2, Dec 2023
Toyota Motor Corporation announces Regional Level restructuring with India poised to play a vital role
Bengaluru, December 02, 2023: Toyota Motor Corporation (TMC) today announced a significant regional restructuring, reemphasizing the pivotal role of India in the company’s global strategy. Currently, as a part of the Asia Region, the Indian market already enjoys high priority. With this change, India will now play an even more crucial role by being integrated into the Middle East, East Asia & Oceania Region and acting as the hub of the new “India, Middle East, East Asia & Oceania Region” starting January 1, 2024.
The new reorganization, which underlines the growing significance of India in Toyota’s global business landscape, reflects the increasing potential of the market upheld by its dynamic and skilled workforce.
![Mr._Masakazu_Yoshimura,_Managing_Director,_Toyota_Kirloskar_Motor_Pvt._Ltd._-_2[1]](https://onlinemediacafe.com/wp-content/uploads/2023/12/Mr._Masakazu_Yoshimura_Managing_Director_Toyota_Kirloskar_Motor_Pvt._Ltd._-_21-1024x683.jpg)
As part of this development, Mr. Masakazu Yoshimura, MD and CEO of Toyota Kirloskar Motor (TKM) will concurrently be the Regional CEO. Appointed as MD and CEO of TKM in 2019, Mr. Yoshimura, having worked in countries such as Japan, China, and South Africa, brings close to 30 years of rich automobile experience covering diverse fields such as Product Planning, Pricing, Sales, and marketing, etc. During his tenure, TKM has successfully launched several world-class products including the Urban Cruiser Hyryder, and the Innova Hycross, both with Hybrid Electric Vehicle variants and the Hilux.
Celebrating 25 years of operations in the country, Toyota Kirloskar Motor (TKM) has announced a series of priority investments marking a substantial stride towards establishing India as a global hub for the manufacturing of clean and green technologies. On November 21, 2023, the company announced fresh investments of INR 3,300 crores involving setting up of a new plant by 2026, thus adding to capacity thereby resulting in a substantial boost to the local manufacturing eco-system, along with ushering new technologies to create “mobility for all. The new plant is expected to ramp-up production capacity by 1,00,000 units, annually, and generate around 2000 numbers of additional employment.
Last year, in 2022, Toyota Group of companies, that included Toyota Kirloskar Motor and Toyota Kirloskar Auto Parts (TKAP), had also announced a Memorandum of Understanding (MOU) with the Government of Karnataka to invest INR 4,100 crores, aimed at making deeper cuts in CO2 emissions and enhance electrification and accelerate the shift towards greener technologies.
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- By Rabindra
2, Dec 2023
NMDC’s Show of Strength, Best Ever Production Upto Nov’23
| November 2023 | November 2022 | Growth | Upto November 2023 | Upto November 2022 | Growth | |
| Production
(In MnT) |
3.83 | 3.61 | 6% | 27.31 | 23.32 | 17.11% |
| Sales
(In MnT) |
3.79 | 3.04 | 24.7% | 27.78 | 22.49 | 23.55% |
Hyderabad, 2 December 2023: Mining giant NMDC delivers its best-ever November month performance in company history, producing 3.83 MnT and selling 3.79 MnT of iron ore in November 2023. With these figures, the company recorded a 6% growth in production and a 24.7% upswing in sales over CPLY.
Continuing to deliver exceptional volumes, NMDC’s cumulative iron ore production has now touched 27.31 MnT and cumulative sales stand at 27.78 MnT up to November 2023. A stellar growth year for NMDC, this is the company’s highest-ever cumulative production and sales up to November 2023. Over CPLY, the cumulative production is 17.11% higher while sales have grown by 23.55%.
Speaking on NMDC’s booming volumes, Shri Amitava Mukherjee, CMD (Additional Charge) said, “NMDC’s performances month after month signal a future where the company stands at the forefront of transformation in the mining sector. We are targeting not only a volume shift but preparing for a paradigm shift in how we conduct business to go from owning 1/6th to more than a quarter of the domestic market share by 2030.”
