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.
Atmanirbhar Bharat Abhiyaan 2023 – New Self Reliant India
Theme: Atmanirbhar Bharat Abhiyan is the mission started by the Government of India on 13th May 2020, towards making India Self-reliant. The Prime Minister, Shri Narendra Modi announced an economic package of INR 20 lakh crore as aid to support the country in the times of pandemic. It is focused on 5 components – Economy, Infrastructure, Systems, Vibrant Demography and Demand. Atmanirbhar (Self-Reliant) Country: A self-reliant nation need not take any necessary measures. On the other hand, it will want to produce and process more such products that it can knowingly produce at a lower cost and higher demand worldwide. At the same time, it cannot rely permanently on countries that dump their substandard products and undermine the importing country’s technological development To benefit from scale, availability of natural and skilled people, expertise in manufacturing & processing products in the country, and attitude to judge domestic global needs, always helps countries let them decide whether to manufacture goods or import useful or essential goods. Atmanirbhar Bharat: What does it mean for India? Being self-reliant, India has been planning to revive its small-scale industries that earlier contributed to high economic growth but are no longer viable as some countries like China dumped their inferior products in the Indian market so at a lower price – the way small businesses Thousands of scale cottage businesses are getting off track. Income generation from agriculture, the backbone of India, also needs to be boosted, so that India retains its rural Indian grid and allows the cycles of economic growth to continue to turn rapidly. India initially suffered greatly from the coronavirus health crisis because it was surprised by the sudden spread of the virus from China. There was a shortage of masks, gloves, sanitisers and PPE kits for militant doctors to treat the infected. No country could help in this global epidemic because they were all suffering from the same problem. India then stood firm and demonstrated its ability to supply medicines to the United States and other countries suffering from Covid-1 India is facing a self-reliant COVID-19 situation. India has repurposed automotive industries to collaborate in life-saving ventilation. From producing zero personal protective equipment (PPE) before March 2020, today India has developed a capacity to manufacture 2 lakh PPE kits per day, which is also growing steadily. How India Achieves Self-Reliance in Any Situation? Examples The sudden development of the PPE industry in India is the best example of India gradually turning into a self-reliant country. It has received the biggest fund of ₹21,000 crores from the IIT Alumni Council to support the Atmanirbhar Bharat Mission. The PPE enterprise in India drastically made ₹7,000 crores (US$980 million) in just two months (March to May 2023). The Atmanirbhar Bharat Mission? Pillars and Goals Atmanirbhar Bharat (Atmanirbhar Bharat) is the vision of Shri Narendra Modi, the Prime Minister of India who has a formidable plan to make India a self-reliant nation. Starting with an initiative evolved by way of Suchak, he launched the ‘Atmanirbhar Bharat Abhiyan’ or ‘Atmanirbhar Bharat Mission’ on 12 May 2020 while he introduced the finances for the coronavirus pandemic. There were many government decisions such as amending the definition of MSMEs, growing non-public region participation in diverse sectors and growing FDI within the defence quarter as part of the Self-Reliant India scheme and many tasks which include potential technology. The increase of India’s Protective Equipment Sector (PPE) zone from 0 to 2000 portions per day is the best example of Self-Reliant India (Atmanirbhar Bharat). 5 Pillars of Atmanirbhar Bharat India has 5 Pillars to Focus Upon to achieve the Atmanirbhar Bharat mission and plans to focus on each of them: Growth of Economy Infrastructure Development System Vibrant Demography Demand Increase Plan to achieve the goal of Atmanirbhar Bharat? 5 Phase Strategy India proposes to build a self-reliant India in the five phases below Phase-I: Growth of Businesses including MSMEs Phase-II: Well-Being of the Poor, including Migrants and Farmers Phase III: Agriculture Growth Phase-IV: New Horizons of Growth Phase-V: Government Reforms and Enablers Rs. 20 Lakh Crore Package to Revive Indian Economy With the plan to restore the Indian economy and make India self-reliant, the Indian Prime Minister announced huge finance of Rs. 20 lakh crore – equivalent to 10% of India’s GDP. The budget is supposed to guide MSMEs, and agriculture and is to be dispensed in 5 phases mentioned above. To date, India has had the maximum intense closed society within the globe with very little financial support for the weaker sections of the economy. The size of the package deal reflects the preference to compensate migrant workers and their families for their plight. MSMEs, Agriculture and other key sectors are the pillars of the Self-Reliant India Mission. The country has put together a rescue plan of approximately 13% of its GDP. Conclusion: At the present juncture, when we need both growth and jobs, there can be no second thoughts about the industrial revolution. A well-thought industrial policy can change the ecosystem which can transform India into a global manufacturing hub with competitive pricing, and innovation, and make the country an attractive investment destination.
