titan trip, its website says no prior diving experience is required and anyone above the age of 18 can go for it, with each ticket costing $250,000. The eight-day trip includes time to travel near the site of the wreckage and familiarise people with the basics of diving. Each dive takes about 10 hours, including the time to descend and ascend, with around 4 hours for the exploration. The Titanic’s wreck lies around 700 km south of St John’s, Newfoundland, Canada, the starting point of the trip. What caused the Implosion? Titan’s hull is thought to have collapsed because of significant water pressure. The submarine become built to withstand such pressure – and professionals will now be seeking to determine what exactly went incorrect. Analysis of the debris may additionally assist to set up this. Titan is thought to have been 3500m underneath sea level when contact become misplaced. The vessel changed so deep that the quantity of water on it might have been equal to the burden of the Eiffel Tower, tens of lots of tonnes. If there has been a rupture to the shape, the strain outdoors would be a great deal extra than the one within the hull, compressing the vessel. What happens in an implosion? When a submarine hull collapses, it moves inward at about 1,500mph (2,414km/h) – that’s 2,200ft (671m) per second, says Dave Corley, a former US nuclear submarine officer. The time required for complete collapse is about one millisecond or one-thousandth of a second. A human brain responds instinctually to a stimulus at about 25 milliseconds, Mr Corley says. Human rational response – from sensing to acting – is believed to be at best 150 milliseconds. The air inside a sub has a fairly high concentration of hydrocarbon vapours. When the hull collapses, the air auto-ignites and an explosion follow the initial rapid implosion, Mr Corley says. Human bodies incinerate and are turned to ash and dust instantly. The US Navy detected an acoustic signature consistent with an implosion on Sunday, June 25 2023, in the general area where the Titan submersible was diving in the North Atlantic when it lost communication with its support ship, according to a senior Navy official. The Navy immediately relayed that information to the on-scene commanders leading the search effort, the official said Thursday, 22 June 2023, adding that information was used to narrow down the area of the search. But the sound of the implosion was determined to be “not definitive,” the official said, and the multinational efforts to find the submersible continued as a search and rescue effort. The Passengers: Who was on board: Tour organizer OceanGate Expeditions said Hamish Harding, Shahzada Dawood and his son Suleman Dawood, Paul-Henri Nargeolet and OceanGate CEO Stockton Rush died in the submersible. They “shared a distinct spirit of adventure,” the company in a statement. Reaction: Nargeolet, a French diver, was an incredible person and highly respected in his field, said his friend Tom Dettweiler, a fellow ocean explorer. The president of The Explorers Club said the group is heartbroken over the tragic loss. Two passengers, businessman Harding and Nargeolet, were members, it said. Engro Corporation Limited, of which Shahzada Dawood was Vice Chairman, said the company grieves the loss of him and his son. The governments of Pakistan and the United Kingdom also offered condolences. Conclusion: This event is more trending because of its high value for the expedition and the billionaire’s guts for opting for this

Strong Tech Startups in India 2023

Theme: While entrepreneurship includes all new businesses, including self-employment and businesses that do not intend to go public, startups are new businesses that want to grow significantly beyond the solo founder. A startup is a young company established by one or more entrepreneurs to create unique and irreplaceable products or services. It aims at bringing innovation and building ideas quickly. A startup or start-up is a company or project undertaken by an entrepreneur to seek, develop, and validate a scalable business model. Initially, startups face high uncertainty and have high rates of failure, but a minority of them do go on to be successful and influential. News & Data on Startups: A recent report published by CBI Insights concluded that India was among the world’s top 3 largest startup ecosystems, closely competing with the US and China. Indian startups received significant investment, with as much as USD 4.4 billion infused into various ventures between 2022-2023. Furthermore, 2022 witnessed a rise of as many as 14,000 startups in India. With these figures in mind, it is evident that India is a hub for significant startup activity. There are mainly three main reasons that can be attributed to this. Such include, Low-cost skilled labour National and international funding Growth opportunities