2, Dec 2023
Vedanta Aluminium organizes masterclass to boost innovation within global extrusion industry
New Delhi, 2nd, December 2023 – Vedanta Aluminium, India’s largest aluminium producer, has hosted its third technical masterclass, focusing on enhancing innovation and efficiency within the extrusion industry. The session, titled ‘The Metallurgy of Extrusion’, drew nearly 200 participants globally, including registrations from the USA, UK, Switzerland, Saudi Arabia, Italy, Spain, Mexico, Qatar, UAE, Greece, Portugal, Belgium, and India.
Mr. Jonathan Pangborn, a globally acclaimed extrusion expert and Technical Advisor on Billet Extrusion for Vedanta Aluminium, led the masterclass. This is the latest in the company’s bouquet of offerings for customers, including new product development, new application development, market development, technical knowledge sharing, and much more.
Vedanta Aluminium is India’s leading producer and exporter of top-quality billets, offering a wide range of choices, including the 1xxx, 3xxx, and 6xxx alloy series, to the global extrusion industry, tailored to their needs. With a production capacity of 580 kt per annum, the company’s billets are manufactured using world-class technology from Wagstaff, Inc. (US) and Hertwich Engineering GmbH (Austria).
Previously, the company launched a special range of High-Speed Billets that can improve extrusion speeds by at least 25% with zero compromises in the strength of the extruded profile. Attesting to their high quality and sustainable provenance, Vedanta Aluminium’s products are the first in the country to be verified as environmentally sustainable by the Environment Product Declaration (EPD) International and also certified for quality by the Bureau of Indian Standards. Additionally, its aluminium smelter and captive power plant in Jharsuguda has been certified against the Aluminium Stewardship Initative (ASI) Performance Standard.
Extrusion is a vital manufacturing process for shaping aluminium into various forms with uniform cross-sections and a crucial step in aluminium’s journey towards powering several important applications in today’s world. The masterclass serves as an informational cornerstone for Vedanta Aluminium’s customers, providing insights into the intricate process of extrusion.
By delving into alloy chemistry, temperature control design, process enhancements, and more, the session equipped participants with crucial knowledge about extrusion. Understanding these details empowers customers to leverage aluminium extrusion more effectively, enhancing their product quality and operational efficiency. This technical expertise aids in developing innovative solutions tailored to their specific industry needs, positioning Vedanta Aluminium’s clients at the forefront of advancements in the extrusion industry.
Highlighting the company’s sharp focus on ensuring customer delight, Mr. John Slaven, CEO, Vedanta Aluminium, said, “Catering to our customers’ dynamic needs is at the core of Vedanta Aluminium’s business approach. Our pursuit of excellence in aluminium production is matched by our dedication to delivering unparalleled value to our customers. In addition to continuous product improvement, high-quality manufacturing, and customer empowerment, we also strive to elevate industry standards through technical partnerships, knowledge sharing, and continuous learning opportunities.”
Reflecting on the universal applications of aluminium, Mr. Jonathan Pangborn, Technical Advisor – Extrusion, Vedanta Aluminium, said, “I see aluminium extrusion as a pivotal element in our modern lives, seamlessly incorporated into most of our gadgets, vehicles, and living spaces. As we strive towards creating a sustainable future, the continuous advancement of aluminium applications gains even more significance, playing a key role in ongoing decarbonization initiatives across various industries. The need to share this knowledge is essential; it equips industry leaders with the means to embrace innovation and encourages a shared commitment to sustainability.”
Aluminium is the world’s second-most crucial metal today, boasting exceptional properties like a high strength-to-weight ratio, remarkable design flexibility, corrosion resistance, electrical conductivity, and perpetual recyclability. The flexibility of aluminium, combined with the adaptability of the extrusion process, not only improves product quality but also boosts productivity.
