Business
How ONDC is set to be India’s UPI moment for e-commerce
arket practices from Big Tech and according to Shireesh Joshi, Chief Business Officer (CBO) and President, Network Expansion for the Open Network for Digital Commerce (ONDC), the goal is to create population-scale inclusion of e-commerce in the country.
With ONDC, a Unified Payments Interface (UPI)-type initiative of the Ministry of Commerce and Industry to promote open networks, the government is trying to create the largest interoperable open platform in a bid to break e-commerce monopolies and build a more democratised digital marketplace by bringing micro, small, and medium enterprise as well as small traders online.
Currently, only 5-6 per cent of India’s retail activity is digital.
There are several limitations and constraints of existing platform based e-commerce that will be solved by unbundling and creating interoperability that will further allow any kind of product or service, whether as B2B or B2C, to be transacted on ONDC,” Joshi told IANS in an interview.
One of the immediate outcomes of this unbundling and interoperability is that every seller will have access to every buyer, and vice versa.
“Scale that was limited to a few players will now be available to everyone and help in democratising. E-commerce majors are also in conversation with us for onboarding on ONDC. This is not an anti-anyone initiative,” Joshi elaborated.
The democratisation and innovation that will result from ONDC will allow all kinds of players to flourish and “we will need all these multiple models of e-commerce to help achieve the goal of population-scale inclusion,” he stressed.
Union Commerce and Industry Minister Piyush Goyal has announced that ONDC will gradually be expanded to more cities in the near future, as it has the potential to connect the entire farm value chain.
The Centre also envisions ONDC as a private sector-led, non-profit company to bring focus on ethical and responsible behaviour while providing for trust, rigorous norms of governance, accountability, and transparency.
According to Joshi, an IIT Kanpur and IIM Bangalore alumnus, for farmers and farmer producer organisations (FPOs), the UPI-type protocol will enable access to a much wider market.
“Your neighbourhood fruit seller might claim that the Apples he sells are from Himachal, or the litchees are from Muzaffarpur. But you may not have a way of being sure. But on ONDC you may be able to buy directly from an orchard in Himachal or UP and be sure,” Joshi noted.
Farms and orchards can become brands too and realise better pricing than as commodities through a multi-tier trading and distribution system.
“Famers will be able access all buyers across the country through a single registration and not have to register with multiple organisations,” he emphasised.
This network-wide buyer access has other benefits too.
For example, it can help determine the best market prices for his products, say the current prices of Himachal apples in Delhi and Jaipur mandis to help decide what price to quote and which order to accept.
“Such a scale will create providers of various kinds of services — packing, warehousing, shipping which will enable cost efficient market reach. Products need not be shipped to markets anticipating demand and risk expiring in case it does not materialise, it can be warehoused and shipped on demand instead,” Joshi told IANS.
On ONDC, farmers will not only sell but also be able to buy seeds, fertilizers, pesticides, growth regulators, equipment and tools.
The initiative has an agri-focused entity in National Bank for Agriculture and Rural Development (NABARD) as one of its shareholders which has helped it solve technical challenges and engage with several organisations in the agri sector.
According to Joshi, this is not a one-time journey, given the agri sector’s complexity and diversity.
“We expect this to be repeated every few months to keep building and adding to the agri solutions stack. At some stage, the ecosystem itself should kick in and ONDC may not have to facilitate after that,” Joshi elaborated.
Besides this, they are also engaging with state governments to promote adoption of ONDC for agri e-commerce.
“Haryana and Madhya Pradesh governments have begun mobilising support for this and we expect more to follow. Central initiatives like National Agriculture Market (eNAM), which is a pan-India electronic trading portal, is also in active discussion with us on evolving the best way forward,” Joshi informed.
Overall, ONDC will enable lower costs and higher revenues for farmers, enabling more autonomy and benefits for a farmer, said Joshi who has been credited with managing large-scale business operations/strategy in India and China, including Hong Kong, Taiwan and South Asian territories.
Business
Is Market Correction Over? Sensex Soars By Over 1,900 Points; Nifty Gains Over 2%
The marquee indices closed with monumental gains as Dalal Street recovered with some requisite optimism ahead of the Maharashtra state election results on November 23.
Indian Markets Close With Bumper Gains
On Friday, November 22, the marquee indices closed with monumental gains, as Dalal Street recovered with some requisite optimism ahead of the Maharashtra state election results on November 23.
The BSE Sensex closed for the day’s proceeding with some big numbers. The oldest index in Asia closed with gains of a colossal 1961.32 points or 2.54 per cent. This took the overall value of the index to 79,117.11.
The situation was equally euphoric at the National Stock Exchange. The NSE Nifty closed at 23,830.90, having gained 481.00 points or 2.06 per cent.
In addition, the Nifty Bank index also made gains of over 1.5 per cent. Thebanking index closed with gains of 858.50 points or 1.70 per cent, pushing it beyond the coveted 50K mark, propelling it to 51,231.40.
Gainers and Losers
The days went exceedingly well for most listed companies, the day closed with a green wall. At the BSE end, SBI, Titan and TCS were the biggest gainers with all of the said companies gaining over 4 per cent.
ITC, L&T, Infosys and Reliance also made major gains in excess of 3 per cent by the end of day.
This comes after days, nearly a two-week long period of decline, that marred the market, pushing Sensex below its 80K mark, and Nifty, much below its 25K mark.
