Most Indians have bank accounts now, but does access mean empowerment?
Gender parity has improved steadily regarding account ownership, and mobile phone ownership, a critical enabler of digital finance, is higher among men (77 per cent) than women (54 per cent) in India. About one in five women (22 per cent) and one in four men (25 per cent) use basic phones, while a notable share of women still do not own any phone, highlighting a persistent gender gap in digital access.Between 2021 and 2024, more men than women own active accounts, though the gender gap in ownership of active accounts as a percentage of account owners fell from 12 percentage points in 2021 to seven in 2024. As per the World Bank, this may be due to the large increase in women receiving government-to-person payments digitally over the same period.Between 2021 and 2024, the share of inactive accounts among both men and women declined, and the gender gap in active account usage also shrank.Globally, account ownership has grown from 51 per cent in 2011 to 79 per cent in 2024, with India's figure at 89 per cent. Yet, India and China also house one of the largest absolute numbers of unbanked adults due to their sheer population size. In fact, 53 per cent of the world's unbanked adults, or 650 million people, live in just eight countries, including India, China, Bangladesh, etc.- Ends
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Time of India
43 minutes ago
- Time of India
Elder care platforms bullish on growth as silver economy booms
The silver economy is booming and elder care platforms are riding the wave of growth as an increasing proportion of Indians are living away from ageing parents and in-laws. Companies such as Samarth Elder Care, Emoha Eldercare and Yodda Elder Care are seeing a surge in demand from both individuals looking for services for family elders and from corporates seeking partnerships . The number of people aged 60 and above in India is projected to increase sharply to 347 million in 2050 from 149 million in 2022, according to research from the United Nations Population Fund. Explore courses from Top Institutes in Please select course: Select a Course Category Finance Management Leadership healthcare Operations Management Data Analytics Others Data Science Cybersecurity Technology Artificial Intelligence Digital Marketing Healthcare Product Management others Project Management Design Thinking PGDM CXO MBA Data Science Degree Public Policy MCA Skills you'll gain: Duration: 9 Months IIM Calcutta SEPO - IIMC CFO India Starts on undefined Get Details Skills you'll gain: Duration: 7 Months S P Jain Institute of Management and Research CERT-SPJIMR Fintech & Blockchain India Starts on undefined Get Details There is a rapidly increasing demand for organised elder care in the country, particularly as more professionals find themselves part of the 'sandwich generation', balancing childcare with responsibilities towards the elderly. Elder care platforms fill in a critical vacuum as they provide services such as health monitoring, home and emergency care as well as emotional support . Yodda Elder Care is doubling its revenue every year, amid increasing demand from not just carers but also senior citizens themselves. 'There are 400 cities that offer potential, and the market is huge. As of now, we will continue to focus on the home care market itself, though we see a possibility of owning some active or assisted living facilities in future,' said Tarun Sharma, founder and CEO, Yodda Elder Care. Live Events Emoha Eldercare has seen twofold year-on-year growth and is building hyperlocal care ecosystems to enable faster response times, stronger community connections and better quality of care . 'Caregiving stress can significantly contribute to absenteeism and burnout, especially among mid-level employees aged 30-50. Over the years, we have not only saved nearly 1,000 lives through timely emergency interventions but also brought joy and connection back into the lives of thousands of elders who were otherwise living in isolation, having organised more than 5,000 online and offline sessions especially curated for elders,' said Saumyajit Roy, CEO, Emoha Eldercare. Corporate interest Companies including Wipro , American Express, Sanofi, Novartis and Alvarez & Marsal India have launched programmes to help employees manage caregiving responsibilities, said industry sources. These programmes offer health coordination, emergency support, online engagement tools, doctor-on-call, personalised home care and even emotional companionship and community engagement events. Samarth Elder Care has seen an almost threefold increase in enquiries for corporate partnerships compared to last year. 