Aluminium’s capacity to be extruded into intricate shapes with precision makes it an optimal material for design applications demanding the utmost versatility from a cross-sectional perspective. This uniqueness in the aluminium extrusion industry comes with specialised requirements. Applications spanning aviation, automobiles, building & construction, infrastructure, and more necessitate extruders to master aluminium properties, ensuring both speed and top-notch quality to stay competitive.
Vedanta Aluminium, a business of Vedanta Limited, is India’s largest producer of aluminium, manufacturing more than half of India’s aluminium i.e., 2.29 million tonnes in FY23. It is a leader in value-added aluminium products that find critical applications in core industries. Vedanta Aluminium ranks 2nd in the Dow Jones Sustainability Index (DJSI) 2022 world rankings for the aluminium industry, a reflection of its sustainable development practices. With its world-class aluminium smelters, alumina refinery and power plants in India, the company fulfils its mission of spurring emerging applications of aluminium as the ‘Metal of the Future’ for a greener tomorrow.
2, Dec 2023
Aditya Birla Health Insurance Unveils Activ One
Bangalore, Dec 02, 2023: Aditya Birla Health Insurance Co. Limited (“ABHICL”), the health insurance arm of Aditya Birla Capital, India’s leading, well-diversified financial services provider, announced the launch of ‘Activ One,’ a simplified and comprehensive health insurance plan that empowers its policyholders with tailor-made solutions to meet not just their health insurance needs but also enables them to be the healthiest version of themselves.
Loaded with industry-leading features such as 100% HealthReturnsTM, Claim Protect, No Sub-Limits, Super Reload, and Super Credit, Activ One is ABHICL’s most comprehensive product yet, offering customers a one-stop-solution for their health assurance and their health insurance needs.
Commenting on the launch, Mr. Mayank Bathwal, CEO, Aditya Birla Health Insurance, said, “Activ One is a result of us being good at listening to our stakeholders – our customers, advisors, distributors and partners. Based on their inputs and insights, we developed Activ One, that addresses the needs of every consumer – across their different health or life stages, and at stages of battling chronic ailments. With seven variants built into one product, we are offering the Power of One, to all. At ABHI, our vision has always been to incentivize wellness, encouraging policyholders to embrace a healthier lifestyle and holistic well-being. Through Activ One, we want to ensure that our policyholders experience a simplified and comprehensive healthcare solution that is personalised, rewarding and worry-free.”
Activ One stands out with its wide-ranging set of built-in features, including coverage for in-patient hospitalization and pre- and post-hospitalization expenses extending up to 90 and 180 days. For the first time, Aditya Birla Health will offer coverage to live-in partners (same or opposite sex) under the policy. This apart, the policy has chronic care cover which provides Day 1 cover (zero waiting period) to people with seven chronic conditions such as Asthma, High Blood Pressure, High Cholesterol, Diabetes, Chronic Obstructive Pulmonary Disease, Obesity and Coronary Artery Disease (PTCA done prior to 1 year).
Reinforcing ABHICL’s commitment to well-being, Activ One includes the HealthReturnsTM feature, which enables policyholders to earn back their entire premium (up to 100% HealthReturns) which can be accrued on the basis of Healthy Heart Score™, the fitness assessment result and the number of Active Dayz™ recorded on a monthly basis. A customer can earn “Active Dayz™ by undertaking any prescribed fitness activities like walking 10,000 steps or undertaking regular exercise, yoga sessions, etc. Funds earned as HealthReturns™ can be used for payment of renewal premium and other non-medical expenses, out-patient expenses, etc.
With no capping on the maximum age of entry, Activ One includes optional coverage for durable equipment, second medical opinion, personal accidents, critical illnesses, and a cancer booster as well.