It remains to be seen, whether the much discussed market correction that brought about bringing the indices to their actual value, has come to an end or whether sea of red will continue in the time to come.
In addition, it also remains to be seen, whether, the election results for teh critical state of Maharahstra would have an effect on the market, in the next trading week.
Asian Markets
The Asian markets also flourished green with great momentum, as these indices closed on a positive note as well.
Japan’s Nikkei gained 0.68 per cent or 257.68 points, moving towards the 40K mark, closing at 38,283.85.
Another Tokyo-based index, TOPIX, closed at 2,696.53, gaining by 0.51 per cent or 13.72 points.
As we move to China, the story was a lot different, as, contrary to the Indian and Japanese markets, the Chinese markets closed in red.
Hang Seng closed with significant losses in its numbers, closing with a massive fall of 1.89 per cent or 371.14 points, at 19,229.97.
The loss was even greater in mainland China, as the Shanghai-based SSE Composite also ended the day’s trade with deep cuts. The index crumbled by 3.06 per cent or 103.21 points of its value and closed at 3,267.19.
South Korea’s KOSPI was in tandem with other market as closed with some good news. KOSPI closed with an increase of 0.83 per cent or 20.61 points, closing for the day at 2,501.24.
Business
‘Innocent Unless And Until Proven Guilty’: Adani Group Issues Statement In The US Bribery Indictment; Denies Charges, Calls Them Baseless
The Adani Group, which has been at the eye of the storm since the beginning of the new day, has issued a statement in the US Indictment matter.
Adani Denies Charges
The company, in a statement procured by the conglomerate-owned IANS, said, “The allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless and denied.”
Furthermore, the statement asserted its stance and added, “As stated by the US Department of Justice itself, “the charges in the indictment are allegations and the defendants are presumed innocent unless and until proven guilty.” All possible legal recourse will be sought.”
Committed to Highest Standards
The Adani Group further added that it has always upheld and is steadfastly committed to maintaining the highest standards of governance, transparency and regulatory compliance across all jurisdictions of its operations.
US Court Indicts Adani and Co.
The company, in an attempt to assuage stakeholders, partners and employees, said that the company is a law-abiding organisation, fully compliant with all laws.
The storm was kicked off by a post from short-seller group Hindenburg, which shared the news of the US Federal Court’s indictment of Gautam Adani and seven others associated with the company.
Billionaire Gautam Adani has been charged by US prosecutors for allegedly being part of a scheme to pay over USD 250 million (about Rs 2,100 crore) bribe to Indian officials in exchange of favourable terms for solar power contracts.
The press release from the US court elaborated on the allegations and claimed that the company and its leadership had indulged in mass bribery activity, in which the company bribed Indian officials to bag a contract for its Adani Green Energy company.
This in turn led to misleading American investors and global financial investors.
The court reportedly also issued an arrest warrant against Gautam Adani and seven others.
Adani Shares Tank
In the aftermath of the report, Adani Group company shares tanked at Dalal Street. With Adani Enterprises shares hitting the lower circuit, losing 20 per cent of their value. The situation was the same with the other Adani stocks, including Adani Green Energy, which is in the middle of the new storm.
Business
Bharat NCAP Awards 5-Star Crash Test Rating to Mahindra Thar Roxx
The Mahindra Thar Roxx has earned a prestigious 5-star rating in Bharat NCAP’s latest crash tests, reflecting its commitment to safety. Recently evaluated under stringent testing, the SUV excelled with a 31.09 out of 32 score for adult occupant protection and 45 out of 49 for child safety.
Tested in its AX5L and MX3 variants, the Mahindra Thar Roxx delivered notable results, scoring 15.09 out of 16 in the Frontal Offset test and a perfect 16 out of 16 in the Side Impact test. The assessment revealed strong protection for most areas, with adequate ratings for the driver’s chest and lower legs.
The Mahindra Thar Roxx has received high marks for child occupant safety, scoring 24 points in Bharat NCAP tests, along with 12 points for CRS (Child Restraint System) installation and a Vehicle Assessment Score of 9. This top-tier safety rating applies to all Thar Roxx units produced from November 2024 onward, underscoring Mahindra’s dedication to enhancing safety features across its SUV range. Additionally, Mahindra’s XUV400 and 3XO models have also achieved 5-star safety ratings, further emphasizing the automaker’s commitment to robust safety standards.
The Mahindra Thar Roxx offers two interior themes – Classic Ivory and a new Dark Mocha Brown. Comfort and convenience are prioritizing with ventilated seats, leatherette upholstery, a digital driver display, a larger 10.25-inch touchscreen, a high-quality Harmon Kardon sound system, a panoramic sunroof, rear AC vents, wireless connectivity for Apple CarPlay and Android Auto, and a six-way adjustable driver’s seat, combining practicality with luxury.
Mahindra Thar 5-door comes packed with safety and interior upgrades to enhance its appeal. On the safety side, it includes essentials like six airbags, three-point seatbelts for all occupants, hill control features, electronic stability control, and a seatbelt reminder. Advanced driver-assist features, such as autonomous emergency braking, adaptive cruise control, lane-keeping support, lane departure alerts, and a 360-degree camera system with blind spot monitoring, add an extra layer of protection.
Mahindra Thar Roxx offers two engine choices: a 2.0-litre turbo-petrol and a 2.2-litre diesel. The petrol engine comes in two setups—150 bhp and 330 Nm of torque for the manual, and 174 bhp with 380 Nm for the automatic. The diesel option is available only with four-wheel drive.
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