'Companies are reaching out for structured eldercare support programmes as part of their employee assistance offerings, including preventive health plans for parents, emergency response coordination, regular check-ins and even help navigating hospitalisation or homecare,' Asheesh Gupta, co-founder at Samarth Elder Care, told ET. The platform has partnered with organisations such as Wipro, Aditya Birla Group companies, Alvarez & Marsal, Kyndryl and several major banks. It also works with overseas companies which have a significant number of employees of Indian origin. Emoha Eldercare is seeing a sharp increase in demand from corporates, particularly in sectors such as IT, fast-moving consumer goods and pharmaceuticals. Samarth Elder Care's strongest markets include Delhi-National Capital Region, Mumbai, Bengaluru, Hyderabad and Kolkata, but it has also seen significant traction in smaller cities such as Dehradun, Coimbatore, Jaipur, Lucknow and Bhubaneswar. Yodda Elder Care, which operates in eight cities, expects to launch services in five more this year. Like Samarth Elder Care, Emoha Eldercare is also seeing traction from tier-2 and tier-3 cities such as Guwahati and Kochi. Companies, too, are increasingly acknowledging the challenges that employees may face in balancing professional roles with elder care responsibilities. Alvarez & Marsal (A&M) India partnered with Samarth last year to introduce elder care solutions comprising more than 35 services, including advanced nursing, physiotherapy, teleconsultations, and emergency coordination. 'The programme also provides practical assistance such as household management, travel arrangements, legal support and assistance with wills and registration, available throughout India. The initiative has seen strong engagement among employees,' said Nimisha Rana Pathak, chief human resources officer at Alvarez & Marsal (A&M) India. Employee interest in such benefits has grown steadily, with gradual increase in uptake in parental insurance, in-home medical support and diagnostic services, said Nimitha Menon, health risk management consulting leader, Mercer Marsh Benefits India. 'Looking ahead, many companies are aiming to further strengthen eldercare offerings – exploring mental health services for seniors and integrating these benefits more deeply into their overall well-being strategy," she said.
Indian Express
3 hours ago
- Indian Express
India-UK trade deal enables duty-free exports, China's mega dam causes fresh unease, Gaza at breaking point
India signs its first landmark trade deal with the UK, secures enhanced market access in export-oriented and job-creating sectors; During Prime Minister Narendra Modi's visit to the Maldives, New Delhi launches talks on FTA, announces a Rs 4,850-crore line of credit to the maritime neighbouring country; amid reports of India-China thaw, Beijing's mega-dam project on the Brahmaputra (Yarlung Tsangpo) raises hackles in New Delhi; India calls for ceasefire in Gaza, where starvation deaths and killings seem to have crossed a critical threshold; as the clash between Thailand and Cambodia entered its third day, Indians in Cambodia advised to avoid travelling to border areas – here is weekly roundup of key global news. Enhanced market access in export-oriented and job-creating sectors, and duty-free access for 99 per cent of India's exports to the UK are among the major benefits New Delhi bagged as part of its first landmark trade deal with London. The Comprehensive Economic and Trade Agreement (CETA), signed by Prime Minister Narendra Modi and his British counterpart Keir Starmer in London on Thursday (July 24), comes as India seeks to integrate more closely with developed countries. Notably, India's exports to the UK rose by 12.6 per cent to $14.5 billion, while imports grew by 2.3 per cent to $8.6 billion in 2024–25. Bilateral trade between the two nations increased to $21.34 billion in 2023–24 from $20.36 billion in 2022–23. Let's explore the key aspects of the trade deal. Major highlights of the trade deal include: 📌 The trade deal paves the way for 'unprecedented duty-free access for 99 per cent of India's exports to the UK', covering almost the entire trade basket. This includes key job-creating sectors such as textiles, leather, footwear and gems and jewellery, as well as sectors like engineering goods and automobile components. 📌 For instance, the UK will eliminate duties of up to 20 per cent on textiles, giving a competitive edge to India – the fourth-largest textile supplier to the UK – over other competitors like China and Bangladesh. Micro, Small and Medium-scale Enterprises (MSMEs), which have a dominant presence in the sector, are also expected to benefit from the agreement. 