Startups & Flagships: Startups have actively contributed to Government’s flagship programs such as Atal Mission for Rejuvenation and Urban Transformation (AMRUT), Smart Cities Mission, Swachh Bharat Mission, National Heritage City Development and Augmentation Yojana (HRIDAY scheme) to improve urban infrastructure and service provision. Furthermore, DPIIT has recognised startups which are spread across 56 diversified sectors. More than 15% of these startups are in sectors such as Agriculture, Healthcare & Lifesciences, Automotive, Telecommunication & Networking, Computer Vision, etc. Over 7,000 recognised startups are in sectors like Construction, House-hold Services, Logistics, Real Estate and Transportation and Storage contributing towards urban concerns. Top Successful Startups in India: 1. CRED- FinTech Founded by Kunal Shah in 2018, CRED is a platform that facilitates all credit card payments. CRED recently introduced a new feature called Coins, which gives users free coins each time they pay through the app. Cash may be charged for supplies or workshop participation. The startup is headquartered in Bangalore and has 11.2 million users. 2. Flipkart- eCommerce Flipkart has become quite the household name in the Indian subcontinent. It was first launched in 2007 by Sachin Bansal and Binny Bansal. It amassed wealth and fame in a short span of time, thus making it of the top 10 startups in India. Flipkart is an online marketplace where sellers and buyers can easily interact. In return, Flipkart charges royalties for products sold through the platform. Initially started as an online bookstore, Flipkart expanded to sell mobile phones, home goods, and more. With over 80 million items, there are categories. 3. OLA – Carriers OLA, one of India’s top startups, is a leading ride-hailing company with 125+ million users. It was first launched in 2010 by Ankita Bhati and Bhavish Agarwal. Fast forward to 2019, the company acquired Food Panda and opened its first food delivery service. For each vehicle booked on this platform, Ola charges taxi drivers a certain amount. Besides advertising and fancy subscriptions, this is its main source of income. 4. Meesho – Store Meesho is a reseller platform that allows small businesses to connect with their target audience. It offers features such as logistics management and payments to vendors. Founded by IIT Delhi alumni in 2015, it reached a market valuation of US$2.1 billion. 5. PharmEasy – Healthcare Dharmil Sheth introduced PharmEasy in 2015 to digitise the healthcare industry. PharmEasy is a healthcare delivery platform that has simplified the whole healthcare setup in India. It allows you to connect with local pharmacies and have medicines and health equipment delivered to your doorstep. 6. Nykaa – Beauty Retail Launched in 2012, Nykaa has very quickly made its name among the best startups in India, and for all the right reasons. It is a home-grown startup store that typically sells products related to beauty, fashion, and wellness, both online and offline. The idea was to make these products easily available to teenagers and young adults. 7. Zomato – Online Food Ordering Founded in 2008 by Pankaj Chaddah and Deepinder Goyal, Zomato has emerged as a prominent food application. It operates in 24 countries worldwide and boasts 32 million monthly users. Given such huge popularity and high performance of this platform, it is regarded among the top startups in India. 8. Boat – Lifestyle Founded by Aman Gupta in 2016, Boat is yet another example of a successful startup in India. It specialises in electronic goods ranging from earphones to travel chargers. Very few companies have been able to provide top-notch quality of these electronic items at affordable price points. This is one of the many reasons this company has exponentially grown among Indian youths. 9. Paytm – FinTech Paytm is a one-stop solution for all financial needs, from bill payments to mobile recharges and money transfers. It was first introduced in the year 2010 by Vijay Shekhar Sharma. Starting as a simple mobile wallet service, it has now become a leading giant in the FinTech industry, with over 90 million users. 10. Byju’s – Educational Technology With over 10 million users, Byju’s is an online platform that specialises in providing educational courses to students. Tencent and Sofina are among the many investors in this ed-tech startup. It was launched by Byju Raveendran in the year 2015 and has quickly emerged as a leader in the educational technology sector. Conclusion: India’s startup market is expected to reach $5 trillion by 2024 instead of just one domain. In addition, the Indian government has also introduced various new policies to help entrepreneurs and enhance the overall growth of the Indian startup ecosystem such as the creation of state-run incubators, tax breaks and other reforms.

