From farmer producer organisations to Kanjeevaram silk weavers to self-help groups like Kerala’s Kudumbashree, the government-run Open Network for Digital Commerce (ONDC) is seeing a variety of participation from small businesses across India, said T Koshy, MD & CEO.

Speaking to IANS, Koshy said that the idea of ONDC, an initiative of the Department of Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce, was “conceptualised about three years ago when the country was struggling with the pandemic.”

The ONDC chief said that it was registered as a company in 2021, and by the end of 2022, it was available in some areas in Bengaluru.

“In the last one and a half years, we have been able to get significant traction. From just 1,000 transactions 15 months ago, we did 9 million transactions in May. From 500 merchants in January 2023, we now have five and a half lakh merchants. About 85 per cent of them are small and micro enterprises, including taxi drivers and artisans,” said the MD and CEO of ONDC.

The network was created to revolutionise digital commerce and to give a greater thrust to the penetration of retail e-commerce in India.

Koshy said that the response to ONDC has been “pretty decent” in tier II and III cities.

“About 40-45 per cent of transactions are mobility, which is very hyperlocal and is available in 8-9 cities. About 65 per cent of the day-to-day transactions happen from tier II and III cities,” Koshy said.

“In total, transactions happened in about 1,000 cities. These are all beginnings, but it shows that this is something that is acceptable even to the largest among the population across and has a potential to grow,” he told IANS.

Calling ONDC “a network and not platform,” Koshy noted, “We are seeing a variety of participation from small businesses across the country.”

“The participants and the people who are making their products available on the network are from the small towns and villages and include farmer producer organisations, Kanjeevaram silk weavers or some self-help groups from Kerala like Kudumbashree.”

AGENCIES 

 One97 Communications Limited (OCL), which owns the Paytm brand, has begun to lay off an undisclosed number of employees amid a restructuring exercise, along with facilitating outplacement assistance to those affected.

The company said in a statement that it is also disbursing bonuses which were due to employees, “ensuring fairness and transparency in the process.” 

“One97 Communications Limited (OCL) is providing outplacement support to employees which have resigned as a part of the restructuring efforts by the company,” it said.

“The company’s human resource teams are actively collaborating with over 30 companies that are currently hiring, and providing assistance to employees who have opted to share their information, facilitating their immediate outplacement,” Paytm added.

The shares of Paytm were hovering around Rs 394 a piece, 3.49 per cent up.

Meanwhile, the payment and financial services company is witnessing early signs of recovery and strong stabilisation for its Unified Payments Interface (UPI) business, marking a strong turnaround for the firm.

The total value of UPI transactions processed on the Paytm platform grew to Rs 1.24 trillion in May, on the back of the company launching several initiatives for users such as Credit Card on UPI, as well as pushing the lever on UPI Lite.  AGENCIES

Samsung on Monday launched the 2024 QLED 4K TV series in India, with a plethora of premium features at a starting price of Rs 65,990. The series comes in three sizes – 55-inch, 65-inch and 75-inch.It is available on online platforms including Samsung.com and Amazon.in.”TheTV series provides life-like picture quality with the 4K upscaling feature that refines the content on the screen to near-4K levels, taking the overall viewing experience several notches higher,” Mohandeep Singh, Senior VP, Visual Display Business, Samsung India, said in a statement.

Powered by Quantum Processor Lite 4K, the new QLED 4K TV series provides 100 per cent colour volume with Quantum Dot and Quantum HDR.

It also comes with 4K upscaling, which enables users to enjoy high-resolution 4K content; Q-Symphony sound technology, Dual LED, Motion Xcelerator for gaming and Pantone Validation, according to the company.

In addition, the series features Samsung’s TV Plus service comprising over 100 free channels.

Furthermore, the built-in Multi Voice Assistant provides customers with seamless connectivity, while Samsung Knox, the top-tier security solution, provides a safe home experience, the company mentioned.   AGENCIES

Indian equity indices opened at an all-time high on Monday.

In early trade, Sensex and Nifty made a new all-time high of 77,079 and 23,411 respectively.

At 9:45 am, Sensex was at 76,703, up 9 points and Nifty was at 23,293, up 4 points.

Broader markets are in an uptrend. The Nifty midcap 100 was up 230 points or 44 per cent, at 53,425 and the Nifty smallcap was up 133 points or 0.78 per cent, at 17,349.

India volatility index (India VIX) is at 17.09, up nearly one per cent.