📌 India extracted enhanced market access in export-oriented sectors such as marine and animal products, including seafood, dairy, and meat products, with tariffs reduced to zero from up to 20 per cent. Tariffs on tea and coffee have also been scrapped. 📌 For the first time, India has allowed firms from the UK to participate in government tenders, giving them Class Two status under 'Make In India' rules, which require 20-50 per cent domestic value addition. However, experts warned that the 20 per cent local content rule, which allows UK firms to use up to 80 per cent inputs from third countries while still receiving preferential treatment, dilutes the benefits that programmes like Make in India and Atmanirbhar Bharat were designed to protect. 📌 Experts also indicated that the access granted to the UK could set a precedent for future Free Trade Agreements (FTAs) with larger economies like the European Union (EU) or the United States (US), potentially eroding India's ability to use public procurement as a lever for policy goals such as import substitution, domestic capacity-building, and employment generation. 📌 Moreover, as part of the new deal, average tariffs on British products will also fall from 15 per cent to 3 per cent, potentially leading to a large increase in exports from the UK. Britain's large and varied manufacturing sectors will also benefit from tariff cuts on aerospace (reduced from as high as 11 per cent to 0 per cent), automotives (from up to 110 per cent down to 10 per cent), and electrical machinery (from up to 22 per cent). 📌 For the first time, India also halved the import tariffs on UK-origin alcohol, including whisky, brandy, rum, vodka, liqueurs, mead, cider, and tequila from 150 per cent to 75 per cent. However, these products are expected to meet a Minimum Import Price (MIP) threshold of $5 per litre or $6 per 750 ml bottle, effectively shielding India's domestic liquor market from low-cost imports while giving premium UK spirits a competitive edge. 📌 Duties on internal combustion engine cars have also been slashed to 30-50 per cent, paving the way for more British luxury vehicles to enter India, although the benefit will be quota-based and apply to a limited number of vehicles. Zero-emission cars will also see reduced tariffs, depending on their cost, benefiting automakers like Jaguar Land Rover, a manufacturer of SUVs. No concessions were given to electric, hybrid, and hydrogen-powered vehicles in the first five years. 📌 The UK and India have also agreed to ease the exchange of services. They will now require temporary employees to pay social security contributions only in their home countries, which would mean greater take-home salaries. The agreement increases market access in critical areas such as IT and IT-enabled services as well as financial, legal, professional and educational services. 📌 But experts said that India seems to have conceded much when it comes to Intellectual Property Rights (IPR), as UK patent holders are now allowed to give voluntary licences as opposed to compulsory licences, representing a marked shift. Soon after concluding his two-day visit to the UK, PM Modi arrived in the Maldives, where India also launched talks on FTA and announced a Rs 4,850-crore line of credit to the maritime neighbouring country. 'Peace, stability, and prosperity in the Indian Ocean Region are our shared goals…,' PM Modi said in his remarks after holding talks with Maldivian President Mohamed Muizzu, focusing on consolidating cooperation in areas of trade, defence and infrastructure. This marked a significant turnaround in the relationship which had seen some unease at the beginning of last year. That apart, it is noted that the prevailing situation, marked by US President Donald Trump's tariff policies upending the global trading architecture, incentivised countries to swiftly secure new markets. In that context, the India-UK trade deal could set the template for the negotiations that New Delhi is currently having with the EU. India and the EU have agreed to seven out of 23 chapters in their agreement, even as India-US trade talks drag on. India-US trade talks Negotiations over the India-US trade deal will continue as American trade negotiators are expected to visit India mid-August – well past President Donald Trump's August 1 deadline, after which reciprocal tariffs are set to take effect. While India and the US have agreed on a wide range of tariff lines, the negotiations — which