Tag Niti Ayog

NITI Ayog report predicted that the GIG workforce in India will rise from 7.7 million to 23.6 million or 6.7% of the non-farm workforce by 2029-30

Hyderabad, September 27, 2024: The Federation of Indian Chambers of Commerce & Industry (FICCI) organised a full day The HR Evolution Summit-2024 on Thursday with the theme “Adapting to Evolving Workplaces, Workforce, Work Output and Work Ethos” at the Hotel Awasa at Madhapur.

The role and face of HR are changing so much that nobody would have imagined it. Flexibility will be as important as efficiency. Performance predictability will be critical as business cycles become shorter and more volatile. Measurement and modelling are the key to predictability said T. Muralidharan, Chairman of TMI while delivering a keynote address on The Future of HR: A Revolution in the Making.

The work, workforce and workplace are changing rapidly, he said and gave five huge counter-intuitive trends in India. More women are getting educated but fewer women want to work. Male youth prefer to sit at home than work. Real wages in the organized sector are stagnant due to excess supply. Population control has happened without coercion and income inequality is growing rapidly he said

He highlighted the shifting employment terms landscape. The current generation of employees are preferring from full-time to flexible working. The days of full-time and permanent employees will be over soon, he made a startling revelation.

T. Muralidharan who is a former President of FICCI Telangana State Council said a Flexible workforce, part-time, contractual, gig and outsourced workers is going to be the norm in future. HR function needs expertise to effectively hire, engage and compensate this diverse workforce, he added.

NITI Ayog report predicted that the GIG workforce in India will rise from 7.7 million to 23.6 million or 6.7% of the non-farm workforce by 2029-30. Is HR ready for that scenario, he asked 150 plus HR professionals in the hall.

Mr. Srini Raju Chintalapati, Vice Chairman, Young India Skills University, Telangana; Founder, and Chairman of iLabs Capital gave an overview of how HR transformed. It has evolved from basic personnel management to becoming a strategic partner in achieving organizational goals. He highlighted the supply and demand gaps in employment. How entry-level workers’ salaries were staged but salaries for other roles increased manyfold. He spoke about the disparity in the wage structure. He suggested a supply chain mechanism similar to the one in manufacturing for HR.

Dr D. Srinivasa Reddy, Founder and Director, Optimus Group in his special address said HR which used to be statutory compliant has now evolved and become a strategic partner in business development.

Malcolm Nicolson, Head of Sreenidhi School said the way we work has transformed over the past few years. How do we evolve with these changing times? he asked. The answer is leadership, collaborative leadership is the need of the hour, he stated. Collaborative leadership fosters innovation, creativity and engagement and builds, confidence and trust. This leadership can help employees feel heard and understood. They are the partners in progress of each other, he added. The transition from an ego-system to an eco-system approach to leadership is a shift we are witnessing now. They form an individual-centric mindset to one that focuses on the well-being of the whole, he stressed

MVV Rama Raju, Co-chairman of FICCI Telangana State Council while welcoming the gathering said the theme of the summit ‘Adapting to evolving workplaces, work output and work ethos provides insights into the subject and engages in meaningful dialogue. The amount of technology being used in HR has transformed the way we work.

The day-long summit attended by over 150 HR professionals had two panel discussions and a workshop on Future Proofing of HR; Mental Health and Wellbeing and a workshop on Labour Code Implementation

As the Founder & CEO of PaySprint Private Limited, with a deep-rooted commitment to driving innovation and fostering financial inclusion, my expectations for the India Budget 2024 revolve around key measures that can propel the fintech sector forward. With over two decades of experience as a Senior Techno-Functional professional, I bring a unique perspective, anticipating policies that can support the industry’s growth and impact.

Now, as we brace ourselves for the upcoming elections, the Union Finance Minister is consciously driven to present the Union budget 2024-25, with it being a prerequisite to anticipated financial planning and fueling economic growth.

SMEs play a crucial role in the Indian Economy and are considered the driving force behind socio-economic development in India. Currently, there are more than 90 million SMEs in India, which have generated over 110 million job opportunities and contribute more than 30% to India’s GDP, as stated by Niti Ayog.

However, Despite making progress and advancing toward financial inclusion, SMEs’ potential is yet to be chased optimally. For instance, in many cases, SMEs are not bankable, due to lengthy/ complex paperwork, lower capitalization, longer duration to get credit & no-online modes for tracking of loan applications. Making these challenges one’s superpower, Business Banking solutions by SMEs should be made more accessible and convenient, by integrating services under one unified platform, making it a one-stop shop offering financial services or non-financial services, encompassing insurance, payment of taxes, utility bills, and e-ticketing.

With it being a catalyst, SMEs have found themselves non-bankable due to no credit rating as well as disturbed cash flows. The issues mainly breed around low technology innovation, inadequate product as well as less security or no collateral. To its rescue, there should be solutions such as customer innovation or reduced complexities.

By addressing these challenges and providing comprehensive business banking solutions, SMEs can unlock their full potential and contribute even more significantly to the Indian economy.

I anticipate that Contextual finance should be at the forefront, providing personalised experiences to customers’ businesses on a larger scale. Additionally, this approach would allow these platforms to use data to improve financial access and reduce costs. It is by introducing banking solutions in a way that would streamline SME operations with utmost efficiency. It is the introduction of such steps, which can propel this sector forward and help SMEs move away from the tag of underserved.

Picture this, remote account openings for businesses, effortlessly user-friendly digital banking experiences, seamless integrations that connect all aspects of our financial lives, and bespoke financial solutions tailored to meet requirements of each business.

As per the budget of 2024, we look forward to a push to opening of Current Account for SME and thereby, leading to tech solution/platform of Account Aggregator of Current Account’s along with all transactions in a single platform, thereby contributing to a better user experience, effective fund management and the ability to attract capital/funds.

Continuing the discussion related to business banking, we anticipate a breakthrough in technology, with the government introducing provisions to support SMEs in supporting the adoption of real-time banking with quick payments.

In light of this, it is envisaged that staying ahead in technology and being backed by supportive policies is not only a requirement but the need of the hour.

Additionally, the banking landscape must undergo development, with proposed investments for SMEs regarding payments, digital reforms, and small-finance banks, as underpinned by many. Also, Awareness was found lacking about government programs, implemented through banks for the development of the SME sector. Therefore, we expect intervention in this regard from the Government.

As we approach the unveiling of the budget on the 1st of February, the fintech community looks forward to policy initiatives that align with these expectations. A budget that recognizes fintech’s pivotal role in shaping financial services’ future and provides the necessary support will undoubtedly contribute to India’s more inclusive, technologically advanced, and thriving fintech ecosystem.