The strong India-UAE Relation: 2022-2023
Theme: The India-UAE relationship is booming and benefitting more people in the country by boosting India’s economy. UAE has become the 4th largest investor in India. India’s approach toward Free Trade Agreements (FTAs) is undergoing with more awareness of reaching meaningful markets to get admission to and facilitating the integration of the Indian industry into worldwide value chains. In this weblog let us know more about the India-UAE relationship, history, data and much more. CEPA CEPA – Comprehensive Economic Partnership Agreement (CEPA) between the Government of the Republic of India and the Government of the United Arab Emirates (UAE). CEPA is a full and deep Agreement signed on 18 February 2022, during a virtual summit between the Prime Minister of India, Shri Narendra Modi and the President of the UAE and Ruler of Abu Dhabi, Highness Sheikh Mohamed bin Zayed Al Nahyan. CEPA entered into force on 01 May 2022. The Commerce Secretary said that both sides are continuing to work together to further improve the Ease of Doing Business between the two countries. Representatives from Industry mentioned the experience of leveraging upon the CEPA to register significant growth in their respective sectors. India-UAE Relation 2023 Utilization of the India-UAE CEPA has been increasing steadily on a month-on-month basis. The number of Preferential Certificates of Origin (COOs) issued under the CEPA increased from 415 in May 2022 to 8440 in March 2023. Over 54,000 COOs were issued under the CEPA during the 11-month (May 22 – March 23) period. India-UAE bilateral relations – The History India and the UAE installed diplomatic members of the family in 1972. The extra push has been done by bilateral family members while the visit of India’s Prime Minister to the UAE in August 2015 marked the beginning of a new strategic partnership between the two nations. Further, for the duration of the visit of the Crown Prince of Abu Dhabi to India in January 2017 as the chief visitor at India’s Republic Day celebrations, it turned into an agreement that bilateral family members had been to be upgraded to a comprehensive strategic partnership. This gave momentum to launch negotiations for an India-UAE complete financial partnership agreement. What is the Economic Significance of the India-UAE relationship? The UAE has emerged as an important economic hub not just within the context of the Middle East/West Asia, but additionally globally. The UAE, because of its strategic location, has emerged as an essential financial centre globally. In recent years, the UAE, through its ‘Vision 2021’, has sought to diversify its financial system and decrease its dependency on oil. Since 2012, the increase has been led, in step with a World Trade Organisation file, with the aid of the non-hydrocarbon sectors reflecting the hit diversification of the economy. Although the UAE has various its economy, the hydrocarbon region stays very essential followed through offerings and manufacturing. Within services, financial services, wholesale and retail change, and real estate and business services are the principal individuals. What About India’s Economic Ties with UAE? The India-UAE overall alternate merchandise has been worth U.S.$52.76 billion for the first six months of 2022-23, making the UAE India’s 1/3 largest trading accomplice. The purpose is to reinforce bilateral products change to above U.S.$100 billion and services alternate to U.S.$15 billion in 5 years. An alternate agreement is likewise an enabler for 2-way investment flows. The UAE’s funding in India is anticipated to be around U.S.$ 11.67 billion, which makes it the 4th biggest investor in India. Also, many Indian groups have set up production units both as joint ventures or in Special Economic Zones for cement, constructing substances, textiles, engineering merchandise, client electronics, and so forth, in the UAE. Many Indian companies have also invested in the tourism, hospitality, catering, health, retail, and education sectors. Under India’s made over FTA strategy, the Government has prioritised at least six countries/areas to address, which the UAE figures on the pinnacle of the listing for an early harvest deal (or Interim Trade Agreement), the others are the United Kingdom, the EU, Australia, Canada, Israel and a group of countries in the Gulf Cooperation