currently only involve market access for goods — appear to be stuck on sensitive sectors such as agriculture and automobiles, both of which are key job creators in India. In the meantime, Trump has announced new deals with Japan, the Philippines and Indonesia, after similar agreements with Britain and Vietnam, with the tariffs ranging between 10 and 20 per cent. Experts have warned that the Japan deal offers a cautionary tale for India, because as part of it, the US gained market access for American agricultural products, including politically sensitive items such as rice. In the case of India, reliance on agriculture remains critically high, with over 700 million Indians dependent on it. Meanwhile, the Indian Coordination Committee of Farmers Movements – a network of farmers' organisations across 11 states – has urged the government to exclude all aspects of agriculture from the proposed trade deal with the US in order to safeguard Indian farmers' interests. Amid efforts to restore India-China ties ruptured by the LAC military standoff and Galwan clash of 2020, Beijing's mega dam project on the Yarlung Tsangpo River in Tibet (which flows down to India as Brahmaputra) has raised hackles in New Delhi over potential downstream impacts, with Arunachal Chief Minister Pema Khandu describing the project as a 'ticking water bomb'. The massive $167 billion hydropower project on the Yarlung Tsangpo River, just before it bends and enters Arunachal Pradesh, where it is called the Siang, will be China's largest since the Three Gorges Dam (completed in 2012) in Sandouping. Capable of generating 60 gigawatts (GW) of power, the project is expected to boost China's domestic economy. While around 30 per cent of the Brahmaputra's waters originate in China, the majority comes from rainfall within India's catchment areas. As a result, the Chinese dam's immediate impact is expected to be felt the most in Arunachal Pradesh – particularly in the Siang region. In addition to flooding concerns, the Chinese dam could also disrupt water flow to proposed downstream hydro projects. The Northeast holds nearly half of India's 133 GW hydropower potential, over 80 per cent of which remains untapped. Of the 60 GW estimated potential, about 50 GW lies in Arunachal Pradesh alone. In 2013, India and China signed a Memorandum of Understanding (MoU) on sharing information on river flows. But, by all accounts, Beijing has not always been open to sharing hydrological data. India has proposed the 11.2 GW Upper Siang Multipurpose Project – a massive storage-based dam in the Siang district – to counter China's upstream development, but progress has been slow. Such developments come close on the heels of a reported thaw in India-China ties, evident in the resumption of the Kailash Mansarovar Yatra, an understanding to resume direct flights, and ease visa restrictions. This week, India said it will resume issuing tourist visas to Chinese nationals after a five-year pause, beginning Thursday. The 34th meeting of the Working Mechanism for Consultation and Coordination on India-China Border Affairs (WMCC) held on Wednesday (July 23) in Delhi also discussed the preparation for the next round of the Special Representatives' Talks on the India-China Boundary Question to be held in India later this year. However, such efforts towards normalisation come as the de-escalation process – the withdrawal of troops from forward positions that would lead to restoring patrolling to pre-2020 levels – is yet to begin at the border. In addition, Beijing's role during Operation Sindoor has also impacted India-China ties. In the meantime, a statement issued by the Inter-Services Public Relations (ISPR), the media wing of the Pakistan military, over Army chief Asim Munir's visit to China this week said that in their talks with Munir, 'the Chinese leadership lauded the Pakistan Armed Forces as a cornerstone of resilience and a vital contributor to peace in South Asia'. Pakistan has extended the closure of its airspace for Indian aircraft and airlines by a month, till the morning of August 24, following which India also announced an extension of its ban on Pakistani airlines and aircraft from entering the nation's airspace for the same period. Following the Pahalgam terror attack in April, as diplomatic relations between Delhi and Islamabad deteriorated, Pakistan on April 24 shut its airspace to Indian aircraft for at least a month, banning them from overflying its airspace. On April 30, India, too, closed its airspace to Pakistani aircraft. While starvation deaths and killings at aid points seem to have crossed a critical threshold in Gaza, reports