Among the sector indices, PSU Bank, fin service, realty, energy, and pharma are major gainers. Pvt bank, metal and IT are major laggards.

In Sensex pack, Powergrid, Ultratech Cement (NS:ULTC), Axis Bank (NS:AXBK), NTPC (NS:NTPC), Nestle (NS:NEST), Reliance (NS:RELI), SBI (NS:SBI), Bharti Airtel (NS:BRTI), and Tata Motors (NS:TAMO) are major gainers and Tech Mahindra (NS:TEML), Wipro (NS:WIPR), Infosys (NS:INFY), HCL Tech (NS:HCLT) and Titan (NS:TITN) are top losers.

“It is important to understand that the major driving force in this bull market is the Indian retail investors including HNIs. Big selling by FIIs is getting eclipsed by the aggressive buying of DIIs and retail investors,” experts said.

They added that the fact that retail investors bought equity for Rs 21,179 crores on June 4th, the day Nifty tanked 5.9 per cent, indicates the buying power and optimism of the retail investors.

Mixed trading is taking place in Asian markets. Tokyo and Shanghai are in the green, while the markets of Seoul, Bangkok, Hong Kong, and Jakarta are trading in the red. American markets closed in the red on Friday. Crude oil benchmark Brent crude is at $79 and Brent crude at $75.

AGENCIES

South Korea’s exports to the United States exceeded those to China so far this year, data showed Monday, raising the possibility that the U.S. could be the top export destination for South Korea for the first time in 22 years.

Outbound shipments to the U.S. amounted to $53.3 billion from January through May 2024, compared with South Korea’s export value to China of $52.69 billion, according to the data from Statistics Korea and the Ministry of Trade, Industry and Energy.

If the current trend continues, the U.S. will be the No. 1 export destination for South Korea for the first time since 2002.

Last year, China was the largest export destination for South Korea with the export value of $124.81 billion, followed by the U.S. with $115.71 billion. The gap was the smallest in 19 years.

Exports by South Korean large conglomerates to the U.S. already surpassed those to China for the first time in 20 years in 2023.

South Korea’s exports to the U.S. have been on a constant increase in recent years. They advanced 5.4 percent on-year to reach a record high last year on the back of growing exports of cars and rechargeable batteries.

But exports to China had fallen for two years in a row after hitting an all-time high of $162.91 billion in 2021 amid China’s sagging manufacturing sector.

In a recent report, the Bank of Korea said that exports to the U.S. are forecast to continue an upturn driven by solid consumption among U.S. consumers and the expansion of South Korean entities’ investment in the U.S.

But there have also been signs that the Chinese economy is recovering gradually, which could boost its demand for South Korean goods and services.

Global credit appraiser Moody’s Investors Service recently revised up its forecast for China’s economic growth rate for this year to 4.5 percent from its previous estimate of 4 percent.   AGENCIES

 Venture capitalist Viney Equity Market on Monday announced that it co-led a Rs 715 crore investment in solar panel manufacturers and power companies Vikram Solar and contributed Rs 12 crore to the funding round, alongside participation from multiple investors.

The funding will provide Vikram Solar with the resources to strengthen its capital base, improve its ability to borrow money for working capital and finance the expansion of its solar PV module manufacturing facility.

“We are impressed by their commitment to innovation and their track record of success. This investment aligns perfectly with our philosophy of supporting companies that are driving positive change in the world,” Anant Aggarwal, Founder of Viney Equity Market LLP, said in a statement.

According to the company, these initiatives will allow Vikram Solar to meet other general corporate purposes and solidify its position as a leader in India’s clean energy sector.

Vikram Solar is a provider of comprehensive solar energy solutions, specialising in efficient photovoltaic module manufacturing and engineering, procurement, and construction (EPC) services.

With a global footprint across 32 countries, Vikram Solar is committed to accelerating the adoption of solar energy to create a sustainable future for all.  AGENCIES

Prime Minister Narendra Modi on Monday thanked Microsoft co-founder and billionaire

the record third time, saying, “We value our partnership for promoting innovation for the benefit of humanity”. 

Responding to Gates’ congratulatory post on X, PM Modi, said, “Deeply appreciate your message @BillGates”.

The Prime Minister also expressed deep appreciation for their past conversations highlighting the transformative role of technology in governance, healthcare, and India’s commitment to climate change and sustainable development.

“Recall our very positive and engaging conversation a few months ago, including on the transformative role of technology in governance and healthcare, and India’s commitment to climate change and sustainable development,” he wrote.

