20, Jun 2024
Telugu Business Personnel in the USA honoured for their business excellence

D C Manjunath Consul General of India gave away the awards

The Telugu People are a very strong community in the USA. 40% of Indians studying in the USA are Telugu. Telugu is the fastest-growing language in the USA. Telugu is the USA’s third most-spoken Indian language. Approximately 10 lakh Telugu People live in America.

Anil Sunkar, Producer _AK Entertainments seen receiving Telugu Times Business Excellence Awards through the hands of JA Chowdary

Hyderabad, June 20, 2024…Telugu Times, a publication that has been catering to the Telugu diaspora in the USA for the past 21 years, presented the second edition of Business Excellence Awards 2024 to successful Telugu entrepreneurs in Dallas, in the United States of America.

Sri D C Manjunath Consul General of India, was the Chief Guest. He appreciated the Telugu community’s role in the US economy and the Indian economy with growing remittances to India year after year. He also appreciated Telugu Times for serving the Telugu Community.

Mr J. A Choudhary, Former Adviser – IT&C, Government of Andhra Pradesh, who was Guest of Honor recalled how several IT Professionals benefited from STPI (Software Technology Park of India) Hyderabad in his tenure and congratulated the Entrepreneurs for their success and excellence.

The Award Winners were Mr Srikanth Gaddam, CEO -of ERPA, Columbus Ohio- IT Services Category; Mr Dayakar Puskoor, CEO- Dallas Venture Capital – Venture Capital and Investment Category; Dr Yogi Chimata, Dallas Renal Group, Dallas – Hospitals and Healthcare category; Mr ANIL SUNKARA, Producer- AK Entertainments, Dallas, TX – Cinema and Entertainment; Mr BALA Indurthi – President- Sankar Netralaya, Atlanta, GA – Community Service; Ms Geetha Dammanna – CEO- Dammanna Law, Dallas, TX – Legal; Mr Ramesh Gadiraju, A2B Sweets & Restaurants, – Hospitality; Mr Kiran Pasham, President- Splash BI, Atlanta, GA – IT Products Development; Mr Vijay Borra- CEO- DFW Lands, Dallas, TX- Real Estate; Mr Maheswara KAS- CEO, KK Software Associates, Columbus OH- IT Staffing.

Srikanth Gaddam CEO _ERPA Inc seen receiving Telugu Times Business Excellence Award in IT Category

Giving his opening remarks, Telugu Times Editor and CEO Chennuri Venkata Subba Row, Telugu Times embarked on this initiative last year to recognize and honour business excellence of the Telugu business community and showcase their talents to the world by honouring them with awards. Telugu in the USA is a very strong community. Nearly ten lahks Telugu people live in the USA. 40 percent of Indian students in America are Telugu. Telugu is the fastest-growing language in the USA. Telugu-speaking people are the largest ethnic group in the USA. Telugu people run several restaurants and theatres. Telugu films are released in the US one day before. More Hindu temples have come up in the USA. No Indian state has as robust a relationship as two Telugu states and the US have. The strength of our relationship is our people-to-people connections, strong democracy, and shared values, so he added that we felt the need for such an initiative.

The rise in the Telugu population is attributed to the increasing representation of the Telugu diaspora in the technological field, especially after Y2K

“For the thousands of readers for whom Telugu Times has been an integral part of their Indian-American journey, ” Subba Row added.

The awards ceremony was first held in Milpitas, San Francisco in June 2023, and now for the second time it happened in Dallas, TX in June 2024.

Srikanth Gaddam CEO _ERPA Inc seen receiving Telugu Times Business Excellence Award in IT Category

Mr Nagendra Bandaru, Executive Board Member – WIPRO & President of Enterprise Futuring, delivered a Keynote address on Success in Technology Leadership & Future of AI, ably moderated by Mr Satish Manduva, CEO- Intelli Soft Technologies & Founder President- IT Serve Alliance.

Mr Raja Doddala, Head of Growth Equity & Investments- Churchill Asset Management spoke on VC Funding for Emerging Tech Firms & Growth Equity. The Fireside Chat was moderated by Mr Ram Nandhyala.