of Israel and the US recalling their negotiating teams from Qatar further deepened fears of a worsening crisis. Amid this, France's decision to recognise the state of Palestine might be seen in the context of the 'two-state solution' but is unlikely to bring any relief to the 2 million people in Gaza who have been grappling amid months of Israeli atrocities. At least 48 people died of causes related to malnutrition, including 28 adults and 20 children, in the last three weeks, the Gaza Health Ministry said Thursday. A total of 17,000 children in Gaza suffer from severe malnutrition, Al Jazeera cited the director of Medical Relief in Gaza, Dr Mohammed Abu Afash, as saying. Israel imposed a total blockade in Gaza in March and allowed only a trickle of supplies the past two months through the Gaza Humanitarian Foundation (GHF), which replaced the 400 UN-run sites shut down by Israel over unproven claims that aid is being diverted by Hamas, causing the dire humanitarian crisis and mass starvation. The United Nations agency for Palestinian refugees (UNRWA) warned on Thursday (July 24) that 'families are breaking down' amid the hunger crisis. The UN Office for the Coordination of Humanitarian Affairs (OCHA) added that Israel has been preventing it from verifying aid waiting at distribution centres. A joint letter signed this week by 109 aid agencies, including Doctors Without Borders, Oxfam and Amnesty, has accused the Israeli government of deliberately obstructing the flow of aid. Gaza's Health Ministry also called for an immediate end to famine and held 'the Israeli occupation, the US administration, and other states complicit in this genocide – such as the UK, Germany, and France – as well as the international community at large, fully responsible for this historic crime,' Al Jazeera reported. Meanwhile, leaders of Germany, France, and the UK called on Israel to immediately lift its blockade on aid supplies entering the famished Palestinian territory. India also voiced strong concern over the current situation in Gaza at the UNSC, and called for an immediate ceasefire, uninterrupted humanitarian aid, and the release of Israeli hostages by Hamas. However, Israeli Prime Minister Benjamin Netanyahu said Friday (July 25) that his government was considering 'alternative options' to ceasefire talks with Hamas. US President Trump blamed Hamas for the apparent collapse of Gaza ceasefire talks and warned that the group would be 'hunted down'. Nonetheless, Hamas responded by saying that it had submitted a positive and constructive response to the latest proposal it was offered. Israel's war on Gaza has killed at least 59,676 people and wounded 143,965. An estimated 1,139 people were killed in Israel during the Hamas-led October 7, 2023, attacks, and more than 200 were taken captive. In the meantime, Iran's president Masoud Pezeshkian said that while Tehran remains wary of its current ceasefire with Israel, it won't rule out diplomacy, Bloomberg reported. His statement came as Iran and European nations, the UK, France, and Germany, often referred to as the E3, held talks in Istanbul on Friday and agreed that they need to hold another round of nuclear talks soon. Friday's talks broke a deadlock over Iran's nuclear programme, after Israeli and US strikes on Iran in June derailed previous negotiations. Clashes on the Thai-Cambodian border continued for the third day on Saturday, prompting tens of thousands to flee their homes and aggravating fears of an extended conflict, with the total death toll reaching 32. The two countries have engaged in standoffs since the killing of a Cambodian soldier late in May during a brief skirmish, with both sides claiming to act in self-defence. More than 130,000 people have been displaced in the worst fighting between the two Southeast Asian neighbours in 13 years, Reuters reported. The UN Security Council held an emergency meeting behind closed doors late Friday in New York, but didn't issue a statement. A council diplomat said all 15 members called on the parties to de-escalate, show restraint and resolve the dispute peacefully, Reuters reported. The council also urged the regional bloc, the Association of Southeast Asian Nations known as ASEAN, to help resolve the border fighting, the diplomat said, speaking on condition of anonymity because the meeting was private. Thailand and Cambodia have bickered for decades over the jurisdiction of various undemarcated points along their 817-km (508-mile) land border, with ownership of the ancient Hindu temples Ta Moan Thom and the 11th century Preah Vihear central to the disputes, according to Reuters. Preah