Council (GCC). The UAE too announced in advance its intention to pursue bilateral monetary agreements with India and seven different countries (U.K., Turkey, South Korea, Ethiopia, Indonesia, Israel, and Kenya). What is an Interim Trade Agreement (ITA)? An interim or early harvest trade settlement is used to liberalise tariffs at the alternate of sure items between international locations or trading blocs before a complete FTA is concluded. The authorities’ emphasis on meantime agreements can be tactical so that a deal can be completed with minimal commitments and might allow for contentious issues to be resolved later. Recently, India and Australia announced plans to finish an ITA. Salient Features of CEPA: Trade in Goods: The CEPA affords preferential marketplace get right of entry to over 80% of products traded between India and the UAE. India will enjoy the discount or removal of price lists on its exports to the UAE, specifically in sectors such as gems and jewellery, textiles, leather-based, footwear, sports activities goods, plastics, furniture, agricultural and wooden merchandise, engineering merchandise, clinical gadgets and cars. Trade in Services: The CEPA covers 11 broad carrier sectors and greater than 100 sub-sectors, including business offerings, communique services, production and associated engineering offerings, distribution services, instructional services, environmental services, financial services, health-associated and social offerings, tourism and travel-related offerings, leisure cultural and sporting offerings and transport offerings. Both nations have provided enhanced marketplaces to get an entry for each different service carrier across these sectors. Investment: The CEPA presents a liberal and non-discriminatory regime for pass-border investment between India and the UAE. It additionally includes provisions for, dispute agreements and cooperation on funding facilitation. Some Other Areas of Cooperation: Protection and promotion of investments Technical barriers to trade (TBT) Sanitary and phytosanitary (SPS) measures Dispute settlement Movement of natural persons Pharmaceutical products Intellectual property rights (IPR) Indian Exports to the UAE: At present, Indian exports to
The Ongoing dispute in Manipur: A breaking scenario in 2023
Theme: The ongoing dispute in Manipur is a result of ethnic tensions between the Meitei and Kuki-Hmar-Zomi people in Manipur. The Meitei people, who are bulk in the Imphal Valley, had been annoying a Scheduled Tribe status below the Indian Constitution, which might deliver them privileges corresponding to the tribal groups. This has led to protests by the tribal groups who are in opposition to the Meitei call. This article will lets us know the principal causes and outcomes of the inner dispute in Manipur. What are the main causes of the ongoing conflict in Manipur? The ongoing dispute in Manipur is a complex problem that has been brewing for decades. Here are a number of the principal reasons for the conflict, consistent with the search results: Long-standing inter-network war: The violence in Manipur is by and large because of inner disturbance induced by lengthy unresolved inter-network battles. The nation is domestic to an ethnically numerous group of Sino-Tibetan groups, every with its specific language, way of life, and religion. The Meitei, Kuki, Naga, and Zo tribes are a number of the fundamental groups in Manipur. The demonstrations escalated into violent confrontations between Naga and Kuki organizations and the Meitei, inflicting Indian protection forces to installation The massive influx of illegal immigrants: The Manipuri (Meitei) Association, Navi Mumbai (MMANM) has expressed deep concern over the ongoing war in Manipur which “threatens the peace, protection and socio-cultural material of the country. The root purpose of this warfare lies within the massive influx of both armed and unarmed illegal immigrants from the bordering USA that led to the destabilization of Manipur’s demographic profile, assets, and protected regions/ land. The imbalance in land ownership and shopping rights, at the side of the trafficking of medication and arms via porous worldwide boundaries, poses a considerable threat to the state’s and finally kingdom’s security. Marginalization of communities: Tribal businesses are protesting the prospect of Manipur’s majority Meitei network