2, Dec 2023
Qlik Leverages the power of AWS to Provide Immediate, Actionable Sustainability Through Data Analytics
LAS VEGAS/BENGALURU, India December 01, 2023 – During AWS re: Invent 2023, Qlik® articulates its vision in working with Amazon Web Services (AWS): a mission to help businesses actualize sustainability goals by fundamentally integrating sustainability into the realm of data analytics. By working with AWS, Qlik is crafting a novel pathway that is designed to harmonize technological advancement with imperative sustainability objectives.
“Data should be more than numbers and charts; it should drive sustainable action to achieve targets. By leveraging the power of AWS, we offer businesses the means to pivot from static reporting, to driving real-time, actionable sustainability strategies throughout the entire business,” says Julie Kae, VP of Sustainability and DE&I, Executive Director of Qlik.org.
1. Streamlining Data-Driven Sustainability: With Qlik’s superior data integration capabilities, businesses gain a transformative edge, enabling immediate, eco-conscious decisions that embed sustainability into every aspect of operations. A prime exemplification of this is the Marketing Event Sustainability App, utilized by Qlik itself and which runs on AWS, to meticulously measure and manage environmental, social and governance (ESG) and carbon dioxide (CO2) data for organizing carbon-neutral events.
2. Commitment to a Net-Zero Future: Qlik is committed to a sustainable future. When businesses integrate Qlik on AWS, they’re embracing advanced technology as well as an eco-responsible ethos.
3. Extending Global Impact: Qlik is making strides in addressing global challenges supporting entities like the UN Framework Convention on Climate Change (UNFCCC) in tracking milestones towards the Paris Agreement and aiding the World Health Organization (WHO) in global health security initiatives underscoring the magnitude of their global contribution.
Qlik is an AWS Advanced Tier Services Partner. This designation is a testament to the robust and integrated product offerings available, ensuring businesses have access to tools that align technology with sustainability objectives.
2, Dec 2023
Cabinet Note for National Policy on Deep Tech Startup Being Finalised by DPIIT: PSA Prof Ajay Kumar Sood
- Professor Sood, PSA Invites Industry to Partner with Government in Quantum Mission and National Research Foundation
- Lays Down Six Key Areas for Industry 4.0 & Technology Development for India Manufacturing
- FICCI Announces its 2nd Edition of Industry 4.0 Awards by Recognising 11 Best Practices in Digital Transformation Space
NEW DELHI, 02 December 2023: Addressing the 2nd edition of FICCI Industry 4.0 Awards, Professor Ajay Kumar Sood, Principal Scientific Advisor today said that a draft Cabinet note for Deep Tech Startup Policy is being prepared by DPIIT. He said that the deadline for comment on the draft policy was over and through this initiative, we are looking at significant changes in the policy for Deep tech startups. National Deep Tech Startup Policy serves as a comprehensive framework to address the challenges faced by deep tech startups and provide definitive policy interventions to enhance the ecosystem. The unveiling of the draft policy on Deep Tech Startups was a pivotal step toward fostering the growth and development of advanced technology startups, particularly in the realm of Industry 4.0. By focusing on deep tech, the policy aims to bolster innovation and R&D in sectors crucial to Industry 4.0, enabling these startups to spearhead transformative changes in manufacturing, healthcare, and beyond, added Professor Sood.
Professor Sood further said, “The Government of India recognizes the transformative potential of Industry 4.0 and is taking proactive steps to align our national policies with this new industrial paradigm. Initiatives like ‘Make in India’ and ‘Digital India’ are more than just campaigns; they are part of a strategic effort to position India as a hub of high-tech manufacturing and digital innovation. With the launching of Anusandhan National Research Foundation (ANRF) and Quantum Mission, we are investing in research and development, building bridges between academia and industry, and nurturing an environment where innovation can thrive. These initiatives are instrumental in creating the right ecosystem for Industry 4.0 to flourish in India, paving the way for a future that is both technologically advanced and economically robust.”
He also invited the industry to join hands with the government in its Quantum Mission and also in the recently established ‘Anusandhan National Research Foundation (ANRF).