Vihear was awarded to Cambodia by the International Court of Justice in 1962, but tension escalated in 2008 after Cambodia attempted to list it as a UNESCO World Heritage site. That led to skirmishes over several years and at least a dozen deaths. India on Saturday (July 26) advised its citizens in Cambodia to avoid travelling to border areas as the clash between Thailand and Cambodia over a disputed border entered its third day. Send your feedback and ideas to Ashiya Parveen is working as Commissioning Editor for the UPSC Section at The Indian Express. She also writes a weekly round up of global news, The World This Week. Ashiya has more than 10 years of experience in editing and writing spanning media and academics, and has both academic and journalistic publications to her credit. She has previously worked with The Pioneer and Press Trust of India (PTI). She also holds a PhD in international studies from Centre for West Asian Studies, JNU. ... Read More
Hindustan Times
6 hours ago
- Hindustan Times
FTA with UK inked on India's terms, protecting sensitive sectors: Piyush Goyal
New Delhi: The free trade agreement inked between India and the United Kingdom will offer benefits for a multitude of sectors, particularly the services sector, said union commerce and industry minister Piyush Goyal on Saturday, adding that the agreement was inked on 'India's terms'. The agreement signed on Thursday was described by the minister as a 'game changer'. Union commerce and industry minister Piyush Goyal. (File Photo) 'Prime Minister Narendra Modi and UK Prime Minister Keir Starmer signed a Free Trade Agreement. Cabinet approval has been given in India, but Parliamentary approval in the UK is pending,' Goyal said. FTA, which has been signed after prolonged negotiations spanning two decades, is the 'biggest, most comprehensive' agreement, Goyal said, adding that the agreement was inked on 'our own terms' and protecting sensitive sectors. 'There are various new chapters, we have signed the deal on our own terms and for India's economy it will mean a lot,' the minister told media persons. While he credited Prime Minister Narendra Modi's credibility for giving a fillip to the signing of the agreement, the minister said his instruction was to ensure that key sectors such as agriculture and dairy are protected. 'What is sensitive for us, what is called defensive interest, we have not opened any product. This FTA like the ones with Australia does not include the diary sector, as was instructed by the PM,' he said. He went on to add that unlike the FTAs that were signed during the Congress-led UPA regime with ASEAN countries, the present government ensures that FTAs are signed to protect Indian interests. The agreements are now signed 'with clarity, we do not compete with each other but complement,' he said. 'On the one hand there is a FTA with the sixth largest economy, we negotiated with confidence and on our terms. 99% of our exports will get preferential market access and without imposing duty, and what we need will come to the Indian markets and yet we kept the safeguard for sensitive sectors such as dairy and agriculture. It is a win-win trade agreement,' Goyal said. The Indian economy is moving ahead with speed, and its resilience, the minister said, were also instrumental in the sealing of the deal that has been signed after 22-23 years of struggle. 'Our spices will have duty free access in the UK. 50 lakh plus south Asians live there and of this 18 lakh are Indians. There is a market for the spices. Also, 99% fisheries products will have duty free access there. Leather goods, furniture and labour intensive sectors, pharmaceuticals will have zero duty access-and when GI products will be exported, India will have credit,' Goyal said. He said one big achievement has been the double contribution convention agreement - that will offer benefits in the services sector. 'It (sector) has grown by 12% last year. Earlier Indians working there had to pay 25% to the social security fund in the UK. And till they worked for 10 years they could not access the fund, it was wasted for those who stayed for shorter durations. Now those who go to the UK for three years will be allowed to contribute to the EPFO,' Goyal said. To a question on the impending agreements with the EU and the USA he said, 'We are working at the right speed, with the right intent and in the right direction.' The minister also said the FTAs with ASEAN nations are being re-looked at. 'We have opened our markets more. Our products do not have the same access,' he said. Negotiations are also underway with the US, Peru, Chile, Oman and EU.