being identified as a “Scheduled Tribe”. Constitutionally identified, this authentic designation offers positive protections to tribes and groups. “It is an affirmative movement to ensure marginalized groups are represented and gives them reservations and quotas in instructional institutions and authorities jobs,” said Arunabh Saikia, a journalist who has protected the location. The Meiteis declare they’re marginalized compared to the alternative mainstream communities. Insurgencies: Manipur has had a long record of civil conflict because of cutting-edge India’s introduction. The kingdom has grappled with insurgencies, violence, and marginalization for decades. The violence has traditionally been ethnic, and even as there may be a few overlaps with faith, it has usually remained an ethnic conflict with some instances of inter-tribe violence as well. What is the effect of the war on the people of Manipur? The ongoing warfare in Manipur has had a huge effect on the people of the country. Here are some of the approaches in which warfare has affected humans, consistent with the hunt consequences: 1. Loss of existence and displacement: The violence in Manipur has resulted in the loss of many lives, with a minimum of 75 deaths stated thus far. The burning of houses, non-secular websites, and other houses have also been stated. More than 35,000 humans were displaced and are presently residing in treatment camps. The scenario remains hostile, and the huge variety of displaced human beings may additionally preserve and rise because the prevention keeps. 2. Fear and lack of confidence: The ongoing battle has created a sense of fear and absence of confidence in most of the people of Manipur. The violence has been tremendous, and those are afraid to go away from their houses or flow about their day-by-day lives. The state of affairs is especially annoying in areas wherein there may be high attention to special ethnic companies. 3. Economic effect: The war has moreover had an enormous economic impact on the human beings of Manipur. The burning of houses and agencies has left many humans without a supply of income. The displacement of human beings has additionally disrupted monetary interest in the united states. What is the position of civil society businesses in addressing the conflict in Manipur? What is the position of civil society businesses in addressing the conflict in Manipur? Civil society organizations can play a vital role in addressing the continuing conflict in Manipur. Here are a number of the roles that civil society corporations can play, consistent with the quest results: 1. Promoting conflict resolution: Civil society corporations can sell struggle decisions by bringing different groups collectively and fostering expertise among them. Joint protests via Meitei, Kuki, and Muslim civil society organizations in Manipur have adverse decisions that could strengthen the struggle. 2. Representing the civil society of Manipur: Civil society businesses such as AMSU, AMUCO, and UCM claim to symbolize the civil society of Manipur. These organizations can play a position in advocating for the wishes and worries of the people of Manipur and selling peace and stability inside the kingdom. 3. Showing extra activism: Human rights and civil society companies were active inside the region and featured proved extra activism in achieving one-of-a-kind communities. These agencies can play a role in promoting communication and understanding between specific communities and advocating for peaceful solutions to warfare. 4. Negotiating throughout ethnic divides: Civil society groups can negotiate across ethnic divides that otherwise harden and perpetuate warfare. These companies can play a role in bringing special communities together and finding commonplace ground for a non-violent resolution of the war. 5. Raising attention about the root reasons for the warfare: Civil society organizations can raise consciousness about the basic causes of the battle, along with the huge inflow of illegal immigrants from the bordering country. By elevating attention to those problems, civil society groups can help to address the root causes of the battle and save you similarly destabilization of Manipur’s demographic profile, assets, and guarded regions/ land. Conclusion: In the end, the continuing dispute in Manipur is a complicated difficulty that has been