Prof Sood mentioned the following key areas namely ‘Skill and Capacity Development’, ‘Encourage knowledge transfer between academia and industry; and promote technology commercialization’, ‘Strengthen Digital Public Infrastructure’, ‘Establish industry standards for interoperability and compatibility’, ‘Develop agile and adaptive regulatory frameworks’, ‘Invest in Cybersecurity’ and ‘Enhance Data Governance’ are the focus areas where concerted efforts among stakeholders is needed to boost our preparedness and to build our competitiveness towards Industry 4.0.
Mr Subhrakant Panda, President, of FICCI, mentioned that it is a pivotal moment for the Indian economy, as the nation is not only eyeing remarkable growth but is also placing a strong emphasis on sustainable, resilient, and inclusive development. Undoubtedly, technology is poised to be the driving force behind this transformative journey. Acknowledging the pivotal role of technology in this transformative journey, Mr Panda emphasized the nation’s commitment to becoming the third-largest global economy within next few years. Highlighting the remarkable achievements of India in the technology space, he spotlighted India’s success in administering the world’s largest vaccination program, with over 2 billion doses of the COVID-19 vaccine delivered seamlessly, the use of digital certificates showcased India’s technological capabilities on a global scale. He applauded the government’s proactive stance, announcing specific initiatives to promote artificial intelligence (AI). Mr Panda also appreciated the focused efforts of the maturity assessment framework by the FICCI Industry 4.0 Committee.
Mr. Suprakash Chaudhuri, Chairman, FICCI Industry 4.0 Committee and Executive VP & Country Head, Digital Industries, Siemens Ltd. mentioned that we are mindful of our government’s emphasis on ‘vocal for local’ and FICCI Industry 4.0 Committee is helping businesses search for ways to resolve the predicament through local sourcing versus global sourcing, realigning supplier networks, ramping up inventories, etc.
Mr. Rajeev Singh, Co-Chair, FICCI Industry 4.0 Committee and Partner, Deloitte said, “Today, the industry stands as a testament to the successful integration of cutting-edge technologies and advanced manufacturing processes. India has emerged as a global hub for manufacturing, attracting the interest of nations from across the globe. The strategic blend of manufacturing excellence and technological prowess has positioned India as a preferred destination for nations looking to establish a manufacturing footprint.”
Mr KG Chandrasekhar, Co-Chair, FICCI Industry 4.0 Committee and Senior Vice President, of SAP Labs India said, “Special focus on emerging technologies, sustainability and operational excellence, underscores the pivotal role that Industry 4.0 technologies play in not only driving economic growth and competitiveness but also in shaping a future that is environmentally sustainable.”
2, Dec 2023
Mumbai property registrations surge 8% YoY in November 2023
· 9713 units registered in November 2023 against 8965 units in November 2022
· Highest registration numbers for November in the past 11 years
According to data from the Department of Registration and Stamps, Government of Maharashtra, the registration of properties in the Mumbai Municipal region rose 8% annually to 9713 units in the month of November 2023 contributing a revenue of over Rs. 711 crores to the State exchequer, against 8965 units that were registered in November last year. However, the registration numbers were less than October 2023 where 10,607 units were registered.
As per Knight Frank, the city recorded the best November registration numbers in 11 years. Of the overall registered properties in November 2023, residential units constituted 80 percent, and the remaining 20 percent constituted non-residential assets.
