Ecostar Editor Mag – Page 17

MSME

Corporate Contractors game: Delayed Payment to SMEs

Ecostar Editor MagOctober 19, 20201879 Views0

Punish shrewd delinquents Most of the 270 companies whom we have met over a period of 11 months as part of our survey said that one of the major reasons for their crisis is the payment default by large companies. Even those mid-sized companies which procured orders from cash rich public sector institutions face a different kind of concerns. Once their multi crore order is ready for delivery, the principle company which placed the order has to come for inspection. Payment crisis faced by micro small and medium enterprises (MSME) is still a big concern. The prevailing MSMED Act 2006 that dictates payment to MSMEs within 40 days of raising invoice is not sufficient to tackle the crisis. Shockingly, many of the MSMEs are still unaware of such law. Those who know it do not know how...

Insurance

Universal Sompo General Insurance Company

Ecostar Editor MagOctober 19, 20202917 Views0

Customer trust, product transparency, quick claim settlement. With strong bancassurance channel, agency portal, online platform for distribution and rapid rural penetration strategies, USGlC's business is set to grow faster. While the existing customers are expected to stay with it for being happy to receive excellent services and faster claim settlement, a special focus on selling more motor and health products would push its position up to a new level. Its rapid growth in rural market through PMFBY is also expected to give it newer opportunity to sell other products in rural market. Universal Sompo General Insurance Company (IJSGI) is India's first public-private partnership in the non-life insurance sector. While public sector banks. Allahabad Bank and Indian Ov...

Economy

GST Impact

Ecostar Editor MagOctober 19, 20201686 Views0

Long term benefit It is a wrong perception that small companies had to close down their shops because of GST. Where there is a will there is a way, some micro and small businesses, which are now finding new opportunities, prove. Some of them have been reborn with a new hope. The implementation of GST has opened the way for making SMEs more professional at least in terms of accounting. GST benefitted many businesses, SME business owners confirm. The implementation of Goods and Service Tax (GST), the biggest tax reform in the history of India with strong technology architecture in place, prevented fouls, leakages and invoice fudging. That also ended double taxation and inter-state tax dissimilarities within the country, besides the nastier octroi. The radical treatmen,t a mass...

EconomySpecial Report

How some enterprises have collapsed?

Ecostar Editor MagOctober 19, 20201778 Views0

Reckless practice The structural reforms filter the fraudulent elements, instead of giving them new opportunities for growth. If a business is not built on a professional framework, not complying with rules of the land and adhering to ethics, it cannot survive structural changes. For collapse of such companies the responsibilities vest with the promoters themselves. Nevertheless, structural reforms on a strong IT architecture implemented by the present government plugged the leakages, which were obviously unacceptable to "business" miscreants. They had their inevitable fall, yet with a calibrated space for revival, but in strictly disciplined ways. Only corrupt and crooked individuals could build their fortune from the corruption, nepotism, crony capitalism and open secrets of unc...

Cover FeatureExclusive

Jalaram Group: Successful model of partners` synergy

Ecostar Editor MagOctober 19, 20202204 Views0

A perfectly synchronized team of four energetic entrepreneurs with a common business goal is racing successfully ahead. They show how a partnership can build multiple businesses and bring under one umbrella to tap the best possible value. Precisely calculated and calibrated diversification gives them stronger wing to fly in the world of business towards being a prudently diversified corporate entity. The Surat-based Jalaram Group stands up proudly to tell the young India a story of success out of a well-tuned partnership and hard work. One's flamboyant education is not a convincing metric for being a successful entrepreneur. Even without having big degrees and professional qualifications one can be a successful entrepreneur, provided there is a vision and desire for it. The Surat...