Gates, in his message, extended congratulations to PM Modi and expressed anticipation for a continued partnership “to enhance the lives of people across India and the world”.

He also praised India’s progress as a hub for innovation and emphasised the possibility of further collaboration.

In March, the philanthropist visited India and met PM Modi and discussed Artificial Intelligence, technology, healthcare, and more.  AGENCIES

 A shooting at a rooftop party in Wisconsin left at least 10 people injured, including teenagers, police said.

Nine people were injured by gunfire and another was injured by broken glass at the party at a high-rise apartment in downtown Madison, Xinhua news agency reported.

All injured were taken to local hospitals, and none had injuries considered to be life-threatening. The victims ranged in age from 14 to 23, officials said.  AGENCIES

‘ONDC will become a formidable e-commerce player in near future’

The government-run Open Network for Digital Commerce (ONDC) is set to become a formidable e-commerce player in the near future, said ONDC MD and CEO T Koshy on Monday.

In an interview with IANS, Koshy said that the good traction the platform received in the last 15 months proves that ONDC has the potential to completely transform the e-commerce landscape.

“We definitely will become a formidable e-commerce player in the near future. We will have the complete transformational capability of commerce whether in supply chain or distribution channels, whether it is B2B or B2C,” said Koshy.

He said that ONDC will cover all segments, and not just focus on ecommerce. The diversity of the kind of participation can be seen with FinTech companies like Paytm (NS:PAYT), Phone Pay, and Ola.

“For example, a consumer might be able to order food, consumer products, fashion goods or hail a taxi. I see that e-commerce, as we know, will undergo significant change, with no more walled gardens, but a very, very democratic place,” Koshy said.

“The single objective of ONDC is democratisation of the e-commerce industry”, he said adding that “the idea is to give everybody a market share”.

The ONDC Chief said that a very broad array of enterprises from various segments are expected to join the network and it aims to “collectively work” to sustain both small and big enterprises.

The network currently has five and a half lakh merchants. Koshy said that the platform is getting traction from various ministries including the Ministry of Small and Medium Enterprises (MSME), ministries of Agriculture, Fisheries, and Youth Affairs, etc.

He added that ONDC is also working with larger organisations like HUL and ITC, and even entities like SIDBI and NABARD, etc.

“There is a willingness from a large cross-section of people to participate from the government, the private sector to philanthropic organisations, CSR. I believe it will become like a movement, which spans across the country and domains,” Koshy said.

AGENCIES

 Australia will attend an international conference on the humanitarian crisis in Gaza, the government has confirmed.

Foreign Affairs Minister Penny Wong on Monday announced that Anne Aly, the minister for early childhood development and minister for youth, will represent Australia at the conference in Amman, Jordan, that has been convened by Jordan, Egypt and the United Nations (UN), Xinhua news agency reported.

Wong said that Egyptian-born Aly was chosen because of her lived experience and understanding of the conflict in the Middle East.

They said in a joint statement that Australia has been clear that Israel must comply with the orders of the International Court of Justice and allow the provision of basic services and humanitarian assistance to Gaza and reiterated calls for the war to end.

“The humanitarian situation in Gaza is catastrophic. Over 1 million Palestinians are facing catastrophic levels of food insecurity, and around 1.7 million people have been displaced, many several times over. Humanitarian access remains grossly inadequate,” Aly said.

Since the beginning of the conflict on October 7, 2023, the Australian government has committed 62.5 million Australian dollars (41.1 million US dollars) in humanitarian assistance to the region, including 41 million Australian dollars (27.0 million US dollars) to address urgent needs in Gaza.

AGENCIES

The death toll in the Israeli military operation in the Nuseirat refugee camp in the central Gaza Strip late last week has risen to 274, with 698 injured, Hamas-run health authorities said in a press statement.The statement on Sunday noted that some victims remained under the rubble amid heavy bombardment and a lack of rescue crews, Xinhua news agency reported.

During the operation, Israeli forces rescued four hostages from the refugee camp, namely Noa Argamani, 25, Shlomi Ziv, 40, Almog Meir Jan, 21, and Andrey Kozlov, 27, all of them among the about 250 Israelis abducted last October by Hamas while attending the Nova festival, an outdoor music event, in a rural area near the Gaza-Israel fence.

After the Hamas rampage, which killed about 1,200 according to Israeli tallies, Israel launched a retaliatory large-scale offensive in Gaza, which so far has killed 37,084 and injured 84,494 others, according to Gaza’s health authorities.

AGENCIES