Plano Mayor John B. Munns, Mr Gopal Ponangi, Trustee, Frisco School District ISD, and Mr Tony Singh, Council Member – Little Elm City were present.

Mr Prasad Thotakura, Former President-TANA, Mr G Atma Charan Reddy, Former President- ATA, Mr Bapaiah Nuthi, Former President -NATS, Mr Sridhar Korsapati, Former President -NATA, Ms Neel Gonuguntla, US India Chamber of Commerce DFW and several other dignitaries of the Indian diaspora graced.

Mr Nagendra Badaru gave away Appreciation Mementos to Partners & Sponsors – Mr Suresh Manduva & Mr Satish Bandaru (TANTEX) Mr Sridhar Bendapudi (IT Bluebird), Mr Seshu Kalra (Soft Keys Inc), Mr Venkateswara Chinni (Pelican Valley), Mr Krisha Korada (APLLAZ) and others.

23, Dec 2023
Year 2024: Economic resilience, industry reforms keep insurance sector buoyant

Indian economy continued to show remarkable strength this year amid an evident global slowdown. This strength was largely driven by robust consumption, strong investment activity, and a burgeoning, aspirational consumer class. The country’s focus in recent years on bringing progressive policy reforms, and digital transformation has also supported this growth trajectory, enabling India to outperform its peers globally, particularly those in the Asian Pacific region.

Driven by this broader economic resilience, the insurance industry also stayed the course on growth. The year 2023 saw some market-moving developments for the industry including the government’s decision to levy tax on income arising from insurance policies with an aggregated premium worth Rs. 5 Lakhs every year, starting April 2023.

There was a sustained emphasis on digitalization to reimagine customer and distributor management processes. The Insurance Regulatory and Development Authority of India (IRDAI) brought multiple reforms, focussing on 3 prominent themes – strengthening the ecosystem, improving accessibility & reach, and safeguarding policyholders’ interest.

As we now look forward to 2024, I expect regulatory reforms to continue to steer the industry. There are 3 key trends likely to unfold in the new year:

  • Bima Trinity:
    IRDAI has unveiled Bima Trinity initiative as a part of its vision of Insurance For All by 2047. The primary objective of this initiative is building affordability and accessibility of insurance. This project, which includes Bima Sugam, Bima Vistaar and Bima Vaahak, is expected to take off next year at different intervals.

Bima Sugam, which is an online marketplace encompassing the entire customer journey from buying to servicing, is expected to make accessibility of insurance much easier. Bima Vistaar promises to be a revolutionary insurance product which seeks to offer affordable protection to the masses. It is expected to be launched by January 2024. Bima Vaahak is a women-centric distribution channel at the Gram Sabha level that aims to empower women by educating them about the benefits of comprehensive insurance thus enabling their financial security.

Together, Bima Trinity will promote financial inclusivity, leverage digital to create an unmatched convenience, accessibility and simplification, affordable coverage, and foster higher participation of women in the insurance industry.

  • Product Innovation:
    The regulator has been placing a higher emphasis on the need for simplified, personalized products, aligned with the expectations of today’s customer expects. It also introduced the Use & File norms to achieve this goal and has been expanding the scope of these guidelines this year. We expect the regulator to proactively push the industry to leverage technology including new-age solutions like AI, and ML to create better and simplified solutions. We will see more niche products coming into the market in the medium-term as the overall efforts of the regulator through initiatives like state-level insurance project provide higher clarity of nuanced needs of the customers across geographies.
  • New players will get licensed:
    While the regulator has already licensed 3 new players this year, it is expected to allow entry of more companies going forward. IRDAI has said that it is looking to issue licenses to 20 new insurers in the immediate future. Additionally, the regulator is also likely to relook the capital requirements, making it entry of new players easy. With an increased competitiveness in the market, the sector will see more innovation, improved distribution models, automation and more.

One of the awaited developments of 2024 is that the government will table the Insurance Laws (Amendment) Bill 2022 as it has the potential to bring another round of positive reforms and bolster growth prospects of the industry.