Here is what real estate developers have to say on these robust numbers:
Mr. Sandeep Runwal – President, NAREDCO Maharashtra
“The robust response from homebuyers during the month of Diwali indicates positive sentiments towards home ownership. The homebuyers have taken the opportunity of the best pricing and various offers provided by the developers during the festive season. Based on the leads generated during our recent HOMETHON property expo, we can certainly see a strong sales momentum till the end of this year.”Mr. Pritam Chivukula – Vice President, CREDAI-MCHI and Co-Founder & Director, Tridhaatu Realty
“The Mumbai housing market has once again seen exceptional home sales during the recent festive season. The positive market sentiments witnessed during the festive season coupled with the rise in aspirations and income levels did fuel the housing demand among homebuyers propelling home sales. We expect the housing demand to remain strong going into the New Year.”Mr. Rohan Khatau, Director, CCI Projects
“We have seen a phenomenal response from home buyers during the current festive season. There has been a realization among home buyers on the importance of home ownership. Among other areas, the western suburb is seeing a huge housing demand. This comes on the back of improved connectivity and enhanced convenience factor that is instrumental in home buyer preference towards the western suburbs of Mumbai.”Mr. Prashant Khandelwal, CEO – Agami
“We are seeing the Mumbai housing market peak in terms of home sales. The current festive season has given an impetus to this growing housing demand due to attractive pricing, discounts and home loan offers valid for the festive period only. The upgrade in infrastructure projects has improved connectivity in Mumbai and MMR region. This has excited home buyers who are now going ahead and buying their desired home in far flung suburbs which are reasonably priced and within their budget.”
2, Dec 2023
The 6th edition of the luxury interiors design show D/code 2023
Times Group announces the 6th edition of D/code, with 9 curators and collaborations with 30+ designers showcasing the future of luxury interior design
National, 02nd December 2023: India’s finest luxury interior design show, D/code 2023, a Times Group initiative is back with its 6th edition, promising a more captivating show than ever before. The event is being held on 1st & 2nd December from 11.00 am – 07.00 pm at the Dome, SVP Stadium, Mumbai. As the country’s first curated luxury interior design show, the latest edition of D/code 2023 brings a bigger and better show with 9 curators onboard along with 30+ designers, architects, artists, artisans, craftsmen, product designers, design, and students all under one roof. With the theme ‘Future,’ the show promises an intuitive, smart, and sustainable design experience, bringing the future of luxury design.
Offering an extraordinary display of luxury living, this year, the show takes it a notch higher through an experiential journey with four escape rooms such as The Design Classroom and escape rooms curated by Chandni Mathur and Nikhil Kapur, Sravanya Rao Pitte, Hameeda, and Aamir Sharma. In addition, themed installations by architect Ronak Hingarh called ‘DEEP JYOTI STAMBH’ and design students from Pearl Academy and Rachana Sansad College of Applied Art and Craft are on display. The central lounge is adorned with the work of renowned architect and artist Ashiesh Shah, whose collection 21 STAMBHS explores diverse materials – from metals to stone, wood, and more. Exchanging ideas and sparking much-needed conversation around the business of design, the show engages in power talks and panel discussions. The esteemed curators for the event include Hameeda and Aamir Sharma, Maithili Raut, Ekta and Rajiv Parekh, Annkur Khosla, Pooja Bihani, Vaishali Kamdar and Deepak Gugarii. Moreover, with over 60+ decor brands, the latest in global furniture, retail brands, home decor, art galleries, antiques, flooring,
lighting, ateliers, etc. are showcased.
Ronitaa R. Italia, Editor in Chief, of GoodHomes and Home & Design Trends, says, “It is my pleasure to bring to you the sixth edition of D/code, quite literally the country’s first and (dare I say so myself) finest curated, luxury interiors show. I consider this edition a curtain raiser to the future of design shows in our country. This time around, we’ve taken our curatorial bonds to the next level with not one or two, but nine curators. You see, the ultimate goal is to create a show that my architects and designers enjoy spending time and feel at home. And that can be achieved only when we flip the lid and make them tell us what works (and what doesn’t) for them.”
2, Dec 2023
Genpact Works with AWS and Amazon Business to Redefine Insurance Claims Lifecycle
Genpact’s advanced pricing automation workflow integrates generative AI to accelerate claims submission process from weeks to days
NEW DELHI, December 2, 2023 – Genpact (NYSE: G), a global professional services firm focused on delivering outcomes that transform businesses, announced it is working with Amazon Web Services (AWS) and Amazon Business to introduce a transformed approach to property loss replacement and claims management.