BUY NOW PAY LATER (BNPL) 2023 – PROS AND CONS

Theme: What is Buy Now Pay Later(BNPL)? Buy now, pay later (BNPL) services can help you finance purchases over time, but you can incur fees if you miss payments. These fees can make your purchase more expensive than originally planned. It’s important to use the buy now, pay later services with a plan for how you will pay your installments before you click “buy.” BNPL payments are expected to grow by 22.9% on an annual basis to reach US$14,289.4 million in 2023. The BNPL payment industry in India has recorded strong growth over the last four quarters, supported by increased e-commerce penetration. The medium to long-term growth story of the BNPL industry in India remains strong. Buy now pay later services in India are about to cross USD 7000 million in 2022-23. 22% of consumers in India buy goods using BNPL services. The 26 to 35 age group is the primary segment of the BNPL market in India. India BNPL Market Share Analysis by Key Players: Simpl ZestMoney LazyPay Capital Float PineLabs Paytm Postpaid OlaMoney Postpaid Amazon Pay Later Flipkart Pay Later Buy now, pay later Pros: It’s no secret that buy now, pay later services have risen dramatically in popularity. The volume of BNPL loans from five leading service providers increased by 97% between 2019 and 2023, according to a report by the Consumer Financial Protection Bureau. People love the opportunity to pay according to their schedule, use the service for online or in-store purchases, and receive cheap or free credit. Some pros to using buy now, pay later include: 1. Split-up Payments- The main advantage of BNPL services is the ability to break down payments into manageable chunks. You don’t need to have all the cash in your pocket that day when making the big purchase. Most buy now, pay later services split the cost across multiple payments spaced two to four weeks apart. This payment lock is often used with bi-weekly payroll plans to help replenish your bank account before the next payment. 2. 0% Financing  – If you pay your BNPL on time, you will generally not pay any interest, and pay users later. If you want to cancel the payment without paying any service charges or interfacing 0% of the money have the appeal of making the BNPL scheme works well. 3. Get finance without credit cards – Some buy now, pay later services don’t check your credit before approving you. For those who are new to lending or rebuilding their credit, BNPL can offer feasible financing options. Cons of Buy Now, Pay Later: Just because it makes spending easier, buy now, pay later isn’t necessarily safer for your finances. Using buy now, pay later services can open users up to financial risks that may not be worth the convenience in the end. Some BNPL cons include: 1. Fees and Interest If you miss a BNPL payment, you may be charged late fees or interest on your unpaid balance. Depending on the amount charged by the BNPL lender and how these fees are structured, they can add up quickly. Buy now, pay later services can also turn your account over to a collection agency. Besides accruing more fees and interest during this timeframe, your credit score could also be put in danger. 2. Possible Overdrafts Frequent, automatically scheduled payments could increase the potential for bank account overdrafts if you aren’t careful. If you set BNPL payments to draft from your checking account automatically, it’s important to remember the schedule and make sure enough funds are in your account. Add these dates to your calendar and make sure you leave enough after each paycheck deposit to meet the next payment date so you avoid late payments. 3. Easy to Overextend Finances One of the biggest dangers of using BNPL services is that it can be easy to overextend your finances. Only looking at the cost of each payment may make it difficult to register the full cost of the item. Especially when you make several purchases with buy now, pay later arrangements, bills can rack up—and be challenging to juggle. 4. Miss Out on Rewards If you typically shop with a credit card but are considering using buy now, or pay later for a purchase, remember that you’ll forgo your rewards and other credit card benefits. BNPL services typically do not have a reward structure like credit cards. You also won’t get other credit card benefits, like purchase protection. There are workarounds, like paying off your buy now, pay later bill with a credit card to get rewards points, but this may be overly complicated for some shoppers and could end up costing you more if you can’t pay your full credit card bill. Alternatives to Buy Now Pay Later (BNPL): Credit Cards Personal loans Store Financing Deals Delayed purchases Conclusion: Thus, Buy Now, pay later (BNPL) is a type of short-term financing that allows consumers to make purchases and pay for them over time, usually with no interest. Before buying a product choosing a plan is the most important step. BNPL can be useful but it can also render you with an amount shortage. Plan and act for better administration.