Genpact is leveraging its extensive claims management expertise as well as Amazon Bedrock generative AI capabilities and Amazon Business procurement API integrations, including pricing information, to reduce the claims submission process from weeks to days. This initiative is streamlining replacement item identification and enabling more efficient and timely delivery of policyholder estimates. Amazon Bedrock is a fully managed service that provides access to foundation models (FMs) from leading AI companies through an application programming interface (API) to build and scale generative AI applications.
“AI is fundamentally reshaping the landscape of the insurance industry,” said Sameer Dewan, Global Operating Officer, Genpact. “Our Genpact AI-driven automated pricing workflow, powered by AWS, is transforming the research, significantly reducing the time adjusters spend investigating by as much as 75 percent. By automating routine tasks and enhancing decision making, our AI solution is empowering smarter pricing decisions, expediting
claims settlements, and bringing about a profound transformation in the customer experience.”
Genpact is committed to delivering measurable value to its clients through ongoing innovation. In the future, the company plans to integrate additional AI services into the automated workflow to introduce enhanced features. These include real-time summaries of market values for claimed contents and optimal action recommendations for further processing.
2, Dec 2023
Pradeep Rathnam Elected Chair and Timmana Gouda Co-Chair of IAMAI’s New Agritech Committee
New Delhi, December 2, 2023: Pradeep Rathnam, Fintech Head, Ninjacart, has been elected the Chairman of the newly formed Agritech Committee, which represents the agritech industry members of the Internet and Mobile Association of India (IAMAI). Timmana Gouda, Founder and CEO, of Whatsloan, has been elected the Co-chair.
“As I step into the role of Chair of IAMAI’s Agritech Committee, I am excited about the immense potential this platform holds to drive collective efforts in addressing the complexities of our agricultural landscape. I am committed to infusing a collaborative approach focusing into our tech initiatives, ultimately creating inclusive access, and advocating for robust public policies. As a banker for more than two decades, I am personally looking forward to contributing to the fintech developments in the agri value chain.
“Speaking as an employee for an agritech giant, Ninjacart, I know that my efforts as Chair will all be about democratizing technology and propelling the development and maturity of India’s digital agri ecosystem. My tenure as Chair aims to spotlight the industry’s contributions, addressing its challenges head-on, as the growth of resilient companies is integral to both the ecosystem and the nation’s progress,” said Pradeep Rathnam.
Timmana Gouda, said “as a career banker, I am happy to join, as Co-chair of the Agritech Committee under IAMAI with a vision to bring agritechs and fintechs together with the ‘Agrifintech Charter’ to work with agritechs, fintechs, banks, lenders, agri and other ecosystem players to meet Indian government objective of doubling farmers income by reducing their costs and increasing their productivity and incomes.”
The Indian agriculture sector is estimated to be worth $493 bn. The gross merchandise value (GMV) of the agritech sector in the country was around $4 Bn in 2022 and is expected to reach $37 Bn by 2027. The sector has also seen a significant spurt in investment recently, with over 250 agritech companies funded with 63% funding coming over the past two years.
In this context, the agritech committee was formed under the aegis of IAMAI with a broad vision of providing a platform for all agritech stakeholders to collectively work towards the realization of the faster adoption of agritech services in India by the farmers, increase public awareness about agritech and its potential benefits, and developing a vibrant agritech ecosystem in India with focus on Indian agritech start-ups.
In the coming years, the key aims and objectives of the committee are to develop a vibrant policy and regulatory framework for agritech in India, build synergies between various stakeholders to develop a unified agritech cohort, promulgate adoption of best agritech solutions in the Indian context, and provide technology-led thought leadership to relevant stakeholders and decision-makers.
